Printer Friendly

GREEN MOUNTAIN POWER ANNOUNCES 1992 SECOND QUARTER EARNINGS

 GREEN MOUNTAIN POWER ANNOUNCES 1992 SECOND QUARTER EARNINGS
 SOUTH BURLINGTON, Vt., Aug. 4 /PRNewswire/ -- Green Mountain Power Corporation (NYSE: GMP) announced its operating results today for the second quarter of 1992 and for the first six months of the year.
 Earnings per share of common stock in the second quarter of 1992 were 32 cents compared to 48 cents in the second quarter of 1991. For the six months ending June 30, 1992 earnings per share were $1.21, compared to $1.27 for the same period in 1991.
 The earnings drop for the second quarter of 1992 was due primarily to higher power supply costs caused largely by maintenance expenses incurred during a scheduled refueling and maintenance outage at the Vermont Yankee plant, a major source of power for GMP. Additionally, the higher 1991 results reflect a one-time credit, also associated with Vermont Yankee.
 An April 1992 order by the Vermont Public Service Board allowed an increase in GMP's retail rates of 5.6 percent. In the order approving the company's rates, the public service board reduced GMP's authorized return on common equity from 12.5 percent to 12.1 percent, reflecting lower capital costs for utilities in 1992.
 GMP's retail revenues in the second quarter of 1992 were up by 6.3 percent over the same period in 1991 due principally to the rate increase that took effect during the second quarter. Also contributing to the higher 1992 revenues was a 2.7 percent increase in retail electricity sales. Operating expenses other than power supply expenses increased by 4 percent for the quarter due principally to higher pension costs and depreciation. Increased depreciation was related, in part, to the company's conservation and energy efficiency programs, and in part to the company's additional investment in utility distribution equipment.
 Edwin M. Norse, GMP's vice president and chief financial officer, said the increase in sales in the second quarter of 1992 over the same quarter in 1991 suggests "that in GMP's service territory , at least, the economy may be starting to recover from the recession that has dogged New England for the past two years."
 GREEN MOUNTAIN POWER
 Second Quarter Summary
 (Numbers in thousands except per share amounts)
 Three Months Ended Six Months Ended
 1992 1991 1992 1991
 Operating revenues $33,288 $32,832 $72,764 $72,055
 Net income 1,586 2,043 5,645 5,243
 Net income applicable
 to common stock 1,377 1,830 5,228 4,816
 Earnings per common
 share 32 cents 48 cents $1.21 $1.27
 Weighted average
 shares of common
 stock outstanding 4,329 3,798 4,317 3,785
 -0- 8/4/92
 /CONTACT: Christopher L. Dutton, vice president, general counsel and corporate secretary, Green Mountain Power, 802-660-5771 or 802-985-8367 (after 6 p.m.)/
 (GNP) CO: Green Mountain Power Corporation ST: Vermont IN: OIL SU: ERN


TM -- NE0018 -- 6850 08/04/92 17:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 4, 1992
Words:484
Previous Article:UNITED FINANCIAL BANKING COMPANIES REPORTS SECOND QUARTER RESULTS
Next Article:TRIPLE A AND GOVERNMENT SERIES - 1997, INC. DECLARES DISTRIBUTION
Topics:


Related Articles
GREEN MOUNTAIN POWER REPORTS 1991 OPERATING RESULTS
UNUSUALLY MILD WEATHER CAUSES DECLINE IN DOMINION RESOURCES' SECOND-QUARTER EARNINGS
MAGMA POWER CO. ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS
GMP Posts Loss for Quarter
GMP Announces Third Quarter Earnings.
GMP Announces First Quarter Earnings.
GMP Announces Second Quarter Loss.
Green Mountain Power Reports Second Quarter Results, Declares Dividend.
Green Mountain Power Reports First Quarter Earnings.
Green Mountain Power Reports Second Quarter Earnings.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters