CTG releases earnings for third quarter.HARTFORD Hartford, city (1990 pop. 139,739), state capital, Hartford co., central Conn., on the west bank of the Connecticut River; settled as Newtown 1635–36 on the site of a Dutch trading post (1633; abandoned 1654), inc. 1784. , Conn.--(BUSINESS WIRE)--July 23, 1996-- Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). Natural Gas Corp. (NYSE NYSE See: New York Stock Exchange : CTG CTG Cartridge CTG Center for Technology in Government (SUNY, Albany, New York) CTG Center for Technology in Government CTG Computer Task Group (IT consulting company; Buffalo, NY, USA) ) has reported a consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net loss for the third quarter fiscal 1996, ending June June: see month. 30, 1996 of $578,000, compared to a loss of $640,000 for fiscal year 1995. The consolidated earnings per share loss for the quarter was $.06, which was the same loss per share as in the third quarter of fiscal 1995. Victor H. Frauenhofer, chairman, president and chief executive officer said, "Earnings for the third quarter are traditionally lower than the preceding two quarters due to normal seasonality factors. CTG's Strategic Plan For Future Growth According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Frauenhofer, "Changes within the gas industry, including the completion of deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. at the federal level are having an impact on CTG. The company's board of directors and its management have completed an extensive analysis of the implications of these changes and the direction in which the marketplace is moving." "As part of this process, the company has restructured its business units. While this redirection Diverting data from their normal destination to another; for example, to a disk file instead of the printer, or to a server's disk instead of the local disk. See virtual directory, symbolic link, shortcut, redirector and DOS redirection. 1. is corporate-wide, one key goal is the development of a clear and strategic focus on all aspects of customer service. This is being accomplished through a restructured Consumer Services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, Business Unit which includes a strong emphasis on serving the needs of our residential and small commercial customers," Frauenhofer continued. "After this analysis and self-assessment Self-assessment in an organisational setting, according to the EFQM definition, refers to a comprehensive, systematic and regular review of an organisation's activities and results referenced against the EFQM Excellence Model. , CTG is prepared to build on its reputation as an industry leader -- enhancing its strengths in marketing and gas supply, revamping its service to all customers and further developing its nonregulated businesses," Frauenhofer concluded. CONSOLIDATED STATEMENTS OF INCOME (Thousands of Dollars)
Three Months Ended Twelve Months Ended
June 30, June 30,
1996 1995 1996 1995
Operating Revenues $53,954 $50,147 $317,989 $270,172 Less: Cost of Energy 27,778 26,191 173,281 143,428 State Gross Receipts Tax 1,863 1,681 12,682 10,658 Operating Margin 24,313 22,275 132,026 116,086
Operating Expenses:
Operations and other 19,574 17,621 75,919 69,646
Income taxes 511 65 17,255 10,000
Taxes other than income
taxes 1,821 1,799 7,511 7,321
21,906 19,485 100,685 86,967
Operating Income 2,407 2,790 31,341 29,119
Other Deductions, net (2,969) (3,415) (11,205) (13,841)
Net Income (562) (625) 20,136 15,278
Less: Preferred Dividends 16 15 63 63
Net Income Applicable to
Common Stock $(578) $(640) $20,073 $15,215
Earnings per Average
Share of Common Stock $(.06) $(.06) $ 2.01 $ 1.55
Dividends Paid per
Common Share $ .38 $ .37 $ 1.49 $ 1.48
CONSOLIDATED BALANCE SHEETS (Thousands of Dollars)
June 30,
ASSETS 1996 1995
Plant and Equipment $464,871 $445,870
Less Allowance for
Depreciation 143,973 130,445
Net Plant 320,898 315,425
Investments 10,482 5,761
Current Assets 84,871 58,379
Deferred Charges and
Other Assets 73,218 88,065
$489,469 $467,630
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock equity $175,940 $155,200
Preferred Stock 902 906
Long-term debt 149,205 153,119
Total Capitalization 326,047 309,225
Notes Payable Under
Revolving Credit - 1,000
Current Liabilities 57,731 52,086
Deferred Credits, including
income taxes 105,691 105,319
$489,469 $467,630
CONTACT: Connecticut Natural Gas Mary Mary, the mother of Jesus Mary, in the Bible, mother of Jesus. Christian tradition reckons her the principal saint, naming her variously the Blessed Virgin Mary, Our Lady, and Mother of God (Gr., theotokos). Her name is the Hebrew Miriam. M. Hart, 860/727-3155 |
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