Printer Friendly


 WILKES-BARRE, Pa., Nov. 9 /PRNewswire/ -- Pennsylvania Enterprises, Inc. (NASDAQ: PENT) (PEI) announced today improved results for the third quarter of 1993.
 For the three-month period ended Sept. 30, 1993, the seasonal net loss decreased by $967,000 to $2 million, or $.47 per common share, compared to a net loss of $2.9 million, or $.71 per share, for the similar period in 1992.
 For the year to date, net income increased by $802,000 to $2.9 million compared to $2.1 million for the first nine months of 1992. Earnings per share were $.70 and $.53, respectively.
 The lower net loss for the third quarter and increased net income for the year to date are primarily due to increases in water operating revenues of Pennsylvania Gas and Water Company (PG&W), PEI's principal subsidiary, and a recalculation of the allowance for funds used during construction and deferred treatment plant carrying costs for 1993. Also, contributing to higher net income for the nine-month period was an increase in gas margin.
 Gross margin on gas (revenues less cost of gas) increased $1.7 million as total gas deliveries for the first nine months of 1993 were 3 percent higher than in the corresponding period in 1992. Water operating revenues increased by $2.6 million in the three-month period and $2.7 million for the year to date as compared to 1992. The increase in water revenues for both periods was largely due to a $2 million annual rate increase, effective in March, for customers served by PG&W's Crystal Lake Water Treatment Plant and a $5 million annual rate increase, effective in June, for customers in PG&W's Scranton Water Rate Area.
 PG&W currently has a $11.9 million Settlement Petition pending before the Pennsylvania Public Utility Commission in a water rate case covering portions of its Spring Brook Water Rate Area. Action on the Settlement Petition is expected by January 1994.
 Dean T. Casaday, PEI president and chief executive officer, stated, "We are very pleased to note that our eighth and final new water treatment plant, Watres, went online in September, achieving our ambitious goal of providing filtered water to 100 percent of our water customers."
 PEI, through PG&W, provides natural gas service to approximately 135,000 customers and water service to approximately 131,000 customers in an 11-county area in northeastern Pennsylvania.
 Summary of Revenues and Earnings
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Revenues $27,959,000 $25,440,000 $143,528,000 $130,113,000
 Net income (loss)
 for common (1,955,000) (2,922,000) 2,912,000 2,110,000
 Earnings (loss)
 per common share $(.47) $(.71) $.70 $.53
 Weighted shares
 outstanding 4,149,114 4,120,963 4,140,763 3,971,853
 12 months ended Sept. 30 1993 1992
 Revenues $205,292,000 $187,274,000
 Net income for common 7,265,000 5,160,000
 Earnings per common share $1.76 $1.41
 Weighted shares outstanding 4,137,541 3,661,953
 -0- 11/9/93
 /CONTACT: Robert J. Lopatto of Pennsylvania Enterprises, 717-829-8825/

CO: Pennsylvania Enterprises, Inc.; Pennsylvania Gas and Water Company ST: Pennsylvania IN: UTI SU: ERN

JM-MK -- PH035 -- 2330 11/09/93 14:07 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:Nov 9, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters