MADISON GAS AND ELECTRIC CO. REPORTS 1ST HALF RESULTS
MADISON GAS AND ELECTRIC CO. REPORTS 1ST HALF RESULTS MADISON, Wis., Aug. 13 /PRNewswire/ -- Madison Gas and Electric Co.
(OTC: MDSN) reported earnings for the second quarter ended June 30, 1992, of $0.31 per share compared with $0.23 earned in the same quarter a year ago. Earnings for the six months ended June 30, 1992, were $0.92 per share compared with $0.87 earned in the comparable six-month period a year ago. The 12-month earnings for the periods ended June 30 were $2.32 per share this year versus $2.17 last year. All earnings per share have been restated to reflect the company's three-for-two stock split effective Jan. 2, 1992.
Revenues in the June 30 quarter just ended were $47 million compared with $46 million a year ago. Revenues in the first half of this year were $113 million compared with $116 million in the same year-ago period. Earnings for the 12 months ended June 30, 1992, remained at near record levels. Revenues for the first half of 1992 were down compared to the same period last year, while earnings rose more than 5 percent for the same period due to continuing cost-containment efforts, lower fuel costs and modest growth in the electric and natural gas customer base. Retail electric sales for the second quarter ended June 30, 1992, were down approximately 7 percent compared to the same period a year ago, while corresponding revenues were down 5 percent. This was due largely to unseasonably mild temperatures during the second quarter. MGE is a public utility that generates, transmits and distributes electricity to 114,000 customers throughout 250 square miles in Dane County. The company also transports and distributes natural gas to 90,000 customers throughout 962 square miles in Dane, Columbia and Iowa Counties. The common stock of MGE is traded over-the-counter (OTC), is reported through the NASDAQ National Market System and is quoted in the NASDAQ Automated Quotation System. MADISON GAS AND ELECTRIC CO. (Unaudited) Periods Ended Second Quarter June 30 1992 1991 Operating revenue $46,918,000 $46,013,000 Operating income 6,466,000 5,460,000 Net income 3,488,000 2,572,000 Average shares outstanding(A) 10,697,218 10,697,218 Share earnings (A) $0.31 $0.23 Periods Ended Six Months June 30 1992 1991 Operating revenue $112,840,000 $116,010,000 Operating income 15,755,000 15,362,000 Net income 10,076,000 9,609,000 Average shares outstanding(A) 10,697,218 10,695,561 Share earnings(A) $0.92 $0.87 Periods Ended Twelve Months June 30 1992 1991 Operating revenue $229,030,000 $225,745,000 Operating income 36,767,000 35,527,000 Net income 25,348,000 23,602,000 Average shares outstanding(A) 10,697,218 10,644,708 Share earnings(A) $2.32 $2.17 (A) Restated for three-for-two stock split effective January 1992. -0- 8/13/92 /CONTACT: Joseph T. Krzos of Madison Gas and Electric Co., 608-252-7923, or Hal Bergen or Sharon Peters of Ruder-Finn, Chicago, 312-644-8600, for Madison Gas and Electric/ (MDSN) CO: Madison Gas & Electric ST: Wisconsin IN: UTI SU: ERN
AH -- NY096 -- 9815 08/13/92 19:45 EDT
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|Date:||Aug 13, 1992|
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