Revised Bangor Hydro earnings show increase

BANGOR – Bangor Hydro-Electric Co. (NYSE: BGR) has announce revised unaudited quarterly earnings for the first quarter ended March 31, which were $.61 per common share compared to $.53 per common share for the same quarter a year ago.

Previously Bangor Hydro reported a decline in first quarter earnings, caused primarily by the exercise of common stock warrants. Because of the regulatory treatment of the cost of the warrants, Bangor Hydro charged the excess of the market price of its common stock over the book value at the time of exercise to earnings. The company has since determined that the warrants exercised at a market price above book value should have been recorded as a reduction of paid in capital on the balance sheet. Therefore, the original charge to earnings for these warrants has been reversed. This results in revised earnings per common share of $.61 compared to $.40 per common share, as previously reported.