Printer Friendly

PACIFICORP REPORTS EARNINGS

 PACIFICORP REPORTS EARNINGS
 PORTLAND, Ore., Aug. 4 /PRNewswire/ -- PacifiCorp (NYSE: PPW) today


reported earnings contribution on common stock of $59 million for the quarter ended June 30, 1992, a decrease of $21 million, or 27 percent, from the same quarter a year ago.
 Earnings per share were 22 cents -- a decline of 9 cents from the 31 cents reported for the comparable period last year. The single largest factor in the quarter's lower results were weather conditions that adversely affected electric sales, purchased power and fuel expenses. A. M. Gleason, chief executive officer and president, said "Thus far in calendar 1992, each and every month has been warmer than normal in the company's seven-state service territory and the year is on a pace to being the warmest on record. In addition, regional drought and competitors' lower-than-normal cost of natural gas-fired energy production have adversely affected hydroelectric production and spot- market wholesale sales opportunities." Earnings were also lower for PacifiCorp's mining and resource development subsidiary, NERCO, and its telecommunications subsidiary, Pacific Telecom. The average number of common shares outstanding for the quarter rose 2 percent to 265 million.
 Consolidated revenues rose $7 million, or 1 percent, to $932 million.
 Electric utility revenues gained 9 percent, or $44 million, to $555 million. Some $33 million of the increase stems from increased sales to other utilities as several new long-term firm contracts came into effect or were expanded, including sales to utility customers in Colorado and the desert Southwest. Retail electric revenues rose $13 million, or 3 percent. The increase primarily relates to the earlier-than-normal delivery of power to irrigation customers and a 2-percent increase in total retail customers, offset in part by a weather-related energy sales reduction to residential customers.
 NERCO's revenues, excluding intercompany coal sales, declined $30 million, or 16 percent. Coal revenues were down $23 million compared to the same quarter a year ago. This reduction is associated with selling certain coal operations and lower average prices and sales volumes, partially offset by increased revenues associated with brokered coal transactions. Natural gas and oil revenues were off $9 million, or 13 percent, to $58 million due to the December 1991 sale of a long-term gas supply contract and to production curtailments. Improvement in average effective gas prices from $1.39 to $1.51 per mcf partially offset lower production volume.
 Pacific Telecom's revenues declined $11 million, or 6 percent, to $170 million. Revenues relating to sales of capacity on the North Pacific fiber optic cable were $1 million as compared to $10 million for the same period a year ago.
 Consolidated income from operations was down $27 million, or 12 percent, to $203 million as operating income declines were posted by each of the company's businesses. Total operating expenses increased $34 million, or 5 percent, to $729 million.
 Electric utility expenses rose as a result of adverse weather conditions negatively affecting hydroelectric generation and fuel and purchased power expense. In addition, fuel, depreciation and other expenses rose as a result of recent coal-fired power plant acquisitions.
 NERCO's expenses were lower due to decreased commodity volumes sold and the effect of applying a lower depreciation, depletion and amortization rate resulting from the first quarter 1992 write-down of natural gas properties.
 Pacific Telecom's operating expenses declined 2 percent, or $3 million.
 Preferred dividend requirement for the quarter increased $3 million compared to the same quarter a year ago as new series of preferred stock were issued in August 1991, and May and June of 1992.
 For the year-to-date, earnings contribution is off $338 million including $277 million of after-tax noncash charges in the first quarter of 1992. Loss per common share for the year-to-date stands at 48 cents, including $1.05 per share associated with first quarter 1992 noncash charges.
 PACIFICORP
 AND ITS CONSOLIDATED SUBSIDIARIES
 Portland, Ore.
 Three Months Ended June 30: 1992 1991
 Earnings per common share (based on average
 number of shares outstanding) $0.22 $0.31
 Revenues (1):
 Electric operations $554,600,000 $510,400,000
 Mining and resource development 158,500,000 207,100,000
 Intercompany coal sales 0 (18,600,000)
 Telecommunications 169,700,000 180,300,000
 Financial services 49,000,000 45,200,000
 Total $931,800,000 $924,400,000
 Income from operations (1)(2):
 Electric operations $156,900,000 $166,700,000
 Mining and resource development 16,700,000 25,100,000
 Telecommunications 33,600,000 41,300,000
 Financial services (4,300,000) (3,300,000)
 Total $202,900,000 $229,800,000
 Net income $67,400,000 $86,100,000
 Earnings contribution on common stock
 (after preferred dividend requirement)(1)(3):
 Electric operations $43,700,000 $61,300,000
 Mining and resource development 1,400,000 5,400,000
 Telecommunications 10,000,000 15,400,000
 Financial services (200,000) (1,100,000)
 Corporate 3,900,000 (800,000)
 Total $58,800,000 $80,200,000
 Average number of common shares 264,824,000 258,920,000
 PACIFICORP
 AND ITS CONSOLIDATED SUBSIDIARIES
 Portland, Ore.
 Six Months Ended June 30: 1992 1991
 Earnings (loss) per common share (based on
 average number of shares outstanding) ($0.48) $0.82
 Revenues (1):
 Electric operations $1,139,600,000 $1,075,100,000
 Mining and resource development 323,500,000 413,100,000
 Intercompany coal sales 0 (38,500,000)
 Telecommunications 335,900,000 362,300,000
 Financial services 77,800,000 88,000,000
 Total $1,876,800,000 $1,900,000,000
 Income from operations (1)(2):
 Electric operations $352,800,000 $374,300,000
 Mining and resource development (253,000,000) 70,400,000
 Telecommunications 65,400,000 82,700,000
 Financial services (150,300,000) (5,500,000)
 Total $14,900,000 $521,900,000
 Net income (loss) ($112,100,000) $222,100,000
 Earnings contribution (loss) on common stock
 (after preferred dividend requirement)(1)(3):
 Electric operations $119,000,000 $160,700,000
 Mining and resource development (144,400,000) 22,900,000
 Telecommunications 28,100,000 30,900,000
 Financial services (103,400,000) (700,000)
 Corporate (27,200,000) (4,100,000)
 Total ($127,900,000) $209,700,000
 Average number of common shares 263,930,000 256,414,000
 (1) Certain amounts from the prior year have been reclassified to
 conform with the 1992 method of presentation. These
 reclassifications had no effect on previously reported
 consolidated net income.
 (2) Income before income taxes, interest, other nonoperating items
 and reclassification of intercompany profits on coal
 transactions.
 (3) Earnings contribution (loss) on common stock by segment:
 (a) Does not reflect elimination for interest on intercompany
 borrowing arrangements. Reflects allocation of Corporate
 interest charges.
 (b) Includes income taxes on a separate company basis, except
 Financial Services, with any benefit or detriment of
 consolidation reflected in Corporate.
 (c) Amounts are net of preferred dividend requirements and
 minority interest.
 -0- 8/4/92
 /CONTACT: Mike Nelson, 503-731-2125, or Chris Hunter, 503-731-2090, both of PacifiCorp/
 (PPW) CO: PacifiCorp ST: Oregon IN: UTI SU: ERN


LM -- SE005 -- 6653 08/04/92 12:21 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 4, 1992
Words:1170
Previous Article:FORD MOTOR COMPANY REPORTS U.S. SALES
Next Article:CORRECTION TO BROCK EXPLORATION CORPORATION EARNINGS
Topics:


Related Articles
PACIFICORP REPORTS FIRST-QUARTER EARNINGS
PACIFICORP REPORTS EARNINGS
PACIFICORP ANNOUNCES EARNINGS
CONSORTIUM, INCLUDING PACIFICORP, WINS AUSTRALIAN POWER STATION BID
PacifiCorp Supports Big Rivers Bankruptcy Filing
Pacificorp Announces Third Quarter 1996 Financial Results
PacifiCorp Expects First Quarter Earnings Shortfall
Pacificorp Expects Earnings Shortfall
PacifiCorp Reports 1998 Financial Results.
PacifiCorp Reports First Quarter 1999 Financial Results.

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