MIDWEST RESOURCES ANNOUNCES EARNINGS FOR FIRST QUARTER
DES MOINES, Iowa, April 21 /PRNewswire/ -- Midwest Resources Inc. today announced increased earnings for the first quarter. Earnings for the three months ended March 31, 1993 are $26 million, or $0.48 per average share, compared to $15.8 million, or $0.29 per average share, for the first quarter of 1992. First quarter revenues are $327.5 million, compared to $276.2 million in 1992. The improved earnings reflect a strong performance by the company's natural gas and electric utilities. Earnings for the 12 months ended March 31 are $50 million, or $0.92 per average share, compared to $64.1 million, or $1.25 per average share for the comparable period one year ago. "The return to more normal weather for the first three months of the year is the primary reason for the increased earnings," said Russell E. Christiansen, chairman and chief executive officer. "The first quarter one year ago was unusually warm which resulted in a substantial decline in earnings." Average temperatures during the first quarter of 1993 were colder than the comparable period in 1992. The number of heating degree days, which is a measure of average temperature, increased 29 percent during the first quarter, compared to 1992. The more normal winter weather is reflected in sales results for the first quarter. Retail sales of natural gas increased 22 percent, compared to the first quarter of 1992, and retail electric sales rose nearly 13 percent. Midwest Resources is a utility holding company headquartered in Des Moines. The utility subsidiary, Midwest Power Systems Inc., has two operating divisions: Midwest Power and Midwest Gas. Midwest Power provides electric service to 417,000 customers in Iowa and South Dakota. Midwest Gas serves 370,000 customers in Iowa, Minnesota, Nebraska and South Dakota. Non-utility investments are operated through Midwest Capital Group Inc. MIDWEST RESOURCES Financial and Statistical Data (In thousands except earnings per share) Three Months Ended 12 Months Ended March 31, March 31, 1993 1992 1993 1992 Revenues(a) $327,467 $276,171 $1,084,640 $1,033,476 Net income $26,028 $15,776 $49,992 $64,143 Earnings/average common share $0.48 $0.29 $0.92 $1.25 Average shares outstanding 54,635 53,880 54,547 51,299 Electric sales - mWh Retail 2,459 2,181 9,137 9,130 Sales for resale 1,213 1,387 4,911 4,762 Gas sales - MMBtu Retail 28,843 23,603 65,996 61,685 Transportation & other 5,098 3,161 14,358 11,136 Capital expenditures(b) $22,597 $25,981 $132,593 $140,541 Return on average common equity --- --- 7.5 pct 10.0 pct (a) 1992 revenues have been restated to exclude discontinued operations. (b) Includes Cooper Nuclear Station capital improvements and allowance for funds used during construction. -0- 4/21/93 /CONTACT: John McCarroll of Midwest Resources, 515-281-2785/
CO: Midwest Resources Inc. ST: Iowa IN: UTI SU: ERN
LS-MS -- DV012 -- 9004 04/21/93 17:12 EDT
3Com Corp. is expanding its popular EtherLink III line of Ethernet NICs with a three-media version and models for EISA and Micro Channel systems.
After just seven months, shipment of the coax and twisted-pair ISA-bus NICs reached the million-unit mark in March, said Roy Johnson, product management director of the network adapter division.
3Corn credits its new design for EtherLink III's success. The initial two models and three new ones utilize 3Com's own "parallel tasking" controller for optimized performance, self configuration, SNMP manageability, and better reliability through component integration.
Two other factors helped make the third-generation EtherLink III the top adapter in the company's history. The total Ethernet market continues to swell, and 3Com awoke to price competition. Controlling its own silicon let 3Corn push its NIC price tag lower than ever, but not to the basement. "It's not the case that Ethernet is a commodity market, because users still pay a little more when they perceive value," Johnson said.
EtherLink III reinforcements include a combo version-AUI, BNC. and R J45 ports--for ISA-bus systems. Available now, it lists for $225, or $199 each in five-packs.
Models for 32-bit systems offer an AUI port plus either a BNC or R J-45 port. EtherLink III for EISA-bus systems shipped in February, and one for 16- or 32-bit Micro Channel slots is slated to ship in March. These models list for $349, or $299 each in packs of five.
For more information, call 3Corn at (800) 638-3266 or (408) 764-5000; fax (408) 764-5001.
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|Date:||Apr 21, 1993|
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