Printer Friendly

EARNINGS IMPROVEMENT NOTED AT PEI ANNUAL SHAREHOLDER MEETING

 WILLIAMSPORT, Pa., June 3 /PRNewswire/ -- At the Pennsylvania Enterprises, Inc. (NASDAQ: PENT) (PEI) 1993 Annual Shareholders Meeting held yesterday in Williamsport, President and Chief Executive Officer Dean T. Casaday told shareholders that the company's earnings improvement trend is continuing into its third year and that the future also looks promising.
 "By focusing on the fundamentals of our operations as well as growth opportunities, PEI has shown consistent earnings increases since 1991 that have continued into the first quarter of 1993," Casaday stated in his report on operations. He noted that the improvement in earnings is due primarily to increases in the gas and water operating revenues of Pennsylvania Gas and Water Company (PG&W), PEI's principal operating subsidiary.
 Casaday also told shareholders that a number of factors should help sustain the company's earnings improvement in the future: a return to a more normal level of capital expenditures with the completion of PG&W's water treatment plant construction program; increasing water revenues from pending rate increase filings; and a growing market for natural gas.
 With 87 percent of the common shares of the company represented at the meeting in person or by proxy, PEI shareholders reelected the company's directors: Kenneth L. Pollock, chairman of the board of PEI, owner of the Susquehanna Coal Company and Ken L. Pollock, Inc., Nanticoke, Pa.; William D. Davis, vice chairman of the board of PEI and chairman, Commonwealth Bancshares Corporation, Williamsport; Dean T. Casaday, president and chief executive officer of PEI; Zane B. Confair, former chairman of Confair Bottling Company, Williamsport; Robert J. Keating, chairman of the board, Parodi Industries, Inc., Scranton, Pa.; John D. McCarthy, president of McCarthy Tire Service Company and McCarthy Realty, Inc., Wilkes-Barre, Pa.; James A. Ross, independent financial consultant, Scranton; Andrew Shaw Jr., president and CEO, Midway Tool Engineering Co., Wilkes-Barre; and Ronald W. Simms, president and CEO of Petroleum Service Corporation and Mountain Productions, Inc., Wilkes-Barre. Of the shares represented at the meeting, at least 98 percent voted in favor of the reelection of each director.
 At a reorganizational meeting of the directors held after the annual meeting, Pollock, Davis, Casaday and the other existing officers of PEI were reelected to their respective positions. All directors and officers serve in the same capacity for Pennsylvania Gas and Water Company.
 PEI, through PG&W, provides natural gas service to approximately 135,000 customers and water service to approximately 131,000 customers in an 11-county area in northeastern Pennsylvania.
 -0- 6/3/93
 /CONTACT: Rob Lopatto of Pennsylvania Enterprises, 717-829-8825/


CO: Pennsylvania Enterprises, Inc.; Pennsylvania Gas and Water Company ST: Pennsylvania IN: UTI SU: PER

JM-CC -- PH015 -- 4925 06/03/93 11:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 3, 1993
Words:443
Previous Article:NEW YORK TIMES COMPANY ANNOUNCES SENIOR EXECUTIVE APPOINTMENTS
Next Article:WAL-MART STORES DECLARES DIVIDEND
Topics:


Related Articles
PEI REPORTS THIRD QUARTER EARNINGS
PEI REPORTS 1991 YEAR-END EARNINGS
PEI ANNOUNCES DIVIDEND AND THIRD QUARTER EARNINGS
PEI REPORTS 1992 YEAR-END EARNINGS
PENNSYLVANIA ENTERPRISES REPORTS INCREASED EARNINGS FOR FIRST QUARTER
PEI REPORTS SECOND QUARTER EARNINGS
PENNSYLVANIA ENTERPRISES REPORTS EARNINGS INCREASED FOR 1ST QUARTER OF 1994
CONTINUED EARNINGS IMPROVEMENT HIGHLIGHTED AT PEI ANNUAL SHAREHOLDER MEETING
PEI REPORTS 2ND QUARTER EARNINGS
PEI REPORTS THIRD QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters