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GULF STATES UTILITIES CO. REPORTS EARNINGS

 GULF STATES UTILITIES CO. REPORTS EARNINGS
 BEAUMONT, Texas, Oct. 27 /PRNewswire/ -- Gulf States Utilities Co.


(NYSE: GSU) today reported earnings of 51 cents per share of common stock for the third quarter of 1992, compared to earnings of 45 cents per share of common stock for the same quarter in 1991.
 Kilowatt-hour sales were 8.5 billion in the third quarter of 1992, the same as for the third quarter in 1991. Industrial sales were about 5 percent higher than those of the third quarter of 1991, but were offset by decreased wholesale sales.
 Gulf States also reported earnings of 69 cents per share of common stock for the nine months ended Sept. 30, 1992, compared to earnings of 48 cents per share for the same period of 1991.
 Kilowatt-hour sales were 22.3 billion for the first nine months of 1992, compared to 22.1 billion for the first nine months of 1991. Industrial sales were about 7 percent higher than those during the first nine months of 1991, but were offset in part by decreased wholesale and residential sales. Mild weather throughout much of 1992 contributed to the decline in residential usage.
 For the 12 months ended Sept. 30, 1992, GSU reported earnings of 55 cents per share of common stock, compared with earnings of 38 cents per share during the previous 12-month period.
 Kilowatt-hour sales for the most recent 12-month period totaled 29.3 billion, unchanged from the 12 months ended Sept. 30, 1991.
 GSU serves more than 586,000 electric customers in a 28,000-square- mile area spanning the Gulf Coast between Houston and New Orleans.
 GULF STATES UTILITIES COMPANY
 Financial Highlights
 Condensed Statement of Income (Unaudited)
 (Thousands of dollars)
 Three months ended Sept. 30 1992 1991
 Operating revenue $517,899 $499,508
 Operating expenses and taxes 398,829 374,387
 Operating income 119,070 125,121
 Other income and deductions:
 Other-net 8,988 7,522
 Income before interest charges 128,058 132,643
 Interest charges 59,088 65,396
 Income before extraordinary items and the
 cumulative effect accounting change 68,970 67,247
 Extraordinary items - (net of income
 taxes) (A) (519) -
 Cumulative effect of change in
 accounting for power plant materials
 and supplies (net of income taxes) - -
 Net income 68,451 67,247
 Dividends on preferred and preference stock 10,361 16,171
 Income applicable to common stock $58,090 $51,076
 Average shares of common stock outstanding. 114,055 114,055
 Earnings per average common share
 outstanding $0.51 $0.45
 Nine months ended Sept. 30 1992 1991
 Operating revenue $1,338,543 $1,290,006
 Operating expenses and taxes 1,071,893 1,023,906
 Operating income 266,650 266,100
 Other income and deductions:
 Other-net 41,265 31,794
 Income before interest charges 307,915 297,894
 Interest charges 186,518 195,441
 Income before extraordinary items and the
 cumulative effect accounting change 121,397 102,453
 Extraordinary items - (net of income
 taxes) (A) (6,795) -
 Cumulative effect of change in
 accounting for power plant materials
 and supplies (net of income taxes) 3,967 -
 Net income 118,569 102,453
 Dividends on preferred and preference stock 39,591 47,429
 Income applicable to common stock $78,978 $55,024
 Average shares of common stock outstanding 114,055 114,055
 Earnings per average common share
 outstanding $0.69 $0.48
 12 months ended Sept. 30 1992 1991
 Operating revenue $1,750,771 $1,696,282
 Operating expenses and taxes 1,404,239 1,370,387
 Operating income 346,532 325,895
 Other income and deductions:
 Other-net 45,908 44,481
 Income before interest charges 392,440 370,376
 Interest charges 251,046 264,111
 Income before extraordinary items and the
 cumulative effect accounting change 141,394 106,265
 Extraordinary items - (net of income
 taxes) (A) (26,961) -
 Cumulative effect of change in
 accounting for power plant materials
 and supplies (net of income taxes) 3,967 -
 Net income 118,400 106,265
 Dividends on preferred and preference stock 55,233 63,183
 Income applicable to common stock $63,167 $43,082
 Average shares of common stock outstanding 114,055 112,707
 Earnings per average common share
 outstanding $0.55 $0.38
 Three months ended Sept. 30 1992 1991
 ELECTRIC SALES (millions of KWH):
 Residential 2,376 2,397
 Commercial 1,610 1,613
 Industrial 3,742 3,573
 Industrial - steam department (B) 484 437
 Temporary construction 4 5
 Sales for resale 165 354
 Other 78 76
 Total 8,459 8,455
 Nine months ended Sept. 30 1992 1991
 ELECTRIC SALES (millions of KWH):
 Residential 5,312 5,434
 Commercial 4,157 4,164
 Industrial 10,846 10,174
 Industrial - steam department (B) 1,306 1,272
 Temporary construction 11 13
 Sales for resale 409 808
 Other 227 222
 Total 22,268 22,087
 12 months ended Sept. 30 1992 1991
 ELECTRIC SALES (millions of KWH):
 Residential 6,803 6,886
 Commercial 5,453 5,440
 Industrial 14,284 13,509
 Industrial - steam department (B) 1,746 1,717
 Temporary construction 16 17
 Sales for resale 649 1,397
 Other 299 293
 Total 29,250 29,259
 (A) -- The extraordinary items recorded in the first, second and third quarters of 1992 resulted from the extinguishment of long- term debt. During the fourth quarter of 1991 an extraordinary loss was recorded due to the discontinuation of regulatory accounting principles for the deregulated portion of River Bend in the Louisiana retail jurisdiction.
 (B) -- Represents kilowatt-hour sales to an industrial customer which purchases both electricity and steam from the Company.
 No provision, other than depreciation, has been made for exclusions related to the $1.4 billion of the Company's total River Bend plant investment (approximately $402 million, net of accumulated depreciation and related tax benefits, on a Texas retail jurisdictional basis, as of September 30, 1992) which the Public Utility Commission of Texas set aside with no finding of prudency in its May 16, 1988 rate order. On October 1, 1991, the 200th Judicial District Court of Texas handed down its decision on the Company's appeal of the May 16, 1988 rate order. The court ruled that the PUCT decision to set aside the $1.4 billion of River Bend plant investment had the same effect as a disallowance ruling. The court also ruled that the Company's Texas retail jurisdiction's deferred River Bend costs should not be included in rate base. The Company appealed the District Court's decision, and the appeal was heard by the Court of Appeals on October 21, 1992. There can be no assurance as to the timing or ultimate outcome of such appeals.
 Reference is made to the Notes to the Financial Statements contained in the annual and quarterly reports filed with the Securities and Exchange Commission.
 -0- 10/27/92
 /CONTACT: Susan H. Gilley of Gulf States Utilities, 409-839-2846/
 (GSU) CO: Gulf States Utilities Co. ST: Texas IN: UTI SU: ERN


GK -- NY079 -- 5429 10/27/92 13:02 EST
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