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ALBERTA NATURAL GAS COMPANY LTD. ANNOUNCES SIX MONTHS RESULTS

 CALGARY, Alberta, July 28 /PRNewswire/ -- Alberta Natural Gas Co. Ltd. (Toronto, Montreal, Vancouver, Alberta: ANG) (ANG) today announced net income of $35.1 million, or $1.37 per share, for the six months ended June 30, 1993. This compares to net income of $16.2 million, or $0.77 per share, for the same period in 1992.
 Income from continuing operations increased to $18.0 million, or $0.70 per share, for the first six months of 1993 compared to $8.7 million, or $0.42 per share, for the same period in 1992. For the second quarter in 1993, income from continuing operations increased to $13.0 million, or $0.50 per share, from $4.2 million, or $0.20 per share, for the same quarter in 1992.
 Operating income from the chemicals business includes $12.6 million from the 1993 second quarter settlement between ANG's wholly owned subsidiary, ANGUS Chemical Co., and IMC Fertilizer Group Inc. and IMC Fertilizer Inc. (collectively "IMC"). This $12.6 million portion of the settlement relates to the reimbursement of unabsorbed plant costs incurred following the May 1, 1991, explosion at the ANGUS nitroparaffins plant and, on an after-tax basis, contributed $7.0 million, or $0.27 per share, to income from continuing operations.
 The IMC settlement also resulted in an extraordinary gain of $16.3 million, recorded during the second quarter of 1993. During the same period in 1992, an extraordinary book gain of $22.5 million, associated with rebuilding the damaged plant, was recorded.
 Discontinued operations in 1993 reflect a gain of $0.8 million relating to the contingent portion of the sale proceeds from the disposition of the fine chemicals business in Ireland. This business was sold in 1992, and a loss of $15.1 million from discontinued operations was recorded for the first six months of that year.
 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. 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 six and three months ended June 30, 1993 compared with the same periods during 1992.
 Six months ended Three months ended
 June 30, June 30,
 1993 1992 1993 1992
 Operating revenue $277,844 $224,788 $136,438 $106,115
 Operating expenses 238,747 198,142 110,335 94,325
 Operating income 39,097 26,646 26,103 11,790
 Equity and other income 2,734 1,078 1,584 1,615
 Interest expense (7,364) (9,930) (3,548) (4,869)
 Provision for income
 taxes (16,465) (9,055) (11,163) (4,382)
 Income from continuing
 operations 18,002 8,739 12,976 4,154
 Discontinued operations 798 (15,082) 798 (12,003)
 Extraordinary item 16,337 22,499 16,337 22,499
 Net income $35,137 $16,156 $30,111 $14,650
 Earnings per share
 Continuing operations $0.70 $0.42 $0.50 $0.20
 Discontinued operations 0.03 (0.72) 0.03 (0.57)
 Extraordinary item 0.64 1.07 0.64 1.07
 Net income $1.37 $0.77 $1.17 $0.70
 Financial Highlights
 (thousands of dollars)
 The following is an unaudited summary of operating income for the six and three months ended June 30, 1993 compared with the same periods during 1992.
 Six months ended Three months ended
 June 30, June 30,
 1993 1992 1993 1992
 Pipelines $3,841 $3,153 $1,918 $1,640
 Extraction 12,613 13,953 6,293 6,238
 Marketing 8,345 8,657 2,270 2,703
 Chemicals 19,328 5,146 18,315 3,134
 Corporate expenses (5,030) (4,263) (2,693) (1,925)
 Operating income $39,097 $26,646 $26,103 $11,790
 Note: To conform with the presentation adopted for 1993, certain activities previously reported as natural gas processing are now included with marketing.
 -0- 7/28/93
 /CONTACT: Wayne Lunt of Alberta Natural Gas, 403-691-7902/
 (ANG.)


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

EH-LS -- LA058 -- 6972 07/28/93 17:27 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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