Portland General Electric Company (NYSE:POR) today reported net
income of $49 million, or 65 cents per share, for the first quarter of
2013. Net income and earnings per share were unchanged from the first
quarter of 2012 as lower power costs and decreased storm restoration
costs offset a decline in retail energy deliveries. In addition, the
impact from an increase in PGE’s effective tax rate was largely offset
by lower interest expense.
“We delivered solid financial results in the first quarter through
strong power supply operations and operational excellence,” said Jim
Piro, president and chief executive officer. “We’re making excellent
progress on our strategic initiatives in 2013, including starting
construction on Port Westward 2 and working through the negotiations for
selecting the energy, renewable, and seasonal capacity resources from
our request for proposals process.”
Strategic Updates
-
General Rate Case—PGE filed a 2014 General Rate Case in mid-February
and the case is currently in the discovery phase. Settlement
conferences are scheduled for the end of May and Public Utility
Commission of Oregon staff and intervener opening testimony is
scheduled to be filed in mid-June. The target date for the Commission
decision is mid-December 2013.
-
Request for proposals—PGE is continuing negotiations with top
performing bidders for energy and renewables resources. The final
short lists include a mix of power purchase agreements and
PGE-ownership options. Final resource selections are expected by
mid-2013. In addition, PGE is in the process of negotiating power
purchase agreements for seasonal peaking capacity.
First quarter operating results
Total revenues decreased $6 million, or 1 percent, to $473 million in
the first quarter of 2013 from $479 million in the first quarter of 2012
due to the net effect of the following:
-
$13 million decrease in average retail price primarily driven by lower
forecasted power costs as established in the 2013 annual power cost
update tariff; and
-
$6 million decrease related to lower volume of retail energy sold and
delivered, with total volume down approximately 1 percent from the
first quarter of 2012 largely as a result of 2013 having one less day
in the quarter due to the leap year in 2012 and the impact of
relatively warmer weather during the first quarter of 2013.
Residential and commercial volumes were down 1 percent and 3 percent,
respectively, which were partially offset by a 2 percent increase in
industrial volumes; partially offset by
-
$5 million increase related to the decoupling mechanism, with a $4
million potential recovery recorded in the first quarter of 2013
compared with a $1 million potential refund recorded in the first
quarter of 2012;
-
$3 million increase related to the Company’s PCAM, as a potential
refund was recorded in the first quarter of 2012 related to the 2011
PCAM, with no comparable refund recorded in the first quarter of 2013;
and
-
$6 million, or 60 percent, increase in wholesale revenues consisting
of a 39 percent increase in the volume sold and a 12 percent increase
in the average price of wholesale power.
Purchased power and fuel expense decreased $3 million, or 2 percent, to
$192 million in the first quarter of 2013 from $195 million in the first
quarter of 2012, largely due to a 2 percent decrease in the average
variable power cost, with total system load comparable to the first
quarter of 2012. The decrease is primarily due to more generation from
lower-cost coal-fired resources, partially offset by an increase in the
average cost of purchased power and a decrease in energy received from
hydro resources.
Production and distribution expense decreased $2 million, or 4 percent,
in the first quarter of 2013 compared with the first quarter of 2012,
primarily due to lower delivery system costs resulting from higher storm
restoration costs incurred during the first quarter of 2012.
Interest expense decreased $3 million, or 11 percent, primarily due to a
$100 million decrease in the average balance of long-term debt
outstanding during the first quarter of 2013 compared with the first
quarter of 2012.
Income taxes increased $2 million, or 13 percent, in the first quarter
of 2013 compared with the first quarter of 2012, reflecting an increase
in the company’s effective tax rate to 26.2 percent from 23.4 percent.
The increase was primarily due to a reduction of production tax credits
(PTC) resulting from lower forecasted wind generation for 2013 compared
to 2012, partially offset by an increase in the PTC rate.
2013 earnings guidance
PGE is reaffirming full-year 2013 earnings guidance of $1.85 to $2 per
diluted share. Guidance is based on the following assumptions:
-
Load growth toward the lower end of the 0.5 percent to 1 percent range
over weather-adjusted 2012;
-
Hydro conditions slightly below normal, expected wind conditions, and
power plants achieving their targeted availability factors;
-
Operating and maintenance costs between $440 million to $460 million;
-
Depreciation expense between $240 million and $250 million;
-
Capital expenditures between $505 million and $525 million, which does
not include any potential expenditures related to the energy and
renewable resources RFPs; and
-
Port Westward Unit 2 AFUDC (debt and equity) between $5 million and $6
million.
First quarter 2013 earnings call and web cast — May 1, 2013
PGE will host a conference call with financial analysts and investors on
Wednesday, May 1, at 11 a.m. ET. The conference call will be web cast
live on the PGE website at portlandgeneral.com.
A replay of the call will be available beginning at 2 p.m. ET on
Wednesday, May 1 through Wednesday, May 8.
Jim Piro, president and CEO; Jim Lobdell, senior vice president of
finance, CFO, and treasurer; and Bill Valach, director, investor
relations, will participate in the call. Management will respond to
questions following formal comments.
The attached unaudited condensed consolidated statements of income,
condensed consolidated balance sheets, and condensed consolidated
statements of cash flows, as well as the supplemental operating
statistics, are an integral part of this earnings release.
About Portland General Electric Company
Portland General Electric Company is a vertically integrated electric
utility that serves approximately 830,000 residential, commercial and
industrial customers in the Portland/Salem metropolitan area of Oregon.
The company’s headquarters are located at 121 S.W. Salmon Street,
Portland, Oregon 97204. Visit PGE’s website at PortlandGeneral.com.
Safe Harbor Statement
Statements in this news release that relate to future plans, objectives,
expectations, performance, events and the like may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements include statements
regarding earnings guidance; statements regarding future load, hydro
conditions and operating and maintenance costs; statements concerning
implementation of the company’s integrated resource plan; statements
concerning future compliance with regulations limiting emissions from
generation facilities and the costs to achieve such compliance; as well
as other statements containing words such as “anticipates,” “believes,”
“intends,” “estimates,” “promises,” “expects,” “should,” “conditioned
upon,” and similar expressions. Investors are cautioned that any such
forward-looking statements are subject to risks and uncertainties,
including reductions in demand for electricity and the sale of excess
energy during periods of low wholesale market prices; operational risks
relating to the company’s generation facilities, including hydro
conditions, wind conditions, disruption of fuel supply, and unscheduled
plant outages, which may result in unanticipated operating, maintenance
and repair costs, as well as replacement power costs; the costs of
compliance with environmental laws and regulations, including those that
govern emissions from thermal power plants; changes in weather,
hydroelectric and energy markets conditions, which could affect the
availability and cost of purchased power and fuel; changes in capital
market conditions, which could affect the availability and cost of
capital and result in delay or cancellation of capital projects; failure
to complete capital projects on schedule or within budget, or the
abandonment of capital projects, which could result in the company’s
inability to recover project costs; the outcome of various legal and
regulatory proceedings; and general economic and financial market
conditions. As a result, actual results may differ materially from those
projected in the forward-looking statements. All forward-looking
statements included in this news release are based on information
available to the company on the date hereof and such statements speak
only as of the date hereof. The company assumes no obligation to update
any such forward-looking statement. Prospective investors should also
review the risks and uncertainties listed in the company’s most recent
annual report on form 10-K and the company’s reports on forms 8-K and
10-Q filed with the United States Securities and Exchange Commission,
including management’s discussion and analysis of financial condition
and results of operations and the risks described therein from time to
time.
POR-F
Source: Portland General Electric Company
|
|
|
|
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
(In millions, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
Revenues, net
|
|
|
|
|
|
|
$
|
473
|
|
|
|
|
|
$
|
479
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased power and fuel
|
|
|
|
|
|
|
192
|
|
|
|
|
|
195
|
Production and distribution
|
|
|
|
|
|
|
51
|
|
|
|
|
|
53
|
Administrative and other
|
|
|
|
|
|
|
54
|
|
|
|
|
|
54
|
Depreciation and amortization
|
|
|
|
|
|
|
62
|
|
|
|
|
|
62
|
Taxes other than income taxes
|
|
|
|
|
|
|
27
|
|
|
|
|
|
27
|
Total operating expenses
|
|
|
|
|
|
|
386
|
|
|
|
|
|
391
|
Income from operations
|
|
|
|
|
|
|
87
|
|
|
|
|
|
88
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for equity funds used during construction
|
|
|
|
|
|
|
2
|
|
|
|
|
|
1
|
Miscellaneous income, net
|
|
|
|
|
|
|
1
|
|
|
|
|
|
3
|
Other income, net
|
|
|
|
|
|
|
3
|
|
|
|
|
|
4
|
Interest expense
|
|
|
|
|
|
|
25
|
|
|
|
|
|
28
|
Income before income taxes
|
|
|
|
|
|
|
65
|
|
|
|
|
|
64
|
Income taxes
|
|
|
|
|
|
|
17
|
|
|
|
|
|
15
|
Net income
|
|
|
|
|
|
|
48
|
|
|
|
|
|
49
|
Less: net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
—
|
Net income attributable to Portland General Electric Company
|
|
|
|
|
|
|
$
|
49
|
|
|
|
|
|
$
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
75,608
|
|
|
|
|
|
75,423
|
Diluted
|
|
|
|
|
|
|
75,699
|
|
|
|
|
|
75,443
|
Earnings per share—Basic and diluted
|
|
|
|
|
|
|
$
|
0.65
|
|
|
|
|
|
$
|
0.65
|
Dividends declared per common share
|
|
|
|
|
|
|
$
|
0.270
|
|
|
|
|
|
$
|
0.265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
$
|
33
|
|
|
|
|
$
|
12
|
Accounts receivable, net
|
|
|
|
|
|
|
|
|
|
144
|
|
|
|
|
152
|
Unbilled revenues
|
|
|
|
|
|
|
|
|
|
76
|
|
|
|
|
97
|
Inventories
|
|
|
|
|
|
|
|
|
|
77
|
|
|
|
|
78
|
Margin deposits
|
|
|
|
|
|
|
|
|
|
33
|
|
|
|
|
46
|
Regulatory assets—current
|
|
|
|
|
|
|
|
|
|
96
|
|
|
|
|
144
|
Other current assets
|
|
|
|
|
|
|
|
|
|
105
|
|
|
|
|
93
|
Total current assets
|
|
|
|
|
|
|
|
|
|
564
|
|
|
|
|
622
|
Electric utility plant, net
|
|
|
|
|
|
|
|
|
|
4,449
|
|
|
|
|
4,392
|
Regulatory assets—noncurrent
|
|
|
|
|
|
|
|
|
|
524
|
|
|
|
|
524
|
Nuclear decommissioning trust
|
|
|
|
|
|
|
|
|
|
38
|
|
|
|
|
38
|
Non-qualified benefit plan trust
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
|
32
|
Other noncurrent assets
|
|
|
|
|
|
|
|
|
|
54
|
|
|
|
|
62
|
Total assets
|
|
|
|
|
|
|
|
|
|
$
|
5,661
|
|
|
|
|
$
|
5,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
|
$
|
77
|
|
|
|
|
$
|
98
|
Liabilities from price risk management activities - current
|
|
|
|
|
|
|
|
|
|
91
|
|
|
|
|
127
|
Short-term debt
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
17
|
Current portion of long-term debt
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
100
|
Accrued expenses and other current liabilities
|
|
|
|
|
|
|
|
|
|
192
|
|
|
|
|
179
|
Total current liabilities
|
|
|
|
|
|
|
|
|
|
460
|
|
|
|
|
521
|
Long-term debt, net of current portion
|
|
|
|
|
|
|
|
|
|
1,536
|
|
|
|
|
1,536
|
Regulatory liabilities—noncurrent
|
|
|
|
|
|
|
|
|
|
782
|
|
|
|
|
765
|
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
586
|
|
|
|
|
588
|
Unfunded status of pension and postretirement plans
|
|
|
|
|
|
|
|
|
|
249
|
|
|
|
|
247
|
Non-qualified benefit plan liabilities
|
|
|
|
|
|
|
|
|
|
103
|
|
|
|
|
102
|
Asset retirement obligations
|
|
|
|
|
|
|
|
|
|
93
|
|
|
|
|
94
|
Liabilities from price risk management activities—noncurrent
|
|
|
|
|
|
|
|
|
|
78
|
|
|
|
|
73
|
Other noncurrent liabilities
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
14
|
Total liabilities
|
|
|
|
|
|
|
|
|
|
3,903
|
|
|
|
|
3,940
|
Total equity
|
|
|
|
|
|
|
|
|
|
1,758
|
|
|
|
|
1,730
|
Total liabilities and equity
|
|
|
|
|
|
|
|
|
|
$
|
5,661
|
|
|
|
|
$
|
5,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
$
|
48
|
|
|
|
|
$
|
49
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
62
|
|
|
|
|
62
|
|
Other non-cash income and expenses, net included in Net income
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
|
|
44
|
|
Changes in working capital
|
|
|
|
|
|
|
|
|
|
|
26
|
|
|
|
|
(43
|
)
|
Other, net
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
(2
|
)
|
Net cash provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
165
|
|
|
|
|
110
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
|
|
|
|
|
(108
|
)
|
|
|
|
(69
|
)
|
Sale of solar power facility
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
10
|
|
Other, net
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
Net cash used in investing activities
|
|
|
|
|
|
|
|
|
|
|
(107
|
)
|
|
|
|
(58
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturities of commercial paper, net
|
|
|
|
|
|
|
|
|
|
|
(17
|
)
|
|
|
|
(30
|
)
|
Dividends paid
|
|
|
|
|
|
|
|
|
|
|
(20
|
)
|
|
|
|
(20
|
)
|
Net cash used in financing activities
|
|
|
|
|
|
|
|
|
|
|
(37
|
)
|
|
|
|
(50
|
)
|
Increase in cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
|
2
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
6
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
|
|
|
|
|
|
$
|
33
|
|
|
|
|
$
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
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SUPPLEMENTAL OPERATING STATISTICS
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(Unaudited)
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Three Months Ended
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March 31,
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2013
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2012
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Revenues (dollars in millions):
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Retail:
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Residential
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$
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246
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$
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256
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Commercial
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149
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156
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Industrial
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51
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53
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Subtotal
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446
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465
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Other accrued (deferred) revenues, net
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4
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(3
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)
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Total retail revenues
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450
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462
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Wholesale revenues
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16
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10
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Other operating revenues
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7
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7
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Total revenues
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$
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473
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$
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479
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Energy sold and delivered (MWh in thousands):
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Retail energy sales:
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Residential
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2,229
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2,259
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Commercial
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1,657
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1,733
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Industrial
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760
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810
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Total retail energy sales
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4,646
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4,802
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Retail energy deliveries:
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Commercial
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130
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106
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Industrial
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264
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196
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Total retail energy deliveries
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394
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302
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Total retail energy sales and deliveries
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5,040
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5,104
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Wholesale energy deliveries
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540
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388
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Total energy sold and delivered
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5,580
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5,492
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Number of retail customers at end of period:
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Residential
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726,799
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722,419
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Commercial
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102,379
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101,711
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Industrial
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207
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211
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Direct access
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513
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439
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Total retail customers
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829,898
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824,780
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
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SUPPLEMENTAL OPERATING STATISTICS, continued
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(Unaudited)
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Three Months Ended
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March 31,
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2013
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2012
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Sources of energy (MWh in thousands):
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Generation:
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Thermal:
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Coal
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1,361
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1,077
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Natural gas
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976
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1,130
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Total thermal
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2,337
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2,207
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Hydro
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481
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583
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Wind
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245
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246
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Total generation
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3,063
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3,036
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Purchased power:
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Term
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1,310
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1,216
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Hydro
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393
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414
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Wind
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66
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74
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Spot
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684
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783
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Total purchased power
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2,453
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2,487
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Total system load
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5,516
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5,523
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Less: wholesale sales
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(540
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(388
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Retail load requirement
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4,976
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5,135
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Heating Degree-days
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2013
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2012
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January
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835
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740
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February
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569
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618
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March
|
498
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609
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1st Quarter
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1,902
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1,967
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|
Average *
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1,850
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1,848
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* — “Average” amounts represent the 15-year rolling averages
provided by the National Weather Service (Portland Airport).
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![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130501005467r1&sid=ntxv4&distro=nx)