Printer Friendly

ATLANTIC ENERGY, INC. ANNOUNCES SEPTEMBER 1992 RESULTS

 ATLANTIC ENERGY, INC. ANNOUNCES SEPTEMBER 1992 RESULTS
 PLEASANTVILLE, N.J., Oct. 23 /PRNewswire/ -- J.G. Salomone, chief financial officer of Atlantic Energy, Inc. (NYSE: ATE) today announced consolidated financial results for the 12 months and third quarter ended Sept. 30, 1992.
 Atlantic Energy, Inc. is the parent company of Atlantic City Electric Company (ACE), its primary subsidiary, and Atlantic Energy Technology, Inc., Atlantic Generation, Inc., Atlantic Southern Properties, Inc. and ATE Investment, Inc.
 Note: Per Share amounts reflect a 2-for-1 split of the company's common stock effective May 14, 1992.
 Earnings per share were $1.76 for the 12 months ended Sept. 30, 1992, compared with $1.62 for the prior period, with 7.4 percent more shares
outstanding in the current period. Salomone noted, "earnings for the current twelve month period were favorably affected by a $50 million base rate increase granted in July 1991, and the recognition in March 1992 of the settlement of a lawsuit with Philadelphia Electric Company filed by ACE and the other co-owners of the Peach Bottom Atomic Power Station in connection with the extended outage of that plant." Salomone also stated that, on a comparative basis, this year's cooler summer combined with last year's extremely hot summer weather, amounted to an earnings per share reduction for the 12 months ended Sept. 30, 1992, of approximately $0.16.
 Total consolidated operating revenues for the current 12-month period increased to $813.0 million from $792.1 million, primarily as a result of the July 1991 base rate increase granted to ACE. Net Income totaled $90.1 million compared with $77.3 million for the prior period. Operations and Maintenance expense totaled $196.6 million compared with $198.9 million for the prior period. Charges for purchased capacity increased to $96.0 million from $79.0 million and include capacity purchased from two nonutility generators. Federal Income Tax expense increased to $39.3 million from $31.6 million as a result of a higher level of taxable income. Preferred Stock dividend requirements of ACE increased to $17.8 million from $15.1 million, reflecting the issuance of a new series of Preferred Stock in May 1991.
 Total energy sales recorded by ACE for the 12 months ended September 1992 were 7.637 billion kilowatthours, a decrease of 3.9 percent from the prior 12-month period. "The decline is attributable to the cooler summer weather in 1992 and the effects of nonutility generation on sales to our Industrial customers. Within the last 12 months, two large industrial customers have left ACE's system and now supply their own energy needs," said Salomone. "In addition, sales to our largest customer class, Residential, declined 2.7 percent as a result of the cooler summer weather conditions. Sales to Commercial customers declined 1.4 percent due to lower average use per customer and the effects of weather," stated Salomone. Sales to Industrial customers declined 12 percent in the current twelve month period. Salomone noted that, after giving effect to the lost sales to nonutility generation, sales to other Industrial customers are up by approximately 6 percent.
 Total consolidated operating revenues for the third quarter ended Sept. 30, 1992, decreased to $236.9 million from $258.3 million. Net Income totaled $39.6 million compared with $54.8 million in the prior period. Earnings per share amounted to $0.76, compared with $1.08 recorded in the prior period. Salomone noted, "the third quarter of 1991 was a record quarter in terms of kilowatthour sales and earnings, as a result of the extremely hot summer weather last year."
 Total energy sales for the third quarter ended Sept. 30, 1992, were 2.112 billion kilowatthours, a decrease of 9.6 percent from the prior period. Salomone noted that "the change in kilowatthour sales is a combination of the loss of industrial sales, the extremely warm weather last year, and the effects of an extended period of cooler than normal weather this quarter." Sales to Residential customers declined 13.1 percent. Sales to Commercial customers decreased 3.6 percent. Sales to Industrial customers decreased 14.8 percent.
 ATLANTIC ENERGY, INC.
 Comparative Unaudited Financial Statistics
 (Dollar Amounts in Millions, Except Per Share Data)
 Periods ended 12 months Pct. Three months Pct.
 Sept. 30 1992 1991 Change 1992 1991 Change
 Energy Sales to
 Ultimate Customers
 (Million Kwh) 7,637 7,946 -3.9 2,112 2,336 -9.6
 Operating Revenues (A) $813.0 $792.1 2.6 $236.9 $258.3 -8.3
 Net Income 90.1 77.3 16.6 39.6 54.8 -27.7
 Average Shares
 Outstanding (000) (B) 51,278 47,763 7.4 51,768 50,595 2.3
 Earnings Per Share (B) $1.76 $1.62 8.6 $0.76 $1.08 -29.6
 Return on End-Of-Period
 Common Equity (pct.) 11.31 10.20 -- -- -- --
 (A) Amounts include sales to other utilities that had been previously accounted for as net expense.
 (B) Amounts reflect the effect of a 2-for-1 split of Common Stock issued in May 1992.
 /delval/
 -0- 10/23/92
 /CONTACT: J.G. Salomone, 609-645-4411, or Louis M. Walters, 609-645-4441, or Robert K. Marshall, 609-645-4655, all of Atlantic Energy/
 (ATE) CO: Atlantic Energy, Inc. ST: New Jersey IN: UTI SU: ERN


MP -- PH031 -- 4211 10/23/92 13:53 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 23, 1992
Words:882
Previous Article:DATE CHANGED FOR MINORITY BUSINESS OWNERS TO RECEIVE AWARDS
Next Article:NEVADA POWER $78 MILLION 7.2 PERCENT CLARK COUNTY IDBS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
ATLANTIC ENERGY ANNOUNCES JUNE 1992 RESULTS
ATLANTIC ENERGY, INC. ANNOUNCES MARCH 1993 RESULTS
ATLANTIC ENERGY, INC. ANNOUNCES JUNE 1993 RESULTS
ATLANTIC ENERGY ANNOUNCES 1994 RESULTS
EARNINGS BRIEF: ATLANTIC ENERGY ANNOUNCES MARCH 1995 RESULTS
ATLANTIC ENERGY ANNOUNCES JUNE 1995 RESULTS
ATLANTIC ENERGY ANNOUNCES SEPTEMBER 1995 RESULTS
EARNINGS BRIEF; ATLANTIC ENERGY ANNOUNCES YEAR-END 1995 RESULTS
ATLANTIC ENERGY ANNOUNCES FIRST QUARTER 1996 RESULTS
ATLANTIC ENERGY ANNOUNCES SECOND QUARTER 1996 RESULTS

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