Printer Friendly

COLD WEATHER, GROWTH SPURS INCREASE IN IDAHO POWER'S FIRST-QUARTER EARNINGS

 BOISE, Idaho, April 30 /PRNewswire/ -- Plunging temperatures and a continuing rise in customer numbers during the first three months of 1993 helped fuel a 59.6-percent increase in Idaho Power Co.'s (NYSE: IDA) first-quarter net income, the company said today.
 The largely hydroelectric utility today reported net income for the quarter of $21.3 million, compared to $13.4 million during the same period in 1992. Earnings per share of common stock increased to 55 cents from 1992's 35 cents.
 "The results largely reflect a return to more normal winter weather during the quarter compared to last year's mild temperatures, enabling the company to realize the benefits of a strong local economy and continued robust customer growth," said Vice President and Chief Financial Officer J. LaMont Keen.
 Total energy sales increased 16.1 percent during the period, resulting in $140.8 million in total revenues -- a record for first- quarter performance. The $26.4-million increase over last year's first quarter was bolstered by $10.5 million in surplus sales to other utilities -- an $8.0 million increase from last year's level and the highest first-quarter amount since 1989.
 "These positive results come on the heels of several years of drought-depressed performance," said Keen. "We hope our first quarter performance beckons a return to more normal operating results."
 The company also reported historic first-quarter highs for total general business revenues and residential revenues, $112.8 million and $60.2 million respectively. Company revenues for the 12 months ending March 31 totaled $524.4 million -- the first time they topped the half-billion dollar mark during any 12-month period.
 The gain of 1,005 general business customers during the quarter -- and 9,768 during the past 12 months -- signal the largest such gains in more than a dozen years.
 While significant increases in snowpack accumulations and streamflow levels during March brought relief late in the period, drought-related pressures on power productionc?osts continued to influence expenses during the quarter. Total operating expenses increased $15.9 million to $99.3 million. That was due largely to deferral of expenses associated with the temporary drought-related rate increase granted the company last year and a significant amount of purchased power and fuel expenses incurred during the first part of the period as the company husbanded reservoir storage in the hydro system for later use.
 Keen said the outlook is positive for continued improved financial performance throughout the year. The National Weather Service has projected that, based on April 1 snowpack figures, this year's Snake River streamflow levels will be 76 percent of historic levels -- a dramatic improvement over 1992 -- and regulators have given the company authority to implement a Power Cost Adjustment (PCA) mec The PCA will enable Idaho Power to recover from its Idaho ratepayers much of the extraordinary power production expense associated with the impact of diminished streamflows on its hydroelectric system.
 The company's results for the quarter ending March 31 were: operating revenues of $140.8 million for 1993 and $114.5 million for 1992; net income of $21.3 million for 1993 and $13.4 million for 1992; earnings on common stock of $20.0 million for 1993 and $12.0 million for 1992; and earnings per share of 55 cents for 1993 and 35 cents for 1992.
 The company's results for the 12 months ended March 31 were: operating revenues of $524.4 million for 1993 and $477.1 million f 1992; net income of $68.0 million for 1993 and $55.5 million for 1992; earnings on common of $62.5 million for 1993 and $50.2 million for 1992; and earnings per share of $1.75 for 1993 and $1.48 for 1992.
 IDAHO POWER CO.
 EARNINGS REPORT SUMMARY
 Quarter ended March 31: 1993 1992
 Earnings per share $ 0.55 $ 0.35
 Operating revenues $140,809,426 $114,452,988
 Net income $ 21,347,587 13,377,804
 Average shares $ 36,338,461 34,123,643
 Twelve months ended March 31: 1993 1992
 Earnings per share $ 1.75 $ 1.48
 Operating revenues $524,448,839 $477,056,276
 Net income $ 67,959,634 $ 55,468,080
 Average shares $ 35,669,559 $ 34,013,661
 -0- 4/30/93
 /CONTACT: Jeff Beaman, 208-383-2461, or J. LaMont Keen, 208-383-2640, both of Idaho Power/
 (IDA)


CO: Idaho Power Co. ST: Idaho IN: UTI SU: ERN

LM -- SE006 -- 3413 04/30/93 16:44 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 30, 1993
Words:733
Previous Article:GRUPO POSADAS REPORTS 4 PERCENT INCREASE IN FIRST QUARTER EARNINGS
Next Article:AMERICAN PRESIDENT COMPANIES DECLARES QUARTERLY DIVIDEND
Topics:


Related Articles
IDAHO POWER POSTS SECOND-QUARTER GAINS
IDAHO POWER: DROUGHT-RELATED COSTS PINCH THIRD-QUARTER EARNINGS RESULTS
IDAHO POWER'S SECOND QUARTER EARNINGS BACK ON TRACK
IDAHO POWER THIRD QUARTER EARNINGS INCREASE FIVE PERCENT
GROWTH, IMPROVED HYDRO CONDITIONS BOOST IDAHO POWER 1993 EARNINGS
IDAHO POWER: MILD WEATHER, BELOW NORMAL PRECIPITATION PINCH FIRST QUARTER EARNINGS
DUKE POWER CO. REPORTS 1995 EARNINGS OF $3.25 PER SHARE
KCPL REPORTS JUMP IN FIRST QUARTER EARNINGS
DOMINION RESOURCES ANNOUNCES OPERATING EARNINGS FOR FIRST QUARTER OF 87 CENTS, UP 36 PERCENT FROM 1995
Idaho Power Reports Third Quarter Earnings

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