Printer Friendly

IDAHO POWER: DROUGHT-RELATED COSTS PINCH THIRD-QUARTER EARNINGS RESULTS

IDAHO POWER: DROUGHT-RELATED COSTS PINCH THIRD-QUARTER EARNINGS RESULTS
 BOISE, Idaho, Oct. 30 /PRNewswire/ -- Idaho Power (NYSE: IDA) today reported third-quarter earnings on common stock of $13.7 million, or 38 cents per share, a decrease from last year's $15.7 million, or 46 cents per share. Net income for the quarter was $15.1 million, compared to $16.7 million in 1991.
 For the nine months ended Sept. 30, earnings were $1.05 per share, compared with $1.16 in 1991. Net income during the period declined slightly to $40.8 million in 1992 from $42.5 million in 1991.
 "The third-quarter results reflect the continuing drought's influence on the company's power production costs," said Idaho Power Vice President and Chief Financial Officer J. LaMont Keen. "Record low streamflows during July through September diminished output from our low-cost hydroelectric plants. The costs incurred due to increased reliance on our more costly coal-fired power plants and energy purchased on the western regional market more than offset gains achieved through temporary rate relief, the company's cost containment efforts and robust economic activity in our service area."
 The company's net power supply costs -- fuel expenses plus purchased power costs minus revenues gained through surplus energy sales -- were $35.0 million during the quarter, a 55.4-percent increase from a year earlier. Although the company bought less energy on the regional market than it did during the same period in 1991, its purchased power costs increased 31 percent because of higher energy prices throughout the Northwest.
 Through cost-cutting efforts the company reduced its other operations and maintenance expenses by 3.0 percent during the quarter and 4.8 percent for the first nine months of the year.
 Despite near-record numbers of new general business customers -- 3,089 during the third quarter and 8,623 in the past year -- the company's revenues during the quarter were $129.0 million, a slight 0.4-percent decline from last year's levels. This decline was due largely to weather-related differences between 1992's third quarter and last year's.
 The early arrival of summer this year shifted most irrigation demand to the second quarter resulting in a 9.0-percent decline in energy sales to irrigators and a 2.2-percent decline in related revenues during the quarter. Cooler weather during the quarter compared to last year also limited the increase in demand by residential customers to 0.5 percent.
 However, aided by regulatory approval in May of drought-related temporary rate relief, the company's residential revenues increased 2.8 percent during the quarter. Small commercial and industrial revenues increased 7.2 percent and large commercial and industrial revenues increased 2.7 percent during the period.
 "Strong economic growth in our service territory continues, and with a return to average streamflow conditions, our highly efficient and strategically located generation and transmission system is poised to effectively serve that growth," said Keen.
 Keen also said the company has filed an accounting request in response to the ongoing drought conditions with its Idaho regulators to suspend deferrals of certain revenues and costs associated with tax code revisions and changes in a cogeneration contract. If the company is allowed to suspend accrual of these ratepayer credits it would result in an increase in the company's pre-tax income of approximately $4.4 million in 1992 with a potential additional benefit in 1993 of up to $0.9 million.
 The company's results for the quarter ending Sept. 30 were: operating revenues of $129.0 million for 1992 and $129.6 million for 1991; net income of $15.1 million for 1992 and $16.7 million for 1991; earnings on common of $13.7 million for 1992 and $15.7 million for 1991 and earnings per share of $.38 for 1992 and $.46 for 1991.
 For the 12 months ended Sept. 30, results were: operating revenues of $490.3 million for 1992 and $479.0 million for 1991; net income of $56.2 million for 1992 and $63.1 million for 1991; earnings on common of $50.4 million for 1992 and $58.9 million for 1991 and earnings per share of $1.46 for 1992 and $1.73 for 1991.
 IDAHO POWER CO.
 EARNINGS REPORT SUMMARY
 Quarter ended Sept. 30: 1992 1991
 Earnings per share $ 0.38 $ 0.46
 Operating revenues $129,049,844 $129,583,662
 Net income $ 15,066,985 $ 16,729,197
 Average shares 35,864,335 33,977,000
 Twelve months ended Sept. 30: 1992 1991
 Earnings per share $ 1.46 $ 1.73
 Operating revenues $490,301,391 $478,959,465
 Net income $ 56,219,526 $ 63,138,429
 Average shares 34,583,559 33,977,000
 -0- 10/30/92
 /CONTACT: Jeff Beaman of Idaho Power, 208-383-2461/
 (IDA) CO: Idaho Power ST: Idaho IN: UTI SU: ERN


SW -- SE011 -- 7311 10/30/92 16:46 EST
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:Oct 30, 1992
Words:802
Previous Article:GTSI ANNOUNCES RESIGNATION
Next Article:CHRISTIAN PURCHASING NETWORK ANNOUNCES ANTICIPATED QUARTERLY RESULTS
Topics:


Related Articles
IDAHO POWER REPORTS EARNINGS
IDAHO POWER POSTS SECOND-QUARTER GAINS
DROUGHT CONTINUES TO DEPRESS IDAHO POWER EARNINGS
COLD WEATHER, GROWTH SPURS INCREASE IN IDAHO POWER'S FIRST-QUARTER EARNINGS
IDAHO POWER'S SECOND QUARTER EARNINGS BACK ON TRACK
IDAHO POWER THIRD QUARTER EARNINGS INCREASE FIVE PERCENT
GROWTH, IMPROVED HYDRO CONDITIONS BOOST IDAHO POWER 1993 EARNINGS
IDAHO POWER: MILD WEATHER, BELOW NORMAL PRECIPITATION PINCH FIRST QUARTER EARNINGS
Idaho Power Reports Third Quarter Earnings
Washington Water Power Reports Third Quarter Earnings

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