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ENSERCH REPORTS FIRST-QUARTER RESULTS IMPROVE

 DALLAS, April 27 /PRNewswire/ -- ENSERCH Corporation's (NYSE:ENS) 1993 first- quarter net income was $38 million, compared with $34 million for the first quarter of 1992. After provision for preferred dividends, earnings applicable to common stock for the first quarter of 1993 were $35 million, or $.53 per share, up more than 10 percent from earnings of $31 million, or $.48 per share, for the year-ago period. Excluding special items, which added some $9 million in 1992, earnings and earnings per share increased more than 50 percent year to year.
 Cash flow from operations of $109 million was up $55 million from the prior year. Net cash provided from operations after investing activities was $62 million vs. $11 million for the year-earlier first quarter.
 Operating income for the first three months of 1993 was $86 million vs. $79 million for the like period a year ago. First-quarter revenues were $958 million, compared with $777 million for the year-earlier period.
 Operating-income comparisons are greatly influenced by special items, particularly those that added income in 1992's first quarter to the oil and gas, and engineering and construction operations.
 OPERATING INCOME OF MAJOR BUSINESSES
 (Excludes general corporate expenses)
 (In thousands)
 Three Months Ended March 31, 1993 1992
 Natural gas
 Transmission and distribution $ 74,182 $ 60,419
 Power (260) (57)
 Exploration and production
 Oil and gas 3,745 4,717
 Natural gas liquids 3,341 2,801
 Engineering and construction 7,169 13,896
 First-quarter results of the transmission and distribution business are always highly influenced by the amount of heating weather. This year's first-quarter heating weather was 6 percent below normal but significantly above last year's unusually warm first quarter. Residential and commercial sales volumes were 22 percent above the year- earlier period. Gas transportation volumes rose 14 percent, and total throughput of 162 billion cubic feet (Bcf) was 21 percent higher than the year-earlier quarter.
 Operating income from oil and gas activities decreased $1 million for the quarter compared with the year-earlier period. The 1992 first- quarter results benefited from special items, including franchise-tax refunds and litigation recovery. Excluding these items, 1993 first- quarter operating income would have been $3.4 million above the year- earlier quarter. The average natural-gas sales price was $1.95 per thousand cubic feet, compared with $1.63 for the first quarter of 1992; sales volumes at 15 Bcf were down 2.4 Bcf from the year-earlier quarter. Oil sales volumes fell 18 percent to 538 thousand barrels, but the average sales price was 4 percent higher at $18.58 per barrel.
 Operating income from natural gas liquids (NGL) processing operations increased 19 percent vs. the year-ago quarter. Sales of NGL were down slightly at 1.5 million barrels, while the average sales price per barrel for NGL during the first quarter was $13.43, a 14% increase from the year-earlier period.
 Ebasco's operating income for the first quarter of 1993 was $7.2 million, compared with $16 million the year earlier. Both years' results were enhanced by significant performance awards of $4 million to $5 million for completing cogeneration plants ahead of schedule. Results for 1993 were favorably affected by cost controls but adversely influenced by a $5.8 million unfavorable arbitration award for a project completed in May 1991. The comparison is influenced further by a $4.6 million reimbursement in 1992 of attorneys' fees and costs previously incurred and charged to expense to enforce an insurance policy. Excluding these factors, Ebasco's first-quarter operating income equals the year earlier. The World Trade Center bombing in February did not significantly impact earnings because of business interruption insurance coverage.
 ENSERCH Corporation is an integrated natural-gas company.
 ENSERCH CORPORATION AND SUBSIDIARY COMPANIES
 Summary of Operations
 (Unaudited, In Thousands Except Per Share Amounts)
 Three Months Ended March 31, 1993 1992
 Revenues $ 958,485 $ 777,230
 Operating income $ 85,630 78,584
 Net income $ 38,210 $ 34,357
 Earnings applicable to common
 stock $ 35,026 $ 31,111
 Earnings per share of common stock $ .53 $ .48
 Average common and dilative common
 equivalent shares outstanding 66,251 65,412
 -0- 4/27/93
 /NOTE TO EDITORS: Correct style is ENSERCH Corporation./
 /CONTACT: Benjamin A. Brown, vice president, financial relations, 214-670-2204, or Crystal C. Bell, media, director, financial communications, 214-670-2528, both of ENSERCH Corporation/
 (ENS)


CO: ENSERCH Corporation ST: Texas IN: OIL SU: ERN

LD -- NY124 -- 1656 04/27/93 17:22 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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