Boston Edison Announces 1995 Second Quarter Earnings.BOSTON--(BUSINESS WIRE)--July 27, 1995--Boston Edison Edison, township (1990 pop. 88,680), Middlesex co., NE N.J., inc. 1870 as Raritan Township, renamed 1954. Edison's varied manufactures include light trucks, chemicals, metal products, electrical and electronic equipment, machinery, and instruments. Company (BSE-NYSE) reported earnings per common share of $0.48 and $2.45 for the three and twelve months ended June June: see month. 30, 1995, respectively, versus earnings of $0.44 and $2.39 for the same periods in 1994. Chairman and Chief Executive Officer Tom May said, "We are very pleased by the strength of our earnings as we enter an exciting period of change in our industry." May added that, "Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. Edison continues to be a leader in finding innovative solutions to the complex issues facing the electric power industry. Our "E" Plan establishes a framework for bringing the benefits of competition to all customers while providing for recovery of previously incurred costs. Our, first in the nation, Options Request for Proposal will provide us with the flexibility to meet the changing power needs of customers at the lowest price available." May expressed confidence that the company has the strategies in place to be successful in the face of unprecedented changes in the industry. The increase in 1995 second quarter earnings primarily reflects an annual rate increase of $29 million which became effective November November: see month. 1, 1994, and lower amortization expenses. These were partially offset by an increase in maintenance costs. Despite milder weather, which contributed to only a slight increase in sales over the same period last year, careful attention to managing costs and additional revenues in the final year of a three year rate settlement allowed the company to continue its financial progress. -0-
Financial Data (in thousands except per share data)
3 months ended June 30: 1995 1994 % Change Operating revenues $ 384,035 $ 368,655 4.2% Net income $ 26,137 $ 23,982 9.0% Earnings per share $ 0.48 $ 0.44 9.1% Weighted average # of shares 45,909 45,284 1.4% Dividends declared per share of common stock $ 0.455 $ 0.44 3.4% 12 months ended June 30: 1995 1994 % Change Operating revenues $ 1,568,065 $ 1,527,531 2.7% Net income $ 127,567 $ 123,731 3.1% Earnings per share $ 2.45 $ 2.39 2.5% Weighted average # of shares 45,595 45,142 1.0% Dividends declared per share of common stock $ 1.805 $ 1.745 3.4% CONTACT: Boston Edison Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. J. Lembo, (617) 424-3562 |
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