UNITED CITIES ANNOUNCES QUARTERLY RESULTS AND RAISES DIVIDEND
BRENTWOOD, Tenn., Nov. 1 /PRNewswire/ -- United Cities Gas Co., (NASDAQ: UCIT), the Nashville area-based natural and propane gas distributor, announced today that third quarter and year-to-date results show an improvement over the same period in 1990.
"The seasonal nature of the natural gas business normally results in a loss for the third quarter, however we are pleased to report an improvement over the same period in 1990," said Gene C. Koonce, United Cities' president and chief executive officer,
The company reported a third quarter loss of $3.4 million compared to a loss of $4.2 million in 1990. Year-to-date results reflect common stock earnings of $2,208,000 or $.28 per share on revenues of $168,460,000 compared with a loss of $1,067,000 or $.15 per share on revenues of $157,062,000 for the same period in 1990.
Koonce also announced that the company's board of directors raised the dividend to an annual rate of $.96 per share today at its regular quarterly board meeting. A quarterly dividend of $.24 per common share will be payable on Dec. 13, 1991 to all sharehodlers of record on Nov. 29, 1991. "Our board recognized the need for a dividend rate that offsets yearly inflation and rewards our loyal shareholders," said Koonce. This marks the tenth consecutive year the company has raised the annual dividend on common shares.
United Cities Gas Company distributes natural and propane gas to approximately 291,000 customers in nine states. The company is also engaged in other energy-related businesses.
UNITED CITIES GAS COMPANY
FINANCIAL HIGHLIGHTS TABLE
3 Months Ended, 9 Months Ended,
Sept. 30, Sept. 30,
1991 1990 1991 1990
Revenue $28,417,000 $28,634,000 $168,460,000 $157,062,000
Net Income (Loss)($3,359,000)($4,186,000)$ 2,310,000 ($ 942,000)
Stock Dividends 32,000 38,000 102,000 125,000
(Loss) ($3,391,000) ($4,224,000) $2,208,000 $(1,067,000)
Per Share ($ .40) ($ .58) $ .28 $ (.15)
standing 8,475,000 7,250,000 7,832,000 7,226,000
Weather Data -
normal N/A N/A (16.9pct) (24.8pct)
12 Months Ended
Total Operating Revenues $231,794,000 $223,520,000
Net Income (Loss) $ 6,625,000 $ 6,826,000
Preferred and Preference
Stock Dividends 139,000 177,000
Common Stock Earnings (Loss) $ 6,486,000 $ 6,649,000
Common Stock Earnings
(Loss) Per Share $ .84 $ .92
Average Common Shares Outstanding 7,691,000 7,215,000
Weather Data -- percent
colder (warmer) than normal (16.6pct) (8.4pct)
/CONTACT: Linda Kelley of United Cities Gas Co., 615-373-0104/
(UCIT) CO: United Cities Gas Co. ST: Tennessee IN: UTI SU: ERN CM -- CH014 -- 0292 11/01/91 14:22 EST