GPU Announces First Quarter Earnings Increase.MORRISTOWN Morristown. 1 Town (1990 pop. 16,189), seat of Morris co., N N.J., on the Whippany River; settled c.1710, inc. 1865. Although chiefly residential, it has diverse manufactures, including electronic products, health and beauty aids, auto parts, and , N.J.--(BUSINESS WIRE)--April 30, 1999-- GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. , Inc. (NYSE NYSE See: New York Stock Exchange :GPU) today reported first quarter 1999 earnings of $190.7 million, compared to first quarter 1998 earnings of $133.8 million. Earnings per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis were $1.49 for the first quarter of 1999,compared to $1.07 in the first quarter of 1998. The earnings increase was due to higher earnings from both GPU's domestic utility operations, which are conducted by GPU Energy, and its foreign utility operations, which are conducted by GPU Electric. The increase also included the recognition of a non-recurring gain of $27.8 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , or $0.22 per share, by Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York Electric Company, for the portion of the gain on the sale of its interest in the Homer City Generating Station Homer City Generating Station is a large coal-burning power station at Homer City, in Indiana County, Pennsylvania, USA at . It is owned by Edison International and operated by its subsidiary Midwest Generation. related to wholesale operations. Excluding this non-recurring gain, first quarter earnings would have been $162.9 million, or $1.27 per share. GPU Energy's earnings increase over the first quarter of last year was due to higher weather-related sales and lower net energy expenses. GPU Electric's earnings increase over the first quarter of last year was due to increased profits from Midlands Electricity's supply business and a one-time gain on the sale of the Midland's Enersis generating facility in Portugal. First quarter 1998 results also included a one-time gain on the sale of Solaris Power. "I am very pleased with our first quarter 1999 results," said Fred D. Hafer, chairman, president and chief executive officer of GPU, Inc. "We have shown our ongoing ability to increase earnings while we undergo the changes required to re-focus our business. The completion of the sale of the Homer Homer, principal figure of ancient Greek literature; the first European poet. Works, Life, and Legends Two epic poems are attributed to Homer, the Iliad and the Odyssey. City unit and the closing of the acquisition of Emdersa, an electric distribution business in Argentina, during the quarter are both positive accomplishments towards our long term goal." GPU, Inc., headquartered in Morristown, New Jersey Morristown is a town in Morris County, New Jersey, United States. As of the United States 2000 Census, the town population was 18,544. Its estimated population in 2004 was 18,842. It is the county seat of Morris CountyGR6. is a registered utility holding company. GPU's three domestic operating utility subsidiaries--Jersey Central Power and Light Company, Metropolitan Edison Company and Pennsylvania Electric Company--do business under the trade name of GPU Energy, and serve approximately two million customers in a service area encompassing about half the land areas of New Jersey and Pennsylvania. GPU Electric owns and manages electric transmission and distribution systems overseas through GPU Capital, Inc. (the parent of GPU Electric, Inc.). GPU's other subsidiaries include: GPU Advanced Resources, Inc.; GPU International, Inc.; GPU Generation, Inc.; GPU Nuclear, Inc.; GPU Service, Inc.; and GPU Telcom Services, Inc. (http://www.gpu.com) -0-
Three Months Ended March 31, (Unaudited)
----------------------------------------
1999 1998
Sales to customers
(gigawatt-hours) (Note 1) 11,417 10,999
Operating revenues (000) $ 1,073,733 $ 1,043,109
Net income (000) (Note 2) $ 190,719 $ 133,780
Basic - Earnings per share
(Note 2) $ 1.49 $ 1.07
- Average common shares
outstanding (000) 127,652 124,543
Diluted
- Earnings per share
(Note 2) $ 1.49 $ 1.07
- Average common shares
outstanding (000) 127,926 124,823
Twelve Months Ended March 31, (Unaudited)
1999
-----------------------------------------
----
1999 1998
Sales to customers
(gigawatt-hours) (Note 1 44,183 42,772
Operating revenues (000) $ 4,279,416 $ 4,136,909
Net income (000)(Notes 3 and 4) $ 417,065 $ 313,843
Basic
- Earnings per share
(Notes 3 and 4) $ 3.25 $ 2.56
- Average common shares
outstanding (000) 127,865 121,695
Diluted
- Earnings per share
(Notes 3 and 4) $ 3.25 $ 2.56
- Average common shares
outstanding (000) 128,083 121,978
Note 1: Gigawatt-hour sales pertain to pertain to verb relate to, concern, refer to, regard, be part of, belong to, apply to, bear on, befit, be relevant to, be appropriate to, appertain to GPU Energy only and exclude interchange An interchange is a location where two things meet, usually perform some kind of exchange, and possibly go on their ways again. It is most commonly used in four contexts:
Note 2: Earnings for the three months ended March 31, 1999 include an after-tax increase in income of $27.8 million, or $0.22 per share, for the wholesale portion of the gain on the sale of Penelec's Homer City Generating Station. Note 3: Earnings for the twelve months ended March 31, 1999 include a net after-tax reduction in income of $38.0 million or $0.30 per share, for the impact of the PaPUC's 1998 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). Orders on Met-Ed and Penelec ($65.8 million or $0.52 per share) partially offset by the wholesale portion of the gain on the sale of Penelec's Homer City Generating Station ($27.8 million, or $0.22 per share). Note 4: Earnings for the twelve months ended March 31, 1998 include a charge to income of $109.3 million, or $0.90 per share, for a windfall profits tax A windfall profits tax is a tax on profits that ensue from a sudden windfall to a particular company or industry. United States In 1980, United States federal legislation was passed that levied such a tax on oil companies because of the profits they earned as a result of assessed by the Government of the United Kingdom. |
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