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NOVA ANNOUNCES FIRST QUARTER 1993 RESULTS

 CALGARY, Alberta, April 22 /PRNewswire/ -- Improved results from its chemicals business boosted NOVA Corporation of Alberta's (NYSE: NVA; Toronto, Montreal, Calgary: NVA) net income from $27 million (7 cents per common share) in the first quarter of 1992 to $50 million (12 cents per common share) in the first quarter of 1993.
 For the three months ended March 31, 1993, unaudited net income from NOVA's chemicals business was $6 million, vs. a $12 million loss in the first quarter of 1992. NOVA's pipeline business recorded $43 million in unaudited net income for the same period, up $3 million from the $40 million earned in the first quarter of 1992.
 "While chemicals earnings have improved compared with the first quarter of 1992, net income from this segment remains depressed due to weak market conditions," notes Ted Newall, NOVA's president and chief executive officer. "The Alberta Gas Transmission Division continues its steady contribution to net income. The increase in first quarter pipeline earnings is a result of continued growth in the Alberta pipeline rate base. Customer demand for natural gas transportation service continues to grow at a healthy rate."
 The improved performance in the chemicals business was aided by lower interest expense resulting from lower debt levels, a lower valued Canadian dollar and reduced feedstock costs.
 Consolidated net income for the first quarter of 1993 was down slightly from the $53 million (12 cents per common share) earned in the fourth quarter of 1992.
 NOVA CORPORATION OF ALBERTA
 Financial Summary
 (Unaudited; Millions of dollars, except per share data)
 Three Months Ended
 March 31,
 1993 1992
 Revenue $800 $736
 Net income $50 $27
 Net income to common shareholders $47 $24
 Funds from operations $134 $79
 Capital expenditures $160 $146
 Net income per common share $0.12 $0.07
 Financial Highlights
 (Unaudited)
 (Millions of dollars, except per share data)
 Condensed Consolidated Statement of Income
 Three Months Ended
 March 31,
 1993 1992
 Revenue $800 $736
 Operating expenses (584) (552)
 Depreciation (80) (71)
 Operating income 136 113
 Interest expense (77) (90)
 Allowance for funds used during
 construction 3 4
 Equity in earnings of affiliates 11 10
 General and corporate (9) (12)
 Income taxes (14) 2
 Net income 50 27
 Preferred share dividends (3) (3)
 Total $47 $24
 Average number of common shares
 outstanding (millions) 407 349
 Net income per common share $0.12 $0.07
 Condensed Consolidated Balance Sheet
 March 31, Dec. 31,
 1993 1992
 Current assets $711 $750
 Investments and other assets 338 343
 Plant, property and equipment (net) 5,205 5,096
 Total assets $6,254 $6,189
 Current liabilities $803 $841
 Long-term debt -
 - cost-of-service 2,413 2,353
 - non-cost-of-service 459 453
 Other deferred credits 205 188
 Preferred shares 181 182
 Convertible debentures and common
 shareholders' equity 2,193 2,172
 Total liabilities and shareholders'
 equity $6,254 $6,189
 Consolidated Statement of Cash Flows
 Three Months Ended
 March 31,
 1993 1992
 Operating activities
 Net income $50 $27
 Depreciation 80 71
 Deferred income taxes 11 (5)
 Equity in earnings of affiliates (11) (10)
 Other 4 (4)
 Funds from operations 134 79
 Changes in non-cash working capital (11) (7)
 Total 123 72
 Investing activities
 Plant, property and equipment
 additions (160) (146)
 Other assets and long-term investments (2) (3)
 Cash received from long-term investments 9 3
 Total (153) (146)
 Financing activities
 Common shares issued 3 241
 Long-term debt additions 150 119
 Long-term debt repaid (78) (246)
 Preferred shares purchased for
 cancellation (1) (2)
 Dividends (28) (25)
 Changes in current bank loans (29) (8)
 Changes in non-cash working capital --- 2
 Total 17 81
 Increase (decrease) in cash (13) 7
 Cash at beginning of period 17 2
 Cash at end of period $4 $9
 Consolidated Capitalization
 March 31, Dec. 31,
 1993 1992
 percent percent
 Cost-of-service
 Long-term debt(a) $2,484 63 $ 2,425 63
 Preferred shares 181 4 182 5
 Common equity 1,292 33 1,265 32
 Total $3,957 $3,872
 Non-cost-of-service
 Long-term debt(a) $464 34 $462 34
 Common equity(b) 901 66 907 66
 Total $1,365 $1,369
 Notes:
 (a) Includes current portion.
 (b) Includes NOVA's $150 million convertible debentures.
 Segmented Information
 Three Months Ended
 March 31,
 1993 1992
 Revenue
 Pipelines $243 $209
 Chemicals 557 527
 Total $800 $736
 Cost-of-service $322 $288
 Non-cost-of-service 478 448
 Total $800 $736
 Operating income
 Pipelines $109 $95
 Chemicals 27 18
 Total $136 $113
 Capital expenditures
 Pipelines $142 $134
 Chemicals 18 12
 Total $160 $146
 Contribution to Net Income
 Cost-of-service
 Operating income $123 $115
 Interest expense (58) (55)
 Allowance for funds used
 during construction 3 4
 Equity in earnings of affiliates 7 8
 Income taxes (20) (18)
 Total 55 54
 Non-cost-of-service
 Operating income (loss) 13 (2)
 Interest expense (19) (35)
 Equity in earnings of affiliates 4 2
 General and corporate (9) (12)
 Income taxes 6 20
 Total (5) (27)
 Net income $50 $27
 Pipelines $43 $40
 Chemicals 6 (12)
 Corporate and other 1 (1)
 Net income $50 $27
 -0- 4/22/93
 /CONTACT: Bill Rowe, Investor Relations, 403-290-7807, or Jeff Flood, Public Affairs, 403-290-7657, of NOVA Corporation of Alberta/
 (NVA)


CO: NOVA Corporation of Alberta ST: Alberta IN: OIL SU: ERN

JB-MS -- LA040 -- 9790 04/22/93 17:43 EDT
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