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PACIFICORP REPORTS EARNINGS

 PORTLAND, Ore., May 4 /PRNewswire/ -- PacifiCorp (NYSE: PPW) today reported first-quarter 1993 earnings from continuing operations of $103 million, or 38 cents per share, on consolidated revenues of $862 million. For the comparable period a year ago, the company reported a net loss from continuing operations of $41 million, or 15 cents per share, on consolidated revenues of $780 million. The cumulative one-time effect of a change in an accounting principle for income taxes (FAS 109) brought 1993 total earnings on common stock up an additional $4 million, or 1 cent per share, to 39 cents per share.
 PacifiCorp President and Chief Executive Officer A.M. Gleason said "The first-quarter 1993 results demonstrate both the quality and amount of earnings, recognizing quarter-to-quarter seasonal variances, that the company is capable of producing going forward from its core electric utility and telephone businesses. The strong competitive position the electric utility enjoys in the western energy market continues to enhance results."
 Consolidated revenues for the first quarter of 1993 rose 11 percent, or $82 million, to $862 million as each of the company's business units posted increases. Much of the improvement came as a result of colder winter weather in the Pacific Northwest; weather that more nearly approximated normal conditions, following last year's extraordinarily warm and dry conditions. Total first-quarter retail electric energy sales in megawatt-hours rose 8 percent over the same period a year ago with residential and commercial sales leading the way -- up 16 percent and 8 percent, respectively. Sales to industrial customers rose $5 million, or 3 percent, reflecting increased sales to large industrial customers. Telecommunications' revenues rose $5 million, or 3 percent, to $171 million. Pacific Telecom's (NASDAQ-NMS: PTCM) revenues rose as a result of favorable long lines out-of-period revenue adjustments, access line growth at local telephone exchange operations and growth in cellular operations.
 Consolidated income from operations for the first quarter 1993 was $236 million, compared with $82 million for the 1992 period.
 Electric utility's earnings contribution for the 1993 quarter was $95 million, an increase of $20 million from the comparable period last year. Operating income for the segment increased $10 million, or 5 percent. Weather-related revenue increases of $24 million in retail sales and increases in wholesale sales to other utilities of $27 million overcame increases in purchased power and wheeling expenses and increases of $5 million relating to accruals for postretirement benefit costs. Postretirement costs were higher as a result of the adoption of a new accounting requirement (FAS 106) in January 1993.
 Telecommunications' earnings contribution for the first quarter of 1993 declined $6 million to $12 million. Included in the 1992 period was an $8-million, or 3 cents per share, after-tax gain stemming from the sale of a noncore investment, net of the write-down of certain noncore assets. Telecommunications, beginning with the first quarter 1993, is recording $2 million of increased costs per quarter for postretirement benefit costs.
 First quarter 1992 results included unusual noncash charges of $132 million, or 50 cents per share. The charges were associated with reductions to carrying values of certain nonutility assets.
 The average number of common shares outstanding for the quarter was 271.2 million, an increase of 8.1 million shares, or 3 percent, from 1992's level. The increased number of shares stems from new common stock issuances in conjunction with the dividend reinvestment and employee stock ownership plans, as well as offerings to the public.
 PACIFICORP
 And its Consolidated Subsidiaries
 Portland, Ore.
 Three Months Ended March 31(A): 1993 1992
 Earnings (Loss) per common share
 (based on average number of
 shares outstanding):
 Continuing operations $ 0.38 $ (0.15)
 Discontinued operations -- (0.56)
 Cumulative effect of a change in
 an accounting principle 0.01 --
 Total $ 0.39 $ (0.71)
 Revenues:
 Electric Operations $ 648,700,000 $ 585,000,000
 Telecommunications 171,100,000 166,200,000
 Financial Services 42,500,000 28,800,000
 Total $ 862,300,000 $ 780,000,000
 Income from Operations:
 Electric Operations $ 206,100,000 $ 195,900,000
 Telecommunications 32,300,000 31,800,000
 Financial Services (2,700,000) (146,000,000)
 Total $ 235,700,000 $ 81,700,000
 Net income (loss) $ 116,500,000 $(179,500,000)
 Earnings contribution (loss) on
 common stock (after preferred
 dividend requirement)(B):
 Electric Operations $ 94,800,000 $ 75,300,000
 Telecommunications 11,700,000 18,100,000
 Financial Services and Corporate (4,000,000) (134,300,000)
 Discontinued operations -- (145,800,000)
 Cumulative effect of a change in an
 accounting principle 4,000,000 --
 Total $ 106,500,000 $(186,700,000)
 Average number of common shares 271,152,000 263,035,000
 (A) Certain amounts from prior years have been reclassified to conform with the 1993 method of presentation. These reclassifications had no effect on previously reported consolidated net income.
 (B) Earnings contribution (loss) on common stock by segment:
 (1) Does not reflect elimination for interest on intercompany
 borrowing arrangements.
 (2) Includes income taxes on a separate company basis, except
 Financial Services, with any benefit or detriment of
 consolidation reflected in Corporate.
 (3) Amounts are net of preferred dividend requirements and
 minority interest.
 (4) Discontinued operations represents the company's interest in
 NERCO Inc.
 (5) Net effect of adoption of FAS 109, "Accounting for Income
 Taxes," resulted in an increase in net income of $4 million.
 -0- 5/4/93
 /CONTACT: Mike Nelson, 503-731-2125, or Chris Hunter, 503-731-2090, both of PacifiCorp/
 (PPW PTCM)


CO: PacifiCorp ST: Oregon IN: UTI SU: ERN

SW -- SE008 -- 4392 05/04/93 14:07 EDT
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Date:May 4, 1993
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