MIDWEST RESOURCES ANNOUNCES EARNINGS
MIDWEST RESOURCES ANNOUNCES EARNINGS DES MOINES, Iowa, Feb. 6 /PRNewswire/ -- Midwest Resources Inc.
(NYSE: MWR) today announced increased earnings for 1991. Earnings for the year are $68.4 million or $1.36 per average share, compared to 1990 earnings of $62.3 million or $1.25 per average share.
"The higher earnings reflect continued growth in the number of gas and electric customers and the usage per customer. Our diversified investments produced a significant increase in revenues in 1991, largely resulting from projects under contract with Century Contractors West, which designs and builds co-generation facilities," said Mark Putney chairman and chief executive officer. Putney added that the 1990 earnings results reflected substantial write-downs of real estate and other assets, settlement of a lawsuit, and merger expenses. All were one-time charges which did not recur in 1991. The 1991 earnings fell short of expectations because of a write- down of oil and gas reserves, of 7 cents per share, and a decrease in the allowance for funds used during construction due to higher short- term borrowing. Maintenance at the company's electric generating plants contributed to an overall increase in maintenance expenses of $7.3 million over 1990 levels. In the fourth quarter, Midwest Resources filed an application with the Federal Energy Regulatory Commission to merge its utility subsidiaries. The Iowa Utilities Board and the Minnesota Public Utilities Commission have approved the proposed merger. Midwest Resources is a utility holding company headquartered in Des Moines. The utility operations of Midwest Resources serve 412,000 electric customers in Iowa and South Dakota. Gas service is provided to 363,000 customers in Iowa, Minnesota, Nebraska and South Dakota. The non-utility operations of Midwest Resources are conducted through Midwest Capital Group, Inc. MIDWEST RESOURCES INC. (In thousands except earnings per share) Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, 1991 1990 1991 1990 Revenues $269,343 $236,150 $1,024,944 $925,218 Net Income $ 13,483 $ 10,197 $ 68,444 $ 62,299 Earnings/Average Common Share $ 0.26 $ 0.20 $ 1.36 $ 1.25 Average Shares Outstanding 51,216 50,011 50,393 50,019 Electric Sales - mWh Retail --- --- 9,157 8,810 Sales for resale --- --- 4,424 4,239 Gas Sales - mmbtu Retail --- --- 64,251 59,438 Transportation --- --- 10,993 9,688 Return on Average Common Equity (Pct.) --- --- 11.00 9.97 -0- 2/6/92 /CONTACT: J. Sue Rozema of Midwest Resources, 515-281-2250/ (MWR) CO: Midwest Resources Inc. ST: Iowa IN: UTI SU: ERN
MC -- DV006 -- 7729 02/06/92 12:22 EST
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|Date:||Feb 6, 1992|
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