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ALBERTA NATURAL GAS COMPANY LTD ANNOUNCES FIRST QUARTER RESULTS

 ALBERTA NATURAL GAS COMPANY LTD
 ANNOUNCES FIRST QUARTER RESULTS
 CALGARY, Alberta, April 29 /PRNewswire/ -- Alberta Natural Gas Company Ltd (Vancouver, Montreal, Toronto, Alberta: ANG) announced that net income for the three months ended March 31, 1992 was $1.5 million or 7 cents per share, compared to a net loss of $60.6 million or $2.87 per share for the same period in 1991. The 1991 results include a $63.8 million charge related to discontinued operations.
 Income from continuing operations was $1.5 million or 7 cents per share on revenue of $125.6 million for the first quarter of 1992, compared to $3.2 million or 15 cents per share on revenue of $137.3 million for the three months ended March 31, 1991.
 Operating income from the hydrocarbons business increased $4.1 million in the first quarter of 1992, compared to the first quarter of 1991. This increase is mainly due to improved natural gas liquids marketing profits and other cost of service operating income.
 Operating income from nitroparaffins, before deducting an "unusual" item, was $5.3 million in the first quarter of 1992, compared to $6.3 million for the same period in 1991. The "unusual" deduction of $3.3 million or 10 cents per share, net of tax, relates to the May 1, 1991 Sterlington nitroparaffin plant explosion. This deduction resulted from unabsorbed plant costs at Sterlington. Due to the loss of nitroparaffin production capacity, certain fixed production costs were expensed as incurred although these costs are normally inventoriable costs.
 Since the middle of April, ANGUS Chemical Company has been able to supply all products to customers from its newly rebuilt specialty chemicals plant in Sterlington. Phase I of the rebuilt plant was commissioned in early March and is currently exceeding original expectations in rate of production and quality of product. Phase I is producing at 80 percent of the 1990 basic nitroparaffins production levels. Phase II is mechanically complete and start up is expected to begin in May.
 The fine chemicals business continues to negatively impact ANG's income. In the first quarter of 1992, fine chemicals recorded an operating loss of $3.0 million, compared to an operating loss of $3.9 million for the same period in 1991. This loss is accentuated in ANG's consolidated results in that it does not reduce income taxes.
 Other (expense) income for the first quarter of 1992 was an expense of $1.1 million, compared to income of $1.9 million for the same period in 1991. This change was mainly due to non-recurring items as well as foreign exchange.
 ANG operates in the hydrocarbons and specialty chemicals business areas. ANG common shares are listed on Toronto, Montreal, Vancouver and Alberta Stock Exchanges and trade under the symbol ANG.
 FINANCIAL HIGHLIGHTS
 (in thousands except earnings per share)
 The following is an unaudited condensed statement of income for the three months ended March 31, 1992 compared with the same period during 1991.
 Three Months Ended March 31
 1992 1991
 Operating revenue $125,593 $137,333
 Operating expenses 110,428 126,457
 Operating income
 before unusual item 15,165 10,876
 Unusual item - unabsorbed plant costs (3,336)
 Operating income 11,829 10,876
 Equity income 608 30
 Other (expense) income (1,109) 1,867
 Interest expense (5,149) (5,038)
 6,179 7,735
 Provision for income taxes (4,673) (4,530)
 Income from continuing operations 1,506 3,205
 Discontinued operations (63,829)
 Net income (loss) $1,506 ($60,624)
 Earnings per share
 Continuing operations (after deducting
 an unusual item of $0.10 per share
 net of tax in 1992) $0.07 $0.15
 Discontinued operations (3.02)
 Net income (loss) $0.07 ($2.87)
 FINANCIAL HIGHLIGHTS
 (thousands of dollars)
 The following is an unaudited summary of operating income by
 business areas for the three months ended March 31, 1992 compared
 with the same period during 1991.
 Three months ended March 31
 1992 1991
 Hydrocarbon business
 Natural gas processing $ 12,023 $ 7,955
 Pipelines 1,513 1,160
 Natural gas and NGL marketing 1,646 1,942
 15,182 11,057
 Chemical business
 Nitroparaffins 5,348 6,287
 Fine chemicals (3,027) (3,925)
 2,321 2,362
 Corporate & other expenses (2,338) (2,543)
 Operating income before
 unusual item $ 15,165 $ 10,876
 -0- 04/29/92
 /For further information: W.J. Demcoe, Alberta Natural Gas Company Ltd, (403) 691-7777/
 (ANG.) CO: Alberta Natural Gas Company Ltd ST: Alberta IN: OIL SU: ERN


LC -- LA016 -- 4443 04/29/92 13:39 EDT
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Date:Apr 29, 1992
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