Investments

Bank Of America Investment By Peter Shout

(AXcess News) Fortis, Inc. ( FTS), based electric utility, reported earnings for the year of $137.1 million, compared to $90.9 million the previous year, a 50.8 percent increase. Earnings per share were $1.35, compared to $1.07 in 2004. The increase in earnings was primarily due to a full year of earnings contributions from FortisAlberta and FortisBC, which were acquired on May 31, 2004, higher wholesale energy prices in Ontario, higher equity income from Caribbean Utilities, and a $7. tax gain resulting from the settlement of contractual matters between FortisOntario and Ontario Power Generation Inc.

Investment Opportunity (AXcess News) Toronto - Fortis, Inc. (TSX: FTS), a Newfoundland-based electric utility, reported earnings for the year of $137.1 million, compared to $90.9 million the previous year, a 50.8 percent increase.

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Banc Of America Investment Earnings per share were $1.35, compared to $1.07 in 2004. The increase in earnings was primarily due to a full year of earnings contributions from FortisAlberta and FortisBC, which were acquired on May 31, 2004, higher wholesale energy prices in Ontario, higher equity income from Caribbean Utilities, and a $7.9 million after-tax gain resulting from the settlement of contractual matters between FortisOntario and Ontario Power Generation Inc.

In 2001, the general counsel of the North American Electric Reliability council declared, "The question is not whether, but when, the next major failure of the grid will occur." With the growth of technology and the relative affluence of the 1980s and'90s, there should have been more investment in upgrading the grid's infrastructure. Under deregulation, utilities have made inadequate investments in transmission lines and overall electric generation. Meanwhile, governments, state and federal, continue in Richardson's words, to argue over "who will be responsible for regulating the interstate grid."

Banking Investment Fortis President Stan Marshall said,"We have delivered record earnings for the sixth consecutive year while enhancing prospects for growth in the future."

SILVER SPRING, Md. (April 23, 2002) Choice Hotels International, Inc. ( CHH) today reported first quarter 2002 net income of $8.6 million, or $0.20 diluted earnings per share (EPS), compared to the $7.4 million in net income and $0.16 diluted EPS reported for first quarter 2001. tax loss of $1.3 million related to a disposed investment and $0.5 million of goodwill amortization expense. Excluding the investment loss and impact of goodwill amortization, 2001 comparable net income and diluted EPS would have been $9.2 million and $0.20 per share, respectively.

Investment Solution Strategic "Fortis has increased its annual dividend payment for 32 consecutive years, the longest record of any public corporation in Canada," says Marshall. Dividends paid to common shareholders increased to 59 cents, up from 54 cents per common share last year. The quarterly common share cash dividend increased 12.3 per cent to 16 cents per common share, commencing with the fourth quarter dividend paid on December 1, 2005.

Investment Banking Services Annual revenue was $420.0 million compared to $404.4 million last year. The $15.6 million increase in annual revenue was due to a 5.4 per cent increase in electricity rates.

Bank Investment Shares of Fortis were up 10 cents, or .4%, at $23.23.

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