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PECO REPORTS THIRD QUARTER RESULTS

 PHILADELPHIA, Oct. 25 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) (PECO) today reported its financial results for the third quarter of 1993.
 Common stock earnings for the three months ended Sept. 30, 1993, were $0.77 per share, which is $0.18 or 31 percent higher than the earnings of $0.59 per share for the third quarter of last year.
 The increase in earnings for the third quarter of 1993 compared to the prior year is primarily due to the significantly warmer weather in the summer of 1993, one of the hottest ever, compared to the unusually cool weather in the summer of 1992. Additionally, third quarter 1993 earnings benefited from the company's ongoing debt and preferred stock refinancing program. These increases were partially offset by decreased non-weather related sales and by higher federal income taxes resulting from the recently enacted federal tax legislation.
 Total electric kilowatthour sales increased 12.7 percent from the third quarter of 1992 primarily due to warmer weather and increased sales to other utilities. Gas sold and transported increased 3.5 percent primarily due to higher interruptible sales and transported gas for the company's Cromby electric generating station.
 Joseph F. Paquette, Jr., PE chairman and CEO, noted that the company is continuing to recover from an adverse rate order which forced the company to cut its dividend in June 1990. As confirmation of this, the company announced earlier today that its board of directors had voted to increase the company's quarterly common stock dividend by 8.6 percent from $0.35 per share to $0.38 per share. The higher dividend will be payable on Dec. 17, 1993, to shareholders of record on Nov. 10, 1993.
 Earnings for the nine months ended Sept. 30, 1993, are $1.87 per share, $0.60 per share higher than for the corresponding period last year. Earnings for the 12 months ended Sept. 30, 1993, are $2.50 per share, $0.89 per share higher than for the corresponding period last year.
 The increases in earnings for the nine- and 12-months ended Sept. 30, 1993, are primarily due to the more favorable weather in the current year, lower charges for uncollectible accounts, the favorable effects of the company's ongoing debt and preferred stock refinancing program, and the settlement of the Peach Bottom litigation which depressed 1992 earnings.
 PHILADELPHIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Statements of Income
 (Unaudited; Thousands of dollars)
 Three months ended Sept. 30 1993 1992
 Total operating revenues $1,073,134 $996,138
 Net income $181,683 $142,338
 Shares of common stock -- average 221,318 220,327
 Earnings per average share (dollars) $.77 $.59
 Nine months ended Sept. 30 1993 1992
 Total operating revenues $3,046,329 $2,979,273
 Net income $451,730 $325,064
 Shares of common stock -- average 220,930 220,189
 Earnings per average share (dollars) $1.87 $1.27
 12 months ended Sept. 30 1993 1992
 Total operating revenues $4,029,525 $3,947,870
 Net income $605,607 $417,457
 Shares of common stock -- average 220,800 220,008
 Earnings per average share (dollars) $2.50 $1.61
 /delval/
 -0- 10/25/93
 /CONTACT: Neil McDermott of Philadelphia Electric, 215-841-4122/
 (PE)


CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU: ERN

MK-MP -- PH015 -- 6304 10/25/93 12:04 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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