/ C O R R E C T I O N -- ATLANTA GAS LIGHT EARNINGS/
In AT013, Atlanta Gas Light Company declares quarterly dividend of 51 cents, moved on Nov. 1, in the table under 12 mos. ended 9/30/91, operating revenues should read $963,864, rather than $96,864 as originally issued. The corrected release is as follows:
ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 51 CENTS
ATLANTA, Nov. 1 /PRNewswire/ -- The board of directors of Atlanta Gas Light Company (NYSE: ATG) today declared a quarterly dividend of 51 cents per share on its common stock and dividends on its preferred stock as prescribed in each issue.
Payment will be made on Dec. 1 to shareholders of record on Nov. 22.
The dividend declared on the common stock equates to $2.04 on an annualized basis. The company has paid a dividend every quarter since it again became a publicly held utility in 1947. The December dividend will be the 176th consecutive dividend paid.
The board also released unaudited results for its fourth quarter, the three months ended Sept. 30. Operating revenues decreased slightly for the quarter to $130,228,000 from $133,148,000 for the same quarter in 1990. A net loss of $6,868,000 or $.30 per share was reported for the quarter compared with a net loss of $9,832,000 or $.46 per share of common stock for the same quarter in 1990. The decreased net loss and loss per share for the quarter were primarily attributable to a one-time charge against earnings in September 1990 of $3,804,000, net of income tax, or $.17 per share. The one-time charge resulted from a decision by the Georgia Public Service Commission (Georgia Commission) to provide the company's customers the benefit of a pension gain previously recognized by the company in September 1989. Loss per share was also affected by an increase in the average number of common shares outstanding from 22,101,000 in 1990 to 23,730,000 in 1991.
Unaudited results for fiscal year 1991, the 12 months ended Sept. 30, show operating revenues of $963,864,000 compared with $1,000,897,000 for fiscal year 1990. Net income and earnings per share of common stock for the period were $49,422,000 and $2.07, respectively, compared with $45,640,000 and $2.02, respectively, in fiscal 1990.
The 1991 decrease in operating revenues was due primarily to (1) decreased volumes of gas sold as a result of weather that was 6 percent warmer than the previous year and (2) the effects of a downturn in the economy. The decrease was partly offset by (1) a revenue increase granted by the Georgia Commission effective Oct. 1, 1990, and (2) growth in number of customers.
The 1991 increases in net income and earnings per share of common stock were due primarily to (1) a revenue increase granted by the Georgia Commission, (2) growth in number of customers and (3) a one-time charge against earnings during September 1990 as described above. The increases were partly offset by (1) increased operating expenses and (2) increased interest charges. The increase in earnings per share was also affected by an increase in the average number of common shares outstanding from 21,927,000 in 1990 to 23,330,000 in 1991.
Atlanta Gas Light Company is the largest natural gas distribution company in the Southeast. The company, which also operates under the grade names Georgia Natural Gas Company and Savannah Gas Company, serves nearly 1.2 million residential, commercial and industrial customers in 227 Georgia communities, including metro Atlanta, Athens, Augusta, Brunswick, Macon, Rome and Savannah. Chattanooga Gas Company, a wholly owned subsidiary, also serves more than 35,000 customers in Chattanooga and Cleveland, Tenn., and surrounding areas.
ATLANTA GAS LIGHT COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATED FINANCIAL INFORMATION
Thousands of Dollars
3 mos. ended 12 mos. ended
9/30/91 9/30/90 9/30/91 9/30/90
Operating revenues $130,228 $133,148 $963,864 $1,000,897
Net income (loss) $ (6,868) $ (9,832) $49,422 $ 45,640
Earnings (loss) applicable
to common stock $ (7,150) $(10,153) $48,254 $ 44,335
Earnings (loss) per share
of common stock $ (.30) $ (.46) $ 2.07 $ 2.02
Avg. number of shares
outstanding (thousands) 23,730 22,101 23,330 21,927
/CONTACT: Ross Willis of Atlanta Gas Light Company, 404-584-3769/
(ATG) CO: Atlanta Gas Light Company ST: Georgia IN: UTI SU: ERN DIV BN-BR -- AT001Y -- 2126 11/07/91 10:30 EST