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Shares Held: 75
Date Purchased: 23-Dec-98 (average unweighted-by-date)
HPD paid: $40.08 (average)
Currently Trading: $83 3/4 @ 10:30est, 9-feb-00
Percentage Gain: 108.96%
Annualized Return: 91.8% (using average purchase date)
Strong Buy 8
In the news:
Michael R. Peevey, founder and chairman of NewEnergy, resigned from
the company, to "pursue other opportunities".
AES announced it intends to call all outstanding $2.6875 Term
Convertible Securities, Series A.
After three months, NewEnergy serves nearly 500 locations with a peak
demand of approximately 500 megawatts, (enough to power a city of
150,000, half the size of Springfield, Ill).
AES boost holdings to 59% of the outstanding preferred shares of
Eletropaulo (4.5M customers in Sao Paulo, Brazil).
NewEnergy acquired NEChoice L.L.C. (aka ``National Energy Choice''),
New England's leading
aggregator of energy customers.
Several of AES's credit ratings were reaffirmed (unchanged).
NewEnergy teamed with Cable & Wireless to offer telecommunications to
its customer base.
There is some concern in Great Britian of potential power industry
price manipulation. An organization called Ofgem proposed some
voluntary regulations, that were rejected by the industry.
Q4 report: For the year, revenues increased 36% to $3.3 billion while
operating income was up 26% to $925 million. Diluted earnings per
share, before foreign currency transaction losses and extraordinary
items, increased to $1.92 per share in 1999, from $1.88 for 1998.
After foreign currency transaction losses and extraordinary items
AES' net income was $228 million for the year ended December 31,
1999. For the fourth quarter, revenues increased 75% to $1.1 billion
while operating income increased 30% to $283 million. Net income
before foreign currency transaction gains and extraordinary items for
the quarter, was $120 million, up 11% over 1998. Diluted earnings per
share were $0.56 for the fourth quarter of 1999. (earnings 56 cents
per share, in the fourth quarter, excluding one-items - two cents
ahead of estimates)
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