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CIPSCO REPORTS 10-MONTH EARNINGS

 SPRINGFIELD, Ill., Nov. 23 /PRNewswire/ -- CIPSCO Incorporated (NYSE: CIP) issued the following statements of income today:
 CIPSCO INCORPORATED AND SUBSIDIARIES
 SPRINGFIELD, ILLINOIS
 Consolidated Statements of Income
 (in thousands)
 (unaudited)
 Ten Months Ended
 October 31,
 1993 1992
 Operating Revenues:
 Electric $583,932 $499,538
 Provision for revenue refunds --- 1,646(A)
 Total 583,932 501,184
 Gas 111,853 93,472
 Investment 7,940 9,422
 Total operating revenues 703,725 604,078
 Operating Expenses:
 Fuel for electric generation 153,008 143,323
 Purchased power 54,547 16,667
 Gas purchased 67,361 54,209
 Other operation 114,419 107,433
 Maintenance 49,982 52,110
 Depreciation 64,963 61,567
 Taxes other than income taxes 46,299 42,983
 Total operating expenses 550,579 478,292
 Operating Income 153,146 125,786
 Interest and Other Charges:
 Interest on long-term debt of subsidiary 28,839 30,448
 Interest on provision for revenue refunds --- (803)(A)
 Other interest charges 579 250
 Allowance for funds used during construction
 (AFUDC) (1,899) (2,885)
 Preferred dividend requirements of subsidiary 3,128 3,913
 Miscellaneous, net (2,577) (6,278)
 Total interest and other charges 28,070 24,645
 Income Before Income Taxes 125,076 101,141
 Income Taxes 48,476 36,070
 Net Income $ 76,600 $65,071
 Average Shares of Common Stock Outstanding 34,108 34,108
 Earnings Per Average Share of Common Stock $ 2.25 $ 1.91
 Twelve Months Ended
 October 31,
 1993 1992
 Operating Revenues:
 Electric $678,367 $587,670
 Provision for revenue refunds --- 53(A)
 Total 678,367 587,723
 Gas 152,137 124,404
 Investment 9,021 11,689
 Total operating revenues 839,525 723,816
 Operating Expenses:
 Fuel for electric generation 182,229 166,783
 Purchased power 58,973 23,395
 Gas purchased 95,705 75,472
 Other operation 138,293 127,013
 Maintenance 61,964 61,760
 Depreciation 77,567 73,600
 Taxes other than income taxes 54,449 51,877
 Total operating expenses 669,180 579,900
 Operating Income 170,345 143,916
 Interest and Other Charges:
 Interest on long-term debt of subsidiary 34,789 36,613
 Interest on provision for revenue refunds --- (22)(A)
 Other interest charges 726 314
 Allowance for funds used during construction
 (AFUDC) (2,240) (3,483)
 Preferred dividend requirements of subsidiary 3,764 4,793
 Miscellaneous, net (3,879) (8,825)
 Total interest and other charges 33,160 29,390
 Income Before Income Taxes 137,185 114,526
 Income Taxes 53,157 43,140
 Net Income $ 84,028 $71,386
 Average Shares of Common Stock Outstanding 34,108 34,116
 Earnings Per Average Share of Common Stock $ 2.46 $ 2.09
 This unaudited information reflects, in the opinion of the company, all adjustments necessary to present fairly the results for the respective periods. Results of the interim periods are not necessarily indicative of the results for any 12-month period due to the seasonal nature of the utility business of Central Illinois Public Service Company (CIPS). This information is not given in connection with any sale or offer to buy any security.
 (A) -- As a result of the Tax Reform Act of 1986, certain electric revenues were collected from March 1, 1987, through March 1992, subject to refund. The Illinois Commerce Commission entered an order in May 1992, approving a settlement agreement reached by CIPS, the Illinois commission staff and other intervenors. The order required CIPS to refund a total of $73 million of electric revenues (which included accrued interest) to customers over a six-month period in 1992 in complete settlement of the issue. The total liability recorded by CIPS for revenue refunds exceeded the settlement agreement amount by $5.4 million resulting in $3.3 million (net of taxes) or $.10 per share favorable impact on earnings during 1992. Refunds of the electric revenues began in July 1992 and continued through December 1992.
 -0- 11/23/93
 /CONTACT: Jim Goff of CIPSCO Incorporated, 217-525-5547/
 (CIP)


CO: CIPSCO Incorporated ST: Illinois IN: UTI SU: ERN

KL-LC -- CL020 -- 7416 11/23/93 16:52 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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