Printer Friendly

ENSERCH REPORTS SECOND-QUARTER RESULTS

 ENSERCH REPORTS SECOND-QUARTER RESULTS
 DALLAS, July 28 /PRNewswire/ -- ENSERCH Corporation reports that


before unusual items 1992 second-quarter results were improved. The loss of $13 million before an extraordinary charge from early extinguishment of debt represents an improvement over last year's second-quarter loss of $19 million prior to the gain on a sale of properties in Oklahoma. After the extraordinary charge, the gain on the sale and the provision for preferred dividends, the loss applicable to common stock in the second quarter of 1992 was $21 million, or 31 cents per share, compared with a loss in the year-ago period of $16 million, or 25 cents per share. Operating income for the 1992 second quarter improved to $7.4 million versus $2.6 million for the like period a year earlier. Second-quarter revenues were $585 million versus $610 million for the year-ago period. For the first six months of 1992, ENSERCH's income before the extraordinary charge was $21 million and net income was $17 million, compared with net income of $28 million for the same period in 1991.
 "The strength in natural-gas prices this summer suggests a continued improvement in operating results," said David W. Biegler, ENSERCH president. "Also, sizable fees and cost reimbursements to be recognized when a major cogeneration project achieves financial closing should enhance results later this year."
 The $3.9 million after-tax extraordinary charge this quarter (six cents per share) results from $6 million of call premiums and other expenses associated with the early redemption of $134 million of debt.
 Last year's second-quarter results included a $6 million after-tax gain, or a 9-cent gain per share, from the sale of the Oklahoma properties of Lone Star Gas Company, ENSERCH's utility division.
 The following table shows contributions to operating income by each of the corporation's business segments:
 ENSERCH CORPORATION
 Operating Income Of Major Business Segments
 (Excludes general corporate expenses, in thousands)
 Three Months Ended Six Months Ended
 June 30 June 30
 1992 1991 1992 1991
 Natural gas
 transmission and
 distribution $ 6,798 $ 2,041 $68,014 $77,157
 Petroleum
 exploration and
 production 1,894 3,995 9,412 17,789
 Engineering and
 construction 2,190 511 15,239 9,345
 Operating income for the natural gas transmission and distribution segment rose to $6.8 million compared with $2 million for the year- earlier period. Lone Star Gas Company's residential and commercial sales of 18 billion cubic feet (Bcf) were up 6 percent, compared with those of last year's second quarter. Aggregate sales volumes sold to industrial customers during the quarter by Lone Star and affiliates of 15 Bcf were 16 percent lower than the year-ago period. Aggregate electric-generation sales volumes of 15 Bcf were affected by cooler weather, declining 30 percent from the second quarter of 1991. Gas transportation volumes of 83 Bcf increased 3 percent from the year- earlier period. Total segment throughput of 124 Bcf was 7 percent higher than the year-earlier period.
 In the petroleum exploration and production segment, product prices were mixed. Sales volumes were flat to down, the result of greater curtailment and lower spending. Natural-gas sales volumes were 16 Bcf, a 10 percent decrease from the year-ago second quarter, with the average sales price of $1.67 per thousand cubic feet up 5 percent from the second quarter of 1991. Oil sales volumes were 586,000 barrels, down 19 percent from the year-ago period, partially due to the sale in late 1991 of properties in the North Sea. The average sales price per barrel was up slightly to $19.76. Sales of natural gas liquids were about the same as the year-earlier period, and the average sales price per barrel was $13.04, a 1 percent decline.
 Results were improved considerably from the year-ago period for the engineering and construction segment. Ebasco Services, the primary company in the E&C segment, reported operating income of $4.4 million, compared with $2.3 million the year earlier. The company's quarterly results were affected favorably by a continued improvement in load factors in its energy, environment and infrastructure market sectors. At the end of the second quarter, Ebasco's backlog was $1.7 billion. Humphreys & Glasgow International posted a $1.3 million loss for the quarter, compared with an operating loss in last year's second quarter of $633,000. The company's process-plant business continues to be hurt by a weak economy in the United Kingdom.
 ENSERCH Corporation is a diversified energy, engineering and construction company.
 ENSERCH CORPORATION and Subsidiary Companies
 Summary of Operations (unaudited)
 (In thousands except per share amounts)
 Three Months Ended June 30
 1992 1991
 Revenues $ 584,966 $ 609,658
 Operating income 7,426 2,603
 Gain on disposition of significant assets -- 9,120
 Other income (expense) - net (1,596) (2,354)
 Loss before extraordinary charge (13,337) (12,660)
 Extraordinary charge on early
 extinguishment of debt (3,934) --
 Net loss (17,271) (12,660)
 Loss applicable to common stock (20,535) (16,104)
 Loss per share of common stock:
 Loss before extraordinary charge $ (.25) $ (.25)
 Extraordinary charge (.06) --
 Loss applicable to common stock (.31) (.25)
 Average common and dilutive common
 equivalent shares outstanding 65,613 64,963
 ENSERCH CORPORATION and Subsidiary Companies
 Summary of Operations (unaudited)
 (In thousands except per share amounts)
 Six Months Ended June 30 1992 1991
 Revenues $1,362,196 $1,417,127
 Operating income 96,010 96,117
 Gain on disposition of significant assets -- 9,120
 Other income (expense) - net 881 (3,640)
 Income before extraordinary charge 21,020 28,437
 Extraordinary charge on early
 extinguishment of debt (3,934) --
 Net income 17,086 28,437
 Earnings applicable to common stock 10,576 21,433
 Earnings per share of common stock:
 Income before extraordinary charge $ .22 $ .33
 Extraordinary charge (.06) --
 Earnings applicable to common stock .16 .33
 Average common and dilutive common
 equivalent shares outstanding 65,541 65,011
 -0- 7/28/92
 /CONTACT: Crystal Bell of ENSERCH Corporation, 214-670-2528/
 (ENS)
 CO: ENSERCH Corporation
 ST: Texas
 IN: OIL
 SU: ERN


LD -- NY112 -- 4358 07/28/92 19:37 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1992
Words:1001
Previous Article:FOUR USER ORGANIZATIONS TO BE HONORED FOR INNOVATIONS IN INTEROPERABILITY SOLUTIONS
Next Article:GRUPO GIGANTE REPORTS SECOND QUARTER RESULTS
Topics:


Related Articles
ENSERCH EXPLORATION PARTNERS ANNOUNCES SECOND-QUARTER RESULTS
ENSERCH REPORTS THIRD-QUARTER RESULTS
ENSERCH SECOND-QUARTER RESULTS IMPROVE
ENSERCH PROVIDES UPDATE ON EBASCO SALE PROCESS
ENSERCH SIGNS AGREEMENT TO SELL EBASCO'S PRINCIPAL OPERATING ASSETS TO RAYTHEON ENGINEERS & CONSTRUCTORS
ENSERCH EXPLORATION PARTNERS, LTD. ANNOUNCES 1994 FIRST-QUARTER RESULTS
ENSERCH CORPORATION ANNOUNCES SECOND-QUARTER RESULTS
ENSERCH ANNOUNCES THIRD-QUARTER RESULTS
ENSERCH AND GRUPO TRIBASA FORM JOINT VENTURE FOR ENERGY DEVELOPMENT IN MEXICO
ENSERCH CORPORATION ANNOUNCES SECOND-QUARTER RESULTS

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