Printer Friendly

PE ANNOUNCES IMPROVED FINANCIAL RESULTS FOR 1991 AND DECLARES FIRST QUARTER DIVIDEND

 PE ANNOUNCES IMPROVED FINANCIAL RESULTS FOR 1991
 AND DECLARES FIRST QUARTER DIVIDEND
 PHILADELPHIA, Jan. 27 /PRNewswire/ -- Directors of Philadelphia Electric Company (NYSE: PE) today declared a common stock dividend of 32.5 cents per share for the first quarter of 1992, payable on March 31, 1992, to shareholders of record Feb. 26.
 Common stock earnings for the year ended Dec. 31, 1991, are $2.15 per share, $1.57 per share over the 1990 earnings of $0.58 when 1.8 percent fewer shares were outstanding. Earnings for the quarter ended Dec. 31, 1991, are $0.35 per share as compared to earnings of $0.10 per share for corresponding period in 1990.
 Joseph F. Paquette Jr., PE chairman and chief executive officer, said, "We are pleased with the 1991 financial results which have partially overcome the adverse impact of the Pennsylvania Public Utility Commission (PUC) Limerick Unit No. 2 Rate Order. We are committed to continuing with our cost control programs in the future in order to maintain this financial improvement."
 The earnings increase in 1991 over 1990 is primarily the result of the net effect of three non-recurring items which penalized 1990s results by $1.37 per share. These items are the write-off of $1.18 per share for disallowances made by the PUC in the Limerick Unit No. 2 Rate Order, the charge of $0.70 per share associated with the company's Special Early Retirement Program, and a benefit of $0.51 per share due to an accounting change to recognize sales and revenues on a service- rendered basis rather than on an as-billed basis. Also contributing to the improved 1991 results are the increase in electric sales principally due to both favorable weather and sales to other utilities which added $0.28 per share and to lower financing costs which added $0.19 per share. Partially offsetting these benefits was a $0.27 reduction to earnings as a result of lower rate relief granted by the PUC and lower gas sales which reduced earnings $.04.
 Total operating revenue for 1991 increased to approximately $4.0 billion, 7.3 percent over the previous year primarily due to higher electric sales.
 Total electric sales in 1991 increased 11.5 percent from 1990 primarily due to sales to other utilities and unusually hot summer weather. Gas sold and transported decreased 7.4 percent for 1991.
 For the fourth quarter of 1991, the $0.25 earnings per share increase over the corresponding period last year is primarily attributed to higher electric sales, reduced electric operating expenses and the elimination of several non-recurring accounting adjustments which lowered 1990 earnings.
 Total electric sales for the fourth quarter of 1991 increased 7.6 percent over the corresponding period last year. Gas sold and transported decreased 1.1 percent.
 PHILADELPHIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Statements of Income
 (Unaudited; in thousands of dollars)
 Periods ended Three Months 12 Months
 Dec. 31 1991 1990 1991 1990
 Total operating
 revenues $959,731 $909,986 $3,975,837 $3,705,161
 Net income $92,394 $41,408 $534,680 $214,190
 Shares of common
 stock-average 219,467,497 216,236,324 218,233,861 214,356,109
 Earnings per
 average share
 (dollars) $0.35 $0.10 $2.15 $0.58
 /delval/
 -0- 1/27/92
 /CONTACT: Neil McDermott of Philadelphia Electric, 215-841-4122/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:


CC -- PH024 -- 3789 01/27/92 13:11 EST
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:Jan 27, 1992
Words:575
Previous Article:PROVENA FOODS INC. REPORTS EARNINGS
Next Article:MEDTRONIC REASSIGNS TWO EXECUTIVES IN NEUROLOGICAL, INTERVENTIONAL VASCULAR BUSINESSES
Topics:


Related Articles
CENTURA BANKS INC. DECLARES FIRST QUARTER DIVIDEND
JEFFERSON BANCORP REPORTS FINANCIAL RESULTS FOR YEAR ENDED DEC. 31, 1991
AMERICAN INDEMNITY FINANCIAL DECLARES REGULAR DIVIDEND AND REPORTS FIRST QUARTER 1992 RESULTS
PE DECLARES SECOND QUARTER DIVIDEND AND REPORTS FIRST QUARTER RESULTS
GENERAL PHYSICS CORPORATION ANNOUNCES FIRST QUARTER RESULTS
PE DECLARES THIRD QUARTER DIVIDEND AND REPORTS SECOND QUARTER RESULTS
FIRST AMERICAN REINSTATES A DIVIDEND
PHILADELPHIA ELECTRIC INCREASES COMMON STOCK DIVIDEND
PHILADELPHIA ELECTRIC REPORTS THIRD QUARTER RESULTS
PHILADELPHIA ELECTRIC ANNOUNCES FINANCIAL RESULTS FOR 1992 AND DECLARES 1993 FIRST QUARTER DIVIDEND

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