FTS FY 2008 Earnings Report — Fortis Inc. Revenue & Financial Results | Market Cap Arena

FY 2008 Earnings

Reported December 30, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$2.9B	—	$2.0B	—	43.6%
Op. Income	$512M	—	$395M	—	29.4%
Gross Margin	45.9%	—	52.6%	—	-6.8pp
Net Margin	6.6%	—	7.3%	—	-0.7pp
EPS (Diluted)	$1.11	—	$0.96	—	15.2%
Free Cash Flow	-$176M	—	-$314M	—	44.0%

Revenue Flow

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.5B
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$797M
Operating Expenses	$797M
Cost & Expenses	$2.3B
OPERATING INCOME	$512M
Interest Income	$1M
Interest Expense	$264M
Other Income/Expenses	-$265M
INCOME BEFORE TAX	$246M
Income Tax Expense	$48M
Net Income from Continuing Ops	$199M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$189M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$179M
D&A	$254M
EBIT	$510M
EBITDA	$764M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.5B
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$797M
Operating Expenses	$797M
Cost & Expenses	$2.3B
OPERATING INCOME	$512M
Interest Income	$1M
Interest Expense	$264M
Other Income/Expenses	-$265M
INCOME BEFORE TAX	$246M
Income Tax Expense	$48M
Net Income from Continuing Ops	$199M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$189M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$179M
D&A	$254M
EBIT	$510M
EBITDA	$764M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$189M
Depreciation & Amortization	$252M
Stock-Based Compensation	$0
Deferred Income Tax	$10M
Other Non-Cash Items	$3M
Change in Working Capital	$29M
OPERATING CASH FLOW	$485M
Capital Expenditure	-$661M
Acquisitions (Net)	-$16M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$53M
NET CASH FROM INVESTING	-$624M
Net Debt Issuance	$118M
Common Stock Repurchased	$0
Common Dividends Paid	-$118M
Other Financing Activities	-$235M
NET CASH FROM FINANCING	$143M
FREE CASH FLOW	-$176M
Net Change in Cash	$6M

Balance Sheet

Item	Amount
Cash & Equivalents	$48M
Short-Term Investments	$0
Net Receivables	$498M
Inventory	$167M
Other Current Assets	$115M
TOTAL CURRENT ASSETS	$840M
PP&E (Net)	$5.8B
Goodwill	$1.2B
Intangible Assets	$200M
Long-Term Investments	-$1.4B
Tax Assets	$39M
Other Non-Current Assets	$151M
TOTAL NON-CURRENT ASSETS	$7.3B
TOTAL ASSETS	$8.2B
Account Payables	$639M
Short-Term Debt	$300M
Deferred Revenue	$0
Other Current Liabilities	$127M
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$3.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$45M
Other Non-Current Liabilities	-$3.6B
TOTAL NON-CURRENT LIABILITIES	$3.6B
TOTAL LIABILITIES	$5.6B
Common Stock	$0
Additional Paid-In Capital	$1.8B
Retained Earnings	$463M
Treasury Stock	$0
Accum. Other Comp. Income	-$38M
Other Equity	$4M
TOTAL STOCKHOLDERS' EQUITY	$2.5B
Minority Interest	$106M
TOTAL EQUITY	$2.6B
TOTAL LIABILITIES & EQUITY	$8.2B
Total Debt	$4.0B
Net Debt	$4.0B