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RG&E THIRD QUARTER FINANCIAL NEWS RELEASE

 ROCHESTER, N.Y., Oct. 22 /PRNewswire/ -- Rochester Gas & Electric Corp. (RG&E) (NYSE: RGS) today reported earnings for the three-, nine- and 12-month periods of 1993. Total operating revenues for the third quarter of 1993 were $217,278,000, an increase of $18,937,000, or about nine and a half percent from the 1992 third quarter revenues of $198,341,000.
 Earnings applicable to common stock for the 1993 third quarter were $18,379,000, an increase of $2,944,000 from the comparable period in 1992. Earnings per common share were 51 cents in the third quarter of 1993, compared to 45 cents in the third quarter of 1992. The increase in earnings in all three periods is attributable to:
 -- A return to more normal summer weather;
 -- Increased gas an electric rates;
 -- A reduction in interest on long-term debt;
 -- Cost control efforts by RG&E employees.
 Although sales of natural gas during the third quarter were relatively flat, sales of electricity to retail customers were up by 7.7 percent due to an increase in air-conditioning usage.
 Increased earnings were achieved despite a one-time charge of $5.2 million associated with a workforce reduction early retirement program announced in August. Nearly 150 eligible employees have until Nov. 1 to decide whether or not to participate in the program. Employees who retire under this program will not be replaced.
 Total operating revenues for the nine-month period ended Sept. 30 were $692,805,000, an increase of $41,563,000, or about six percent, from the previous nine-month revenues of $651,242,000. Earnings per common share were $1.44 for this nine-month period, compared to $1.06 for the previous nine-month period.
 Total operating revenues for the 12-month period ended Sept. 30 were $937,095,000, an increase of $56,522,000, also about six percent, from the previous 12-month revenues of $880,573,000. Earnings per common share were $2.21 for the 12-month period ended Sept. 30, compared to $1.45 for the period ended Sept. 30, 1992.
 Non-recurring items recorded in 1992 and 1991 were responsible for a significant portion of the higher 1993 12-month earnings. These include:
 -- A gain of 10 cents per share for a legal settlement related to the Nine Mile Point Two nuclear plant that was recorded in 1992.
 -- The fact that earnings for the previous 12 months were reduced by 36 cents per share, net of tax, due to regulatory disallowances associated with the March 1991 ice storm and a fuel procurement audit by the Public Service Commission (PSC).
 ROCHESTER GAS AND ELECTRIC CORPORATION
 EARNINGS REPORT
 FOR THE PERIODS ENDED September 30,
 3 MONTHS 1993 1992
 OPERATING REVENUES $217,278,000 $198,341,000
 NET INCOME $ 20,204,000 $ 17,507,000
 EARNINGS APPLICABLE TO COMMON STOCK $ 18,379,000 $ 15,435,000
 AVERAGE SHARES OUTSTANDING 35,582,000 33,570,000
 EARNINGS PER SHARE $ .51 $ .45
 9 MONTHS 1993 1992
 OPERATING REVENUES $692,805,000 $651,242,000
 NET INCOME $ 56,196,000 $ 41,293,000
 EARNINGS APPLICABLE TO COMMON STOCK $ 50,721,000 $ 35,076,000
 AVERAGE SHARES OUTSTANDING 35,210,000 32,802,000
 EARNINGS PER SHARE $ 1.44 $ 1.06
 12 MONTHS 1993 1992
 OPERATING REVENUES $937,095,000 $880,573,000
 NET INCOME $ 85,342,000 $ 56,204,000
 EARNINGS APPLICABLE TO COMMON STOCK $ 77,795,000 $ 47,543,000
 AVERAGE SHARES OUTSTANDING 35,097,000 32,623,000
 EARNINGS PER SHARE $ 2.21 $ 1.45
 -0- 10/22/93
 /CONTACT: Mike Power of Rochester Gas & Electric, 716-724-8828/
 (RGS)


CO: Rochester Gas & Electric Corporation ST: New York IN: UTI SU: ERN

KL-AR -- CL008 -- 5613 10/22/93 09:30 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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