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SOUTHEASTERN MICHIGAN GAS ENTERPRISES REPORTS 1991 EARNINGS

 SOUTHEASTERN MICHIGAN GAS ENTERPRISES REPORTS 1991 EARNINGS
 PORT HURON, Mich., Feb. 12 /PRNewswire/ -- Robert J. Thomson, chairman, president and chief executive officer of Southeastern Michigan Gas Enterprises, Inc. (NASDAQ: SMGS), reported that 1991 net income available for common stockholders was $7,301,000 compared to 1990 net income of $6,027,000. Earnings per share amounted to $.89 in 1991 compared to $.75 for 1990.
 Major factors affecting these results include the weather in 1991 which was 93 percent of normal and slightly warmer than 1990. In spite of the weather, the company's natural gas distribution subsidiaries realized modest gains in sales volumes through customer additions. The company's transportation and marketing volumes increased 5 percent over last year primarily due to the competitive price of natural gas. In addition, 1991 earnings reflect the second-quarter expense of a portion of the company's investments in real estate ($665,000 net of tax).
 The following is a summary of the results for the quarter and year ended Dec. 31:
 SOUTHEASTERN MICHIGAN GAS ENTERPRISES, INC.
 Quarter Ended Dec. 31 1991 1990(B)
 Operating revenue $59,503,000 $56,836,000
 Net income for common $4,377,000 $3,707,000
 Earnings per share(A) $.53 $.46
 Dividends per share(A) $.20 $.19
 Average common shares outstanding(A) 8,269,000 8,074,000
 Year Ended Dec. 31
 Operating revenue $185,285,000 $180,636,000
 Net income for common $7,301,000 $6,027,000
 Earnings per share(A) $.89 $.75
 Dividends per share(A) $.78 $.74
 Average common shares outstanding(A) 8,199,000 8,006,000
 (A) -- Adjusted to give retroactive effect to 5-percent stock dividends in May 1991 and May 1990.
 (B) -- Adjusted to give retroactive effect to a change in accounting method for the company's oil and gas exploration activities from the full cost to the successful efforts method.
 Enterprises is the parent company of six wholly owned subsidiaries: Southeastern Michigan Gas Company (Port Huron); Battle Creek Gas Company (Battle Creek); Michigan Gas Company (Three Rivers); Southeastern Development Company (Port Huron); Southeastern Financial Services, Inc. (Port Huron); and SEMCO Energy Services, Inc. (Port Huron).
 Enterprises serves natural gas to approximately 200,000 customers in 23 counties in Michigan through its subsidiaries Southeastern Michigan Gas Company, Battle Creek Gas Company, and Michigan Gas Company.
 -0- 2/12/92
 /CONTACT: Allan E. Peattie of Southeastern Michigan Gas Enterprises, Inc., 313-987-2200/
 (SMGS) CO: Southeastern Michigan Gas Enterprises, Inc. ST: Michigan IN: UTI OIL SU: ERN


JG -- DE021 -- 9349 02/12/92 15:16 EST
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Publication:PR Newswire
Date:Feb 12, 1992
Words:421
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