PHILADELPHIA SUBURBAN CORPORATION REPORTS QUARTERLY EARNINGS AND SPECIAL CHARGE
PHILADELPHIA SUBURBAN CORPORATION REPORTS
QUARTERLY EARNINGS AND SPECIAL CHARGE
BRYN MAWR, Pa., Nov. 7 /PRNewswire/ -- Philadelphia Suburban Corporation (NYSE: PSC) today reported income from continuing operations in the third quarter of $2.7 million or 35 cents per share, equal to the per-share earnings in the same period in 1990.
For the nine months, income from continuing operations was $7.6 million or 97 cents per share, an increase of 7 cents per share compared to the same period in 1990.
Revenues from continuing operations were $22.6 million, an increase of $1.3 million or 6.1 percent, as compared to the third quarter 1990. For the nine months, revenues from continuing operations were $64.9 million, up $3.5 million or 5.7 percent over the same period in 1990.
The company also reported that it is taking an additional charge to income of $5 million or 63 cents per share related to its discontinued operations. For the quarter, the company reported a net loss of $2.3 million or 28 cents per share and net income of $2.3 million or 29 cents per share for the nine months.
John W. Boyer Jr., president and chairman of PSC, stated that the prevailing economic conditions have had an adverse impact on the operations of the remaining businesses for sale and, consequently, the estimated net proceeds from the sales of these operations has been reduced. Boyer noted that the charge for discontinued operations is based on estimates of the sales proceeds and the operating results of these businesses. Accordingly, subsequent income or charges related to the discontinued operations could be realized on the ultimate disposition of these businesses.
The following table shows the comparative earned revenues, net income and net income per share for Philadelphia Suburban Corporation for the quarters and nine months ended Sept. 30, 1991 and 1990.
PHILADELPHIA SUBURBAN CORPORATION
(Unaudited; dollars in thousands)
Periods ended Quarter Nine months
Sept. 30 1991 1990 1991 1990
Earned revenues $22,619 $21,306 $64,943 $61,438
Continuing operations $2,747 $2,685 $7,590 $6,868
operations ($5,000) ($3,634) ($5,290) ($4,953)
Net income ($2,253) ($949) $2,300 $1,915
Income (loss) per share:
Continuing operations $.35 $.35 $.97 $.90
Discontinued operations (.63) (.48) (.68) (.65)
Net income per share (.28) (.13) .29 .25
Average common and common
the period 7,916,000 7,727,000 7,863,000 7,630,000
/CONTACT: Michael P. Graham, vp-finance and treasurer of Philadelphia Suburban, 215-645-1087/
(PSC) CO: Philadelphia Suburban Corporation ST: Pennsylvania IN: UTI SU: ERN KA-MP -- PH026 -- 2341 11/07/91 15:28 EST