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PEI REPORTS SECOND QUARTER EARNINGS

 WILKES-BARRE, Pa., Aug. 16 /PRNewswire/ -- Pennsylvania Enterprises, Inc. (PEI) (NASDAQ: PENT) reported a seasonal net loss of $1.5 million or $.35 per share for the three-month period ended June 30, 1993, compared to a $392,000 or $.10 per share net loss for the similar period in 1992.
 For the six months ended June 30, 1993, net income was $4.9 million or $1.18 per share, compared to $5.0 million or $1.29, respectively, for the six months ended June 30, 1992.
 Although revenues rose for both periods, net loss increased for the quarter and earnings were lower for the six-month period primarily due to increases in operating and maintenance expenses and increases in the preferred stock dividends of Pennsylvania Gas and Water Company (PG&W), PEI's principal subsidiary. In August 1992, PG&W issued a new series of 9 percent cumulative preferred stock.
 Gas operating revenues rose by $2.8 million to $24.1 million for the second quarter of 1993 and by $10.7 million to $91.0 million for the year to date, primarily as a result of a price increase in December 1992 due to increased costs of purchased gas, as well as increased sales to residential and commercial heating customers and the switching of certain large industrial customers from transportation to sales service. While total gas deliveries decreased by 1.4 percent for the second quarter due to slightly warmer weather, for the first six months of 1993, total gas deliveries were 3.7 percent higher than the corresponding period in 1992.
 Water operating revenues increased by $452,000 to $13.2 million for the second quarter end by $161,000 to $24.6 million for the first six months of 1993 as compared to last year. The increase in water revenues was largely due to a $2.0 million annual rate increase, effective March 9, 1993, for customers served by PG&W's Crystal Lake Water Treatment Plant and a $5.0 million annual rate increase, effective June 23, 1993, for customers in PG&W's Scranton Water Rate Area, essentially Lackawanna County.
 In addition to those rate increases, PG&W currently has a $19.5 million water rate increase request, covering portions of its Spring Brook Water Rate Area, pending before the Pennsylvania Public Utility Commission. The Commission is expected to act on the request by January 1994.
 PEI, through PG&W, provides natural gas service to approximately 135,000 customers and water service to approximately 131,000 water customers in an 11-county area in northeastern Pennsylvania.
 PENNSYLVANIA ENTERPRISES, INC.
 Summary of Revenues and Earnings
 for the periods as listed below
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Revenues $37,251,000 $34,000,000 $115,569,000 $104,673,000
 Net income for
 common ($1,451,000) (392,000) 4,867,000 5,032,000
 Earnings per
 common share ($.35) ($.10) $1.18 $1.29
 Weighted shares
 outstanding 4,139,575 4,116,636 4,136,518 3,896,478
 12 months ended June 30 1993 1992
 Revenues $202,775,000 $187,296,000
 Net income for common 6,298,000 5,437,000
 Earnings per common share $1.52 $1.64
 Weighted shares outstanding 4,130,445 3,313,771
 -0- 8/16/93
 /CONTACT: Robert J. Lopatto of PEI, 717-829-8825/
 (PENT)


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

MJ-CC -- PH017 -- 3085 08/16/93 12:35 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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