Bangor Hydro reports third quarter 1996 earnings.BANGOR, Maine--(BUSINESS WIRE)--Oct. 11, 1996--Bangor Hydro-Electric Co. today announced unaudited quarterly financial results. Earnings for the quarter ended Sept. 30, 1996 were $.26 per common share compared to $.05 per common share for the quarter ended Sept. 30, 1995. Earnings for the twelve months ended Sept. 30, 1996 were $1.29 per common share, compared to $.28 for the 1995 twelve month period. Earnings comparisons from period to period have been difficult to describe for the last several reporting periods, due to a number of one-time charges. This quarter's report suffers from the same difficulty. The 1995 period reflects the impact of an early retirement and involuntary involuntary adj. or adv. without intent, will, or choice. Participation in a crime is involuntary if forced by immediate threat to life or health of oneself or one's loved ones, and will result in dismissal or acquittal. INVOLUNTARY. severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when program and impact of replacing Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. Yankee's output. Both periods have accounting adjustments that affect comparative analysis. While quarterly earnings have improved over the same period in 1995, energy sales have shown very little growth. This is consistent with the observation the economy in Bangor Hydro's service area remains sluggish. In addition, revenue growth is constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by the necessity to adjust prices downward to some customers and for some uses in order to retain sales that would otherwise be lost to competitive energy sources. However, the company anticipates this pricing flexibility to result in greater sales and profits for the longer term. -0-
The September 1996 results are summarized below:
Twelve months ended September 30: 1996 1995
Revenues $187,822,508 $183,466,066
Net Income $ 11,059,462 $3,706,684
Earnings per Common Share $1.29 $.28
Weighted Average Number
of Shares 7,320,622 7,234,383
Nine months ended September 30: 1996 1995
Revenues $140,891,179 $137,982,442
Net Income $ 9,147,821 $ 2,424,834
Earnings per Common Share $1.09 $.16
Weighted Average Number
of Shares 7,328,153 7,252,959
Three months ended September 30: 1996 1995
Revenues $ 47,969,191 $ 46,025,457
Net Income $ 2,294,324 $ 827,908
Earnings per Common Share $.26 $.05
Weighted Average Number
of Shares 7,343,920 7,280,761
-0- Bangor Hydro-Electric Co. is the second largest electric utility in Maine. It serves a population of about 191,000 in an area encompassing approximately 5,275 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. in eastern and east coastal Maine. The company is a member of the New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Power Pool and is interconnected with other New England utilities to the south and with the New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. Power Corp. to the north. CONTACT: Bangor Hydro-Electric Co. Frederick S Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, . Samp samp: see hominy. , 207/941-6653 or David R. Black, 207/990-6972 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion