DUKE POWER REPORTS 1991 INCREASE IN EARNINGS
DUKE POWER REPORTS 1991 INCREASE IN EARNINGS CHARLOTTE, N.C., Jan. 24 /PRNewswire/ -- Duke Power Co.
(NYSE: DUK) reported 1991 earnings of $2.60 per share of common stock, up from the $2.40 per share reported for 1990.
"Weather and some measure of economic recovery in our service area, especially in the fourth quarter, helped fuel the increase," William S. Lee, chairman and president, said. "Electricity used by our industrial customers increased by a modest 1.5 percent in 1991," Lee said, "but included in that is a much improved record of sales to textile customers. In the fourth quarter of 1991, sales to textile customers were a solid 5.3 percent higher than in 1990's fourth quarter and were up 1.7 percent for the year," he said. Overall, total electric sales for the company increased 2.7 percent for the year, and sales to commercial customers increased by 3.7 percent. The increase in 1991 earnings was partially offset by increased depreciation expenses as the company added equipment -- such as utility poles, transformers and substations -- to its delivery system to meet the needs of new and existing customers; and, by an increase in interest expenses resulting from new long-term debt issued in 1990 and 1991. Earnings for 1991's fourth quarter were 42 cents per share, up from the 33 cents a share reported in the fourth quarter of 1990. Kilowatt- hour sales for the quarter were 5.9 percent higher than for the same quarter of 1990. Lee cited weather that was cooler than the unusually mild fourth- quarter weather in 1990 and a strong showing in sales to commercial and industrial customers as contributors to the increase in fourth-quarter earnings. "Sales to residential customers -- the more weather-sensitive portion of our sales -- were up 8.5 percent for the quarter. Sales to commercial and industrial customers increased by 5.6 percent and 3.8 percent, respectively," Lee said. Duke Power Company Financial Highlights (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 1991 1990 1991 1990 Common Stock Data Earnings per Share $0.42 $0.33 $2.60 $2.40 Dividends per Share $0.43 $0.41 $1.68 $1.60 Average Shares Outstanding (thousands) 204,699 202,584 203,431 202,570 Financial Statistics (thousands) Electric Revenues $920,211 $850,713 $3,816,960 $3,705,131 Net Income $100,023 $ 80,442 $ 583,623 $ 538,188 Preferred and Preference Dividends $ 13,422 $ 13,813 $ 54,683 $ 52,616 Earnings for Common Stock $ 86,601 $ 66,629 $ 528,940 $ 485,572 -0- 1/24/92 /CONTACT: R.J. Osborne, 704-373-5159, S.A. Becht, 704-373-8695, or J.J. Maher, 704-382-8323, all of Duke Power Company/ (DUK) CO: Duke Power Company ST: North Carolina, South Carolina IN: UTI SU: ERN
CM-DF -- CH011 -- 3361 01/24/92 14:21 EST
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|Date:||Jan 24, 1992|
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