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ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS

 ATLANTA, Nov. 5 /PRNewswire/ -- The board of directors of Atlanta Gas Light Company (NYSE: ATG) today declared a quarterly dividend of 52 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. 19.
 The dividend declared on the common stock equates to $2.08 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 184th consecutive dividend paid.
 The board also released results for fiscal 1993, the 12 months ended Sept. 30. Operating revenues were $1.1 billion compared with $994.6 million for fiscal 1992. Net income and earnings per share of common stock for the period were $57.5 million and $2.16, respectively, compared with $55.4 million and $2.26, respectively, in fiscal 1992.
 The 1993 increase in operating revenues was due primarily to (1) an increase in the cost of the company's gas supply recovered from customers under the purchased gas provisions of the company's rate schedules, (2) increased volumes of gas sold, (3) a revenue increase granted by the Georgia Public Service Commission (Georgia Commission) and (4) growth in the number of customers served. The volumes of gas sold increased 4.1 percent in 1993 compared with 1992 due primarily to (1) weather that was 12 percent colder than the same period in 1992 and (2) growth in the number of customers served.
 The 1993 increase in net income was due primarily to (1) a revenue increase granted by the Georgia Commission, (2) growth in the number of customers served, (3) increased other income and (4) decreased interest charges. The decrease in earnings per share was due primarily to (1) an increase in dividends on preferred stock that resulted from the issuance of 445,000 shares of preferred stock in October 1992 and (2) an increase in the average number of common shares outstanding from 24.1 million in 1992 to 24.6 million in 1993.
 Results for the company's fourth quarter, the three months ended Sept. 30, showed operating revenues of $150.3 million compared with $122.9 million for the same quarter in 1992. The increase was due primarily to a $20 million refund of purchased gas costs in 1992 that resulted from the purchase of lower-cost gas on the spot market by the company.
 A net loss of $7.4 million was reported for the quarter compared with a net loss of $7.3 million for the same quarter in 1992. Net loss per share increased slightly to $.34 per share of common stock for the quarter ended Sept. 30 compared with a net loss of $.31 per share of common stock for the same quarter in 1992. The increase in net loss per share was due primarily to an increase in dividends on preferred stock that resulted from the issuance of 445,000 shares of preferred stock in October 1992.
 Net income and earnings per share for the three-month and 12-month periods ended Sept. 30 also were adversely affected by the Georgia Commission's decision to reduce the return on investment of common shareholders in the company's 1992 rate case.
 As a result of the company's weather normalization adjustment riders, weather conditions did not have a significant impact on the comparability of net income and earnings per share for the comparable periods.
 Atlanta Gas Light Company is the largest natural gas distribution company in the Southeast. The company, which also operates under the trade names Georgia Natural Gas Company and Savannah Gas Company, serves more than 1.2 million residential, commercial and industrial customers in 228 Georgia communities, including metropolitan Atlanta, Athens, Augusta, Brunswick, Macon, Rome and Savannah. Chattanooga Gas Company, a wholly owned subsidiary, also serves more than 40,000 customers in Chattanooga and Cleveland, Tenn., and surrounding areas.
 ATLANTA GAS LIGHT COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Financial Information
 September 1993
 Millions of Dollars, Except Per Share Data
 3 mos. ended Sept. 30 1993 1992
 Operating revenues $150.3 $122.9
 Net income (loss) $ (7.4) $ (7.3)
 Earnings (loss) applicable to
 common stock $ (8.5) $ (7.5)
 Earnings (loss) per share of
 common stock $ (.34) $ (.31)
 Avg. number of shares
 outstanding (millions) 24.8 24.3
 12 mos. ended Sept. 30 1993 1992
 Operating revenues $1,130.3 $ 994.6
 Net income (loss) $ 57.5 $ 55.4
 Earnings (loss) applicable to
 common stock $ 53.2 $ 54.4
 Earnings (loss) per share of
 common stock $ 2.16 $ 2.26
 Avg. number of shares
 outstanding (millions) 24.6 24.1
 -0- 11/5/93
 /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 -- AT010 -- 1341 11/05/93 16:01 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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