Attention Business/Financial Editors:
Toronto Hydro Corporation
|Toronto Hydro Corp - Financial Summary|
Dec. 31, 2003
Dec. 31, 2002
|Depreciation & Amortization||128,885||131,480|
|Net Interest Expense||71,457||70,320|
|Provision for PILs||62,600||6,377|
During the fourth quarter of 2003, the Corporation declared and paid a dividend of $5.0 million to the City of Toronto. On February 27, 2004, the Corporation declared a dividend of $24.2 million with respect to the year ended December 31, 2003 payable to the City of Toronto on March 8, 2004; and the Corporation declared a dividend of $5.0 million with respect to the first quarter of 2004 payable to the City of Toronto on March 31, 2004.
Courtney Pratt, the Corporation's President and Chief Executive Officer, resigned effective December 31, 2003. Clare Copeland, the Corporation's Chairman, is serving as acting Chief Executive Officer until a replacement is appointed.
The Corporation is a holding company which through its wholly-owned subsidiaries:
Toronto Hydro-Electric Systems Limited (LDC) - distributes electricity;
Toronto Hydro Energy Services Inc. (Energy Services) - manages an existing portfolio of electricity contracts and is engaged in the development and sale of energy efficient products and services; and
Toronto Hydro Telecom Inc. - leases fibre optic cable capacity and provides managed data 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 over 660,000 customers located in the City of Toronto. LDC is the largest municipal electric distribution company in Canada and distributes approximately 17% of the electricity consumed in Ontario.
For further information: Please contact either Blair Peberdy, Vice-President, Communicatons and Public Affairs, (416) 542-2515, email@example.com, or Pankaj Sardana, VP, Treasurer, (416) 542-2707, firstname.lastname@example.org;
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