Printer Friendly

LG&E ENERGY CORP. ANNOUNCES EARNINGS

 LG&E ENERGY CORP. ANNOUNCES EARNINGS
 LOUISVILLE, Ky., Jan. 23 /PRNewswire/ -- LG&E Energy Corp.


(NYSE: LGE) earned $3.86 per share of common stock in 1991, compared with $3.45 from operations in 1990. This 12 percent earnings growth resulted primarily from increased electric sales related to warmer-than- normal summer weather and aggressive marketing of electricity to other utilities. Strict cost controls that the company has undertaken also contributed significantly to the positive result.
 In addition, during the first quarter of 1991, the Company sold a portion of the Trimble County generating station to the Illinois Municipal Electric Agency, recording a gain of $4.2 million ($.20 per share). Even without this gain, earnings per share of $3.66 were 6 percent higher than in 1990.
 Revenues for the year ended Dec. 31, 1991, were $715 million, compared with $699 million for the same period in 1990. Net income for 1991 was $83.0 million, compared with 1990 income from operations of $73.2 million.
 Fourth Quarter Earnings
 Earnings for the fourth quarter of 1991 were 47 cents per share of common stock, compared with 45 cents for the comparable period of 1990. Net income for the 1991 period was $10.0 million, compared with $9.7 million in 1990. This improvement was caused primarily by higher gas sales during the period.
 LG&E ENERGY CORP. AND SUBSIDIARIES
 STATEMENTS OF INCOME
 (THOUSANDS OF $ EXCEPT PER SHARE DATA)
 Three Months Ended Twelve Months Ended
 December 31, December 31,
 1991 1990 1991 1990
 OPERATING REVENUES
 Electric $115,178 $117,428 $548,674 $529,589
 Gas 55,726 52,237 166,291 169,370
 Total operating revenues $170,904 $169,665 $714,965 $698,959
 OPERATING EXPENSES
 Fuel and power purchased $ 33,559 $ 37,769 $146,899 $160,854
 Gas supply expenses 36,695 35,326 104,212 109,017
 Operation and maintenance 47,222 44,046 182,916 173,318
 Depreciation and amortization 19,186 13,854 76,714 55,603
 Taxes 9,821 12,036 66,842 63,122
 Total operating expenses $146,483 $143,031 $577,583 $561,914
 NET OPERATING INCOME $ 24,421 $ 26,634 $137,382 $137,045
 OTHER INCOME AND DEDUCTIONS 839 (510) 7,713 (731)
 INCOME BEFORE FIXED CHARGES $25,260 $ 26,124 $145,095 $136,314
 INTEREST CHARGES 12,848 14,094 52,680 53,663
 PREFERRED DIVIDEND REQUIREMENTS 2,366 2,367 9,464 9,465
 INCOME BEFORE CUMULATIVE
 EFFECT OF A CHANGE IN
 ACCOUNTING PRINCIPLE $10,046 $9,663 $82,951 $73,186
 CUMULATIVE EFFECT OF
 RECORDING UNBILLED REVENUES
 (NET OF INCOME TAXES
 OF $11,555) - - - 18,236
 NET INCOME $10,046 $9,663 $82,951 $91,422
 AVERAGE COMMON SHARES
 OUTSTANDING 21,522 21,385 21,504 21,238
 EARNINGS PER SHARE OF
 COMMON STOCK:
 BEFORE CUMULATIVE EFFECT
 OF A CHANGE IN
 ACCOUNTING PRINCIPLE $.47 $.45 $3.86 $3.45
 CUMULATIVE EFFECT OF
 RECORDING UNBILLED
 REVENUES - - - .86
 TOTAL $.47 $.45 $3.86 $4.31
 -0- 1/23/92
 /CONTACT: Trish Burke, Corporate Communications, LG&E Energy Corp., 502-627-2501/
 (LGE) CO: LG&E Energy Corp. ST: Kentucky IN: UTI SU: ERN


JZ-DF -- CH004 -- 2782 01/23/92 11:57 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:Jan 23, 1992
Words:528
Previous Article:KIMBERLY-CLARK ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR 1991 RESULTS
Next Article:CHASE MANHATTAN PUBLIC AFFAIRS CHIEF FRASER SEITEL TO FORM EMERALD PARTNERS COMMUNICATIONS CONSULTANTS
Topics:


Related Articles
LG&E ENERGY CORP. REPORTS RESULTS
LG&E ENERGY CORP. POSTS RECORD FOURTH QUARTER EARNINGS
LG&E ENERGY CORP. CONTINUES STRONG EARNINGS PERFORMANCE
LG&E ENERGY CORP. RECORDS 17.6 PERCENT INCREASE IN 3RD QUARTER EARNINGS PER SHARE
LG&E ENERGY CORP. FINISHES 1993 WITH 15 PERCENT GAIN IN EARNINGS PER SHARE
LG&E ENERGY CORP. 2ND QUARTER EARNINGS CLIMB 24 PERCENT
LG&E ENERGY CORP. THIRD QUARTER EARNINGS INCREASE BY 5 PERCENT
LG&E ENERGY CORP. SECOND QUARTER EARNINGS UP 12 PERCENT
LG&E ENERGY CORP. THIRD QUARTER EARNINGS INCREASE BY 5.4 PERCENT
LG&E ENERGY REPORTS STRONG SECOND QUARTER EARNINGS

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters