CTG year-end earnings higher for fiscal year 1996.HARTFORD, Conn.--(BUSINESS WIRE)--Nov. 5, 1996--Connecticut Natural Gas Corp. (NYSE-CTG) today reported consolidated net income for the fiscal year ending Sept. 30, 1996 of $18,995,000, up from $17,019,000 for fiscal year 1995. Consolidated earnings per share were $1.87 for fiscal 1996, compared to $1.71 for the previous year. Victor H. Frauenhofer, chairman, president and chief executive officer said, "We are pleased to report increased earnings for this fiscal year, which were due in a large part to weather that was 13 percent colder than fiscal year 1995. The impact of colder weather resulted in a gain of $.33 per share in earnings. In addition, increased rates, which were partially in effect in October of 1995 and were finalized See finalization. on Feb. 9, 1996, were a significant contributor to earnings, providing a net gain of $.24 per share. The company also increased its equity ownership in the Iroquois Pipeline Iroquois Pipeline is a natural gas pipeline that brings gas from eastern Canada to the New York City area. It is owned by TransCanada Corporation, Dominion Resources, KeySpan Corporation, New Jersey Resources Corporation, and Energy East Corporation. Its FERC code is 110. to 4.87 percent in May of 1996, which resulted in a positive impact on earnings." Frauenhofer continued, "As a result of the full impact 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, 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 undertaken a major initiative to chart a `Strategic Plan for Future Growth' for the company during fiscal year 1996." "Included in the plan is a clear focus on all aspects of customer service through a reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. 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; a firm commitment to maximizing throughput through the retention of current large commercial and industrial customers for firm or transportation services; a restructuring of the company's District Heating District heating (less commonly called teleheating) is a system for distributing heat generated in a centralized location for residential and commercial heating requirements. and Cooling business to effectively compete in the marketplace; and the aggregation of all nonregulated activities to establish a total energy services company under The Energy Network (TEN)," Frauenhofer concluded. Connecticut Natural Gas Corp. currently serves 144,000 customers in 22 municipalities of the Greater Hartford Greater Hartford is a region located in the state of Connecticut, centered around the state's capital of Hartford. Hartford's role as a focal point for the American insurance industry is known nationally. The vibrant music and arts scene defines the region's culture. area and Greenwich. -0-
Period ended Sept. 30, 1996
(dollars in thousands except per share data)
Twelve months ended Three months ended
Sept. 30, Sept. 30
1996 1995 1996 1995
Consolidated gross
revenues $315,363 $275,185 $ 40,341 $ 42,967
Consolidated net
income/(loss) $ 18,995 $ 17,019 $ (2,505) $ (1,364)
Balance available for
common stock $ 18,932 $ 16,957 $ (2,521) $ (1,380)
Consolidated net
income/(loss) per
common share $ 1.87 $ 1.71 $ (.24) $ (.14)
Average common shares
outstanding 10,146,932 9,926,980 10,630,370 9,931,279
Dividends per
common share $ 1.50 $ 1.48 $ .38 $ .37
CONTACT: Connecticut Natural Gas Corp. Mary M. Hart, 860/727-3155 |
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