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ALBERTA NATURAL GAS CO. LTD. ANNOUNCES RESULTS

 ALBERTA NATURAL GAS CO. LTD. ANNOUNCES RESULTS
 CALGARY, Alberta, Nov. 9 /PRNewswire/ -- Alberta Natural Gas's


(Toronto, Montreal, Vancouver, Alberta: ANG) ("ANG") natural gas processing and pipeline operations provided strong contributions to income in the first nine months of 1992. Good progress was also made towards the recovery of ANG's specialty chemicals business.
 Income from continuing operations for the three months ended Sept. 30, 1992, increased to $5.0 million, or $0.23 per share, from $2.6 million, or $0.12 per share, for the same period last year. For the nine months ended Sept. 30, 1992, income from continuing operations was $13.7 million, or $0.65 per share, compared to $13.9 million, or $0.66 per share, for the first three quarters of 1991.
 Operating income associated with natural gas processing and liquids marketing benefited from higher sales volumes of natural gas liquids. ANG's program to improve operating efficiency through compressor replacement, contributed to improved operating income from the British Columbia pipeline. This increase was partially offset by the National Energy Board's decision to reduce ANG's pipeline tolls, which was announced on Oct. 27, 1992. Effective Feb. 7, 1992, ANG's deemed common equity was reduced from 35 percent to 30 percent and the rate of return on common equity was set at 12.0 percent.
 A decrease in operating income from specialty chemicals during the first three quarters of 1992, reflects lower sales volumes brought about by the explosion at the Sterlington, La., nitroparaffins plant on May 1, 1991. The rebuilt plant, which was commissioned in May 1992, is now operating at pre-explosion production levels and significant progress is being made to return this business to historic profitability.
 Consolidated net income for the first three quarters of 1992, was $21.1 million, or $1.00 per share, compared to a net loss of $52.5 million, or $2.50 per share, for the same period in 1991. Net income for 1992 includes an extraordinary book gain, relating to the chemical plant explosion, as well as a discontinued operations loss, relating to the sale of ANGUS Fine Chemicals Ltd. (AFCL). The 1991 results include losses from the discontinuation of the magnesium project at High River, Alberta, and operating losses from AFCL.
 ANG is a Calgary-based company operating in natural gas processing pipelines and gas and liquids marketing. Through its wholly owned subsidiary, ANGUS Chemical Co., ANG produces and markets specialty chemicals. ANG's common shares are listed on the Toronto, Montreal, Vancouver, and Alberta Stock Exchanges and trade under the symbol ANG.
 ALBERTA NATURAL GAS CO. LTD.
 Financial Highlights
 (In thousands except earnings per share)


The following is an unaudited condensed statement of income for the nine and three months ended Sept. 30, 1992, compared with the same
 periods during 1991.
 Nine months ended Three months ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 (restated) (restated)
 Operating revenue $333,770 $345,423 $108,982 $99,518
 Operating expenses (292,638) (306,752) (98,627) (88,126)
 Operating income
 before unusual item 41,132 38,671 10,355 11,392
 Unusual item - unabsorbed
 plant costs (4,131) (3,996) --- (2,546)
 Operating income 37,001 34,675 10,355 8,846
 Equity income 1,756 649 576 314
 Other income 1,458 1,963 1,560 733
 Interest expense (14,860) (15,211) (4,930) (5,884)
 Total 25,355 22,076 7,561 4,009
 Provision for income
 taxes (11,664) (8,206) (2,609) (1,452)
 Income from continuing
 operations 13,691 13,870 4,952 2,557
 Discontinued
 operations (15,082) (66,387) (2,407)
 Extraordinary item 22,499 --- --- ---
 Net income (loss) $21,108 ($52,517) $4,952 $150
 Earnings per share:
 Continuing
 operations $0.65 $0.66 $0.23 $0.12
 Discontinued
 operations (0.72) (3.16) --- (0.12)
 Extraordinary item 1.07 --- --- ---
 Net income (loss) $1.00 ($2.50) $0.23 $0.00
 Restatement of 1991 comparative figures: 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, earnings per share on income from continuing operations for the nine and three months ended Sept. 30, 1991, increased from $0.18 to $0.66 and $0.00 to $0.12 per share respectively.
 ALBERTA NATURAL GAS CO. LTD.
 Financial Highlights
 (Thousands of dollars)


The following is an unaudited summary of operating income before unusual item by business areas for the nine and three months ended
 Sept. 30, 1992, compared with the same period during 1991.
 Nine months ended Three months ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 (restated) (restated)
 Natural gas processing $27,936 $20,935 $8,362 $5,803
 Pipelines 4,507 3,503 1,354 1,191
 Natural gas and
 NGL marketing 4,422 4,381 1,386 727
 ANGUS Chemical 11,005 16,682 1,728 5,852
 Corporate & other
 expenses (6,738) (6,830) (2,475) (2,181)
 Operating income before
 unusual item $41,132 $38,671 $10,355 $11,392
 -0- 11/9/92
 /CONTACT: Paula Abbott, 403-691-7840 or, Wayne Lunt, 403-691-7902, both of Alberta Natural Gas Co. Ltd./
 (ANG.) CO: Alberta Natural Gas Co. Ltd ST: Alberta IN: OIL SU: ERN


JB -- LA038 -- 8994 11/09/92 19:25 EST
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Date:Nov 9, 1992
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