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ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS

 ATLANTA, Aug. 6 /PRNewswire/ -- The board of directors of Atlanta Gas Light Company (NYSE: ATG) today declared a quarterly common stock dividend of 52 cents per share and dividends on its preferred stock as prescribed in each issue.
 Payment will be made on Sept. 1 to shareholders of record on Aug. 20.
 The dividend declared on the common stock is the same as that for the previous quarter and 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 September dividend will be the 183rd consecutive dividend paid.
 The board also released unaudited results for the quarter ended June 30, the third quarter of the company's 1993 fiscal year. Operating revenues increased to $197.7 million for the quarter compared with $176.3 million for the same quarter in 1992 due primarily to an increase in the cost of the
company's gas supply. Gas costs are recovered from customers under the purchased gas provisions of the company's rate schedules and have no direct effect on net income.
 A net loss of $2.3 million or $.14 per share of common stock was reported for the quarter compared with a net loss of $1.6 million or $.08 per share of common stock for the same quarter in 1992. Due to the seasonality of its business, the company expects to report a small operating loss for the third quarter each year. The increases in net loss and loss per share were due primarily to increased operating expenses and increased interest costs. The increase in loss per share was also affected by increased dividends on preferred stock due to the issuance of 445,000 shares of preferred stock in October 1992.
 For the nine months ended June 30, operating revenues were $980.0 million; net income and earnings per share of common stock were $64.9 million and $2.52, respectively, compared with operating revenues of $871.7 million, and net income and earnings per share of common stock of $62.7 million and $2.58 respectively, for the corresponding period in 1992.
 For the 12 months ended June 30, operating revenues, net income and earnings per share were $1.1 billion, $57.6 million and $2.21, respectively, compared with $1.0 billion, $55.9 million and $2.29, respectively, for the corresponding period in 1992.
 The increases in operating revenues for the nine- and 12-month periods were due primarily to (1) an increase in the cost of the company's gas supply which is recovered from customers under the purchased gas provisions of the company's rate schedules and (2) colder weather.
 The increases in net income for the nine- and 12-month periods were due primarily to (1) rate increases granted by the Georgia Public Service Commission (Georgia Commission) and Tennessee Public Service Commission, (2) growth in the number of customers and (3) decreased interest charges. The decreases in earnings per share for the nine- and 12-month periods were due primarily to (1) an increase in dividends on preferred stock due to the issuance of 445,000 shares of preferred stock in October 1992 and (2) an increase in the average number of common shares outstanding.
 Net income and earnings per share for the three-, nine- and 12-month periods ended June 30 were also adversely affected by the Georgia Commission's decision to reduce the return on investment of common shareholders in the company's 1992 rate case. The company has a new rate case pending before the Georgia Commission that requests, among other things, an increase in the return on investment of common shareholders and recovery of increased operating expenses. A decision in the rate case is expected so that new rates would be effective on Oct. 1, 1993.
 As a result of the company's weather normalization adjustment riders, weather conditions did not have a significant impact on the comparability of net income and earnings per share for the comparable periods.
 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 228 Georgia communities including metro-Atlanta, Athens, Augusta, Brunswick, Macon, Rome and Savannah. Chattanooga Gas Company, a wholly owned subsidiary, served more than 40,000 customers in Chattanooga and Cleveland, Tenn., and the surrounding areas.
 ATLANTA GAS LIGHT COMPANY AND SUBSIDIARY COMPANIES
 CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
 JUNE 1993
 Millions of Dollars
 3 mos. ended June 30 1993 1992
 Operating revenues $197.7 $176.3
 Net income $ (2.3) $ (1.6)
 Earnings (loss)
 appl. to comm. stock $ (3.4) $ (1.9)
 Earnings (loss) per share
 of common stock $ (.14) $ (.08)
 Avg. number of shares
 outstanding (millions) 24.7 24.1
 9 mos. ended June 30 1993 1992
 Operating revenues $980.0 $871.7
 Net income $ 64.9 $ 62.7
 Earnings (loss)
 appl. to comm. stock $ 61.7 $ 61.9
 Earnings (loss) per share
 of common stock $ 2.52 $ 2.58
 Avg. number of shares
 outstanding (millions) 24.5 24.0
 12 mos. ended June 30 1993 1992
 Operating revenues $1,102.9 $1,001.9
 Net income $ 57.6 $ 55.9
 Earnings (loss)
 appl. to comm. stock $ 54.2 $ 54.8
 Earnings (loss) per share
 of common stock $ 2.21 $ 2.29
 Avg. number of shares
 outstanding (millions) 24.5 23.9
 -0- 8/6/93
 /CONTACT: Leslie Schirra of Atlanta Gas Light Company, 404-584-3780/
 (ATG)


CO: Atlanta Gas Light Company ST: Georgia IN: UTI SU: ERN DIV

RA-BR -- AT012 -- 0420 08/06/93 16:35 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
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