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BG&E REPORTS EARNINGS FOR THREE MONTHS AND 12 MONTHS ENDED DEC. 31, 1991

BG&E REPORTS EARNINGS FOR THREE MONTHS AND 12 MONTHS ENDED DEC. 31, 1991
 BALTIMORE, Jan. 17 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) today reported common stock earnings of $6,134,000 for the three months ended Dec. 31, 1991, equivalent to $.07 per common share.
 This compares with a loss of $11,078,000, equivalent to $.13 per share, for the three months ended Dec. 31, 1990. For the 12 months ended Dec. 31, 1991, earnings on common stock were $210,680,000, equivalent to $2.51 per share. This compares with $172,939,000, or $2.10 per share, for the 12 months ended Dec. 31, 1990. Earnings per share for the company's utility operations and for its diversified business activities were as follows:
 Periods ended Three months 12 months
 Dec. 31 1991 1990 1991 1990
 Utility operations $.16 $.04 $2.40 $2.20(A)
 Replacement energy provision --- (.28) --- (.28)
 Total utility operations .16 (.24) 2.40 1.92
 Diversified business
 activities (.09) .11 .11(B) .18
 Total $.07 $(.13) $2.51 $2.10
 (A) Includes $.46 per share related to a change in accounting method for unbilled revenues.
 (B) Includes $.23 per share related to a change in accounting method for income taxes.
 In December 1991, the company adopted Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes," which was implemented on a retroactive basis to Jan. 1, 1991. This change in accounting method increased earnings by $.23 per share for the 12 months ended Dec. 31, 1991, by decreasing the deferred tax liability of the company's diversified operations to reflect a reduction in the corporate income tax rate to 34 percent from the higher rates in effect prior to 1988.
 Earnings for the three months and 12 months ended Dec. 31, 1990, reflect a $35 million provision established in December 1990 for a possible disallowance of replacement energy costs associated with the Calvert Cliffs Nuclear Power Plant. This provision decreased earnings $.28 per share in each period. In addition, earnings for the 12 months ended Dec. 31, 1990, reflect a one-time increase of $.46 per share due to a change in accounting method that provides for the accrual of revenue for utility service rendered but not yet billed to customers as of the end of each month.
 Edward A. Crooke, president-Utility Operations, noted, "The increases in utility earnings for both periods were primarily attributable to higher electric revenues from the base rate increase authorized by the Public Service Commission of Maryland in December 1990. Weakness in the local economy dampened growth in commercial and industrial sales; however, this was more than offset by the hot summer weather which increased demand for electricity."
 Kilowatt-hour sales of electricity (excluding interchange sales) for 1991, increased 4.7 percent from last year. Residential sales increased 8.8 percent, reflecting the hot weather during the 1991 summer and an increase in the number of customers, while commercial and industrial sales increased 2.1 percent.
 The total volume of gas sold during 1991 increased less than 1 percent from last year. This increase was primarily due to the slightly colder winter weather experienced during 1991 compared to the unseasonably mild winter of 1990. The favorable impact of the winter weather was partially offset by weakness in the economy which reduced demand for gas from the company's large commercial and industrial customers.
 Earnings from diversified business activities primarily represent Constellation Holdings, Inc. and its subsidiaries. Bruce M. Ambler, president of Constellation Holdings, said, "Constellation's 1991 operations were adversely affected by the recession and the depressed real estate market which led Constellation to take an $.08 per share write-down on certain financial investments and a $.07 per share write- down on certain real estate projects. Our energy business showed improved performance during the year; however, fewer energy tax credits were recognized during 1991."
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 (In thousands, except per-share amounts)
 Three months ended Dec. 31 1991 1990
 Revenues:
 Electric $450,793 $386,762
 Gas 110,975 107,186
 Diversified business activities 33,824 31,771
 Total 595,592 525,719
 Income before change in
 accounting methods 16,708 (508)
 Cumulative effect of change in
 accounting method for income taxes --- ---
 Cumulative effect of change in
 accounting method for unbilled revenues --- ---
 Net income 16,708 (508)
 Earnings applicable to common stock 6,134 (11,078)
 Average common shares outstanding 84,448 83,351
 Earnings per share of common stock:
 Utility operations $.16 $.04
 Replacement energy provision --- (.28)
 Change in accounting method for
 unbilled revenues --- ---
 Total utility operations .16 (.24)
 Diversified business activities (.09) .11
 Change in accounting method
 for income taxes --- ---
 Total diversified business activities (.09) .11
 Total .07 (.13)
 12 months ended Dec. 31 1991 1990
 Revenues:
 Electric $1,994,525 $1,712,453
 Gas 358,195 373,419
 Diversified business activities 106,773 101,690
 Total 2,459,493 2,187,562
 Income before change in
 accounting methods 233,681 175,446
 Cumulative effect of change in
 accounting method for income taxes 19,745 ---
 Cumulative effect of change in accounting
 method for unbilled revenues --- 37,754
 Net income 253,426 213,200
 Earnings applicable to common stock 210,680 172,939
 Average common shares outstanding 84,062 82,366
 Earnings per share of common stock:
 Utility operations $2.40 $1.74
 Replacement energy provision --- (.28)
 Change in accounting method for
 unbilled revenues --- .46
 Total utility operations 2.40 1.92
 Diversified business activities (.12) .18
 Change in accounting method
 for income taxes .23 ---
 Total diversified business activities .11 .18
 Total 2.51 2.10
 -0- 1/17/92
 /CONTACT: Arthur J. Slusark of Baltimore Gas and Electric, 410-234-7433/
 (BGE) CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU: ERN


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Date:Jan 17, 1992
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