Printer Friendly

PEI REPORTS 1991 YEAR-END EARNINGS

 PEI REPORTS 1991 YEAR-END EARNINGS
 WILKES-BARRE, Pa., March 10 /PRNewswire/ -- Pennsylvania


Enterprises, Inc. (NASDAQ: PENT) (PEI) announced today that net income for 1991 increased $3.5 million to $4.2 million as compared to $669,000 for 1990.
 Earnings per share were $1.53 for 1991 compared to $0.25 for the previous year.
 The improved earnings for 1991 were primarily a result of a 41 percent increase in water operating revenues from PEI's principal subsidiary, Pennsylvania Gas and Water Company (PG&W). This increase was largely due to a $15 million annual water rate increase in PG&W's Scranton Water Rate Area which went into effect in March 1991.
 Gas operating revenues rose approximately 4 percent in 1991 as compared to 1990, despite the continued abnormally warm weather experienced during the year.
 PEI President and Chief Executive Officer Dean T. Casaday said, "It is noteworthy that our investment in our water quality improvement program has begun to show returns. The increase in water revenues shows the positive effect that just and reasonable water rates can have on our company.
 "We expect continued improvement in water revenues because, in January of this year, the Pennsylvania Public Utility Commission approved a $1.9 million rate increase for customers served exclusively by our Nesbitt Water Treatment Plant."
 In addition to the improving earnings picture, Casaday reported, "We are progressing with our financing plans in order to provide the capital structure necessary to complete our water system improvement program and pursue growth opportunities in the gas division."
 In September 1991, PG&W completed a sale of $50 million of first mortgage bonds. This past January, PEI completed the successful offering of 1,370,847 shares of common stock which raised net proceeds of $28.1 million. Had this sale occurred at the beginning of 1991, the pro forma earnings per share would have been $1.38. Additionally, the company is considering an offering of PG&W preferred stock to be completed by early summer.
 PEI, through PG&W, provides natural gas service to approximately 130,000 customers and water service to approximately 130,000 customers in an 11-county area in northeastern Pennsylvania.
 PENNSYLVANIA ENTERPRISES, INC.
 Summary of Revenues and Earnings
 Periods ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 Revenues $57,161,000 $51,641,000 $182,750,000 $166,637,000
 Net income
 for common 3,050,000 786,000 4,173,000 669,000
 Earnings per
 common share $1.12 $.29 $1.53 $.25
 -0- 3/10/92
 /CONTACT: Juneann Greco of Pennsylvania Enterprises, 717-829-8825/
 (PENT) CO: Pennsylvania Enterprises, Inc.; Pennsylvania Gas and Water Company ST: Pennsylvania IN: UTI SU: ERN


MK-JS -- PH003 -- 6718 03/10/92 08:35 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:Mar 10, 1992
Words:450
Previous Article:AMERICA'S CUP NAVIAGATION/TRACKING SYSTEM TO BE USED IN CLEAN-UP OF SAN DIEGO SEWAGE SPILL
Next Article:WESTON WINS $6 MILLION CONTRACT WITH LOS ALAMOS NATIONAL LABORATORY
Topics:


Related Articles
PEI REPORTS THIRD QUARTER EARNINGS
PEI ANNOUNCES DIVIDEND AND THIRD QUARTER EARNINGS
PEI REPORTS 1992 YEAR-END EARNINGS
PENNSYLVANIA ENTERPRISES REPORTS INCREASED EARNINGS FOR FIRST QUARTER
EARNINGS IMPROVEMENT NOTED AT PEI ANNUAL SHAREHOLDER MEETING
PEI REPORTS SECOND QUARTER EARNINGS
PENNSYLVANIA ENTERPRISES REPORTS EARNINGS INCREASED FOR 1ST QUARTER OF 1994
CONTINUED EARNINGS IMPROVEMENT HIGHLIGHTED AT PEI ANNUAL SHAREHOLDER MEETING
PEI REPORTS 2ND QUARTER EARNINGS
PENNSYLVANIA ENTERPRISES, INC. REPORTS 1995 RESULTS

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