Printer Friendly

MCN CORPORATION REPORTS HIGHER SECOND-QUARTER RESULTS

 MCN CORPORATION REPORTS HIGHER SECOND-QUARTER RESULTS
 DETROIT, July 31 /PRNewswire/ -- MCN Corporation (NYSE: MCN) today


reported second-quarter earnings of $1.5 million or $.06 per share, compared to a loss of $168,000 or $.01 per share in the second quarter of 1991. For the six months ended June 30, MCN's earnings were $58.6 million or $2.21 per share, compared to $51.4 million or $2.14 per share for the first six months of 1991.
 According to MCN Chairman Alfred R. Glancy III, "Although the first six months of 1992 have been warmer-than-normal, it now appears that increased gas markets and improvements in nonutility businesses will completely offset the financial impact of the warmer weather experienced to date."
 Glancy continued, "The company's results in this year's second quarter were affected by increased natural gas sales in our utility business, primarily due to the effect of colder weather than last year, offset by lower margins in our utility gas brokering operations. In addition, our nonutility operations showed better results for the quarter, particularly in our energy services and computer operations services businesses."
 Earnings for the 12 months ended June 30 were $42.3 million or $1.63 per share versus $40.8 million or $1.71 per share for the prior 12-month period. Earnings per share in the 1992 12-month period were lower than the comparable prior-year period, because of the increased number of shares outstanding in 1992.
 MCN Corporation is the holding company for Michigan Consolidated Gas Company, a natural gas distribution, transmission and storage company serving more than 1 million customers in 465 communities throughout Michigan; for Citizens Gas Fuel Company, a Michigan natural gas utility; and for MCN Investment Corporation, which owns subsidiaries in the energy services, computer operations services and natural gas technology businesses.
 MCN CORPORATION AND SUBSIDIARIES
 NEWS RELEASE STATISTICS (Unaudited)
 Three Months Ended
 June 30,
 1992 1991
 (Thousands Except
 Per Share Amounts)
 Operating Revenues ........................... $268,494 $211,060
 Operating Expenses ........................... 256,665 204,388
 Operating Income ............................. 11,829 6,672
 Other Income and (Deductions) ................ (8,282) (9,311)
 Income (Loss) Before Income Taxes............. 3,547 (2,639)
 Income Taxes (Benefit)........................ 2,013 (2,471)
 Net Income (Loss)............................. $ 1,534 $ (168)
 Earnings (Loss) Per Share................... $ .06 $ (.01)
 Average Common Shares Outstanding............. 26,614 24,048
 Dividends Declared Per Share.................. $ .41 $ .41
 Gas Markets (MMcf) (Note 1)
 Utility Operations:
 Gas Sales ................................. 57,110 48,722
 Transportation - End Users ................ 29,235 25,342
 Transportation - Other .................... 40,522 18,034
 Total ................................... 126,867 92,098
 Nonutility Operations:
 Gas Sales ................................. 2,033 2,258
 Transportation ............................ 6,814 7,118
 Total ................................... 8,847 9,376
 Total Utility and Nonutility ................ 135,714 101,474
 Less Intercompany Transactions .............. 1,078 437
 Total........................................ 134,636 101,037
 Effect of Weather
 Degree Days ................................. 933 583
 Percent Colder (Warmer) Than Normal ........ 6.5 (33.5)
 Increase (Decrease) From Normal In:
 Gas Markets (MMcf) ......................... 658 (6,802)
 Net Income ................................. $ 491 $ (5,208)
 Earnings Per Share ......................... $ .02 $ (.22)
 MMcf - million cubic feet
 Note: (1) Gas sales by MCN's marketing subsidiaries transported directly to customers by MichCon are included as both sales and transportation volumes.
 MCN CORPORATION AND SUBSIDIARIES
 NEWS RELEASE STATISTICS (Unaudited)
 Six Months Ended
 June 30,
 1992 1991
 (Thousands Except
 Per Share Amounts)
 Operating Revenues ........................... $803,346 $730,324
 Operating Expenses ........................... 693,447 632,341
 Operating Income ............................. 109,899 97,983
 Other Income and (Deductions) ................ (18,531) (21,255)
 Income (Loss) Before Income Taxes............. 91,368 76,728
 Income Taxes (Benefit)........................ 32,800 25,338
 Net Income (Loss)............................. $ 58,568 $ 51,390
 Earnings (Loss) Per Share................... $ 2.21 $ 2.14
 Average Common Shares Outstanding............. 26,536 23,989
 Dividends Declared Per Share.................. $ .82 $ .82
 Gas Markets (MMcf) (Note 1)
 Utility Operations:
 Gas Sales ................................. 177,143 153,370
 Transportation - End Users ................ 68,647 60,447
 Transportation - Other .................... 69,522 39,394
 Total ................................... 315,312 253,211
 Nonutility Operations:
 Gas Sales ................................. 5,435 7,846
 Transportation ............................ 12,959 13,340
 Total ................................... 18,394 21,186
 Total Utility and Nonutility ................ 333,706 274,397
 Less Intercompany Transactions .............. 6,993 2,726
 Total........................................ 326,713 271,671
 Effect of Weather
 Degree Days ................................. 4,040 3,635
 Percent Colder (Warmer) Than Normal ........ (6.7) (15.3)
 Increase (Decrease) From Normal In:
 Gas Markets (MMcf) ......................... (8,766) (15,430)
 Net Income ................................. $ (7,456) $(11,882)
 Earnings Per Share ......................... $ (.28) $ (.50)
 MMcf - million cubic feet
 Note: (1) Gas sales by MCN's marketing subsidiaries transported directly to customers by MichCon are included as both sales and transportation volumes.
 MCN CORPORATION AND SUBSIDIARIES
 NEWS RELEASE STATISTICS (Unaudited)
 Twelve Months Ended
 June 30,
 1992 1991
 (Thousands Except
 Per Share Amounts)
 Operating Revenues ...........................$1,349,301 $1,264,789
 Operating Expenses ........................... 1,238,744 1,165,770
 Operating Income ............................. 110,557 99,019
 Other Income and (Deductions) ................ (41,761) (38,633)
 Income (Loss) Before Income Taxes............. 68,796 60,386
 Income Taxes ................................. 26,540 19,572
 Net Income (Loss).............................$ 42,256 $ 40,814
 Earnings (Loss) Per Share................... $ 1.63 $ 1.71
 Average Common Shares Outstanding............. 25,957 23,901
 Dividends Declared Per Share..................$ 1.64 $ 1.62
 Gas Markets (MMcf) (Note 1)
 Utility Operations:
 Gas Sales ................................. 299,037 266,474
 Transportation - End Users ................ 128,046 114,758
 Transportation - Other .................... 135,624 74,504
 Total ................................... 562,707 455,736
 Nonutility Operations:
 Gas Sales ................................. 11,841 14,662
 Transportation ............................ 24,954 13,340
 Total ................................... 36,795 28,002
 Total Utility and Nonutility ................ 599,502 483,738
 Less Intercompany Transactions .............. 11,554 3,374
 Total........................................ 587,948 480,364
 Effect of Weather
 Degree Days ................................. 6,497 5,922
 Percent Colder (Warmer) Than Normal ........ ( 5.2) (13.2)
 Increase (Decrease) From Normal In:
 Gas Markets (MMcf) ......................... (10,446) (21,021)
 Net Income .................................$ (8,838) $ (15,845)
 Earnings Per Share .........................$ (.34) $ (.66)
 MMcf - million cubic feet
 Note: (1) Gas sales by MCN's marketing subsidiaries transported directly to customers by MichCon are included as both sales and transportation volumes.
 -0- 7/31/92
 /CONTACT: Sally A. LePla, 313-256-5349, or Jonathan Peisner,


313-256-6250, both of MCN/
 (MCN) CO: MCN Corporation ST: Michigan IN: UTI OIL SU: ERN


ML-JG -- DE009 -- 5486 07/31/92 10:05 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 31, 1992
Words:1014
Previous Article:ISIS PHARMACEUTICALS REPORTS SECOND QUARTER RESULTS
Next Article:GIANT GROUP, LTD. SECOND QUARTER 1992 RESULTS
Topics:


Related Articles
MCN SUBSIDIARY AND UNION GAS SIGN GAS CONTRACT
MCN CORP. INCREASES GAS EXPLORATION & PRODUCTION PROGRAM; REORGANIZES GAS MARKETING ACTIVITIES
MCN CORPORATION REPORTS HIGHER FIRST QUARTER EARNINGS
MCN CORPORATION REPORTS RECORD 1994 EARNINGS
MCN CORPORATION REPORTS FIRST QUARTER EARNINGS
MCN CORPORATION AND ANR STORAGE COMPANY TO DEVELOP NATURAL GAS STORAGE FIELD
MCN CORPORATION PROMOTES SCHIFFER TO SENIOR VICE PRESIDENT
MCN CORPORATION REPORTS RECORD FIRST QUARTER EARNINGS
MCN CORPORATION REPORTS HIGHER SECOND QUARTER EARNINGS
MCN Corporation Reports Third-Quarter Results

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