Dover-based Chesapeake Utilities reported its eighth straight year of earnings gains.
The company’s net income for the year was $36.1 million, an increase of $3.3 million compared to 2013.
For the fourth quarter, the company reported net income of $10.1 million up $414,000, when compared to the same quarter in 2013.
“In 2014, our company generated record earnings for the eighth consecutive year,” stated Michael P. McMasters, president and CEO of Chesapeake Utilities Corporation. “Thanks to our employees’ continued efforts to transform opportunities into profitable growth, we achieved top quartile performance in 16 of 20 financial benchmarks compared to our peers. We also met key 2014 objectives in our strategic plan and advanced several projects described in this release, such as Eight Flags Energy’s combined heat and power plant to provide new services in Nassau County, FL and our interstate pipeline’s development of new services on the Delmarva Peninsula.”
The company reported operating income of $62.3 million for 2014, compared to $62.7 million in 2013. During 2014, the company recorded a non-cash, pre-tax impairment charge of $6.5 million related to uncertainty around the implementation of a customer billing system. The charge recorded represents all of the capitalized costs associated with this project. The company is considering several options to recover these costs, but the outcome of such efforts cannot be predicted at this time.
Chesapeake has aided by growing natural gas supplies that have allowed expansion of its system that serves the Delmarva Peninsula and portions of Florida.
In 2015, the company sold off its BravePoint technology business that was based in the Atlanta area.
In Delaware, Chesapeake provides natural gas and propane service, mainly below the C&D canal.
It has been adding industrial customers and will provide natural gas for the new Calpine generating plant in Dover.
