Unitil posts modest gains in 2005

Hampton-based electric utility Unitil Corp. released its 2005 year-end earnings with an increase over 2004 earnings.

In 2005, the company earned $8.4 million, or 4.8 percent, over 2004 full-year earnings of $8 million.

Earnings per share rose to $1.51 for 2005, up 4 percent from $1.45 in 2004.

Expenses and taxes during the year ending Dec. 31, 2005, also rose due to increases in salaries and benefit costs as well as higher depreciation costs.

Earnings for the fourth quarter of 2005 were $2.7 million, an increase of 6.2 percent over the fourth quarter of 2004. For the fourth quarter of 2005, earnings per share were 48 cents compared with earnings of 45 cents per share for the fourth quarter of 2004.

“Unitil completed its key objectives for 2005 and posted solid financial performance, with earnings up almost 5 percent for the year,” said Robert G. Schoenberger, chairman, president and chief executive officer of Unitil. — CINDY KIBBE