MIDWEST RESOURCES ANNOUNCES FIRST QUARTER EARNINGS
MIDWEST RESOURCES ANNOUNCES FIRST QUARTER EARNINGS DES MOINES, Iowa, April 29 /PRNewswire/ -- Midwest Resources Inc.
(NYSE: MWR) today announced earnings for the first quarter.
Earnings for the three months ended March 31, 1992 are $15.8 million, or 29 cents per average share, compared to $20.1 million, or 40 cents per average share, for the first quarter of 1991. Earnings for the 12 months ended March 31, 1992 are $64.1 million, or $1.25 per average share, compared to $66.5 million, or $1.33 per average share for the previous comparable period. Net income declined during the first quarter by 9 cents per share for electric operations and by 2 cents for gas operations. Unusually warm weather in most parts of the service territory was a major reason for lower revenues and earnings. Temperatures in the areas served by the utilities of Midwest Resources were 23-25 percent warmer than normal during the first three months of this year. Electric operations also were affected by increases in nuclear power purchase costs, employee benefits and maintenance. An application to merge the utilities of Midwest Resources -- Iowa Power Inc. and Iowa Public Service Co. -- is pending before the Federal Energy Regulatory Commission. The proposed merger has been approved by the Iowa Utilities Board, the Minnesota Public Utilities Commission and preferred shareholders of the two utilities. Midwest Resources is a utility holding company based in Des Moines. Electric service is provided to 412,000 customers in Iowa and South Dakota. Natural gas service is provided to 363,000 customers in Iowa, Minnesota, Nebraska and South Dakota. Nonutility investments are operated through Midwest Capital Group Inc. MIDWEST RESOURCES INC. (In thousands except earnings per share) Three Months Ended Twelve Months Ended March 31, March 31, 1992 1991(a) 1992 1991(a) Revenues $276,473 $265,407 $1,034,883 $928,941 Net Income $ 15,776 $ 20,077 $ 64,143 $ 66,520 Earnings/Average Common Share $ 0.29 $ 0.40 $ 1.25 $ 1.33 Average Shares Outstanding 53,880 50,011 51,299 50,011 Electric Sales - mWh Retail 2,181 2,208 9,130 8,937 Sales for resale 1,387 1,049 4,762 3,863 Gas Sales - MMBtu Retail 23,603 26,169 61,685 62,503 Transportation 3,161 3,018 11,136 10,000 Return on Average Common Equity (Pct.) --- --- 10.05 10.69 (a) Revenues and Sales for 1991 have been reclassified on a basis consistent with the 1992 presentation. -0- 4/29/92 /CONTACT: J. Sue Rozema of Midwest Resources, 515-281-2250/ (MWR) CO: Midwest Resources Inc. ST: Iowa IN: UTI SU: ERN
MC -- DV016 -- 4606 04/29/92 17:11 EDT
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|Date:||Apr 29, 1992|
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