Printer Friendly

SCANA CORPORATION REPORTS INCREASE IN SECOND QUARTER EARNINGS

 COLUMBIA, S.C., July 21 /PR (NYSE: SCG) today reported consolidated earnings for the second quarter of 1993 of $26.9 million, or $.61 per share based on 44.4 million weighted average common shares outstanding. Earnings for the corresponding period of 1992 were $16.8 million, or $.41 per share based on 41.1 million weighted average shares outstanding. Total operating revenues for the second quarter of 1993 were $280.4 million, compared with $255.3 million for the same period last year.
 William B. Timmerman, senior vice president and chief financial officer, said the improved earnings stemmed primarily from the impact of more normal weather on sales of electricity by South Carolina Electric & Gas Company, SCANA's principal subsidiary. "Territorial kilowatt-hour sales of electricity were up 8.8 percent compared to the second quarter of last year as a result of warmer weather in May and June compared to the unusually mild weather we experienced in the same period in 1992. Earnings for the quarter also benefitted from improved profitability at SCANA Petroleum Resources, Inc., our natural gas exploration and production subsidiary."
 Consolidated earnings for the twelve months ended June 30, 1993 were $138.7 million, or $3.22 per share based on 43.1 million weighted average common shares outstanding. Consolidated earnings for the twelve months ended June 30, 1992 were $123.8 million, or $3.05 per share based on 40.5 million weighted average shares outstanding. Earnings for the current twelve month period include a one-time, after- tax charge of $11.6 million, or $.27 per share related to an electric rate refund ordered in January 1993 by The Public Service Commission of South Carolina. Approximately $11.1 million of that amount was charged against the Company's 1992 earnings.
 Consolidated earnings for the three and twelve months ended June 30, 1993 and 1992 are summarized in the following table:
 Consolidated Earnings Summary
 (000's except per share amounts)
 (Unauidted)
 3 Months Ended June 30,
 1993 1992 Pct Incr.
 Total Operating Revenues $ 280,382 $ 255,343 9.8
 Net Income $ 26,909 $ 16,753 60.6
 Wgt. Avg. Common Shares Outstanding 44,430 41,082 8.2
 Earnings Per Wgt. Avg. Common Share $.61 $.41 48.8
 12 Months Ended June 30,
 1993 1992 Pct Incr.
 Total Operating Revenues $1,187,839 $1,145,846 3.7
 Net Income $ 138,723 $ 123,812 12.0
 Wgt. Avg. Common Shares Outstanding 43,108 40,537 6.3
 Earnings Per Wgt. Avg. Common Share $3.22 $3.05 5.6
 SCANA Corporation, headquartered in Columbia, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses.
 -0- 7/21/93
 /CONTACT: H. John Winn, Manager-Investor Relations & Services, SCANA Corporation, 803-748-3240/
 (SCG)


CO: SCANA Corporation ST: South Carolina IN: UTI SU: ERN

CM -- CH007 -- 3812 07/21/93 09:35 EDT
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:Jul 21, 1993
Words:480
Previous Article:HARRAH'S EXPRESSES DISAPPOINTMENT IN LOUISIANA CASINO LICENSE DECISION/REBID IN DOUBT HARRAH'S CONTINUES FOCUS ON GROWTH AND NATIONAL BRAND STRATEGY
Next Article:'WHITE HOUSE SMALL BUSINESS DAY' LAUNCHED BY PRESIDENT CLINTON AND SBA ADMINISTRATOR ERSKINE BOWLES
Topics:


Related Articles
SCANA CORPORATION ANNOUNCES HIGHER EARNINGS FROM OPERATIONS FOR FOURTH QUARTER AND FULL YEAR 1991
SCANA CORPORATION REPORTS EARNINGS FOR SECOND QUARTER 1992
SCANA CORPORATION ANNOUNCES INCREASE IN FIRST QUARTER EARNINGS
SCANA CORPORATION REPORTS EARNINGS
SCANA CORPORATION REPORTS LOWER FIRST QUARTER EARNINGS
SCANA CORP0RATION REPORTS HIGHER THIRD QUARTER EARNINGS
SCANA CORPORATION REPORTS 1995 EARNINGS
SCANA CORPORATION REPORTS HIGHER EARNINGS FOR SECOND QUARTER
SCANA Corporation Reports Third Quarter Earnings
SCANA Corporation Reports 1996 Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters