Printer Friendly

ALBERTA NATURAL GAS CO. LTD ANNOUNCES RESULTS

 CALGARY, Alberta, Feb. 3 /PRNewswire/ -- Strong performances by Alberta Natural Gas' (Toronto, Montreal, Vancouver, Alberta: ANG) pipelines, extraction and marketing businesses contributed to improved earnings in 1992. Net income rose to $17.9 million from a loss of $44.6 million in 1991. This represents earnings of $0.82 per share in 1992, compared to a loss of $2.12 per share in 1991.
 Income from continuing operations for the year increased by approximately 14 percent, rising to $17.8 million, or $0.82 per share in 1992. For the quarter ended Dec. 31, 1992, income from continuing operations increased by $2.3 million to $4.1 million. This represents earnings of $0.17 per share, compared to $0.08 for the same period in 1991.
 Increased investment to improve operating efficiency and reliability contributed to a $1.5 million increase in operating income from the pipelines business. Operating income from the Cochrane Extraction Plant increased by $3.3 million, mainly because of additional revenue entitlement associated with higher income taxes. A $1.1 million increase in operating income from ANG's marketing business was the result of higher sales volumes of natural gas liquids (NGL). In the chemicals business, operating income from ANGUS Chemical Co. decreased by $2.6 million. One-time charges for site clean up, legal fees and restructuring costs offset improved sales revenues.
 Net income for 1992 includes a book gain associated with rebuilding the damaged Sterlington Louisiana chemical plant, as well as an offsetting loss from discontinued operations which relates to the sale of ANGUS Fine Chemicals Ltd. (AFCL). Net income for 1991, includes losses from the discontinuation of the magnesium project at High River, Alberta, and reclassified operating losses from AFCL.
 ANG is a Calgary-based company operating in four business segments: ethane and NGL extraction, natural gas pipelines, natural gas and NGL marketing, and the production and marketing of nitroparaffins, through a wholly-owned subsidiary ANGUS Chemical Co. ANG's common shares are listed on the Toronto, Montreal, Vancouver, and Alberta Stock Exchanges and trade under the symbol ANG.
 The following is an unaudited condensed statement of income for the 12 and three months ended Dec. 31, 1992, compared with the same periods during 1991.
 ALBERTA NATURAL GAS CO. LTD.
 Financial Highlights
 (in thousands except earnings per share)
 Twelve months ended Three months ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 (restated) (restated)
 Operating revenue $482,719 $449,665 $148,949 $104,242
 Operating expenses 434,801 405,002 138,032 94,254
 Operating income 47,918 44,663 10,917 9,988
 Equity and other income 4,684 3,718 1,470 1,106
 Interest expense (19,422) (20,347) (4,562) (5,136)
 Provision for income
 taxes (15,381) (12,375) (3,717) (4,169)
 Income from continuing
 operations 17,799 15,659 4,108 1,789
 Discontinued operations (20,075) (57,789) (4,993) 8,598
 Extraordinary items 20,181 (2,490) (2,318) (2,490)
 Net income (loss) $17,905 ($44,620) ($3,203) $7,897
 Earnings per share
 Continuing operations $0.82 $0.74 $0.17 $0.08
 Discontinued operations (0.92) (2.74) (0.20) 0.42
 Extraordinary item 0.92 (0.12) (0.15) (0.12)
 Net income (loss) $0.82 ($2.12) ($0.18) $0.38
 Note: ANGUS Fine Chemicals Ltd. (AFCL) was sold in 1992. For comparison purposes, prior financial statements have been restated to reflect AFCL as a discontinued operation. As a result, income from continuing operations for the year ended Dec. 31, 1991, increased from $0.34 to $0.74 per share.
 Income from continuing operations for the fourth quarter was restated from $0.15 to $0.08 per share.
 The following is an unaudited summary of operating income by business areas for the 12 and three months ended Dec. 31, 1992, compared with the same periods during 1991.
 ALBERTA NATURAL GAS CO. LTD.
 Financial Highlights
 (thousands of dollars)
 Twelve months ended Three months ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 (restated) (restated)
 Extraction $26,787 $23,513 $6,799 $7,876
 Pipelines 6,633 5,098 2,126 1,595
 Marketing 14,424 13,293 2,054 3,614
 Chemicals 9,265 11,873 2,391 (813)
 Corporate expenses (9,191) (9,114) (2,453) (2,284)
 Operating income $47,918 $44,663 $10,917 $9,988
 Note: To conform with the presentation adopted for 1992, certain activities previously included with natural gas processing are now included with marketing.
 -0- 3/2/93
 /CONTACT: Paula Abbott, 403-691-7840, or Wayne Lunt, 403-691-7902, both of Alberta Natural Gas/
 (ANG.)


CO: Alberta Natural Gas Co. Ltd ST: Alberta IN: OIL SU: ERN

KJ -- LA035 -- 2622 02/03/93 17:21 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 3, 1993
Words:785
Previous Article:MITSUBISHI MOTORS EARNS SECOND HIGHEST JANUARY SALES IN COMPANY HISTORY, BOASTS 28 PERCENT INCREASE IN MONTH SALES ABOVE 1992 FIGURES
Next Article:HYUNDAI REPORTS SALES
Topics:


Related Articles
ALBERTA NATURAL GAS CO. LTD. ANNOUNCES SIX MONTH RESULTS
ANG APPOINTS JOHN M. BEDDOME AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
ALBERTA NATURAL GAS RAISES $59 MILLION THROUGH RIGHTS OFFERING
SHELL DISCOVERS NATURAL GAS IN NORTHEAST BRITISH COLUMBIA
MAKOWSKI APPOINTS LUCAS TO FUELS & SERVICES POST
ALBERTA NATURAL GAS COMPANY LTD. ANNOUNCES AGREEMENT TO SELL 8.40 PERCENT UNSECURED DEBENTURES
NOVA CORP. TO SELL GAS PRODUCTION SUBSIDIARY
PANCANADIAN PURCHASES ANG LIQUIDS BUSINESSES
NOVA CORP. TO PURCHASE 36.5 PERCENT INTEREST IN NATURAL GAS CLEARINGHOUSE OF HOUSTON

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters