Printer Friendly

ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS

 ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS
 ATLANTA, Nov. 6 /PRNewswire/ -- The board of directors of Atlanta Gas Light Company (NYSE: ATG) today declared a quarterly dividend of 52 cents per share on its common stock and dividends on its preferred stock as prescribed in each issue.
 Payment will be made on Dec. 1 to shareholders of record on Nov. 20.
 The dividend declared on the common stock equates to $2.08 on an annualized basis. The company has paid a dividend every quarter since it again became a publicly held utility in 1947. The December dividend will be the 180th consecutive dividend paid.
 The board also released audited results for fiscal 1992, the 12 months ended Sept. 30. Operating revenues were $994.6 million compared with $963.8 million for fiscal 1991. Net income and earnings per share of common stock for the period were $55.4 million and $2.26, respectively, compared with $49.4 million and $2.07, respectively, in fiscal 1991.
 The 1992 increase in operating revenues was due primarily to 1) increased volumes of gas sold and transported, 2) revenue increases granted by the Georgia Public Service Commission (Georgia Commission) and the Tennessee Public Service Commission (Tennessee Commission) and 3) growth in the number of customers. The combined volumes of gas sold and transported increased 6.1 percent in 1992 compared with 1991 due primarily to 1) increased gas usage per customer by all classes of customers, 2) weather that was 12 percent colder than the same period in 1991 and 3) growth in the number of customers.
 The 1992 increases in net income and earnings per share of common stock were due primarily to 1) increased gas usage per customer by all classes of customers, 2) increased other income, 3) growth in the number of customers and 4) revenue increases granted by the Georgia and Tennessee commissions. The increase in earnings per share was partly offset by an increase in the average number of common shares outstanding from 23.3 million in 1991 to 24.1 million in 1992.
 Unaudited results for the company's fourth quarter, the three months ended Sept. 30, showed operating revenues of $122.9 million compared with $130.2 million for the same quarter in 1991. The decrease was due primarily to a $20 million refund of purchased gas costs that resulted from the purchase of lower-cost gas on the spot market by the company. A net loss of $7.3 million, or $.31 per share, was reported for the quarter compared with a net loss of $6.9 million, or $.30 per share of common stock, for the same quarter in 1991. The increased net loss and loss per share for the quarter were primarily attributable to 1) increased other operating expenses and 2) decreased other income and were partly offset by 1) decreased interest charges and 2) revenue increases granted by the Georgia and Tennessee commissions. Increased loss per share was also partly offset by an increase in the average number of common shares outstanding from 23.7 million in 1991 to 24.3 million in 1992.
 In other business, the board elected Robert L. Goocher, formerly vice president-finance, to senior vice president-finance and chief financial officer, and Charlie J. Lail, formerly vice president- divisions, to senior vice president-divisions.
 Atlanta Gas Light Company is the largest natural gas distribution company in the Southeast. The company, which also operates under the trade names Georgia Natural Gas Company and Savannah Gas Company, serves more than 1.2 million residential, commercial and industrial customers in 227 Georgia communities, including metropolitan Atlanta, Athens, Augusta, Brunswick, Macon, Rome and Savannah, Ga. Chattanooga Gas Company, a wholly owned subsidiary, also serves more than 40,000 customers in Chattanooga and Cleveland, Tenn., and surrounding areas.
 ATLANTA GAS LIGHT COMPANY AND SUBSIDIARY COMPANIES
 CONSOLIDATED FINANCIAL INFORMATION
 September 1992
 Millions of dollars, except per share data
 3 mos. ended 12 mos. ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Operating revenues $122.9 $130.2 $994.6 $963.8
 Net income (loss) $ (7.3) $ (6.9) $ 55.4 $ 49.4
 Earnings (loss) applicable
 to common stock $ (7.5) $ (7.2) $ 54.4 $ 48.3
 Earnings (loss) per share
 of common stock $ (.31) $ (.30) $ 2.26 $ 2.07
 Avg. number of shares
 outstanding (millions) 24.3 23.7 24.1 23.3
 -0- 11/6/92
 /CONTACT: Ross Willis of Atlanta Gas Light Company, 404-584-3769/
 (ATG) CO: Atlanta Gas Light Company ST: Georgia IN: UTI SU: ERN DIV PER


EA-BR -- AT011 -- 8293 11/06/92 16:04 EST
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:Nov 6, 1992
Words:768
Previous Article:LESLIE'S POOLMART NAMES BRIAN MCDERMOTT CHIEF EXECUTIVE OFFICER
Next Article:FOOD LION, INC. FACT SHEET INACCURACIES OF ABC'S 'PRIMETIME LIVE' SEGMENT WHICH AIRED NOV. 5, 1992
Topics:


Related Articles
ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS
ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS
ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS
ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS
ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS; ANNOUNCES RESULTS FOR FISCAL YEAR 1994; ANNOUNCES CORPORATE RESTRUCTURING PLAN TO...
ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS
ATLANTA GAS LIGHT COMPANY REPORTS EARNINGS INCREASE, DECLARES DIVIDEND
AGL RESOURCES INC. REPORTS SECOND QUARTER RESULTS, DECLARES DIVIDEND
AGL Resources Inc. Reports Rise In Net Income and Earnings For Third Quarter
AGL Resources Matches Year-Ago Record Earnings and Announces LNG Joint Venture

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