Printer Friendly

ALBERTA NATURAL GAS CO. LTD. ANNOUNCES SIX MONTH RESULTS

 ALBERTA NATURAL GAS CO. LTD. ANNOUNCES SIX MONTH RESULTS
 CALGARY, Alberta, Aug. 11 /PRNewswire/ -- Alberta Natural Gas Co. Ltd. (Toronto, Montreal, Vancouver, Alberta: ANG) announced consolidated net income of $16.2 million, or $0.77 per share, for the six months ended June 30, 1992. This compares to a net loss of $52.7 million, or $2.50 per share, for the same period in 1991.
 In reporting these results, Norman E. Wagner, chairman, president and chief executive officer said, "The prospects for continued growth look bright. We have exited from the businesses which were not viable for ANG. Now, we can build on our strengths."
 Income from continuing operations was $8.7 million, or $0.42 per share, for the first half of 1992, down from $11.3 million, or $0.54 per share, for the same period last year. The decrease was mainly due to an unusual deduction of $4.1 million, relating to the May 1, 1991 explosion at the ANGUS Chemical Co. nitroparaffins plant, located in Sterlington, La. Due to the loss of production capacity, certain fixed production costs were expensed as incurred, although these costs are normally charged to inventory.
 The Louisiana plant has been rebuilt and was commissioned in early May of this year. It is now producing high quality product at pre-explosion levels. As a result of the insurance settlement, an after-tax book gain of $22.5 million was recorded as an extraordinary item in the second quarter of 1992.
 The loss from discontinued operations of $15 million for the first six months of 1992, reflects the sale of ANGUS Fine Chemicals Ltd. (AFCL) as well as 1992 operating losses to the sale date. The loss from discontinued operations for the first half of 1991 of $64.0 million reflects a $56.5 million loss related to the discontinuation of the magnesium project at High River, Alberta and an AFCL operating loss of $7.5 million.
 For comparison purposes, prior financial statements have been restated to reflect AFCL as a discontinued operation. As a result of this restatement, income from continuing operations for the three months ended March 31, 1992 increased from $0.07 to $0.22 per share. First quarter results for 1991 were restated from $0.15 to $0.34 per share.
 ANG is a Calgary-based company operating in natural gas processing, transmission, and gas and liquids marketing. Through its wholly-owned subsidiary, ANGUS Chemical Company, ANG is involved in the production and marketing of specialty chemicals. ANG's common shares are listed on the Toronto, Montreal, Vancouver, and Alberta Stock Exchanges and trade under the symbol ANG.
 ALBERTA NATURAL GAS CO. LTD.
 Financial Highlights
 (in thousands except earnings per share)
 The following is an unaudited condensed statement of income for the six and three months ended June 30, 1992 compared with the same periods during 1991.
 Six months ended Three months ended
 June 30, June 30,
 1992 1991 1992 1991
 (restated) (restated)
 Operating revenue $224,788 $245,905 $106,115 $111,718
 Operating expenses 194,011 218,626 93,530 99,240
 Operating income
 before unusual item 30,777 27,279 12,585 12,478
 Unusual item --
 unabsorbed plant costs (4,131) (1,450) (795) (1,450)
 Operating income 26,646 25,829 11,790 11,028
 Equity income 1,180 335 572 305
 Other (expense) income (102) 1,230 1,043 (602)
 Interest expense (9,930) (9,327) (4,869) (4,388)
 Total 17,794 18,067 8,536 6,343
 Provision for
 income taxes (9,055) (6,754) (4,382) (2,224)
 Income from continuing
 operations 8,739 11,313 4,154 4,119
 Discontinued operations (15,082) (63,980) (12,003) 3,838
 Extraordinary item 22,499 --- 22,499 ---
 Net Income (loss) $16,156 ($52,667) $14,650 $7,957
 Earnings per share
 Continuing operations $0.42 $0.54 $0.20 $0.20
 Discontinued operations (0.72) (3.04) (0.57) 0.17
 Extraordinary Item 1.07 --- 1.07 ---
 Net income (loss) $0.77 ($2.50) $0.70 $0.37
 ALBERTA NATURAL GAS CO. LTD.
 Financial Highlights
 (thousands of dollars)
 The following is an unaudited summary of operating income by business areas for the six and three months ended June 30, 1992 compared with the same periods during 1991.
 Six months ended Three months ended
 June 30, June 30,
 1992 1991 1992 1991
 (restated) (restated)
 Hydrocarbon business
 Natural gas processing $19,574 $15,132 $7,551 $7,177
 Pipelines 3,153 2,312 1,640 1,152
 NGL and Natural gas
 marketing 3,036 3,654 1,390 1,712
 Total 25,763 21,098 10,581 10,041
 ANGUS Chemical 9,277 10,830 3,929 4,543
 Corporate & other expenses (4,263) (4,649) (1,925) (2,106)
 Operating income before
 unusual item $30,777 $27,279 $12,585 $12,478
 -0- 8/11/92
 /CONTACT: Paula Ruttan or Wayne Lunt of Alberta Natural Gas Co. Ltd., 403-691-7777/
 (ANG.) CO: Alberta Natural Gas Co. Ltd. ST: Alberta IN: OIL SU: ERN


JB -- LA034 -- 9179 08/11/92 18:47 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 11, 1992
Words:843
Previous Article:BHC ACQUISITION EXTENDS TENDER OFFER FOR PINELANDS
Next Article:MOODY'S ASSIGNS 'Aa' RATING TO SEATTLE'S SALE OF $180,245,000 LIGHT AND POWER REVENUE BONDS
Topics:


Related Articles
ANG APPOINTS JOHN M. BEDDOME AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
ALBERTA NATURAL GAS RAISES $59 MILLION THROUGH RIGHTS OFFERING
ALBERTA NATURAL GAS CO. LTD ANNOUNCES RESULTS
MAKOWSKI APPOINTS LUCAS TO FUELS & SERVICES POST
ALBERTA NATURAL GAS COMPANY LTD. ANNOUNCES AGREEMENT TO SELL 8.40 PERCENT UNSECURED DEBENTURES
NOVA CORP. TO SELL GAS PRODUCTION SUBSIDIARY
PANCANADIAN PETROLEUM LTD. ANNOUNCES PROMISING FIRST QUARTER RESULTS IN SPITE OF LOW OIL PRICES
CANADIAN NATURAL RESOURCES LTD. ANNOUNCES 1994 FIRST HALF RESULTS
ATTENTION BUSINESS EDITORS: NOVA Corporation and NGC Corporation Announce Plan To Reorganize Novagas Clearinghouse
Canadian Natural Resources Limited Announces 1997 First Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters