Printer Friendly

PUBLIC SERVICE COMPANY REPORTS FIRST QUARTER RESULTS

 GASTONIA, N.C., Jan. 22 /PRNewswire/ -- Public Service Company of North Carolina, Inc. (NASDAQ-NMS: PSNC) (PSNC), a natural gas utility, today reported operating results for the quarter ended Dec. 31, 1992, the first quarter of fiscal 1993. Earnings per share for the quarter were $.43, down from $.50 for the same quarter a year ago, while earnings per share for the twelve months ended this quarter were $1.56, up from $1.34 for the twelve months ended Dec. 31, 1991.
 Gross margin for the quarter ended Dec. 31, 1992 was $29,408,000, a $902,000 or 3 percent increase as compared to $28,506,000 for the quarter ended Dec. 31, 1991. This resulted from operating revenues which increased $8,739,000 over the same quarter the prior year, while the cost of gas increased $7,837,000. Other operating expenses and taxes increased $1,543,000 to $21,480,000. Approximately $500,000 of this increase resulted from non-recurring expenses. This increase, combined with a small decrease in other income and interest expense, produced net income for the current quarter of $4,470,000, a $586,000 or 12 percent decrease when compared to the same quarter in fiscal 1992. The quarterly earnings per share of $.43 were based on 10,421,000 average common shares outstanding, as compared to $.50 for the same quarter in fiscal 1992, based on 10,113,000 average common shares then outstanding.
 The increase in gross margin was due to quantities sold to the higher-margin residential and small commercial customer bases which increased 5 percent and 3 percent, respectively, as compared to the same quarter the prior fiscal year. The impact that weather had on gross margin during the quarter which was 104 percent of normal weather, was offset by the operation of the weather normalization adjustment mechanism which credited $193,000 to customers' bills during the quarter. Throughput to lower-margin industrial and large commercial customers was relatively flat as compared to the same quarter in fiscal 1992.
 Gross margin for the twelve months ended Dec. 31, 1992 was $110,905,000, compared to $97,915,000 for the twelve months ended Dec. 31, 1991. Net income for the period ended Dec. 31, 1992 increased to $16,164,000 as compared to $13,525,000 for the same period the prior year, a 20 percent increase. The earnings per average common share of $1.56 were based on 10,323,000 average common shares outstanding. This compares to $1.34 for the prior twelve-month period, based on 10,024,000 average common shares then outstanding.
 Public Service Company distributes natural gas to over 255,000 customers in 87 cities, towns and communities in a 26-county service territory ranging from the Raleigh, Durham and Chapel Hill areas in the northeast; the Concord, Statesville, Gastonia and Forest City areas in the Piedmont; to the Asheville, Hendersonville and Brevard areas in the western part of the state. Public Service Company, through its subsidiaries, also participates in oil and gas exploration and production, and retails propane gas.
 COMPARATIVE RESULTS
 (Amounts in Thousands, Except Raleigh/Durham
 Degree Day and Per Share Data)
 Three Months Twelve Months
 Periods Ended Dec. 31 1992 1991 1992 1991
 Normal degree days 1,266 1,266 3,374(a) 3,356
 Actual degree days 1,318 1,169 3,330(a) 2,928
 Percent of normal 104pct 92pct 99pct 87pct
 Total volume
 throughput (DT) 15,196 14,458 55,596 52,185
 Revenues $76,977 $68,238 $249,142 $209,398
 Gross margin $29,408 $28,506 $110,905 $ 97,915
 Operating income $ 7,928 $ 8,569 $ 30,006 $ 27,442
 Net income $ 4,470 $ 5,056 $ 16,164 $ 13,525
 Earnings for common $ 4,434 $ 5,031 $ 16,057 $ 13,418
 Average common shares 10,421 10,113 10,323 10,024
 Earnings per share $ .43 $ .50 $ 1.56 $ 1.34
 Cash dividends declared
 per share $ .285 $ .275 $ 1.13 $ 1.10
 (a) Reflects an additional day for leap year
 The following amounts have been restated for the 3-for-2 common
 stock split effected in the form of a 50 percent common stock
 dividend paid January 4, 1993:
 Average common shares 15,631 15,170 15,485 15,036
 Earnings per share $ .28 $ .33 $ 1.04 $ .89
 Cash dividends declared
 per share $ .19 $ .183 $ .753 $ .733
 -0- 1/22/93
 /CONTACT: Charles E. Zeigler, Jr., President and Chief Executive Officer, Public Service Company of North Carolina, 704-864-6731/
 (PSNC)


CO: Public Service Company of North Carolina ST: North Carolina IN: UTI SU: ERN

CM-MM -- CH011 -- 7969 01/22/93 14:05 EST
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:Jan 22, 1993
Words:770
Previous Article:EPA TO RESUME CLEANUP AT THE OAK HILL PCB SITE IN LENOIR, N.C.
Next Article:SOCIETY CORPORATION ANNOUNCES COMPLETION OF ITS ACQUISITION OF FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF FORT MYERS
Topics:


Related Articles
EMBREX REPORTS FIRST-QUARTER RESULTS
RYAN-MURPHY REPORTS FISCAL 1993 FIRST QUARTER RESULTS
PUBLIC SERVICE COMPANY REPORTS INCREASED QUARTERLY EARNINGS
REPEATING TO CORRECT GARBLE IN FOURTH PARAGRAPH PUBLIC SERVICE COMPANY REPORTS INCREASED QUARTERLY EARNINGS
EDUCATION ALTERNATIVES, INC. REPORTS FIRST QUARTER OPERATING RESULTS
BF GOODRICH REPORTS FIRST QUARTER RESULTS
THE FUTURE NOW, INC. ANNOUNCES FIRST QUARTER 1993 RESULTS
SOUTHEASTERN PUBLIC SERVICE COMPANY ANNOUNCES RESULTS
NEWBRIDGE NETWORKS ANNOUNCES FIRST QUARTER RESULTS
Public Service Enterprise Group Announces Third Quarter 1996 Earnings Of 85 Cents Per Share Of Common Stock

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