Printer Friendly

MAGMA POWER CO. ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS

 MAGMA POWER CO. ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS
 SAN DIEGO, Oct. 16 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) announced increased earnings of $13,022,000, or $.57 per share, for the third quarter ended Sept. 30, 1992, compared to $12,952,000, or $.55 per share, in the third quarter of 1991. For the current quarter, revenues rose 8 percent to $31,580,000 from $29,194,000 in the prior year.
 Year-to-date earnings and revenues are both at record levels. For the nine months ended Sept. 30, 1992, Magma Power's net income totalled $25,991,000, up from $25,223,000 earned during the same period in 1991. Earnings per share for the first nine months increased to $1.13 as compared to $1.07 per share during the same period of the prior year. Revenues for the first nine months of 1992 were $77,299,000 compared to $71,355,000 in the first nine months of 1991.
 Commenting on Magma Power's performance, Paul M. Pankratz, president and chief executive officer, said, "Our people and plants delivered a record 350,000 MW hours to our customer, Southern California Edison, during the quarter. The plants operated at a remarkable 107 percent of their contract nameplate capacity. The company's resulting strong revenue performance was, in part, offset by a higher tax rate than was incurred in the prior year and by the impact of recognizing deferred expenses for well maintenance conducted during previous quarters."
 Pankratz added that, "We continue to look for continuing strong operating performance and record revenue and earnings for all of 1992."
 Magma Power Co., a San Diego-based firm, holds geothermal leaseholds in California and Nevada, and manages the operation of geothermal power plants in which it owns a significant interest. Magma also receives royalties, management service fees, interest and rental income from the plants and properties and earns substantial investment income.
 MAGMA POWER CO.
 Third Quarter Ended Sept. 30
 (In thousands except per share amounts)
 (Unaudited)
 1992 1991 Pct. Change
 Revenues $31,580 $29,194 8.2 pct.
 Income $13,022 $12,952 0.5 pct.
 Earnings per share $.57 $.55
 Average shares
 outstanding 22,941 23,550
 Nine Months Ended Sept. 30
 (In thousands except per share amounts)
 (Unaudited)
 1992 1991 Pct. Change
 Revenues $77,299 $71,355 8.3 pct.
 Income $25,991 $25,223 3.0 pct.
 Earnings per share $1.13 $1.07
 Average shares
 outstanding 22,934 23,646
 -0- 10/16/92
 /CONTACT: Wallace C. Dieckmann, VP, treasurer and controller, of Magma Power, 619-487-9412/
 (MGMA) CO: Magma Power Co. ST: California IN: UTI SU: ERN


JB-KJ -- SD002 -- 0760 10/16/92 07:34 EDT
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 16, 1992
Words:445
Previous Article:LEAD-FREE PLUMBING SEEN AS FEASIBLE OPTION FOR REDUCING LEAD CONTAMINATION IN DRINKING WATER
Next Article:TIPS FOR A SAFE HALLOWEEN FROM CURRENT INC.
Topics:


Related Articles
MAGMA POWER CO. ANNOUNCES FIRST QUARTER RESULTS
MAGMA POWER CO. ANNOUNCES FIRST QUARTER RESULTS
MAGMA POWER CO. ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS
MAGMA COPPER CO. REPORTS NET INCOME OF $23.3 MILLION OR $0.50 PER SHARE FOR THE THIRD QUARTER
MAGMA POWER CO. REPORTS RECORD FOURTH QUARTER AND 1992 YEAR-END EARNINGS
MAGMA POWER CO. REPORTS FIRST QUARTER 1993 RESULTS
MAGMA POWER CO. REPORTS RECORD RESULTS FOR SECOND QUARTER AND FIRST HALF OF 1993
MAGMA POWER CO. REPORTS 71 PERCENT GAIN IN EARNINGS FOR THIRD QUARTER ENDED SEPT. 30, 1993
MAGMA POWER CO. REPORTS RECORD RESULTS FOR SECOND QUARTER 1994
MAGMA POWER CO. REPORTS RECORD REVENUES AND EARNINGS FOR THIRD QUARTER AND NINE MONTHS 1994

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