ALBERTA NATURAL GAS COMPANY ANNOUNCES NET INCOME INCREASE OF 53 PER CENT.CALGARY, Alberta--(BUSINESS WIRE)--April 25, 1995-- Alberta Natural Gas Company Ltd. (ANG ANG In currencies, this is the abbreviation for the NL Antillian Guilder. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) today announced net income of $11.6 million for the three months ended March 31, 1995. This represents a 53 per cent increase over $7.6 million reported for the first quarter of 1994. Earnings per share increased to $0.45 from $0.29. John Beddome, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "We are extremely pleased with ANG's first quarter results in which all business segments achieved operating gains. In addition, our results were aided by a combination of favourable market conditions. Although some softening of markets is expected, the outlook for 1995 remains strong." ANGUS Chemical Company, a United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. based wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , generated higher sales volumes worldwide across all product lines, due to increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" and improved market conditions. This resulted in an operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increase of $3.5 million for the chemicals segment in the first quarter of 1995 compared to the same period in 1994. Operating income from ANG's marketing and services segment increased by $3.9 million in the first quarter of 1995 as compared to the first quarter of 1994. Three items contributed to this result near capacity operations from the recommissioning project at the Cochrane plant following start up in late 1994, lower natural gas fuel and feedstock feed·stock n. Raw material required for an industrial process. Noun 1. feedstock - the raw material that is required for some industrial process raw material, staple - material suitable for manufacture or use or finishing prices, and continued strong prices for natural gas liquids. ANG is a Calgary-based corporation engaged in natural gas processing Natural gas processing plants, or fractionators, are used to purify the raw natural gas extracted from underground gas fields and brought up to the surface by gas wells. The processed natural gas, used as fuel by residential, commercial and industial consumers, is almost pure , marketing and services, specialty chemicals and natural gas transportation. ANG's common shares are listed on the Toronto, Montreal, Vancouver, and Alberta stock exchanges Alberta Stock Exchange See Canadian Venture Exchange (CDNX). and trade under the symbol ANG. -0-
CONDENSED INCOME STATEMENT
(in thousands except earnings per share)
Three months ended Mar 31,
(unaudited)
1995 1994
------- --------
restated
Revenues $168,174 $191,715
Expenses 143,500 175,581
--------- ---------
Operating income 24,674 16,134
Other income 698 1,530
Interest expense (6,716) (4,919)
Income taxes (7,090) (5,183)
--------- ----------
Net income $11,566 $7,562
========= ==========
Earnings per share $0.45 $0.29
========= ==========
OPERATING INCOME SUMMARY
(thousands)
Three months ended March 31
(unaudited)
1995 1994
--------- ----------
restated
Extraction $6,365 $5,657
Marketing & Services 6,294 2,409
ANGUS Chemical 8,595 5,081
Pipelines 6,099 5,542
Corporate expenses (2,679) (2,555)
--------- ----------
Operating income $24,674 $16,134
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COMPARATIVE FIGURES Effective January 1995, ANG adopted the new requirements of the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. with respect to the use of the proportionate consolidation method of accounting for its investments in joint ventures. Using this method, ANG retroactively recorded its share of joint venture assets, liabilities, revenues, expenses and cash flow. This restatement does not result in any change to net income or shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. from that previously reported. CONTACT: Wayne E. Lunt, CFO See Chief Financial Officer. , 403/691-7902 OR Bruce A. Stevenson, Corporate Secretary, 403/691-7706 |
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