Printer Friendly

CASCADE NATURAL GAS REPORTS EARNINGS

 SEATTLE, April 22 /PRNewswire/ -- Cascade Natural Gas Corp., (NYSE: CGC) reported record first-quarter earnings of $6,617,000, or $1.30 per share, of common stock as compared to earnings of $3,586,000, or 81 cents per share, for the comparable quarter one year ago. Earnings for the first quarter of 1993 exceeded the previous first-quarter record achieved in 1991 of $6,309,000, or $1.44 per share, which also included $848,000, or 19 cents per share, of overrun penalty income. Earnings per share were less in 1993 as there are approximately 16 percent more shares outstanding in the 1993 quarter than the 1991 quarter.
 Continuing strong customer growth and colder than normal weather produced the record earnings. Average billed customers increased by 7.3 percent. The weather in the first quarter of 1993 was 13.5 percent colder than normal and 32.8 percent colder than the weather in the first quarter of 1992. Gas deliveries to the core market were up 42 percent while deliveries to the non-core market were up 31.8 percent.
 Operating expenses increased $497,000 (7.6 percent) in the current quarter over one year ago. Payroll and fringe benefit costs, including the costs of implementing Financial Accounting Standards Board (FASB) Statement No. 106 Accounting for Post Retirement Benefits Other Than Pensions ($84,000) account for over 73 percent of the cost increase.
 During the quarter, a wholly owned subsidiary of the corporation reached an agreement in principle for the transfer of its interest in drilling activities in Whatcom County, Wash., to other project participants. Accordingly, drilling expenses of $159,000, or 3 cents per share, were charged to expense in the quarter.
 First-quarter 1993 results also include the effects of the adoption of FASB Statement No. 109 Accounting for Income Taxes which resulted in a net one-time credit to earnings of $209,000, or 4 cents per share.
 CASCADE NATURAL GAS CORP.
 FINANCIAL HIGHLIGHTS
 FIRST QUARTER - 1993
 (Thousands, except share amounts)
 1993
 Three Months Ended Year
 March 31 June 30 Sept. 30 Dec. 31 To Date
 Revenues $ 61,729 -- -- -- $ 61,729
 Operating
 margin 22,736 -- -- -- 22,736
 Operating
 expense 13,759 -- -- -- 13,759
 Operating
 income 8,977 -- -- -- 8,977
 Interest and
 other 2,213 -- -- -- 2,213
 Net income 6,764 -- -- -- 6,764
 Preferred
 dividends 147 -- -- -- 147
 Earnings on
 common $ 6,617 -- -- -- $ 6,617
 Common Shares
 Outstanding:
 End of period 5,091 -- -- -- 5,091
 Average 5,081 -- -- -- 5,081
 Earnings per
 share $ 1.30 -- -- -- $ 1.30
 Cash flow per
 share $ 2.80 -- -- -- $ 2.80
 Dividends paid
 per share $ 0.35 -- -- -- $ 0.35
 Book value per
 share $ 14.61 -- -- -- $ 14.61
 Market closing
 price $ 25.38 -- -- -- $ 25.38
 Core customers
 (end of period) 125 -- -- -- 125
 Gas deliveries:
 Core customers 91,393 -- -- -- 91,393
 Non-core
 customers 132,855 -- -- -- 132,855
 Degree days:
 Normal 2,373 -- -- -- 2,373
 Actual 2,693 -- -- -- 2,693
 Warmer (colder)
 than normal (pct) (13) -- -- -- (13)
 1992
 Three Months Ended Year
 March 31 June 30 Sept. 30 Dec. 31 To Date
 Revenues $ 47,155 $ 27,676 $ 25,161 $ 52,474 $152,466
 Operating
 margin 16,946 9,651 8,175 18,377 53,149
 Operating
 expense 11,482 8,928 8,327 12,246 40,893
 Operating
 income 5,464 723 (152) 6,131 12,166
 Interest and
 other 1,728 1,751 1,822 2,022 7,323
 Net income 3,736 (1,028) (1,974) 4,109 4,843
 Preferred
 dividend 150 149 149 147 595
 Earnings on
 common $ 3,586 $ (1,177) $ (2,123) $ 3,962 $ 4,248
 Common Shares
 Outstanding:
 End of period 4,432 4,449 4,461 5,076 5,076
 Average 4,425 4,437 4,453 4,666 4,454
 Earnings per
 share $ 0.81 $ (0.27) $ (0.48) $ 0.85 $ 0.95
 Cash flow per
 share $ 2.14 $ 0.73 $ (0.22) $ 1.09 $ 3.78
 Dividends paid
 per share $ 0.34 $ 0.35 $ 0.35 $ 0.35 $ 1.39
 Book value per
 share $ 13.43 $ 12.84 $ 12.04 $ 13.63 $ 13.63
 Market closing
 price $ 21.63 $ 22.13 $ 23.00 $ 23.50 $ 23.50
 Core customers
 (end of period) 117 115 116 123 123
 Gas deliveries:
 Core customers 64,346 29,044 23,472 72,789 189,651
 Non-core
 customers 100,828 92,722 115,753 106,182 415,485
 Degree days:
 Normal 2,373 982 318 2,002 5,675
 Actual 2,027 629 264 2,095 5,015
 Warmer (colder)
 than normal (pct) 15 36 17 (5) 12
 -0- 4/22/93
 /CONTACT: Donald E. Bennett, executive vice president, chief financial officer and secretary, of Cascade Natural Gas, 206-624-3900/
 (CGC)


CO: Cascade Natural Gas Corp. ST: Washington IN: UTI SU: ERN

MM-LM -- SE007 -- 9631 04/22/93 15:20 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1993
Words:794
Previous Article:IMMUNEX REPORTS FIRST-QUARTER RESULTS
Next Article:ELECTRONIC ARTS ANNOUNCES 61-PERCENT INCREASE IN NET INCOME FOR ITS FOURTH QUARTER
Topics:


Related Articles
Boise, Centra Gas jointly develop cogeneration plant.
CASCADE NATURAL GAS ANNOUNCES COMMON STOCK OFFERING
CASCADE NATURAL GAS REPORTS EARNINGS
CASCADE NATURAL GAS: THIRD QUARTER 1993 EARNINGS ANNOUNCEMENT
CASCADE NATURAL GAS RELEASES DIVIDEND
CASCADE CHAIRMAN TO RETIRE
PARTIES REACH CONDITIONAL SETTLEMENT ON NEW WASHINGTON RATES FOR CASCADE
Cascade Natural Gas Announces Fiscal 1997 First Quarter Earnings
Cascade Natural Gas Corporation Announces Dividend
Abraxas Petroleum Corporation Announces Canadian Acquisition

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters