MADISON GAS AND ELECTRIC REPORTS THIRD-QUARTER RESULTS
MADISON, Wis., Nov. 7 /PRNewswire/ -- Madison Gas and Electric Co. (NASDAQ: MDSN) today reported earnings for the third quarter ended Sept. 30, 1991, of $1.17 per share compared with $0.94 earned in the same quarter a year ago. Earnings for the nine months ended Sept. 30, 1991, were $2.48 per share compared with $2.06 earned in the comparable nine- month period a year ago. The 12-month earnings for the periods ended Sept. 30 were $3.48 per share this year versus $3.03 last year.
Revenues in the quarter just ended were $51.3 million compared with $49.3 million a year ago. Revenues in the nine months just ended were $167.3 million compared with $160.2 million in the same year-ago period.
"The warm weather experienced in Madison during this past July, August and September and continued customer growth contributed to the increase in earnings for the third quarter," said G. Howard Phipps, senior vice president-finance. "The average temperature during the most recent quarter was 68 degrees as compared to a normal average temperature of 66 degrees. The company had an all-time record peak demand of 523,000 kilowatts on July 22, 1991.
"Retail sales of electricity were up approximately 2-1/2 percent for the three months ended Sept. 30, 1991, over the previous year's similar period and were up over 5 percent for the nine months just ended when compared to the same period a year ago," continued Phipps. "Comparing the 12-month periods, retail electricity sales rose nearly 4-1/2 percent and retail natural gas sales were up over 2 percent in the most recent period."
MGE is a public utility engaged in generation and transmission of electric energy and in its distribution over 250 square miles in Dane County. The company also distributes natural gas through 962 square miles in Dane, Columbia and Iowa counties.
The common stock of MGE is traded over-the-counter, is reported through the NASDAQ system and is quoted in the NASDAQ National Market System.
MADISON GAS AND ELECTRIC CO. (Unaudited)
Third Quarter Ended Sept. 30 1991 1990
Operating Revenue $ 51,312,000 $ 49,340,000
Operating Income $ 11,359,000 $ 10,181,000
Net Income $ 8,484,000 $ 6,765,000
Average Shares Outstanding 7,132,316 7,039,988
Share Earnings $1.17 $0.94
Nine Months Ended Sept. 30
Operating Revenue $167,322,000 $160,174,000
Operating Income $ 26,721,000 $ 24,814,000
Net Income $ 18,092,000 $ 14,801,000
Average Shares Outstanding 7,131,028 6,997,881
Share Earnings $2.48 $2.06
12 Months Ended Sept. 30
Operating Revenue $227,716,000 $218,885,000
Operating Income $ 36,705,000 $ 35,007,000
Net Income $ 25,320,000 $ 21,676,000
Average Shares Outstanding 7,119,744 6,976,851
Share Earnings $3.48 $3.03
/CONTACT: G.H. Phipps of MGE, 608-252-7022, or Hal Bergen or Sharon Peters of Ruder-Finn, 312-644-8600, for MGE/
(MDSN) CO: Madison Gas and Electric Co. ST: Wisconsin IN: UTI SU: ERN FC -- NY045 -- 2185 11/07/91 11:46 EST