Avista Corp. Announces Amendments to the company's Bylaws
Nov 20 14
On November 14, 2014, the Board of Directors of Avista Corp. amended Article VII of the company's Bylaws. Article I: The principal office of the Corporation shall be in the City of Spokane, Washington. The corporation may have such other offices, either within or without the State of Washington, as the Board of Directors may designate from time to time. Article II: Section 1. Annual Meeting. The Annual Meeting of Shareholders shall be held on such date in the month of May in each year as determined by the Board of Directors for the purpose of electing directors and for the transaction of such other business as may come before the meeting. Section 2. Special Meetings. Special meetings of the shareholders may be called by the President, the Chairman of the Board, a majority of the Board of Directors, or the Governance Committee of the Board, and shall be called by the President at the request of the holders of not less than two-thirds (2/3) of the voting power of all shares of the voting stock voting together as a single class. Section 3. Place of Meeting. Meetings of the shareholders, whether they be annual or special, shall be held at the principal office of the Corporation, unless a place, either within or without the state, is otherwise designated by the Board of Directors in the notice provided to shareholders of such meetings. Section 4. Notice of Meeting. Written or printed notice of every meeting of shareholders shall be mailed by the Corporate Secretary or any Assistant Corporate Secretary, not less than ten (10) nor more than fifty (50) days before the date of the meeting, to each holder of record of stock entitled to vote at the meeting. Section 5. Voting of Shares. At every meeting of shareholders each holder of stock entitled to vote thereat shall be entitled to one vote for each share of such stock held in his name on the books of the Corporation, subject to the provisions of applicable law, and may vote and otherwise act in person or by proxy. Article III. Board of Directors. Section 1. General Powers. The powers of the Corporation shall be exercised by or under the authority of the Board of Directors, except as otherwise provided by the laws of the State of Washington and the Articles of Incorporation. Section 2. Number, Tenure and Eligibility. The number of Directors of the Corporation shall be as fixed from time to time by resolution of the Board of Directors, but shall not be more than eleven. Section 3. Regular Meetings. The regular Annual Meeting of the Board of Directors shall be held immediately following the adjournment of the Annual Meeting of the shareholders or as soon as practicable after said Annual Meeting of Shareholders. Article IV. Executive Committee and Additional Committees. Section 1. Appointment. The Board of Directors, by resolution adopted by a majority of the Board, may designate three or more of its members to constitute an Executive Committee. The designation of such committee and the delegation thereto of authority shall not operate to relieve the Board of Directors, or any member thereof, of any responsibility imposed by law. Section 2. Authority. The Executive Committee, when the Board of Directors is not in session, shall have and may exercise all of the authority of the Board of Directors including authority to authorize distributions or the issuance of shares of stock, except to the extent, if any, that such authority shall be limited by the resolution appointing the Executive Committee or by law. Article V. Officers. The Board of Directors shall appoint one of its members Chairman of the Board. The officers of the Corporation shall be elected by the Board of Directors at the Annual Meeting of the Board. Each officer shall hold office until his successor shall have been duly elected and qualified. Article VI. Contracts, Checks and Deposits. The Board of Directors may authorize any officer or officers or agents, to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Corporation, and such authority may be general or confined to specific instances. Article VII: Shares of Capital Stock; Transfer of Shares. Shares of capital stock of the Corporation may be either certificated or uncertificated. The Board of Directors shall have the authority to direct that shares of capital stock, upon their original issuance, be certificated or uncertificated. Article VIII. Corporate Seal. The seal of the Corporation shall be in such form as the Board of Directors shall prescribe.
Avista Corp. Declares Quarterly Dividend on Common Stock, Payable December 15, 2014
Nov 15 14
Avista Corp.'s board of directors has declared a quarterly dividend of $0.3175 per share on the company's common stock. The common stock dividend is payable December 15, 2014, to shareholders of record at the close of business on Dec. 4, 2014.
Avista Corp. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended Sept. 30, 2014; Reaffirms Earnings Guidance for 2014; Provides Earnings Guidance for 2015
Nov 5 14
Avista Corp. announced unaudited consolidated earnings results for third quarter and nine months ended Sept. 30, 2014. For the quarter, the company reported operating revenues of $301,558,000, income from continuing operations of $32,762,000, income from continuing operations before income taxes of $17,827,000, net income from continuing operations of $10,526,000 or $0.16 per diluted share, net income attributable to shareholders of $10,451,000 or $0.16 per diluted share compared to the operating revenues of $289,477,000, income from continuing operations of $29,827,000, income from continuing operations before income taxes of $11,850,000, net income from continuing operations of $8,483,000 or $0.14 per diluted share, net income attributable to shareholders of $11,413,000 or $0.19 per diluted share for the same quarter a year ago.
For the year to date, the company reported operating revenues of $1,060,716,000, income from continuing operations of $185,835,000, income from continuing operations before income taxes of $140,536,000, net income from continuing operations of $89,262,000 or $1.45 per diluted share, net income attributable to shareholders of $159,821,000 or $2.59 per diluted share compared to the operating revenues of $1,037,464,000, income from continuing operations of $166,935,000, income from continuing operations before income taxes of $115,870,000, net income from continuing operations of $73,941,000 or $1.23 per diluted share, net income attributable shareholders of $79,411,000 or $1.32 per diluted share for the same period a year ago.
The company confirmed 2014 consolidated earnings guidance range of $3.00 to $3.20 per diluted share. The company expects to be in the upper half of this range, including the impacts of the ERM. The guidance includes the dilutive impact from issuing 4.5 million shares of common stock on July 1, 2014, for the AERC acquisition, as well as current expectation to repurchase approximately 4 million shares of common stock through repurchase program by Dec. 31, 2014.
The company is initiating its 2015 guidance for consolidated earnings to be in the range of $1.86 to $2.06 per diluted share.