Printer Friendly

PEOPLES ENERGY REPORTS IMPROVED THIRD-QUARTER RESULTS

 PEOPLES ENERGY REPORTS IMPROVED THIRD-QUARTER RESULTS
 CHICAGO, July 31 /PRNewswire/ -- Peoples Energy Corp. (NYSE: PGL)


today reported a marked improvement in its performance for the third fiscal quarter, thanks largely to the sharp contrast between this spring's chilly weather and last year's uncommonly warm temperatures.
 The Chicago-based parent for two natural gas utilities said consolidated net income for the three months ended June 30 amounted to $10.5 million, compared with $2.1 million for the year-ago quarter. Current earnings amounted to 30 cents per share against 7 cents a share in last year's third quarter.
 Richard E. Terry, chairman of Peoples Energy, said weather during the latest three months was 68 percent colder than in the year-ago period. These lower temperatures, he said, helped to offset the effects of a mild winter by boosting gas deliveries for the quarter as well as for the nine- and 12-month reporting periods ended June 30.
 Third-quarter operating revenues rose nearly 17 percent to $199.7 million, mostly due to higher gas deliveries that resulted from the colder weather.
 Net income for the first nine months of fiscal 1992 amounted to $85.4 million, or $2.51 per share. This compares with $78.2 million, or $2.39 a share, for the year-ago period. Weather in the 1992 period was 6 percent colder than a year ago. Revenues for the current nine months amounted to $982.5 million, down slightly from the $992.5 million last year. Revenues from increased gas deliveries were more than offset by the effect of lower gas costs.
 Net income for the 12 months through June 30 amounted to $74.2 million, up from the prior level of $59 million. Per-share earnings came to $2.20, compared with $1.80 in the year-ago period. Operating revenues for both periods amounted to nearly $1.1 billion. Temperatures in the current 12 months were 7 percent colder than in the year-ago period.
 In addition to help from the weather, the company said that all three current periods benefited from rate increases put into effect by its utility subsidiaries and from a gain on the sale of a suburban land parcel in the third quarter.
 Results for all three current reporting periods included offsets from higher labor costs, a decline in interest income, and an increase in the provision for uncollectible accounts.
 The company noted that per-share earnings for all three current periods reflect an additional 1.95 million common shares that are outstanding as a result of a January stock offering.
 PEOPLES ENERGY CORP.
 FINANCIAL HIGHLIGHTS
 Third Quarter Three Months Ended June 30,
 1992 1991
 Revenues $199,738,000 $170,817,000
 Net Income $10,514,000 $2,129,000
 Earnings Per Share $0.30 $0.07
 Averages Shares Outstanding 34,757,000 32,747,000
 Nine Months Nine Months Ended June 30,
 1992 1991
 Revenues $982,480,000 $992,488,000
 Net Income $85,412,000 $78,219,000
 Earnings Per Share $2.51 $2.39
 Averages Shares Outstanding 33,965,000 32,735,000
 12 Months 12 Months Ended June 30,
 1992 1991
 Revenues $1,093,695,000 $1,090,309,000
 Net Income $ 74,168,000 $ 58,973,000
 Earnings Per Share $2.20 $1.80
 Average Shares Outstanding 33,687,000 32,727,000
 -0- 7/31/92
 /CONTACT: Ed Joyce of Peoples Energy Corp., 312-431-4567/
 (PGL) CO: Peoples Energy Corp. ST: Illinois IN: UTI OIL SU: ERN


SM -- DE017 -- 5601 07/31/92 12:25 EDT
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:Jul 31, 1992
Words:581
Previous Article:BOISE CASCADE DECLARES DIVIDEND
Next Article:TNP ENTERPRISES ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
Topics:


Related Articles
HALLIBURTON REPORTS 1992 THIRD QUARTER EARNINGS
PEOPLES ENERGY REPORTS LOWER THIRD QUARTER RESULTS
WWP'S THIRD QUARTER EARNINGS UP 5 CENTS FROM A YEAR AGO; 12-MONTH ENDED EARNINGS INCREASE BY 8 CENTS OVER 1994
PEOPLES ENERGY CORPORATION REPORTS EARNINGS
Peoples Energy Reports First Quarter Results
TECO Energy Reports Level Third Quarter Earnings From Continuing Operations Of 51 Cents Per Share
Washington Water Power Reports Third Quarter Earnings.
Dynegy Reports Third Quarter Earnings Led by Strong Performance From Wholesale Gas and Power Business.
Alliant Energy Reports Strong Third Quarter 2001 Earnings; On Track to Meet Earnings Targets for 2001.
Massey Energy Revises Projections for Third Quarter 2003 Results.

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