Toronto Hydro Corporation

Toronto Hydro Corporation

May 30, 2006 15:11 ET

Toronto Hydro Corporation Releases Its First Quarter Financial Statements

TORONTO, ONTARIO--(CCNMatthews - May 30, 2006) - Toronto Hydro Corporation (the "Corporation") announced today that it has filed with Canadian securities regulators its unaudited financial statements and related management's discussion and analysis for the three-month period ended March 31, 2006. Copies can be obtained from the Corporation or accessed through www.sedar.com.

The Corporation reported net income of $22.6 million on a fully diluted basis for the three months ended March 31, 2006 compared to $20.8 million for the comparable period in 2005, an increase of $1.8 million.

The increase was mainly due to decreased operating expenses ($2.6 million) partially offset by increased net revenues ($1.1 million).

David O'Brien, President and Chief Executive Officer of the Corporation commented: "In the first quarter of 2006 we continued to achieve strong results because we are tightly focused on executing our work plans on time and on budget. We are very pleased with our progress to date."



Financial Highlights

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Three months ended March 31st
(in millions of dollars)
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2006 2005
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Net income 22.6 20.8
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Net revenues 133.6 134.7
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Operating expenses 43.3 45.9
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Depreciation and amortization 34.7 34.5
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Net interest expense 16.6 17.3
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Provision for payment of PILs 16.3 16.1
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About Toronto Hydro

The Corporation is a holding company which through its wholly-owned subsidiaries:

- Toronto Hydro-Electric System Limited ("LDC") - distributes electricity;

- Toronto Hydro Energy Services Inc. - manages an existing portfolio of electricity contracts and is engaged in the development and sale of energy efficiency products and services;

- Toronto Hydro Telecom Inc. - leases fibre optic cable capacity and provides data communication services; and

- Toronto Hydro Streetlighting Inc. - provides streetlighting and expressway lighting services.

The principal business of the Corporation is the distribution of electricity by LDC. LDC owns and operates an electricity distribution system that delivers electricity to approximately 677,000 customers located in the City of Toronto.

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