Cinergy announces quarterly earnings.CINCINNATI--(BUSINESS WIRE)--July 25, 1996--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. ), 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., announced today that earnings for the second quarter 1996 were $.35 per share, down from $.39 per share for the second quarter 1995. Net income was $56 million compared with $60 million in the second quarter a year ago. The decrease was attributable to a write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of $17.4 million, or $.07 per share, related to the company's voluntary early retirement and severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when programs. The write-off was partially offset by increased sales in the wholesale power market, cooler than normal weather early in the second quarter and continued strong growth in the region. For the quarter, mcf gas sales and transportation volumes increased 17.3%, and total electric kwh sales were up 11.2% with wholesale electric sales increasing nearly 45%, when compared to the same period in 1995. "Our power marketing activities have shown a significant jump in the first half of 1996, demonstrating our ability to be a leader in this competitive market," said 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. . "With our around-the-clock a·round-the-clock adj. Variant of round-the-clock. Adj. 1. around-the-clock - at all times; "around-the-clock nursing care" day-and-night, round-the-clock, nonstop trading floor and marketing alliances in key areas of the country, we expect this part of our business to continue to grow." For the 12 months ended June June: see month. 30, 1996, net income was $351.7 million, or $2.23 per share, compared with $204.5 million, or $1.33 per share, in the comparable period in 1995, which reflected previously reported write-offs. Electric kwh sales for the 12 months ended June 30 were up 11.8% and gas mcf sales and transportation volumes were up 17.4% when compared with the same period in 1995. Following are summaries of Cinergy's unaudited consolidated financial information for the quarter and 12 month periods ended June 30. -0-
Cinergy Corp.
(Rounded to thousands, except per share amounts)
Second Quarter 1996 1995
Revenues $716,834 $665,999 Net income $56,040 $60,026 Earnings per share $.35 $.39 Av. shares outstanding 157,679 156,333
12 Mo. ended 6/30 1996 1995
Revenues $3,150,584 $2,852,578 Net income $351,727 $204,511 Earnings per share $2.23 $1.33 Av. shares outstanding 157,448 152,331
2nd Quarter kwh Sales 1996 1995 %
Increase
(Decrease)
Residential 3,174,446 2,894,708 9.7
Commercial 2,807,302 2,705,132 3.8
Industrial 4,227,295 4,093,998 3.3
Other retail 431,940 428,515 0.8
All other 2,641,902 1,823,912 44.8
__________ __________
Total 13,282,885 11,946,265 11.2
2nd Quarter mcf Sales 1996 1995 %
Increase
(Decrease)
Residential 5,509 5,709 (3.5)
Commercial 2,628 2,121 23.9
Industrial 1,038 1,084 (4.2)
Other retail 476 455 4.6
All other 49 39 25.6
______ ______
Total sales 9,700 9,408 3.1
Gas transported 12,136 9,214 31.7
______ ______
Total gas sales 21,836 18,622 17.3
& gas transported
CONTACT: Cinergy Corp., Cincinnati News 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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