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PUBLIC SERVICE ENTERPRISE GROUP REPORTS EARNINGS

 PUBLIC SERVICE ENTERPRISE GROUP REPORTS EARNINGS
 NEWARK, N.J., Jan. 21 /PRNewswire/ -- Public Service Enterprise


Group Incorporated (Enterprise) (NYSE: PEG) reported today (Jan. 21) that consolidated net income for the year 1991 was $544.3 million, an increase of about $2 million over consolidated net income for the year 1990. Earnings per average share of common stock for 1991 were $2.43, a decrease of 13 cents from earnings per average share in 1990 when about 11.6 million fewer average shares were outstanding.
 Total revenues for 1991 were $5.1 billion, an increase of about $300 million over revenues reported in 1990.
 Enterprise's 1991 revenues and net income were higher than the prior year's largely because of increased revenues and net income of its principal subsidiary, Public Service Electric and Gas Company (PSE&G).
 The increase in PSE&G's revenues was due primarily to increases of 3.1 percent in electric sales and 14.5 percent in gas sales and transportation. The higher electric sales stemmed from the warmer weather during the second and third quarters of 1991, while the increased gas sales resulted largely from cooler weather in the first quarter of the year. Residential and commercial electric sales increased 6.4 percent and 3.2 percent, respectively, while industrial electric sales were off 0.5 percent. Residential, commercial, and industrial gas sales increased 4.0 percent, 6.6 percent, and 17.0 percent, respectively, and gas transported increased 109.5 percent.
 Partially offsetting PSE&G's increased revenues were higher federal income taxes, maintenance costs due mainly to a refueling outage at the Hope Creek Nuclear Generating Station, higher nuclear production expenses, higher labor and employee benefits costs, higher interest charges, and higher depreciation and amortization expenses.
 Enterprise's 1991 revenues and net income were also affected by a decrease in the net income of Enterprise Diversified Holdings Incorporated (EDHI), the parent of its non-utility businesses. The decrease was due primarily to lower net income of EDHI's oil and gas exploration and development subsidiary, Energy Development Corporation, resulting from curtailment of sales of natural gas due to lower prices. The decrease also stemmed from an increased loss at EDHI's real estate investment and development company, Enterprise Group Development Corporation, resulting from a property valuation allowance.
 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
 Consolidated Summary Statements of Income
 (Thousand of dollars, unaudited)
 Period ended Three months Twelve months
 Dec. 31 1991 1990 1991 1990
 Operating revenues
 Electric $ 800,427 $ 805,886 $3,500,043 $3,332,417
 Gas 377,831 343,133 1,307,849 1,236,747
 Nonutility activities 89,116 61,872 285,318 230,971
 Total operating
 revenues 1,267,374 1,210,891 5,093,210 4,800,135
 Operating expenses before
 federal income taxes
 Operation
 Fuel for elec.
 gen. and net
 intchngd. power 187,625 172,063 781,191 717,370
 Gas purchased and materials
 for gas produced 186,473 165,251 636,058 626,156
 Other 234,910 236,993 840,017 802,594
 Maintenance 85,989 74,799 315,372 285,871
 Depreciation and
 amortization 164,792 140,429 612,820 561,484
 New Jersey gross
 receipts taxes 140,905 139,659 583,071 558,642
 Other taxes 14,317 15,363 60,855 66,153
 Total operating expenses
 before federal
 income taxes 1,015,011 944,557 3,829,384 3,618,270
 Operating income
 before federal
 income taxes 252,363 266,334 1,263,826 1,181,865
 Federal income taxes
 Current 18,389 15,485 146,408 141,342
 Deferred - net 31,346 18,677 138,555 86,461
 Investment tax
 credits - net (958) (944) (19,507) (19,418)
 Total federal
 income taxes 48,777 33,218 265,456 208,385
 Total operating
 expenses 1,063,788 977,775 4,094,840 3,826,655
 Operating income 203,586 233,116 998,370 973,480
 Other income
 Allowance for funds used
 during construction
 - equity 1,629 4,777 7,092 16,987
 Miscellaneous - net 5,610 2,229 15,024 10,519
 Total other income 7,239 7,006 22,116 27,506
 Income before interest
 charges and preferred
 stock dividends 210,825 240,122 1,020,486 1,000,986
 Interest charges
 Long-term debt 114,443 106,130 437,701 404,289
 Short-term debt 5,426 12,277 35,000 37,845
 Other 2,969 6,971 12,576 20,091
 Total interest charges 122,828 125,378 485,277 462,225
 Allowance for funds used
 during construction -
 debt and capitalized
 interest (8,735) (9,937) (38,054) (32,529)
 Net interest charges 114,093 115,441 447,223 429,696
 Preferred stock dividend
 requirements 7,253 7,253 29,012 29,012
 Net income 89,479 117,428 544,251 542,278
 Shares of common stock outstg.:
 End of period 226,700,852 218,472,205 226,700,852 218,472,205
 Average for
 period 225,948,931 213,796,509 223,565,239 211,981,434
 Earnings per
 average share
 of common stock 0.40 0.55 2.43 2.56
 Dividends paid per share
 of common stock 0.54 0.53 2.13 2.09
 FINANCIAL DATA
 (Preliminary-Unaudited)
 (Thousands of dollars)
 Three months ended Dec. 31 1991 1990
 Revenues $1,267,374 $ 1,210,891
 Net income 89,479 117,428
 Earnings per share of common stock 0.40 0.55
 Average shares 225,948,931 213,796,509
 Year ended Dec. 31 1991 1990
 Revenues $5,093,210 $ 4,800,135
 Net income 544,251 542,278
 Earnings per share of common stock 2.43 2.56
 Average shares 223,565,239 211,981,434
 These statements are for the purpose of supplying information about Public Service Enterprise Group Incorporated and are not a representation or prospectus in respect to the securities of this corporation and are not transmitted in connection with any proposed sale of, or offer to sell or buy, any securities.
 -0- 1/21/92
 /CONTACT: Neil Brown of Public Service Enterprise Group, 201-430-6017/
 (PEG) CO: Public Service Enterprise Group Incorporated ST: New Jersey IN: UTI SU: ERN FC-OS -- NY114 -- 2144 01/21/92 18:16 EST
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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.

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Date:Jan 21, 1992
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