Florida Public Utilities Company (FPU) provides natural gas, electricity and propane gas to residential, commercial and industrial customers in Florida. The Company has three segments: natural gas, electric and propane gas. The Florida Public Service Commission (FPSC) regulates the natural gas and electric segments. The Company’s regulated segments sell natural gas and electricity to approximately 83,000 customers and its unregulated segment sells propane gas, through a wholly owned subsidiary, Flo-Gas Corporation, to approximately 12,000 customers. FPU also sells merchandise and other service-related products on a limited basis as a complement to the natural and propane gas segments.

-The company reported higher earnings for the second quarter ending June 30, 2009 compared to this same period in 2008. Net income for the second quarter of 2009 was $1,004,000 or $.16 per share, compared with $81,000 or $.01 per share for the same period last year. Net income for the six months ended June 30, 2009 was $1,748,000 or $.28 per share, compared to $2,031,000 or $.33 per share for the same period last year. Total revenues decreased $6,402,000 in the second quarter of 2009 compared to the same period in 2008.

-The company declared a quarterly dividend of $0.1200 per share on the Company’s common stock, payable October 1, 2009 to shareholders of record at the close of business on September 11, 2009.

-Florida Public Utilities Company and Chesapeake Utilities Corporation announced that their shareholders approved the proposed merger of the companies at separate meetings held today. Under the merger agreement previously announced and approved today, each common share of Florida Public Utilities will be converted into 0.405 shares of Chesapeake common stock upon closing of the merger.

-FPU added 3.43%, to $12.66 today. It has a market cap of 77.73 million and has traded within a 52-week range of $8.00 and $15.00. FPU is currently above its 20-day moving average of $12.54 and above its 250-day moving average of $11.33. It has near-term technical support in the $12.35 price area. If the shares can continue the recent rebound, we see overhead resistance around the $13.52 price levels. Technical indicator for the stock is buy. Here is the TA chart: