Printer Friendly

SOUTHEASTERN PUBLIC SERVICE COMPANY ANNOUNCES RESULTS

 MIAMI, June 3 /PRNewswire/ -- Southeastern Public Service Company (PSE) today announced results for the fourth quarter and the fiscal year ended Feb. 28, 1993.
 For the three months ended Feb. 28, 1993, the company reported revenues of $55.8 million, an operating loss of $4.1 million and a net loss of $1.6 million (a loss of $.14 per share), compared to revenues of $55.7 million, an operating loss of $0.9 million and net earnings of $2.2 million ($.19 per share) in the prior year's comparable period. Included in the operating loss for the fourth quarter of fiscal 1993 are $2.4 million of adjustments related to anticipated losses on construction contracts ($1.6 million) and to realization of oil and gas properties ($0.8 million). In addition to the items affecting the operating loss, the net loss for the fourth quarter of fiscal 1993 included pretax provisions for litigation settlements ($1.7 million) and environmental costs ($2.1 million) and a $6.0 million pretax gain from the sale of a marketable security. The comparable 1992 period included a $4.0 million pretax gain on the repurchase of debentures for sinking fund payments.
 For the fiscal year ended Feb. 28, 1993, the company reported revenues of $233.2 million, an operating profit of $1.6 million and net earnings of $0.7 million ($.06 per share), compared with revenues of $229.6 million, an operating profit of $7.3 million and net earnings of $6.1 million ($.52 per share) in the prior fiscal year. In addition to the items impacting the fourth quarter of fiscal 1993, the fiscal 1993 year after tax results also included a $6.5 million increase (to $11.3 million) in the equity in earnings of affiliates before cumulative effect of changes in accounting principles and extraordinary item substantially offset by a charge of $6.0 million ($.51 per share) for the equity in cumulative effect of changes in accounting principles of an affiliate.
 SOUTHEASTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
 Summary Operating Results
 For the three months For the year ended
 ended Feb. 28 or 29, Feb. 28 or 29,
 1993 1992 1993 1992
 (In thousands except per share amounts)
 Operating revenues $ 55,786 $ 55,707 $233,234 $229,573
 Operating profit (loss) (4,132) (908) 1,633 7,270
 Earnings (loss) before
 cumulative effect of
 changes in accounting
 principles and
 extraordinary item (1,274) 2,176 7,030 6,107
 Equity in cumulative
 effect of changes in
 accounting principles
 of affiliate, net
 of taxes --- --- (5,954) ---
 Equity in extraordinary
 item of affiliate (348) --- (348) ---
 Net earnings (loss) $ (1,622) $ 2,176 $ 728 $ 6,107
 Earnings (loss)
 per share:
 Before cumulative
 effect and
 extraordinary item $(.11) $ .19 $ .60 $ .52
 From cumulative
 effect of changes in
 accounting principles
 of affiliate --- --- (.51) ---
 From extraordinary
 item of affiliate (.03) --- (.03) ---
 Net earnings (loss) $(.14) $ .19 $ .06 $ .52
 Average shares
 outstanding 11,655 11,655 11,655 11,655
 -0- 6/3/93
 /CONTACT: William R. Pollert, senior vice president of Southeastern Public Service Company, 305-866-7771/


CO: Southeastern Public Service Company ST: Florida IN: SU: ERN

AW-JB -- FL004 -- 4865 06/03/93 10:11 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:Jun 3, 1993
Words:531
Previous Article:APACHE ANNOUNCES GULF OF MEXICO ACQUISITIONS TOTALING $125.5 MILLION
Next Article:COMPOUNDING TECHNOLOGY INC. CREATES NEW POSITIONS OF CHAIRMAN AND PRESIDENT
Topics:


Related Articles
SOUTHEASTERN PUBLIC SERVICE ANNOUNCES RESULTS
SOUTHEASTERN MICHIGAN GAS ENTERPRISES REPORTS 1991 EARNINGS
SOUTHEASTERN PUBLIC SERVICE COMPANY REPORTS RESULTS
SOUTHEASTERN PUBLIC SERVICE COMPANY REPORTS RESULTS
SOUTHEASTERN MICHIGAN GAS ENTERPRISES, INC. REPORTS 2ND-QUARTER EARNINGS
SOUTHEASTERN PUBLIC SERVICE COMPANY REPORTS RESULTS
SOUTHEASTERN PUBLIC SERVICE COMPANY ANNOUNCES RESULTS
SOUTHEASTERN PUBLIC SERVICE COMPANY ANNOUNCES RESULTS
SOUTHEASTERN MICHIGAN GAS ENTERPRISES, INC. REPORTS 1992 EARNINGS
SOUTHEASTERN PUBLIC SERVICE COMPANY ANNOUNCES RESULTS

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