Printer Friendly

PEOPLES ENERGY CORP. REPORTS SECOND QUARTER RESULTS

 CHICAGO, April 30 /PRNewswire/ -- Peoples Energy Corp. today reported nearly a 15 percent gain in net income for its second fiscal quarter, mainly due to this year's colder weather and a rate increase granted last fall to its principal subsidiary.
 Results for the six- and 12-month periods through March also showed improvement over year-ago levels.
 The Chicago-based parent for two natural gas utilities said consolidated net income for the three months ended March 31 amounted to $50.6 million, compared with $44.1 million in last year's second quarter. Earnings were $1.45 per share, up from $1.29 in the year- earlier period.
 Richard E. Terry, the company's chairman and chief executive, said this year's results benefited from weather that was 13 percent colder than last year's unseasonable warm second quarter. Temperatures in the 1993 quarter, he said, were still 2 percent warmer than normal due to a very warm January. Results also were helped by a Peoples Gas rate increase that went into effect near the start of the 1992-93 heating season.
 Second quarter net income, Terry said, was adversely impacted by higher expenses for operations and maintenance, including a higher provision for uncollectible accounts and accrual of post-retirement benefit costs consistent with rate treatment granted to Peoples Gas.
 Operating revenues in the second quarter amounted to $522 million, up 20 percent from $437 million reported for the year-ago period. The upturn reflects the effect of higher gas costs combined with this year's increased deliveries due to colder temperatures, and the People Gas' rate hike.
 Net income for the first six months of fiscal 1993 amounted to $81.7 million, a gain of 9 percent over the $74.9 million reported for last year's first half. Current six-month per-share earnings amounted to $2.35, versus $2.23 for the year-ago period. First-half operating revenues this year amounted to $899 million, or 15 percent ahead of the 1992 figure.
 For the 12-month period ended in March, net income amounted to $77.2 million, or $2.22 per share. This compares with $65.8 million, or $1.98 a share, for the same period last year. Revenues in the current 12- month period rose 14 percent to $1.2 billion.
 This year's colder weather and utility rate increases likewise boosted the company's performance during the latest six- and 12-month periods, the latter also being aided by a gain on the sale of a suburban land parcel. Results for both periods were partially offset by higher operation and maintenance expenses and other factors.
 The company said that the greater numbers of shares outstanding in the current periods reduced per share earnings by three cents in the current quarter and by seven and eight cents, respectively, for this year's six- and 12 month periods.
 PEOPLES ENERGY CORP.
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 Second Quarter Three Months Ended March 31,
 1993 1992
 Revenues $522,455,000 $436,771,000
 Net Income 50,643,000 44,105,000
 Earnings Per Share $1.45 $1.29
 Average Shares Outstanding 34,808,000 34,261,000
 Six Months Six Months Ended March 31,
 1993 1992
 Revenues $898,582,000 $782,742,000
 Net Income 81,703,000 74,898,000
 Earnings Per Share $2.35 $2.23
 Average Shares Outstanding 34,800,000 33,625,000
 Twelve Months Twelve Months Ended March 31,
 1993 1992
 Revenues $1,212,591,000 $1,064,774,000
 Net Income 77,189,000 65,783,000
 Earnings Per Share $2.22 $1.98
 Average Shares Outstanding 34,782,000 33,222,000
 -0- 4/30/93
 /CONTACT: Ed Joyce for Peoples Energy Corp., 312-431-4567/
 (PGL)


CO: Peoples Energy Corp. ST: Illinois IN: UTI SU: ERN

LR -- NY057 -- 3211 04/30/93 12:38 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:Apr 30, 1993
Words:622
Previous Article:FORD MODELS ANNOUNCES PROMOTIONS
Next Article:DI INDUSTRIES, INC. ANNOUNCES PRELIMINARY FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 1993
Topics:


Related Articles
PEOPLES ENERGY REPORTS FIRST QUARTER RESULTS
PEOPLES ENERGY REPORTS IMPROVED THIRD-QUARTER RESULTS
PEOPLES ENERGY REPORTS LOWER THIRD QUARTER RESULTS
PEOPLES ENERGY REPORTS YEAR END 1993 RESULTS
WARM WEATHER MELTS PEOPLE'S ENERGY'S NET
PEOPLES ENERGY EARNINGS REPORT
WISCONSIN ENERGY REPORTS LOWER EARNINGS FOR SECOND QUARTER
LG&E ENERGY REPORTS STRONG SECOND QUARTER EARNINGS
Interstate Energy Corporation (Alliant) Announces Second Quarter 1998 Financial Results
LG&E Energy Corp. Reports Strong Second Quarter Results Despite Rate Reductions;.

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