Printer Friendly

MAGMA POWER CO. ANNOUNCES FIRST QUARTER RESULTS

 MAGMA POWER CO. ANNOUNCES FIRST QUARTER RESULTS
 SAN DIEGO, April 15 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA)


announced first quarter earnings of $5.7 million, a 24 percent increase over first quarter earnings of one year ago.
 For the three months ended March 31, 1992, net income was $5,735,000, or $.25 per share, on revenues of $21,545,000. This compares to earnings of $4,626,000, or $.20 per share, on revenues of $18,644,000 during the like period in 1991.
 Magma's first quarter earnings benefited from the company's geothermal plants operating at peak efficiency. During this quarter two annually scheduled plant maintenance overhauls were completed as compared to four plant overhauls in the first quarter of 1991.
 "I am pleased to report an increase in earnings for the first quarter and it is my expectation that the company will continue to perform at levels significantly better than last year, which was a record year for Magma," said Paul M. Pankratz, president and chief executive officer.
 During the quarter, Magma Power announced that it will build a 16-megawatt geothermal power plant at Fish Lake in Esmeralda County, Nev. When the plant becomes operational, it will increase by 20 percent Magma's owned capacity and its revenues by $16 million. The plant will supply electric power to Southern California Edison under the terms of a Standard Offer No. 4 Power Purchase Contract. In the same transaction, Magma acquired an interest in an additional 21,600 acres of geothermal leases in Nevada.
 Magma Power Co., a San Diego-based firm, holds geothermal leaseholds in California and Nevada, and manages the operation of geothermal power plants in which it owns a significant interest. Magma also receives royalties, management service fees, interest and rental income from the plants and properties and earns substantial investment income.
 MAGMA POWER CO.
 Financial Results
 First Quarter ended March 31, 1992
 (In thousands except per share amounts)
 (Unaudited)
 1992 1991 Percent change
 Revenues $21,545 $18,644 15.6 pct.
 Income $5,735 $4,626 24.0 pct
 Earnings per share $.25 $.20 25.0 pct
 Average shares
 outstanding 22,928 23,610 ---
 -0- 4/15/92
 /CONTACT: Wallace C. Dieckmann, VP, treasurer and controller, of Magma Power, 619-487-9412/
 (MGMA) CO: Magma Power Co. ST: California IN: UTI SU: ERN


EH -- SD003 -- 8458 04/15/92 07:36 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:Apr 15, 1992
Words:392
Previous Article:GENERAL ATOMICS TO PURCHASE CHEVRON CHEMICAL CO. DEICING TECHNOLOGY BUSINESS
Next Article:BSD BANCORP REPORTS FIRST QUARTER 1992 RESULTS


Related Articles
MAGMA POWER ANNOUNCES HIGHER FOURTH QUARTER AND 1991 YEAR-END EARNINGS
MAGMA POWER CO. ANNOUNCES FIRST QUARTER RESULTS
MAGMA POWER CO. ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS
MAGMA POWER CO. ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS
MAGMA POWER CO. REPORTS FIRST QUARTER 1993 RESULTS
MAGMA POWER CO. REPORTS RECORD RESULTS FOR SECOND QUARTER AND FIRST HALF OF 1993
MAGMA POWER CO. REPORTS 71 PERCENT GAIN IN EARNINGS FOR THIRD QUARTER ENDED SEPT. 30, 1993
MAGMA POWER CO. REPORTS RECORD FIRST QUARTER REVENUES AND EARNINGS
MAGMA POWER CO. REPORTS RECORD RESULTS FOR SECOND QUARTER 1994
MAGMA POWER CO. REPORTS RECORD REVENUES AND EARNINGS FOR THIRD QUARTER AND NINE MONTHS 1994

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