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SCANA CORPORATION REPORTS HIGHER THIRD QUARTER EARNINGS, DECLARES REGULAR DIVIDENDS ON COMMON AND PREFERRED STOCK

 COLUMBIA, S.C., Oct. 19 /PRNewswire/ -- SCANA Corporation (NYSE: SCG) today reported consolidated earnings for the three months ended September 30, 1993 of $64.4 million, or $1.41 per share based on 45.7 million weighted average common shares outstanding. Earnings for the corresponding period last year were $39.6 million, or $.96 per share based on 41.3 million weighted average common shares outstanding. However, earnings reported for the third quarter of 1992 had been reduced by a nonrecurring, after-tax charge of $9.5 million, or 23 cents per share, which stemmed from a court-ordered remand of a 1989 retail electric rate order for South Carolina Electric & Gas Company (SCE&G), SCANA's principal subsidiary. Excluding that one-time charge, earnings from ongoing operations for the third quarter of 1992 were $49.1 million, or $1.19 per share.
 William B. Timmerman, senior vice president and chief financial officer, attributed the 22 cents per share improvement in ongoing results primarily to abnormally hot, dry weather which led to increased sales of electricity to SCE&G's customers. "The summer of 1993 was the driest and second warmest on record in South Carolina. Temperatures across SCE&G's service territory during the third quarter were 14 percent warmer than in 1992 and 21 percent warmer than normal, as measured by cooling degree days. The month of July was the warmest ever recorded in Columbia, with temperatures reaching 100 degrees or above on a record 17 days during the month. Those extreme weather conditions, combined with normal customer growth, resulted in a 7.7 percent increase in territorial kilowatt-hour sales of electricity compared to the third quarter last year." Timmerman said that the higher earnings also reflect the impact of a 5.1 percent increase in SCE&G's retail electric rates that was effective in June 1993 and increased sales of natural gas by SCANA Petroleum Resources, the Company's exploration and production subsidiary.
 "Earnings for the third quarter were negatively impacted by increases in operation and maintenance expenses, depreciation expense, and higher income taxes resulting, in part, from an increase in the federal corporate income tax rate from 34 percent to 35 percent, retroactive to January 1993", said Timmerman. "In addition, the average number of common shares outstanding for the quarter increased by 4.4 million, or 10.7 percent, from 1992's level."
 Consolidated earnings for the twelve months ended September 30, 1993 were $163.5 million, or $3.70 per share based on 44.2 million weighted average common shares outstanding. Earnings for the twelve months ended September 30, 1992 were $113.8 million, or $2.78 per share based on 40.9 million weighted average common shares outstanding. Earnings for the prior twelve month period include the previously discussed nonrecurring after-tax charge of $9.5 million, or 23 cents per share.
 Comparative earnings for the 3 months and 12 months ended September 30, 1993 and 1992 are summarized in the following table:
 Consolidated Earnings Summary
 (000's except per share amounts)
 (Unaudited)
 3 Months Ended
 September 30
 1993 1992(A) Pct.Chg.
 Total Operating Revenues $ 359,453 $ 305,594 17.6
 Net Income $ 64,427 $ 39,643 62.5
 Wgt. Avg. Common Shares
 Outstanding 45,711 41,290 10.7
 Earnings Per Wgt. Avg. Common Share $1.41 $.96 46.9
 12 months Ended
 September 30
 1993 1992(A) Pct.Chg.
 Total Operating Revenues $1,241,699 $1,141,930 8.7
 Net Income $ 163,507 $ 113,751 43.7
 Wgt. Avg. Common Shares
 Outstanding 44,222 40,891 8.1
 Earnings Per Wgt. Avg. Common Share $3.70 $2.78 33.1
 (A) Includes provision for rate refund in Total Operating Revenues of $12.6 million, before interest and income taxes; in Net Income of $9.5 million, net of interest and income taxes; and in Earnings per Weighted Average Common Share of $.23.
 In other news, the Company announced that its Board of Directors, at a meeting held today, declared the regular quarterly dividend of 68 1/2 cents per share on SCANA's common stock for the quarter ending December 31, 1993. That dividend is payable January 1, 1994 to stockholders of record at the close of business on December 10, 1993.
 The Board of Directors also declared the regular quarterly dividends on the following series of SCE&G's cumulative preferred stock for the quarter ending December 31, 1993:
 $50 Par Value:
 56 1/4 cents per share on the 4.50 percent Series
 57 1/2 cents per share on the 4.60 percent Series
 57 1/2 cents per share on the 4.60 percent Series A
 57 1/2 cents per share on the 4.60 percent Series B
 62 1/2 cents per share on the 5 percent Series
 64 1/16 cents per share on the 5.125 percent Series
 75 cents per share on the 6 percent Series
 $1.09 per share on the 8.72 percent Series
 $1.175 per share on the 9.40 percent Series
 $100 Par Value:
 $1.925 per share on the 7.70 percent Series
 $2.03 per share on the 8.12 percent Series
 $2.10 per share on the 8.40 percent Series
 Dividends on the preferred stocks are also payable January 1, 1994 to holders of record on December 10, 1993. The 5 percent Series is listed on the New York Stock Exchange - the trading symbol is "SAC Pr."
 SCANA Corporation, headquartered in Columbia, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses.
 -0- 10/19/93
 /CONTACT: H. John Winn, Manager-Investor Relations & Shareholder Services, of SCANA Corporation, 803-748-3240/
 (SCG)


CO: SCANA Corporation ST: South Carolina IN: UTI SU: ERN DIV

CM -- CH009 -- 4118 10/19/93 15:30 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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