Today: Rain ending and clearing skies. An afternoon high in the upper 50s to near 60.
Tonight: A fair sky and seasonably cold with a low in the mid/upper 30s.
Saturday: Sunny early, then a mix of sun and clouds. An afternoon ... More...
TVA Reports Sales Flat in First Fiscal Quarter 2013
The Tennessee Valley Authority reported Tuesday that electricity sales were relatively flat in the first quarter of fiscal year 2013, total revenues were consistent with the prior year and net income was down.
“TVA’s total operating revenues remain on plan,” new President and CEO Bill Johnson said. “We continue to drive performance and process improvements in order to provide cleaner and low-cost energy to our customers.”
Higher off-system sales as a result of excess generation and closer to normal temperatures for the period, compared with even warmer weather a year ago, contributed to a slight 0.2 percent increase in total electricity sales, TVA said in its quarterly filing to the U.S. Securities and Exchange Commission for the three months ended Dec. 31, 2012.
Sales to TVA’s municipal and cooperative power distributors were up primarily due to the weather. Offsetting these increases were lower sales to directly served industrial customers.
Operating revenues were $11 million higher compared with last year. The increase was primarily due to an $82 million increase in fuel cost recovery and a $14 million increase in other revenue sources, partially offset by an $85 million decrease in base revenue. TVA is transitioning to time-of-use rate structures with its customers, which may result in reduced overall effective base rates in certain periods and higher rates in others.
“As expected, the change in rate products is better aligning rates with the cost of service. We are seeing reduced base rates during transition months and winter months, and expect to see higher revenues during the summer months,” Chief Financial Officer John Thomas said. “However, cost-savings actions we took last year have positioned TVA to remain financially healthy throughout the year.”
Total operating expenses were 4 percent higher than the same period last year, driven primarily by a 24 percent increase in fuel expenses. Offsetting the higher fuel expense was a 23 percent decline in purchased power expenses, as TVA used more of its own generation sources to meet demand. Operating and maintenance expense increased by $39 million, or 4 percent, in the first quarter of 2013. This increase was primarily driven by a $111 million increase for nuclear refueling outages in the first quarter, compared with no refueling outages in the same period last year. Partially offsetting this increase was a $49 million decline in coal-fired operation outage and project expenses.
TVA reported a net loss of $245 million on operating revenues of $2.58 billion in the first quarter of 2013, compared with a net loss of $173 million on revenues of $2.57 billion in the same period last year.
TVA executive management will host a first quarter fiscal year 2013 financial conference call at 9:30 a.m. EST on Tuesday, Feb. 5, 2013. The conference call can be accessed on TVA’s website via webcast at http://www.tva.com/finance. For quick access to the live conference call, please pre-register now by going to TVA’s website before the scheduled start time and follow the instructions provided. Once pre-registered, the dial-in number will be provided via an email. If you are unable to pre-register, you may access the conference call by dialing toll free 877-270-2148 in the United States or in Canada, or 412-902-6510 outside the United States. A replay will be available one hour after the end of the conference call until 5:00 p.m. EST, Feb. 12, 2013, by calling toll free 877- 344-7529 in the United States or (412) 317-0088 outside the United States and using the conference number 10023947. A webcast replay and transcript will also be available for one year on TVA’s website at http://www.tva.com/finance.
TVA’s quarterly report on Form 10-Q provides additional financial, operational and descriptive information, including unaudited financial statements for the quarter ended Dec. 31, 2012, and is available to investors and the public. TVA SEC reports are also available without charge on TVA’s website at http://www.tva.com/finance or on the SEC’s website at http://www.sec.gov or by calling TVA toll free at (888) 882-4975.
Wednesday, February 6 2013, 11:58 AM EST
More Business News
Last Update on March 07, 2014 08:32 GMT
MUMBAI, India (AP) -- Asian stocks mostly rose today, buoyed by a third all-time high on a key Wall Street index this week and signs that China will follow up on pledges to further open the world's No. 2 economy,
Investors have been encouraged by this week's meeting of China's top legislative body which pledged to advance Communist Party plans issued in November for promoting market forces and domestic consumption in Asia's economic engine.
The gains in Asian markets followed a mostly positive day on Wall Street after a report showed the number of people who filed for unemployment benefits fell last week to the lowest level in three months.
The focus in the U.S. is now on today's release of the February employment report. The payrolls data often set the market mood for a week or two.
European markets stabilized Thursday as tensions in Ukraine eased while the euro surged after traders reined in expectations of further easing measures from the European Central Bank.
Benchmark crude oil rose to near $102 a barrel. The dollar weakened against the yen and rose against the euro.
ECONOMY-THE DAY AHEAD
Major business and economic reports due out today
WASHINGTON -- Investors are anxious to see the Labor Department's employment data for February. The report comes out this morning.
Also today, the Commerce Department will release January's international trade data this morning; and the Federal Reserve will release consumer credit data for January this afternoon.
WASHINGTON (AP) -- A federal judge has dismissed the Federal Aviation Administration's only fine against a commercial drone user.
The judge ruled that the small drone was no different than a model aircraft. The decision drone industry out of the skies.
Patrick Geraghty, a National Transportation Safety Board administrative law judge, said in his order dismissing the $10,000 fine that the FAA has no regulations governing model aircraft flights or for classifying model aircraft as an unmanned aircraft.
FAA officials said they were reviewing the decision and had no further comment. The agency can appeal the decision to the full five-member safety board.
The FAA levied the fine against aerial photographer Raphael Pirker for flying the small drone near the University of Virginia to make a commercial video in October 2011. Pirker appealed the fine to the safety board, which hears challenges to FAA decisions.
FAA officials have long taken the position that the agency regulates access to the national airspace, and therefore it has the power to bar drone flights, even when the drone weighs no more than a few pounds.
LOS ANGELES (AP) -- The man Newsweek claims is the founder of Bitcoin denies he had anything to do with the digital currency.
In an exclusive two-hour interview with The Associated Press Dorian S. Nakamoto, 64, said he had never heard of Bitcoin until his son told him he had been contacted by a reporter three weeks ago.
Reached at his home in Temple City, Calif., Nakamoto acknowledged that many of the details in Newsweek's report are correct, including that he once worked for a defense contractor. But he strongly disputes the magazine's assertion that he is "the face behind Bitcoin."
Since Bitcoin's birth in 2009, the currency's creator has remained a mystery. The person --or people-- behind its founding have been known only as "Satoshi Nakamoto," which many observers believed to be a pseudonym.
Albertsons parent Cerberus to buy Safeway
PLEASANTON, Calif. (AP) - Safeway says it has agreed to be acquired by an investment group led by Cerberus Capital Management, the owner of Albertsons and several other supermarket chains.
The acquisition is worth about $7.64 billion in cash, and pending other transactions could top more than $9 billion.
It comes amid ongoing consolidation in the supermarket industry, which is facing growing competition from big-box retailers, specialty chains, drug stores and even dollar stores. Cerberus bought five chains including Albertson's and Jewel-Osco from Supervalu Inc. last year. Kroger Co. also recently snapped up regional chain Harris Teeter.
Safeway shareholders will receive $32.50 per share in cash. Pending other deals, the company says the deal is worth roughly $40 per share to stockholders.
H&R Block's 3Q loss widens on lower revenue
KANSAS CITY, Mo. (AP) -- H&R Block Inc. says its loss swelled about a dozen-fold in its fiscal third quarter, as the tax preparer's revenue fell sharply because of a delayed start to this year's tax season.
A partial-government shutdown last fall prompted the Internal Revenue Service to put off the start of this year's tax filing season until Jan. 31, nearly two weeks after it was originally slated to begin.
In the 10 months ended Feb. 28, the company said the number of H&R Block-assisted tax returns totaled 7.82 million, a decline of 9.1 percent from a year earlier, the company said.
Block said its third-quarter results are not indicative of the company's expected full-year performance, noting it expects to book the majority of its revenue and fiscal 2014 earnings in the February-April quarter.
All told, the company reported a loss of $214.7 million, or 78 cents per share, for the three months ended Jan. 31. That compares with a loss of $17.7 million, or 7 cents per share, a year earlier.
Revenue tumbled about 57 percent to $199.8 million from $472 million.
DALLAS (AP) -- Delta is providing more details about changes to its frequent-flier program after complaints about the overhaul from some travelers.
Starting in 2015, customers will earn miles based on how much they spend, not just miles flown.
Delta on Thursday released charts showing how many miles you'll need to earn a free trip. That's a key piece of information for SkyMiles customers that Delta had planned to hold back until late this year.
Delta is leaving the number of miles a frequent flier needs unchanged on many trips. In some cases, it's lowering the miles needed.
BEIJING (AP) -- Karl Lagerfeld and a Macau casino operator have announced plans for the Chanel designer to create his first hotel.
Lagerfeld and the Sociedade de Jogos de Macau says the 270-room Karl Lagerfeld Hotel will open in 2017 in a 20-story tower in the tourist enclave in southern China.
In a joint statement, Lagerfeld says, "An entire hotel designed by me. It's the first time for me!"
The hotel will be part of a complex of casinos, restaurants and shopping.
Lagerfeld is chief designer for the Chanel and Fendi fashion houses and also has his own label. In addition to clothing, he has designed a can for Diet Coke.
PFIZER-EFFEXOR XR RECALL
NEW YORK (AP) -- Pfizer is recalling some lots of its antidepressant Effexor XR because a single capsule of a different medication was found in one bottle of the drug.
Pfizer is recalling two production lots of Effexor XR capsules and one lot of generic Effexor, or venlafaxine, sold by its Greenstone subsidiary. The company says a pharmacist reported that one bottle of Effexor XR contained a capsule of Tikosyn, a treatment for irregular heartbeat.
Pfizer described the recall as a precaution, saying it hasn't received any other reports and that it believes there is a very low probability that there are Tikosyn capsules in other bottles of Effexor XR.
The New York drugmaker says customers, including pharmacies, hospitals, government agencies, and distributors, are being informed about the recall. It says patients who have a recalled bottle should contact their physicians.
The Good Life
Celebrating the events, adventures and activities that represent "The Good Life" in the NewsChannel 9 viewing area.
Stories of HonorCelebrate black history all February long with Stories of Honor, sponsored by the Tennessee Lottery.
SideroadsTake a ride with Don Welch to explore the unique people and places to be found along the Sideroads of the NewsChannel 9 viewing area.
Road TrippinCome Road Trippin' with us and see all the great sites in your area!
Closings and DelaysThese are the latest School and Business Closings reported to NewsChannel 9. If you see errors or need to add a school or business, call 423-757-7320.
Educator of the WeekEach week WTVC will profile a teacher in Southeast Tennessee and acknowledge their part in the advancement of the education of their students and the contributions to their profession.
Deaf & Hard of HearingInformation provided to NewsChannel 9 by members of the Deaf and Hard of Hearing Community.
Sponsored EventsCheck Back Often for NewsChannel9 Sponsored Events!