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SONAT REPORTS ANNUAL RESULTS, DECLARES DIVIDEND

 BIRMINGHAM, Ala., Jan. 28 /PRNewswire/ -- Ronald L. Kuehn, Jr., chairman, president and chief executive officer of Sonat Inc. (NYSE: SNT), today announced that the company's consolidated net income for the year ended Dec. 31, 1992, was $212.4 million, or $4.94 per share, compared with $66.0 million, or $1.54 per share, for the same period in 1991. 1992 net income includes a $112.8 million, or $2.63 per share, gain on the sale of its discontinued operation, Teleco Oilfield Services Inc., to Baker Hughes Incorporated. Earnings from continuing operations for the 12 months ended Dec. 31, 1992, were $101.0 million, or $2.35 per share. This compared with earnings from continuing operations of $77.9 million, or $1.82 per share, for the same 1991 period.
 For the three-month period ended Dec. 31, 1992, the company had earnings from continuing operations of $40.9 million, or $.95 per share, compared with $13.2 million, or $.31 per share, for the same period in 1991. 1991 fourth quarter results include a charge of $12 million, or $.28 per share, for costs associated with an early retirement program.
 Kuehn also announced that a regular dividend of 50 cents per share has been declared for Sonat's common stock. The dividend, payable on March 12, 1993, to stockholders of record on Feb. 26, 1993, is the 216th consecutive quarterly dividend paid on the company's common stock.
 Sonat, headquartered in Birmingham, Ala., is a worldwide energy company involved in natural gas transmission and marketing, oil and gas exploration and production, and offshore drilling.
 SONAT INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (1)
 (Unaudited)
 3 Months 12 Months
 Periods Ended
 December 31, 1992 1991 1992 1991
 (In Thousands, Except Per-Share Amounts)
 Revenues $469,198 $399,608 $1,484,423 $1,420,963
 Costs and
 Operating
 Expenses 403,578 352,734 1,273,332 1,217,490
 Operating
 Income 65,620 46,874 211,091 203,473
 Other Income,
 Net 7,771 2,676 22,036 14,691
 Interest Expense,
 Net (19,951) (38,845) (96,358) (117,678)
 Income from Continuing Operations
 Before
 Income
 Taxes(3) 53,440 10,705 136,769 100,486
 Income Taxes
 (Benefits) 12,509 (2,471) 35,807 22,605
 Income from Continuing
 Operations 40,931 13,176 100,962 77,881
 Income (Loss)
 from Discontinued
 Operations (760) (8,482) 111,447 (11,893)
 Net
 Income(2) (3) $40,171 $4,694 $212,409 $65,988
 Primary Earnings Per Share of Common Stock:
 Earnings from continuing
 operations $.95 $ .31 $ 2.35 $ 1.82
 Earnings (loss)
 from discontinued
 operations (.02) (.20) 2.59 (.28)
 Earnings Per
 Share $.93 $.11 $4.94 $1.54
 Fully Diluted Earnings Per Share of Common Stock:
 Earnings from continuing
 operations $.95 $.31 $2.40 $1.82
 Earnings (loss)
 from discontinued
 operations (.02) (.20) 2.37 (.28)
 Earnings Per
 Share $.93 $.11 $4.77 $1.54
 Cash Dividends Paid
 Per Common Share $.50 $.50 $2.00 $2.00
 SONAT INC. AND SUBSIDIARIES
 BUSINESS SEGMENT DATA (1)
 (Unaudited)
 3 Months 12 Months
 Periods Ended
 December 31, 1992 1991 1992 1991
 (In Thousands)
 Revenues:
 Natural gas $360,022 $296,504 $1,061,564 $1,039,691
 Exploration and
 production 83,666 75,193 279,161 269,628
 Offshore
 drilling 49,712 40,750 209,694 173,639
 Other 2,868 2,315 12,711 8,001
 Intersegment
 revenue (27,070) (15,154) (78,707) (69,996)
 $469,198 $399,608 $1,484,423 $1,420,963
 Operating Income:
 Natural gas $ 40,186 $ 30,183 $ 151,354 $ 140,423
 Exploration and
 production 27,416 15,200 54,033 45,200
 Offshore
 drilling (2,031) 3,252 7,293 21,773
 Other, net of
 corporate expenses 49 (1,761) (1,589) (3,923)
 Operating
 Income $ 65,620 $ 46,874 $211,091 $203,473
 (1) Discontinued operations includes the gain on the
 sale of Teleco Oilfield Services Inc. of $112.8
 million or $2.63 per share for the twelve months
 ended December 31, 1992.
 (2) Net income for the twelve months ended December
 31, 1992 includes favorable adjustments of
 $6 million, or $.15 per share, related to a
 settlement regarding Southern Energy Company's
 idle liquefied natural gas facilities. Also
 included in net income for the three months and
 twelve months ended December 31, 1992 was a loss
 for the Company's share of Citrus' recognition of
 natural gas purchase contract settlement costs of
 $1 million and $5 million respectively, or $.03
 and $.11 per share.
 Net income for the three months ended December
 31, 1992 as compared to the same 1991 period was
 adversely affected by a $7 million change in
 stock-based employee compensation.
 (3) Income from continuing operations and net income
 for the 1991 periods include a charge of $12
 million and $14 million respectively, or $.28 and
 $.33 per share, for costs primarily associated
 with an early retirement program and an aborted
 pipeline project.
 -0- 1/28/93
 /CONTACT: Bruce L. Connery, 205-325-3898, or Thomas W. Barker Jr., 205-325-3586, both of Sonat/
 (SNT)


CO: Sonat Inc. ST: Alabama IN: OIL SU: ERN DIV

BN-BR -- AT008 -- 0149 01/28/93 10:30 EST
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Date:Jan 28, 1993
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