Printer Friendly

NEVADA POWER CO. REPORTS EARNINGS

 LAS VEGAS, Feb. 17 /PRNewswire/ -- Nevada Power Co. (NYSE: NVP) today reported net income for the 12 months ended Dec. 31, 1992, of $56,780,000 as compared to $35,176,000 for 1991. Earnings after requirements for preferred stock dividends were $52,518,000, or $1.47 per average common share, as compared to $32,296,000, or $1.05 per average common share, in 1991.
 Electric revenues for 1992 were $586,876,000, up 8.9 percent as compared to 1991 revenues of $538,775,000. 1992 results were positively influenced by two general rate increases, one in November 1991 and one in July 1992. Kilowatt-hour sales increased 5.8 percent over 1991 mainly because of the addition of 16,711 customers, a 4.6 percent increase over last year. The number of weighted average common shares outstanding for 1992 was 35,652,000 as compared to 30,855,000 in 1991.
 Net income for the fourth quarter of 1992 was $1,531,000 as compared to $319,000 for the same period a year ago. The company experienced fourth quarter 1992 earnings after the requirements for preferred stock dividends of $533,000, or $.01 per average common share, as compared to a loss of $660,000, or $.02 per average common share, for the fourth quarter of 1991. Revenues for the fourth quarter of 1992 were $125,613,000 as compared to $123,079,000 in the fourth quarter of 1991.
 Fourth quarter 1992 results are reduced by $4,541,000 after-tax to reflect write-offs of certain deferred amounts that are doubtful of being recovered in rates charged to customers. This amounts to a reduction of $0.13 to 1992 year-end results. As previously reported, in the fourth quarter of 1991 the company wrote-off $3,815,000 after- tax because of a rate case order issued by the Public Service Commission of Nevada in November 1991. The impact to 1991 earnings was a reduction of $0.12 cents.
 Nevada Power Co. is a Las Vegas-based electric utility serving 383,000 customers in the extreme southern portion of the state. With customer growth projections of between 4 percent and 5 percent through the rest of the decade, the company will remain one of the country's fastest growing electrical utilities. The company's generation is primarily coal based with no investment in nuclear facilities.
 NEVADA POWER CO.
 Financial Information
 12 Months Ended Dec. 31,
 1992 1991
 Revenues $586,876,000 $538,775,000
 Net income $56,780,000 $35,176,000
 Earnings available for
 common shares $52,518,000 $32,296,000
 Earnings per share $1.47 $1.05
 Average common shares outstanding 35,652,000 30,855,000
 Quarter Ended Dec. 31,
 1992 1991
 Revenues $125,613,000 $123,079,000
 Net income $1,531,000 $319,000
 Earnings available (loss) for
 common shares $533,000 ($660,000)
 Earnings (loss) per common share $.01 ($.02)
 Average common shares outstanding 36,997,000 32,608,000
 -0- 2/17/93
 /CONTACT: Rob McCoy (media), 702-367-5680, or Robyn A. Warsinske, manager of Investor Relations, 702-367-5610, both of Nevada Power/
 (NVP)


CO: Nevada Power Co. ST: Nevada IN: UTI SU: ERN

JB-MS -- LA009 -- 7121 02/17/93 08:08 EST
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:Feb 17, 1993
Words:538
Previous Article:THOMAS W. WILSON JR., FORMER McKINSEY & CO. PARTNER, ELECTED TO UNIQUEST BOARD OF DIRECTORS
Next Article:QUANTUM HEALTH RESOURCES INC. REPORTS RECORD 1992 REVENUES, EARNINGS
Topics:


Related Articles
NEVADA POWER CO. REPORTS EARNINGS
NEVADA POWER CO. REPORTS EARNINGS
NEVADA POWER EARNINGS UP
NEVADA POWER CO. REPORTS EARNINGS
NEVADA POWER CO. REPORTS EARNINGS
NEVADA POWER CO. REPORTS EARNINGS
NEVADA POWER CO. REPORTS EARNINGS
NEVADA POWER CO. REPORTS EARNINGS
NEVADA POWER CO. REPORTS EARNINGS
NEVADA POWER COMPANY REPORTS EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters