Central Louisiana Electric announces results for 1994 full year and fourth quarter.PINEVILLE, La.--(BUSINESS WIRE)--Feb. 1, 1994--Central Louisiana Electric Co. Inc., (NYSE NYSE See: New York Stock Exchange :CNL CNL CityNightLine (German Rail) CNL Cancel CNL Clinical Nurse Leader Cnl Colonel CNL Center for Naval Leadership CNL Compensated Neutron Log (oil industry) ) today reported operating results for the full year and fourth quarter ended Dec. 31, 1994, announced Gregory L. Nesbitt, president and chief executive officer. For the year 1994, net income applicable to common stock was $43,017,000, or $1.92 per average common share. By comparison, 1993 net income was $39,827,000, or $1.78 per average common share. Without the effects of an after-tax 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in 1994 and an after-tax 31 cents per share restructuring charge in 1993, earnings would have been lower in 1994 than in 1993. The decline was a result of higher operations and maintenance expenses, higher depreciation costs and increased city franchise and property taxes. These increased expenses were partially offset by increased base revenues in 1994 resulting from kilowatt-hour sales to regular customers which were 3.5% higher despite milder weather compared with the previous year. In 1993 as compared to 1992, earnings benefited from more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. weather along with reduced expenses due to work that year being postponed because of restructuring activities. Net income applicable to common stock for the fourth quarter was $5,568,000, or 25 cents per average common share. This compares with net income during the same period in 1993 of $7,594,000, or 34 cents per common share. For the quarter, sales to residential customers were down because of milder weather, but overall base revenues were up from last year. This increase in base revenues was more than offset by a restructuring charge associated with the consolidation of 25 customer services offices into 10 regional offices, higher operations and maintenance expenses and higher depreciation expenses. Central Louisiana
Central Louisiana, also known as the Crossroads region, is the part of Louisiana which includes the following parishes: Allen Parish, Beauregard Parish, Catahoula Parish, Concordia Parish, Grant Electric Co. Inc. operates solely in Louisiana as an electric utility serving 218,000 customers in 23 of the state's parishes. -0- Central Louisiana Electric Co. Inc. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Operating Results (In thousands except share and per share amounts, Unaudited) Three Months Ended Dec. 31, 1994 1993 Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. $ 81,883 $ 88,805 Net income before preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) $ 6,087 $ 8,094 Preferred dividends $ 519 $ 500 Net income applicable to common stock $ 5,568 $ 7,594 Earnings per average common share $ 0.25 $ 0.34 Earnings per average common share - assuming full dilution $ 0.25 $ 0.33 Average common shares - primary 22,406,859 22,405,313 Average common shares - assuming full dilution 23,834,883 23,843,062 Twelve Months Ended Dec. 31, 1994 1993 Operating revenues $379,603 $382,433 Net income before preferred dividends $ 45,043 $ 41,812 Preferred dividends $ 2,026 $ 1,985 Net income applicable to common stock $ 43,017 $ 39,827 Earnings per average common share $ 1.92 $ 1.78 Earnings per average common share - assuming full dilution $ 1.86 $ 1.73 Average common shares - primary 22,414,831 22,388,535 Average common shares - assuming full dilution 23,842,199 23,826,654
Results for the 12 months ended Dec. 31, 1993 include an after-tax
31 cent per share restructuring charge relating to an early
retirement and voluntary severance program. Results for the three
and 12 months ended Dec. 31, 1994 include an after-tax 3 cents per
share restructuring charge relating to customer service office
consolidations.
CONTACT: Loring Corporate Services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. 212/943-0620 |
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