GPU Announces Second Quarter Earnings.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)--July 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. today reported second quarter 1999 earnings of $47 million, compared to a second quarter 1998 loss of $195 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 $0.38 for the second quarter of 1999, compared to a loss of $1.54 in the second quarter of 1998. The second quarter 1999 results included non-recurring charges of $68 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 $0.54 per share, resulting from a 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). order issued to Jersey Central Power & Light Company by the New Jersey Board of Public Utilities The New Jersey Board of Public Utilities (NJBPU) is a regulatory authority in New Jersey charged with the responsibility of seeing that "safe, adequate, and proper utility services are provided at reasonable rates for customers in New Jersey. and a gain on the sale of the Midlands supply business of $10 million after-tax, or $0.08 per share. The second quarter 1998 results included a non-recurring charge of $275 million after-tax, or $2.16 per share, as a result of restructuring orders issued to Metropolitan Edison Edison, township (1990 pop. 88,680), Middlesex co., NE N.J., inc. 1870 as Raritan Township, renamed 1954. Edison's varied manufactures include light trucks, chemicals, metal products, electrical and electronic equipment, machinery, and instruments. Company and 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 by the Pennsylvania Public Utility Commission. Excluding these non-recurring items, GPU's second quarter 1999 and 1998 earnings would have been $105 million, or $0.84 per share, and $80 million, or $0.62 per share, respectively. The $0.22 per share earnings increase, exclusive of non-recurring items, was due primarily to the warmer weather, increased sales to other utilities and lower net energy expenses within GPU Energy, as well as to increased profits from operations at Midlands Electricity The Midlands Electricity Board was formed in 1947, under the Electricity Act of that year. The counterpart of the East Midlands board, it served southern, and western parts of Warwickshire, as well as the counties of Worcestershire, Herefordshire, Shropshire, and Staffordshire, as . For the six months ended June 30, 1999, GPU's earnings were $238 million, or $1.87 per share, compared with losses of $61 million, or $0.47 per share, for the six months ended June 30, 1998. Excluding the non-recurring items mentioned above, and the non-recurring gain of $28 million after-tax, or $0.22 per share, 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, earnings for the six months ended June 30, 1999 and 1998 would have been $268 million, or $2.11 per share, and $214 million, or $1.69 per share, respectively. GPU, Inc., (NYSE NYSE See: New York Stock Exchange :GPU) headquartered in Morristown, NJ, is a registered utility holding company. GPU's three domestic utility subsidiaries--Jersey Central Power & Light Company, Metropolitan Edison Company and Pennsylvania Electric Company-- do business under the trade name of GPU Energy, and serve more than two million customers in a service area encompassing about half the land areas of New Jersey and Pennsylvania. GPU Capital, Inc. and GPU Electric, Inc. and their subsidiaries, develop, own, operate and fund the acquisition of electric and gas transmission and distribution systems outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and are referred to as "GPU Electric." GPU International, Inc. and GPU Power, Inc. and their subsidiaries, develop, own, and operate generating facilities worldwide and are referred to as the "GPUI Group." GPU's other subsidiaries include GPU Advanced Resources, Inc.; GPU Generation, Inc.; GPU Nuclear, Inc.; GPU Service, Inc.; and GPU Telcom Services, Inc. (http://www.gpu.com) -0-
The financial tables follow:
Three Months Ended June 30, (Unaudited) 1999 1998
--------------------------------------- ---- ----
Sales to customers
(gigawatt-hours) (Note 1) 10,268 10,198
Operating revenues (000) $ 897,729 $1,015,087
Net income/(loss) (000) (Notes 2 & 5) $ 47,262 $ (195,173)
Basic
- Earnings/(loss) per share (Notes 2 & 5) $ 0.39 $ (1.54)
- Average common shares outstanding (000) 125,701 127,892
Diluted
- Earnings/(loss) per share (Notes 2 & 5) $ 0.38 $ (1.54)
- Average common shares outstanding (000) 125,951 128,162
Six Months Ended June 30, (Unaudited) 1999 1998
------------------------------------- ---- ----
Sales to customers (gigawatt-hours) (Note 1) 21,685 21,197
Operating revenues (000) $1,971,462 $2,058,196
Net income/(loss) (000) (Notes 2, 3 & 5) $ 237,981 $ (61,393)
Basic
- Earnings/(loss) per share (Notes 2, 3& 5) $ 1.88 $ (0.47)
- Average common shares outstanding (000) 126,670 126,218
Diluted
- Earnings/(loss) per share (Notes 2,3 & 5) $ 1.87 $ (0.47)
- Average common shares outstanding (000) 126,932 126,493
Twelve Months Ended June 30, (Unaudited) 1999 1998
---------------------------------------- ---- ----
Sales to customers
(gigawatt-hours) (Note 1) 44,253 43,037
Operating revenues
(000) $4,162,058 $4,207,780
Net income (000)
(Notes 2, 3, 4, 5 & 6) $ 659,500 $ 48,421
Basic
- Earnings/(loss) per share
(Notes 2, 3, 4, 5 & 6) $ 5.18 $ 0.44
- Average common shares
outstanding (000) 127,317 123,486
Diluted
- Earnings/(loss) per share
(Notes 2, 3, 4, 5 & 6) $ 5.17 $ 0.44
- Average common shares
outstanding (000) 127,533 123,766
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, six, and twelve months ended June 30, 1999 include an after-tax reduction in income of $68 million, or $0.54 per share, as a result of the NJBPU's Restructuring Order on JCP&L; and an after-tax increase of $10 million, or $0.08 per share, for the gain on the sale of the Midlands supply business. Note 3: Earnings for the six and twelve months ended June 30, 1999 include an after-tax increase in income of $28 million, or $0.22 per share, for the wholesale portion of the gain on the sale of Penelec's 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 Generating Station. Note 4: Earnings for the twelve months ended June 30, 1999 include an after-tax reversal of $266 million, or $2.09 per share, as a result of amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. PaPUC Restructuring Orders received by Met-Ed and Penelec (See Note 5 below for the impact of the PaPUC's original Orders). The earnings also include an additional extraordinary charge of $17 million after-tax, or $0.13 per share, and a non-recurring charge of $40 million after-tax, or $0.32 per share, both of which are a result of the PaPUC's final Restructuring Orders. Note 5: Earnings for the three, six, and twelve months ended June 30, 1998 include an after-tax extraordinary charge to income of $275 million, or $2.16 per share, for the impact of the PaPUC's Restructuring Orders on Met-Ed and Penelec. Note 6: Earnings for the twelve months ended June 30, 1998 include a non-recurring charge to income of $109 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 imposed on Midlands Electricity by the Government of the United Kingdom. |
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