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UIL Holdings Corporation Reports Third Quarter 2011 Financial Results And Increases 2011 Earnings Guidance

UIL Holdings Corporation (NYSE: UIL) today reported consolidated net income of $12.2 million, or $0.24 per diluted share, for the third quarter of 2011, compared to net income of $17.0 million, or $0.52 per diluted share, for the same period in 2010. For the first nine months of 2011, UIL’s consolidated net income was $78.4 million, or $1.54 per diluted share, compared to $44.4 million, or $1.42 per diluted share, for the same period in 2010. The third quarter and first nine months results for 2011 reflect the earnings impact of the gas distribution operations acquired in the fourth quarter of 2010, the corporate expenses associated with that acquisition and the share dilution resulting from the September 2010 equity issuance as detailed in the table below.

“Our earnings for the third quarter reflect the first full quarter in which both of our new peaking generating plants, GenConn Devon and Middletown were in operation,” said James P. Torgerson, UIL’s president and chief executive officer. “And, with these GenConn plants operating and the integration of the gas companies into UIL well underway, we are seeing the positive impacts of our strategic initiatives.”

“In addition, our growth strategy of converting businesses and households to natural gas continues to attract interest and conversions are ahead of 2010 levels,” added Torgerson.

The following table provides earnings per diluted share for the third quarter and first nine months of 2011, compared to the same periods in 2010.

  Quarter Ended September 30,   Nine Months Ended September 30,
  2011       2010     Difference   2011       2010     Difference


UIL excl. acquisition & transition related activities $ 0.66 $ 0.69 $ (0.03 ) $ 1.87 $ 1.72 $ 0.15
Gas distribution $ (0.12 ) $ - $ (0.12 ) $ 0.58 $ - $ 0.58
Interest expense related to $450M debt issuance $ (0.06 ) $ - $ (0.06 ) $ (0.19 ) $ (0.19 )
September 2010 equity issuance $ (0.24 ) $ (0.04 ) $ (0.20 ) $ (0.72 ) $ (0.03 ) $ (0.69 )
Acquisition related expenses $ - $ (0.13 ) $ 0.13 $ - $ (0.27 ) $ 0.27
UIL Consolidated $ 0.24     $ 0.52     $ (0.28 ) $ 1.54     $ 1.42     $ 0.12  

Electric distribution, CTA & other

Earnings from the electric distribution business in the third quarter of 2011 were $13.1 million, or $0.26 per diluted share, compared to $14.9 million, or $0.46 per diluted share, for the same period in 2010. The decrease in earnings for the quarter was primarily attributable to increased operation and maintenance expenses and lower CTA rate base, partially offset by increased income from the investment in GenConn.

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