Printer Friendly

PENNSYLVANIA ENTERPRISES REPORTS INCREASED EARNINGS FOR FIRST QUARTER

 WILKES-BARRE, Pa., May 12 /PRNewswire/ -- Pennsylvania Enterprises, Inc. (NASDAQ: PENT) (PEI) today reported a 16.5 percent increase in net income for the first quarter of 1993.
 Net income rose $894,000 to $6.3 million for the period ended March 31, 1993, compared to $5.4 million for the same period in 1992. Earnings per share were $1.53 and $1.48, respectively.
 The increased earnings for the quarter were primarily a result of higher total operating revenues and reduced interest charges of Pennsylvania Gas and Water Company (PG&W), PEI's principal subsidiary. Gas operating revenues increased by 13.5 percent or $7.9 million largely due to increased sales to residential and commercial heating customers. A growing customer base and colder weather during the period resulted in a 6 percent increase in total gas deliveries as compared to the same quarter in 1992.
 Water operating revenues for the first quarter declined slightly, by 2.5 percent or $300,000, due to lower levels of consumption. However, company officials cited a number of recent developments which are expected to improve future water revenues, including the approval of a $2.0 million annual water rate increase, effective March 9, 1993, for customers served by PG&W's Crystal Lake Water Treatment Plant; an April 29, 1993, recommendation by a PPUC administrative law judge that the PPUC grant a $6.8 million annual water rate increase for customers in the company's Scranton Water Rate Area; and PG&W's April 29, 1993, filing with the PPUC requesting a $19.4 million water rate increase for portions of its Spring Brook Water Rate Area.
 Dean T. Casaday, PEI president and chief executive officer, stated, "We are continuing our strategy of aggressive gas marketing as well as water quality improvement through out water treatment plant construction program. This strategy is showing results as our earnings improvement trend continues into its third year."
 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.
 PENNSYLVANIA ENTERPRISES INC.
 Summary of Revenues and Earnings
 Periods ended Three months 12 months
 March 31 1993 1992 1993 1992
 Revenues $78,318,000 $70,673,000 $199,524,000 $185,032,000
 Net income
 for common 6,318,000 5,424,000 7,357,000 4,798,000
 Earnings per
 common share $1.53 $1.48 $1.78 $1.62
 Weighted shares
 outstanding 4,133,426 3,676,245 4,124,726 2,969,513
 -0- 5/12/93
 /CONTACT: Robert J. Lopatto of Pennsylvania Enterprises, 717-829-8825/
 (PEI)


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

MK-CC -- PH010 -- 7502 05/12/93 10:59 EDT
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:May 12, 1993
Words:458
Previous Article:CAMPBELL SOUP INTRODUCES 'GOLDEN V8' JUICE IN JAPAN
Next Article:CONTINENTAL'S FLEET RENEWAL FEATURES BOEING JETLINERS
Topics:


Related Articles
PEI REPORTS THIRD QUARTER EARNINGS
PEI REPORTS 1991 YEAR-END EARNINGS
PEI ANNOUNCES DIVIDEND AND THIRD QUARTER EARNINGS
PUBLIC SERVICE ENTERPRISE GROUP ANNOUNCES FIRST QUARTER, 1993 EARNINGS: 91 CENTS PER SHARE OF COMMON STOCK
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
PEI REPORTS INCREASED FIRST QUARTER EARNINGS

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