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ATLANTIC ENERGY, INC. ANNOUNCES SEPTEMBER 1993 RESULTS

 PLEASANTVILLE, N.J., Oct. 27 /PRNewswire/ -- J.G. Salomone, chief financial officer of Atlantic Energy, Inc. (NYSE: ATE) today announced consolidated financial results for the 12 months, nine months and third quarter ended Sept. 30, 1993.
 Atlantic Energy, Inc. is the parent company of Atlantic City Electric Company (ACE), its primary subsidiary, Atlantic Energy Technology, Inc., Atlantic Generation, Inc., Atlantic Southern Properties, Inc. and ATE Investment, Inc.
 Earnings per share were $1.74 for the 12 months ended Sept. 30, 1993, compared with $1.76 for the prior period. Salomone noted that "the current period earnings reflect a 4.9 percent increase in retail energy sales by ACE and increased operations and maintenance expenses. The increase in operations expense reflects charges for reorganization and restructuring activities undertaken by the utility to streamline its operations in an increasingly more competitive utility business," noted Salomone. Salomone also noted that the prior 12 month earnings included about $0.15 associated with the settlement of the Peach Bottom litigation with Philadelphia Electric Company.
 Total consolidated operating revenues for the current 12 month period were $859.8 million, compared with $813.0 million, primarily due to a 4.9 percent increase in energy sales. Net income totaled $91.2 million compared with $90.1 million for the prior period. Charges for purchased capacity increased to $111.2 million from $96.0 million and include capacity purchased from two non-utility generators. New Jersey Gross Receipts and Franchise Tax increased to $104.4 million from $93.9 million, reflecting the additional liability due to changes in New Jersey tax law. Federal Income Tax expense totaled $46.1 million, compared with $39.3 million, reflecting provisions for increased deferred taxes in the current period. Interest expense increased to $60.0 million from $55.0 million in the prior period as a result of the issuance of additional long term debt in the current period for construction and refunding purposes.
 Total energy sales recorded by ACE for the 12 months ended September 1993 were 8.015 billion kilowatt-hours, an increase of 4.9 percent from the prior period. "The increase in kilowatt-hour sales is attributable to more normal weather overall during the current 12 month period, an excellent summer season for the shore areas and improvement in energy sales to our industrial customers," said Salomone. Sales to residential and commercial customers increased 6.9 percent and 4.3 percent, respectively, due to the more normal summer weather and higher average use per customer. Salomone noted that "sales to industrial & other customers have increased approximately 1.5 percent, which is indicative of improving business conditions for several industries in our area."
 Total consolidated operating revenues for the nine months ended Sept. 30, 1993, increased to $665.1 million from $622.1 million. Net income totaled $83.4 million compared with $78.4 million for the same period last year. Earnings per share amounted to $1.58, compared with $1.52 recorded in the prior period.
 Total energy sales for the nine months ended Sept. 30, 1993, were


6.215 billion kilowatt-hours, an increase of 6.1 percent from the prior period. Sales to residential customers increased 8.3 percent due to the effects of warmer weather and higher average use per customer. Sales to commercial customers increased 5.6 percent as a result of higher average use per customer and the warmer weather. Sales to industrial & other customers increased 1.7 percent compared to the prior period.
 Total consolidated operating revenues for the third quarter ended Sept. 30, 1993, increased to $268.9 million from $236.9 million. Net income totaled $52.3 million compared with $39.6 million last year in the third quarter. Earnings per share amounted to $0.99, compared with $0.76 recorded in the prior period. Salomone said that "the change in net income and earnings per share for both the year to date and third quarter of 1993 resulted primarily from the higher level of energy sales due to more normal summer weather compared to last year, offset by charges associated with corporate restructuring activities."
 Total energy sales for the third quarter ended Sept. 30, 1993, were 2.383 billion kilowatt-hours, an increase of 12.8 percent from the prior period. Sales to residential customers increased 21.1 percent due to the effects of warmer weather in the current quarter. Sales to commercial customers increased 8.1 percent as a result of higher average use per customer and the warmer weather. Sales to industrial & other customers increased 4.2 percent compared to the third quarter of 1992.
 Additional financial information follows:
 ATLANTIC ENERGY, INC.
 Comparative Unaudited Financial Statistics
 (Dollar Amounts in Millions, Except Per Share Data)
 12 Months Three Months
 Periods ending Percent Percent
 Sept. 30 1993 1992 Change 1993 1992 Change
 Energy Sales to
 Ultimate Customers
 (Million Kwh) 8,015 7,637 4.9 2,383 2,112 12.8
 Operating Revenues $859.8 $813.0 5.8 $268.9 $236.9 13.5
 Net Income $91.2 $90.1 1.2 $52.3 $39.6 32.1
 Average Shares
 Outstanding (000) 52,560 51,278 2.5 53,035 51,768 2.4
 Earnings Per Share $1.74 $1.76 -1.1 $0.99 $0.76 30.3
 Return on End-Of-
 Period Common
 Equity (Pct.) 10.90 11.31 --- --- --- ---
 ATLANTIC ENERGY, INC.
 Comparative Unaudited Financial Statistics
 (Dollar Amounts in Millions, Except Per Share Data)
 Year to Date Percent
 Periods Ending Sept. 30 1993 1992 Change
 Energy Sales to
 Ultimate Customers
 (Million Kwh) 6,215 5,855 6.1
 Operating Revenues $665.1 $622.1 6.9
 Net Income $83.4 $78.4 6.4
 Average Shares
 Outstanding (000) 52,721 51,428 2.5
 Earnings Per Share $1.58 $1.52 3.9
 /delval/
 -0- 10/27/93
 /CONTACT: Bob Marshall, 609-645-4655, or evenings, 609-653-4421, or Bette Kaminsky, 609-645-4888, or evenings, 609-391-0972, of Atlantic Energy/
 (ATE)


CO: Atlantic Energy, Inc. ST: New Jersey IN: UTI

SU: ERN

JM -- PH031 -- 7355 10/27/93 13:31 EDT
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Date:Oct 27, 1993
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