Printer Friendly

NEW ENGLAND ELECTRIC REPORTS FIRST QUARTER EARNINGS

 NEW ENGLAND ELECTRIC REPORTS FIRST QUARTER EARNINGS
 WESTBOROUGH, Mass., April 23 /PRNewswire/ -- New England Electric System (NYSE: NES) (NEES) today reported earnings for the first quarter of 1992 of 99 cents per average share. This compares to $1.14 earned in the corresponding period last year on fewer average shares. The decrease in earnings during the first quarter of 1992 is attributable in part to a 7 cents per average share gain recorded in the first quarter of 1991 on the sale of the unregulated oil and gas properties of its subsidiary, New England Energy Incorporated. In addition, the decrease also reflects costs associated with scheduled overhauls during the first quarter of 1992 at generating stations. These costs are being recovered in rates over a 12-month period.
 NEES earnings for the 12 months ended March 31, 1992 were $2.63 per average share. This compares to $4.46 per average share earned for the same period last year on fewer average shares. Last year's amount included $1.79 per share due to the reversal in the third quarter of 1990 of a portion of a 1988 write-down resulting from a rate settlement involving the Seabrook 1 nuclear unit.
 NEW ENGLAND ELECTRIC SYSTEM AND SUBSIDIARIES (consolidated)
 First Quarter Ended
 3/31/92 3/31/91
 Operating revenue $574,664,000 $574,200,000
 Net income $64,388,000 $73,552,000
 Average common shares 64,969,652 64,757,439
 Net income per average share 99 cents $1.14
 12 Months Ended
 3/31/92 3/31/91
 Operating revenue $2,094,844,000 $1,988,957,000
 Net income $170,646,000 $286,216,000
 Average common shares 64,969,652 64,189,875
 Net income per average share $2.63 $4.46
 -0- 4/23/92
 /CONTACT: Linwood B. Stockwell, 508-366-9011 (days), or 508-366-8794 (evenings), of New England Electric System/
 (NES) CO: New England Electric System ST: Massachusetts IN: UTI SU: ERN


PB -- NE021 -- 2058 04/23/92 15:47 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 23, 1992
Words:332
Previous Article:CITIZENS SECURITY GROUP REPORTS FIRST-QUARTER RESULTS
Next Article:NATIONAL COOPERATIVE BANK REPORTS FINANCIAL RESULTS FOR FIRST QUARTER ENDED MARCH 31, 1992


Related Articles
NEW ENGLAND ELECTRIC REPORTS 11-MONTH EARNINGS
NEW ENGLAND ELECTRIC REPORTS 1991 EARNINGS
NEW ENGLAND ELECTRIC REPORTS FIVE MONTH EARNINGS
NEW ENGLAND ELECTRIC REPORTS SIX MONTH EARNINGS
NEW ENGLAND ELECTRIC REPORTS EIGHT-MONTH EARNINGS
NEW ENGLAND ELECTRIC REPORTS NINE-MONTH EARNINGS
NEW ENGLAND ELECTRIC REPORTS THIRD QUARTER EARNINGS
NEW ENGLAND ELECTRIC REPORTS INCREASED 1993 EARNINGS
NEW ENGLAND ELECTRIC REPORTS FIRST QUARTER EARNINGS
NEW ENGLAND ELECTRIC REPORTS SECOND QUARTER EARNINGS

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