Printer Friendly

MAGMA POWER CO. REPORTS 71 PERCENT GAIN IN EARNINGS FOR THIRD QUARTER ENDED SEPT. 30, 1993

 SAN DIEGO, Oct. 20 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) today announced that earnings for the third quarter ended Sept. 30, 1993, increased 71 percent over the third quarter of 1992, as revenues grew 78 percent over the same period last year.
 For the third quarter, earnings were $20,453,000, or $.85 per share, on revenues of $56,143,000, compared to $11,966,000, or $.52 per share, on revenues of $31,580,000 in the third quarter of 1992.
 Net income for the first nine months of 1993 was $39,469,000, or $1.64 per share, compared to 1992 nine-month income of $24,216,000, or $1.06 per share, before adoption of FASB 109. Revenues for the first nine months of 1993 were $123,609,000, compared to $77,299,000 during the first nine months of 1992.
 Contributing to the record results were the inclusion during the second and third quarters of revenues and earnings from the three geothermal power plants Magma acquired at the end of March from Unocal Corp., as well as the strong operating performance of the company's four other geothermal plants in the Imperial Valley of California.
 For the third quarter of 1993, Magma generated 517,000 MW hours of electricity, up 5 percent from the second quarter of 1993, and ran at 115 percent of contract capacity, compared to 104 percent of capacity during the second quarter.
 "Our third quarter is typically our strongest because of seasonal pricing and our ability to schedule high operating rates," stated Paul M. Pankratz, Magma Power chairman and chief executive officer. "This year our third quarter results also benefited from the inclusion of the acquired Unocal Salton Sea Power Plants. We are running our plants at exceptional operating rates and are continuing to achieve cost savings as we successfully integrate the operations of our existing plants with the acquired Salton Sea plants.
 "In addition to our strong financial results," added Pankratz, "the business development front also has been productive for Magma Power. In late September, we announced the signing of a 231 MW build, operate and transfer (BOT) contract with the Philippine National Oil Co., and we've just signed a memorandum of understanding with Pertamina for exploration and potential development of a geothermal project in Indonesia on the island of Java. In addition, our position for bidding on new contract opportunities under the Biennial Resource Plan Update (BRPU) was enhanced by our recently announced acquisition of Freeport McMoRan's Salton Sea geothermal leasehold acreage."
 Commenting on the remainder of the year, Pankratz stated that Magma anticipates a record year with strong results as the company continues to operate its plants efficiently and as operating results continue to benefit from the acquired Salton Sea plants.
 Magma Power Co. operates seven geothermal power plants in Southern California on geothermal leasehold and fee interests held by the company and holds additional geothermal leasehold interests in other parts of California and Nevada.
 MAGMA POWER CO.
 Third Quarter Ended Sept. 30, 1993
 (In thousands, except per share amounts)
 (Unaudited)
 Percent
 1993 1992 Change
 Revenues $56,143 $31,580 77.8 pct
 Net income $20,453 $11,966 70.9 pct
 Earnings per share $.85 $.52
 Average shares
 outstanding 24,096 22,941
 Nine Months Ended Sept. 30, 1993
 (In thousands, except per share amounts)
 (Unaudited)
 Percent
 1993 1992 Change
 Revenues $123,609 $77,299 59.9 pct
 Income before
 cumulative effect
 of accounting change 39,469 24,216 63.0 pct
 Cumulative effect of
 change in accounting
 for income taxes --- 17,833
 Net income $39,469 $42,049
 Earnings per share:
 Income before
 cumulative effect of
 accounting change $1.64 $1.06
 Net income $1.64 $1.83
 Average shares outstanding 24,037 22,934
 -0- 10/20/93
 /CONTACT: Wallace C. Dieckmann, CFO of Magma Power, 619-622-7800/
 (MGMA)


CO: Magma Power Co. ST: California IN: UTI OIL SU: ERN

JL-LS -- SD006 -- 4353 10/20/93 08:03 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:Oct 20, 1993
Words:660
Previous Article:CASINO DATA SYSTEMS REPORTS RECORD EARNINGS
Next Article:MEDIC ANNOUNCES THIRD QUARTER EARNINGS
Topics:

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