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GULF STATES UTILITIES ANNOUNCES FINANCIAL RESULTS

 GULF STATES UTILITIES ANNOUNCES FINANCIAL RESULTS
 BEAUMONT, Texas, July 30 /PRNewswire/ -- Gulf States Utilities Co. (NYSE: GSU) today reported earnings of 11 cents per share of common stock for the second consecutive quarter of 1992, compared to a 5 cent loss per share for the second quarter of 1991. A $20 million provision for refund to Louisiana customers affected the second quarter 1991 results, a company official said.
 Kilowatt-hour sales were 7.2 billion in the second quarter of 1992, unchanged from the second quarter a year earlier. Industrial sales were about 8 percent higher than those of the second quarter of 1991, but were offset by decreased wholesale and residential sales. Mild weather throughout much of the second quarter of 1992 contributed to the decline in residential usage.
 For the 12 months ended June 30, 1992, GSU reported earnings of 49 cents per share of common stock, compared with earnings of 33 cents per share during the previous 12-month period.
 Kilowatt-hour sales for the most recent 12-month period totaled 29.2 billion, compared to 29.1 billion for the 12 months ended June 30, 1991.
 Gulf States serves more than 583,000 electric customers in a 28,000- square-mile area along the Gulf Coast between Houston and New Orleans.
 GULF STATES UTILITIES COMPANY
 FINANCIAL HIGHLIGHTS RELEASE
 CONDENSED STATEMENT OF INCOME (LOSS) (Unaudited)
 (Thousands of Dollars)
 Three Months Ended
 June 30
 1992 1991
 Operating revenue $417,365 $399,960
 Operating expenses and taxes 338,929 331,298
 Operating income 78,436 68,662
 Other income and deductions:
 other-net 16,127 5,865
 Income before interest charges 94,563 74,527
 Interest charges 63,384 63,769
 Income before extraordinary items and the
 cumulative effect accounting change 31,179 10,758
 Extraordinary items - (net of income
 taxes) (a) (4,266) --
 Cumulative effect of change in
 accounting for power plant materials
 and supplies (net of income taxes) -- --
 Net income 26,913 10,758
 Dividends on preferred and preference stock 13,634 15,607
 Income (loss) applicable to common stock $13,279 ($4,849)
 Average shares of common stock outstanding 114,055 108,055
 Earnings (loss) per average common share
 outstanding $0.11 ($0.05)
 Six Months Ended
 June 30
 1992 1991
 Operating revenue $820,644 $790,498
 Operating expenses and taxes 673,064 649,519
 Operating income 147,580 140,979
 Other income and deductions:
 other-net 32,277 24,272
 Income before interest charges 179,857 165,251
 Interest charges 127,430 130,045
 Income before extraordinary items and the
 cumulative effect accounting change 52,427 35,206
 Extraordinary items - (net of income
 taxes) (note 1) (6,276) --
 Cumulative effect of change in
 accounting for power plant materials
 and supplies (net of income taxes) 3,967 --
 Net income 50,118 35,206
 Dividends on preferred and preference stock 29,230 31,258
 Income (loss) applicable to common stock $20,888 $3,948
 Average shares of common stock outstanding 114,055 114,055
 Earnings (loss) per average common share
 outstanding $0.18 $0.03
 Twelve Months Ended
 June 30
 1992 1991
 Operating revenue $1,732,380 $1,684,959
 Operating expenses and taxes 1,379,797 1,359,274
 Operating income 352,583 325,685
 Other income and deductions:
 other-net 44,440 42,217
 Income before interest charges 397,023 367,902
 Interest charges 257,353 268,393
 Income before extraordinary items and the
 cumulative effect accounting change 139,670 99,509
 Extraordinary items - (net of income
 taxes) (note 1) (26,442) --
 Cumulative effect of change in
 accounting for power plant materials
 and supplies (net of income taxes) 3,967 --
 Net income 117,195 99,509
 Dividends on preferred and preference stock 61,042 62,722
 Income (loss) applicable to common stock $56,153 $36,787
 Average shares of common stock outstanding 114,055 111,195
 Earnings (loss) per average common share
 outstanding $0.49 $0.33
 GULF STATES UTILITIES COMPANY
 FINANCIAL HIGHLIGHTS RELEASE
 KILOWATT HOUR SALES DATA (Unaudited)
 Three Months Ended
 June 30
 1992 1991
 ELECTRIC SALES (millions of KWH):
 Residential 1,525 1,608
 Commercial 1,342 1,365
 Industrial 3,666 3,409
 Industrial - steam department (B) 420 437
 Sales for resale 149 279
 Other 76 77
 7,178 7,175
 Six Months Ended
 June 30
 1992 1991
 ELECTRIC SALES (millions of KWH):
 Residential 2,936 3,037
 Commercial 2,547 2,551
 Industrial 7,104 6,601
 Industrial - steam department (B) 822 835
 Sales for resale 244 454
 Other 156 154
 13,809 13,632
 Twelve Months Ended
 June 30
 1992 1991
 ELECTRIC SALES (millions of KWH):
 Residential 6,825 6,893
 Commercial 5,456 5,418
 Industrial 14,115 13,446
 Industrial - steam department (B) 1,698 1,719
 Sales for resale 838 1,282
 Other 314 308
 29,246 29,066
 (A) The extraordinary items recorded in the first and second quarters of 1992 resulted from the extinguishment of long-term debt. During the fourth quarter of 1991 an extraordinary loss was recorded due to the discontinuation of regulatory accounting principles for the deregulated portion of River Bend in the Louisiana retail jurisdiction.
 (B) Represents kilowatt-hour sales to an industrial customer which purchases both electricity and steam from the company.
 No provision, other than depreciation, has been made for exclusions related to the $1.4 billion of the company's total River Bend plant investment (approximately $405 million, net of accumulated depreciation and related tax benefits, on a Texas retail jurisdictional basis, as of June 30, 1992) which the Public Utility Commission of Texas set aside with no finding of prudency in the May 16, 1988 rate order. On Oct. 1, 1991, the 200th Judicial District Court of Texas handed down its decision on the company's appeal of the May 16, 1988 rate order. The court ruled that the PUCT decision to set aside the $1.4 billion of River Bend plant investment had the same effect as a disallowance ruling. The court also ruled that the company's Texas retail jurisdiction's deferred River Bend costs should not be included in rate base. The company has appealed the court's decision.
 Reference is made to the Notes to the Financial Statements contained in the annual and quarterly reports filed with the Securities and Exchange Commission.
 -0- 7/30/92
 /CONTACT: Susan H. Gilley of Gulf States Utilities Company, 409-839-2846/
 (GSU) CO: Gulf States Utilities Co. ST: Texas IN: UTI SU: ERN


PS -- NY081 -- 5186 07/30/92 14:47 EDT
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Date:Jul 30, 1992
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