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ENSERCH REPORTS THIRD-QUARTER RESULTS

 ENSERCH REPORTS THIRD-QUARTER RESULTS
 DALLAS, Nov. 2 /PRNewswire/ -- ENSERCH Corporation (NYSE: ENS) had a


loss of $15 million for the third quarter of 1992 before an extraordinary charge, compared with a loss of $13 million for the third quarter of 1991. After an extraordinary charge of $1.0 million, or $.02 per share, related to early debt redemption and the provision for preferred dividends, the loss applicable to common stock in the third quarter of 1992 was $19 million, or $.29 per share, compared with a loss applicable to common stock of $17 million, or $.26 per share, for the year-ago period. Operating income for the 1992 third quarter was $5.1 million versus $2.1 million for the like period a year earlier. Third- quarter revenues were $589 million, compared with $622 million for the year-ago period.
 "Improved natural-gas prices caused a meaningful improvement in the operating-income contribution from our petroleum exploration and production business," said David W. Biegler, ENSERCH president. "Although we did not receive the expected benefit in the quarter from financial closing on a cogeneration project in Bellingham, Wash., substantial progress has been made, and we expect the transaction to close in the very near future. Had the closing occurred in the third quarter, results would have been nearly breakeven."
 For the first nine months of 1992, ENSERCH's income before extraordinary charges was $6.4 million, compared with $15 million for the same period in 1991. The loss applicable to common stock for the 1992 nine-month period was $8.3 million, or $.13 per share, versus a profit of $4.3 million, or $.07 per share, for the first nine months of 1991. Nine-month operating results for 1992 benefited from $8.1 million in franchise-tax refunds and $6.0 million from settlement of litigation.
 Offsetting were a total of $4.9 million in after-tax extraordinary charges associated with the early extinguishment of higher-interest debt refinanced at lower rates, which will improve future earnings. The 1991 second quarter included a $6.0 million after-tax gain from the sale of properties. Nine-month operating income for 1992 was $91 million, compared with $98 million for the 1991 period. Revenues of $2.0 billion were down slightly from the first nine months of 1991.
 The following table shows contributions to operating income by each of the corporation's business segments:
 OPERATING INCOME (LOSS) OF MAJOR BUSINESS SEGMENTS
 (Excludes general corporate expenses)
 Three Months Ended Nine Months Ended
 September 30 September 30
 1992 1991 1992 1991
 (In thousands)
 Natural gas transmission
 and distribution $ (711) $ 2,901 $67,303 $80,058
 Petroleum exploration
 and production $ 8,039 $ 3,791 $17,451 $21,580
 Engineering and
 construction $ 1,665 $ (1,496) $16,904 $ 7,849
 In the natural gas transmission and distribution segment, an unusually cool summer was the major contributor to a sharp decline in aggregate electric-generation sales volumes, which fell 50 percent to 16 billion cubic feet (Bcf) from the third quarter of 1991. Residential and commercial sales of 13 Bcf were the same as those of last year's third quarter, while aggregate sales volumes sold to industrial customers of 14 Bcf were 14 percent lower than the year-ago period. Gas transportation volumes of 85 Bcf increased 9 percent from the year- earlier period. Total segment throughput of 119 Bcf was 3 percent higher than the year-earlier period.
 In the petroleum exploration and production segment, product prices and sales volumes for natural gas and natural gas liquids were higher. The average natural-gas sales price was $1.78 per thousand cubic feet, up 17 percent from the third quarter of 1991, while gas sales volumes were 16.4 Bcf, a 4 percent increase from the year-ago period. The average sales price per barrel of natural gas liquids was $15.18, or 14 percent higher, and sales volumes for this product increased 7 percent from the year earlier. The average price per barrel of oil was down slightly to $20.20, and oil sales volumes of 553,000 barrels declined 11 percent from the year-ago period.
 Results were improved considerably from the year-ago period for the engineering and construction segment. Third-quarter operating income for Ebasco Services, the primary company in the E&C segment, was $3.9 million, compared with $2.4 million the year earlier. Ebasco's quarterly results were affected favorably by a continued improvement in load factors in its energy, environment and infrastructure market sectors. At the end of the third quarter, Ebasco's backlog was $1.6 billion. Humphreys & Glasgow International (H&G) trimmed its loss for the quarter compared with the same period last year. However, the company's process-plant business continues to be hurt by a weak economy, not only in the United Kingdom but in other countries where H&G operates and is seeking work.
 ENSERCH Corporation is a diversified energy, engineering and construction company.
 ENSERCH CORPORATION
 and Subsidiary Companies
 SUMMARY OF OPERATIONS (UNAUDITED)
 (In thousands except per share amounts)
 Three Months Ended
 September 30
 1992 1991
 Revenues $588,777 $ 621,978
 Operating income $ 5,084 $2,077
 Loss before extraordinary item $(14,646) $ (13,286)
 Extraordinary loss on redemption of debt $ (994) $ ----
 Net loss $(15,640) $ (13,286)
 Loss applicable to common stock $(18,885) $ (17,175)
 Loss per share of common stock:
 Before extraordinary item $ (.27) $ (.26)
 Extraordinary loss $ (.02) $ ----
 Loss applicable to common stock $ (.29) $ (.26)
 Average common and dilutive common
 equivalent shares outstanding 65,791 65,063
 ENSERCH CORPORATION
 and Subsidiary Companies
 SUMMARY OF OPERATIONS (UNAUDITED)
 (In thousands except per share amounts)
 Nine Months Ended
 September 30
 1992 1991
 Revenues $1,950,973 $2,039,105
 Operating income $ 91,094 $ 98,194
 Income before extraordinary items $ 6,374 $ 15,151
 Extraordinary losses on redemption of debt $ (4,928) ----
 Net income $ 1,446 $ 15,151
 Earnings (loss) applicable to common stock $ (8,309) $ 4,258
 Earnings (loss) per share of common stock:
 Income (loss) before extraordinary items $ (.05) $ .07
 Extraordinary losses $ (.08) $ ----
 Earnings (loss) applicable to common stock $ (.13) $ .07
 Average common and dilutive common
 equivalent shares outstanding 65,600 65,040
 -0- 11/2/92
 /NOTE TO EDITORS: Correct style is ENSERCH Corporation./
 /CONTACT: Benjamin A. Brown, vice president, financial relations, 214-670-2204, or Crystal C. Bell, director, financial communications, 214-670-2528, both of ENSERCH Corporation/
 (ENS) CO: ENSERCH Corporation ST: Texas IN: OIL SU: ERN


KD -- NY035 -- 1532 11/02/92 11:01 EST
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Date:Nov 2, 1992
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