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SCANA CORPORATION ANNOUNCES HIGHER EARNINGS FROM OPERATIONS FOR FOURTH QUARTER AND FULL YEAR 1991

 SCANA CORPORATION ANNOUNCES HIGHER EARNINGS
 FROM OPERATIONS FOR FOURTH QUARTER AND FULL YEAR 1991
 COLUMBIA, S.C., Feb. 18 /PRNewswire/ -- SCANA Corporation (NYSE: SCG) today reported consolidated net income for 1991 of $135.9 million, or $3.37 per share of common stock compared to $181.6 million, or $4.44 per share in 1990. The prior year's stock earnings included a one-time gain of $46.1 million, or $1.13 per share resulting from the sale of the Company's investment in Telecom-USA to MCI Communications Corporation in August 1990. Excluding that nonrecurring gain, earnings from operations in 1990 were $135.5 million, or $3.31 per share.
 William B. Timmerman, senior vice president and chief financial officer, said several factors played a part in the improvement in earnings per share from operations. "Improved gross margins on sales of electricity and natural gas and a 1.3 percent decrease in the average number of common shares outstanding favorably impacted earnings per share in 1991. Increased KWH sales of electricity to residential and commercial customers contributed to the higher electric margin. The improved natural gas margin was the result of increased transportation volumes and increased therm sales to higher margin residential and commercial customers compared to 1990. The average number of common shares outstanding decreased from 40.9 million in 1990 to 40.4 million in 1991 as a result of the purchase by the Company of one million shares of its common stock in the second quarter of 1991. Most of those shares were subsequently reissued in connection with the Company's acquisition of a privately-held retail propane distributor, which was completed in November 1991." Timmerman also cited effective cost management and lower interest rates as factors that favorably impacted earnings in 1991.
 For the fourth quarter of 1991 consolidated net income was $23.2 million, or $.58 per share, up from $20.0 million, or $.43 per share for the corresponding period in 1990. Earnings per share reported for the fourth quarter of 1990 included a reduction of $.06 per share to reflect a full year's dilution associated with the Company acquisition of Peoples Natural Gas Company of South Carolina in October 1990. A 4.9 percent increase in territorial KWH sales of electricity compared to the same quarter last year also contributed to the improved quarterly earnings. In addition, a weather normalization adjustment mechanism which took effect on Dec. 1, 1991 had a positive impact on the Company's natural gas gross margin for the current quarter.
 Consolidated earnings for the 3 months and 12 months ended Dec. 31, 1991 and 1990 are summarized in the following table:
 Consolidated Earnings Summary
 (000s except per share amounts)
 (Unaudited)
 3 Months Ended
 12/31/91 12/31/90
 Total Operating Revenues $ 283,784 $ 278,792(A)
 Net Income $ 23,221 $ 19,976
 Weighted Average Common
 Shares Outstanding 40,314 40,882
 Earnings Per Common Share $.58 $.43(B)
 12 Months Ended
 12/31/91 12/31/90
 Total Operating Revenues $1,147,826 $1,147,559(A)
 Net Income:
 From Operations $ 135,851 $ 135,453
 From Sale of Telecom-USA
 Investment -- 46,150
 Total Net Income $ 135,851 $ 181,603
 Weighted Average Common
 Shares Outstanding 40,361 40,882
 Earnings Per Common Share:
 From Operations $3.37 $3.31
 From Sale of Telecom-USA
 Investment -- 1.13
 Total Earnings Per Common
 share $3.37 $4.44
 (A) Certain operating revenues in 1990 have been reclassified to reflect changes in presentation of interchange power sales pursuant to FERC Order No. 529. There is no impact on net income from these reclassifications.
 (B) Dilution of $.06 per share related to SCANA's acquisition of Peoples Natural Gas Company of South Carolina in October 1990 is reflected in entirety in the fourth quarter of 1990.
 SCANA Corporation, headquartered in Columbia, S.C., is an energy-based holding company engaged, through subsidiaries, in regulated electric and natural gas utility businesses and non-regulated diversified businesses.
 -0- 2/18/92
 /CONTACT: (Investor Contact) H. John Winn, III, SCANA Corporation, 803-748-3240/
 (SCG) CO: SCANA Corporation ST: South Carolina IN: UTI SU: ERN


CM -- CH005 -- 0034 02/18/92 14:40 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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