MIDWEST RESOURCES REPORTS THIRD QUARTER EARNINGS
MIDWEST RESOURCES REPORTS THIRD QUARTER EARNINGS DES MOINES, Iowa, Nov. 6 /PRNewswire/ -- Midwest Resources Inc.
(NYSE: MWR) today announced earnings for the third quarter.
Earnings for the three months ended Sept. 30, 1991 are $23.7 million, or 47 cents per average share, compared to $26 million, or 52 cents per average share, for the third quarter of 1990. Earnings for the 12 months ended Sept. 30 are $65.2 million, or $1.30 per average share, compared to $69.1 million, or $1.38 per average share, for the previous comparable period. Third quarter net income from the electric operations of its utility subsidiaries, Iowa Power and Iowa Public Service, declined by 10 cents per share due to lower electric retail revenues and increased operations and maintenance expenses. Generating plant maintenance costs increased by $2.5 million during the third quarter. Net income at its non-utility subsidiary, Midwest Capital Group, improved by 6 cents per share in the third quarter due to better performance in construction and land sales activities. Third quarter 1990 results included the settlement of litigation and operating losses of two businesses which were sold during the first half of 1991. Earnings for the 12 months ended Sept. 30, 1991 declined due to the fourth quarter 1990 write-downs recorded by the Midwest Capital Group. These adjustments were partially offset by increased Midwest Gas earnings. Midwest Resources is seeking regulatory approval to merge Iowa Power and Iowa Public Service. Merger applications have been filed with the Iowa Utilities Board and Minnesota Public Utilities Commission. A filing also will be made with the Federal Energy Regulatory Commission. Midwest Resources is a utility holding company based in Des Moines. Electric service is provided by Iowa Power and the electric division of Iowa Public Service to 410,000 customers in Iowa and South Dakota. Gas service is provided by the Midwest Gas division of Iowa Public Service to 358,000 customers in Iowa, Minnesota, Nebraska and South Dakota. Non-utility interests are operated through Midwest Capital Group Inc. MIDWEST RESOURCES INC. Financial and Statistical Data (In thousands except earnings per share) Three Months Ended Twelve Months Ended Sept. 30, Sept. 30, 1991 1990 1991 1990 Revenues $247,799 $225,026 $962,149 $915,013 Net income $23,671 $26,010 $65,158 $69,127 Earnings/average common share $0.47 $0.52 $1.30 $1.38 Average shares outstanding 50,127 50,011 50,047 50,050 Electric sales - mWh - System 2,543 2,545 9,239 9,090 - Offsystem 843 680 1,725 2,200 Gas sales - mmbtu - Retail 6,250 5,625 61,732 61,343 - Transportation 2,308 2,083 10,466 9,512 Return on average common equity --- --- 10.5pct. 11.0pct. -0- 11/6/91 /CONTACT: J. Sue Rozema of Midwest Resources, 515-281-2250/ (MWR) CO: Midwest Resources Inc. ST: Iowa IN: UTI SU: ERN SG -- DV004 -- 1591 11/06/91 10:29 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 6, 1991|
|Previous Article:||COPPERWELD READY TO BEGIN UPGRADE OF SEAMLESS TUBING PRODUCTION FACILITIES|
|Next Article:||THOMAS & BETTS DECLARES REGULAR QUARTERLY DIVIDEND|