Printer Friendly

KU ENERGY CORPORATION REPORTS SECOND QUARTER EARNINGS

 LEXINGTON, Ky., July 14 /PRNewswire/ -- KU Energy Corporation (NYSE: KU) today reported second quarter earnings of 44 cents per share, an increase from 42 cents per share reported in the second quarter of 1992.
 "The earnings increase was primarily due to higher retail sales and lower interest charges," said KU Energy Chairman John T. Newton. "With a return to warmer spring weather and strong sales to industrial customers, our retail sales rose 7 percent in the second quarter," said Newton. Interest charges were reduced by the redemption of two debt issues in the second quarter of 1993 and by the refinancing of several issues in 1992 at significantly lower interest rates.
 Despite the increase in retail sales, total sales for the second quarter declined 1 percent due to lower off-system sales to other utilities. Industrial sales rose 14 percent reflecting the general strength of the service area economy. Cooling degree days in the company's service area were 20 percent above the second quarter of 1992 but were still 4 percent below the 30-year average for the period. As a result of the warmer weather, residential sales increased 5 percent, and commercial sales were up 3 percent.
 Operating revenues for the second quarter totaled $139.9 million, up 1 percent from the second quarter of 1992. Operating expenses for the period were $117.8 million, up 4 percent from the comparable quarter of last year.
 Earnings for the six and twelve months ended June 30, 1993, were $1.07 and $2.02 per share, respectively, as compared to $1.00 and $2.06 for the same periods last year. Sales for the current six and twelve month periods increased 3 percent and 1 percent, respectively, from the comparable periods of 1992.
 Results for the current periods reflect increased operating expenses of about $1.0 million (net of tax and capitalization) or 2.5 cents per share for the three months ended June 30, 1993, and about $1.9 million (net of tax and capitalization) or 5 cents per share for the six and twelve months ended June 30, 1993, associated with the adoption of Statement of Financial Accounting Standards No. 106 (SFAS 106) effective Jan. 1, 1993. Under SFAS 106, the company is required to accrue the expected cost of providing postretirement benefits, primarily health care, during an employee's years of service. These benefits were previously expensed as they were paid.
 KU Energy Corporation is a holding company whose principal subsidiary is Kentucky Utilities Company.
 KU ENERGY CORPORATION AND SUBSIDIARIES
 STATEMENTS OF INCOME
 FOR THE PERIODS ENDED JUNE 30, 1993 AND 1992
 (UNAUDITED)
 Three Months Six Months Twelve Months
 Ended Ended Ended
 June 30, June 30, June 30,
 1993 1992 1993 1992 1993 1992
 (in thousands except for per share amounts)
 Operating
 Revenues $139,903 $137,911 $294,176 $284,405 $586,031 $583,009
 Operating Expenses:
 Fuel, principally
 coal, used in
 generation 43,867 41,764 87,525 83,833 172,163 176,122
 Electric power
 purchased 5,471 7,812 15,439 15,349 32,844 28,906
 Other operating
 expenses 25,619 23,211 51,037 47,055 99,090 95,526
 Maintenance 15,140 14,350 26,465 27,095 60,639 59,809
 Depreciation 15,193 14,730 30,425 29,467 59,889 58,108
 Federal and state
 income taxes 9,020 8,698 22,957 21,371 42,578 44,483
 Other taxes 3,524 3,234 7,234 6,802 13,833 13,002
 117,834 113,799 241,082 230,972 481,036 475,956
 Net Operating
 Income 22,069 24,112 53,094 53,433 104,995 107,053
 Other Income and
 Deductions:
 Interest and
 dividend
 income 1,151 1,971 2,526 3,645 6,747 7,998
 Other income
 and deductions--
 net 1,801 1,033 3,051 1,986 5,480 4,125
 2,952 3,004 5,577 5,631 12,227 12,123
 Income Before
 Interest and
 Other Charges 25,021 27,116 58,671 59,064 117,222 119,176
 Interest and
 Other Charges 8,585 11,059 18,386 21,093 40,725 41,446
 Net Income $16,436 $16,057 $40,285 $37,971 $76,497 $77,730
 Average Common
 Shares
 Outstanding 37,818 37,818 37,818 37,818 37,818 37,818
 Earnings Per
 Common Share $ .44 $ .42 $ 1.07 $ 1.00 $ 2.02 $2.06
 The information contained herein is not given in connection with the sale or offer for sale or offer to buy any security.
 -0- 7/14/93
 /CONTACT: William N. English or Karen F. Klein, KU Energy Corporation, 606-288-1155/
 (KU)


CO: KU Energy Corporation ST: Kentucky IN: UTI SU: ERN

SB-MM -- CH006 -- 1539 07/14/93 15:18 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 14, 1993
Words:793
Previous Article:ROPER INDUSTRIES PROJECTS EARNINGS HIGHER THAN EXPECTATIONS
Next Article:RYAN'S FAMILY STEAK HOUSES, INC. REPORTS SECOND QUARTER 1993 RESULTS
Topics:


Related Articles
KU ENERGY ANNOUNCES EARNINGS
KU ENERGY CORPORATION ANNOUNCES RESULTS
KU ENERGY REPORTS EARNINGS
KU ENERGY CORPORATION REPORTS EARNINGS FOR THE FIRST QUARTER OF 1995
KU ENERGY REPORTS EARNINGS
KU ENERGY ANNOUNCES EARNINGS FOR 1995
KU ENERGY REPORTS STRONG INCREASE IN FIRST QUARTER EARNINGS
STRONG SALES BOOST SECOND QUARTER EARNINGS AT KU ENERGY
KU Energy Reports 8% Increase In 1996 Earnings
KU Energy Corporation Reports Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters