Cinergy Corp. reports 1996 earnings.CINCINNATI--(BUSINESS WIRE)--Jan. 30, 1997--Cinergy Corp. (NYSE NYSE See: New York Stock Exchange :CIN CIN cervical intraepithelial neoplasia. Cervical intraepithelial neoplasia (CIN) A term used to categorize degrees of dysplasia arising in the epithelium, or outer layer, of the cervix. ), the parent company of The Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. Gas & Electric Company and PSI Energy, Inc., today announced consolidated annual 1996 earnings of $2.12 per share, before a previously reported charge of $.12 per share for the cost of reacquiring 90% of CG&E's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. through a tender offer. This compares with earnings of $2.22 per share in 1995. For the fourth quarter 1996, earnings per share were $.44 compared with $.49 for the same period in 1995. The 1996 results reflect one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges of $.14 per share, including $.07 per share in the fourth quarter, for voluntary workforce reduction programs and $.10 per share for certain prior costs disallowed in the CG&E gas rate decision issued by the Public Utilities Commission of Ohio The Public Utilities Commission of Ohio (PUCO) is an agency of Federal State of Ohio that is charged with the regulation of utility service providers such as those of electricity, natural gas, and telecommunications as well as railroad safety and intrastate hazardous in December December: see month. . "We took several actions in 1996 that demonstrate our commitment to being one of the top competitors in the new energy industry. The acquisition of Midlands, increased sales through our power marketing and trading operation and a fundamental restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the company into three strategic business units, including an additional reduction of over 10% in the workforce, are among the major steps taken during the year," James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. E. Rogers, vice chairman, president and chief executive officer of Cinergy Cinergy Corp. was an energy company based in Cincinnati, Ohio. Cinergy was created on October 24, 1994, from the merger of the Cincinnati Gas & Electric Company (CG&E) with PSI Energy and later included Union Light, Heat & Power (ULH&P) as well. , said. "At the same time, we are very pleased with operating results in 1996. While reported earnings were $2.12 per share, but for the one-time charges of $.24 per share, earnings would have been $2.36 per share, which demonstrates the strength of our core business as we more into 1997 and beyond." For the quarter and the year, net income was $70.6 million and $334.8 million, respectively, before the charge related to reacquisition of preferred stock, compared with $76.6 million and $347.2 million in the same periods in 1995. These results reflect a return to more normal weather following the extreme weather a year ago. This was partially offset by increased sales in the wholesale power market, continued strong growth in the region, earnings from the acquisition of Midlands Electricity The Midlands Electricity Board was formed in 1947, under the Electricity Act of that year. The counterpart of the East Midlands board, it served southern, and western parts of Warwickshire, as well as the counties of Worcestershire, Herefordshire, Shropshire, and Staffordshire, as plc and reduced financing costs. Earnings for 1995 included charges of $11.5 million ($7.6 million, or $.05 per share, net of taxes) in disposing of and winding down certain non-utility activities and writing off obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. . Electric kwh sales were up 18.5% in the fourth quarter reflecting increased power marketing sales and the strong regional economy. Mcf gas sales and transportation volumes for the quarter ended Dec. 31, 1996, decreased 2.8% when compared to the same period in 1995. For the year 1996, electric kwh sales were up 10.9% and gas mcf sales and transportation volumes were up 8.4% when compared with 1995, as a result of economic growth and extreme weather conditions in the first quarter. Industrial electric kwh sales increased 3.3% in 1996 demonstrating continued economic growth in the company's service area. Gas transportation volumes were up 19.8% for the year, reflecting the strength of the economy and a transportation program for large volume firm service customers. 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. for 1996 increased 7.3% to 3.24 billion from $3.02 billion in 1995. Fourth quarter 1996 operating revenues were $876 million compared with $784 million for the same period in 1995. -0-
Cinergy Corp.
(Rounded to thousands, except per share amounts)
Fourth Quarter 1996 1995
Revenues $876,207 $784,261
Net income $70,586 $76,629
Costs of reacquisition of
preferred stock of subsidiary ($216) -
Net income applicable to common
stock $70,370 $76,629
Earnings per share on net
income applicable to common stock $0.44 $0.49
Average shares outstanding 157,679 157,498
12 Mo. ended 12/31 1996 1995
Revenues $3,242,740 $3,023,431
Net income $334,797 $347,182
Costs of reacquisition of
preferred stock of subsidiary ($18,391) -
Net income applicable to common
stock $316,406 $347,182
Earnings per share
Net income $2.12 $2.22
Costs of reacquisition of
preferred stock of subsidiary ($0.12) -
Net income applicable to common
stock $2.00 $2.22
Average shares outstanding 157,678 156,620
4th Quarter kwh Sales 1996 1995 %
Increase
(Decrease)
Residential 3,376,680 3,507,838 (3.7%)
Commercial 2,835,282 2,787,570 1.7%
Industrial 4,315,380 4,129,038 4.5%
Other retail 443,654 440,902 0.6%
All other 4,355,364 2,064,712 110.9%
__________ __________
Total 15,326,360 12,930,060 18.5%
4th Quarter mcf Sales 1996 1995 %
Increase
(Decrease)
Residential 15,817 17,416 (9.2%)
Commercial 6,266 6,453 (2.9%)
Industrial 1,326 2,068 (35.9%)
Other retail 1,064 1,207 (11.8%)
All other 114 79 44.3%
__________ __________
Total gas sales 24,587 27,223 (9.7%)
Gas transported 12,209 10,624 14.9%
__________ __________
Total gas sales & gas
transported 36,796 37,847 (2.8%)
CONTACT: Cinergy Corp., Cincinnati Media Contact: Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Brash brash (brash) heartburn. water brash heartburn with regurgitation of sour fluid or almost tasteless saliva into the mouth. , 513/287-2226 (w) 513/231-6895 (h) Angeline Protogere, 317/838-1338 (w) 317/298-3090 (h) Investor Contact: Felicia Noun 1. Felicia - genus of tropical African herbs or subshrubs with usually blue flowers genus Felicia asterid dicot genus - genus of more or less advanced dicotyledonous herbs and some trees and shrubs Ramstein, 513/287-4348 |
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