UNITED CITIES REPORTS 1991 EARNINGS
UNITED CITIES REPORTS 1991 EARNINGS BRENTWOOD, Tenn., Feb. 18 /PRNewswire/ -- United Cities Gas Co.
(NASDAQ: UCIT), the Nashville area-based natural and propane gas distributor today announced improved earnings for 1991 despite warmer than normal weather.
Gene C. Koonce, United Cities' president and chief executive officer, reported common stock earnings of $7,741,000 or $.97 per share in 1991 compared to $3,211,000 or $.44 per share in 1990. "In light of warmer weather, we were pleased to see such a strong rebound in earnings from 1990," said Koonce. "This year, temperatures averaged approximately 13 percent warmer than normal system-wide, compared to weather that was approximately 20 percent warmer than normal in 1990. We estimate that if normal weather had occurred throughout our service area, earnings would have reached approximately $1.29 per share in 1991." Koonce pointed out that the improvement in earnings was due in part to the weather normalization of rates in Georgia and Tennessee, as well as continued dedication to cost control. "Both of our subsidiaries, UCG Energy Corporation and United Cities Gas Storage Company, provided strong contributions in 1991, collectively adding approximately 38 percent of our common stock earning in 1991," added Koonce. United Cities Gas Company distributes natural and propane g ?to approximately 292,000 customers in nine states. The company is also engaged in other energy-related businesses. FINANCIAL HIGHLIGHTS TABLE 12 Months Ended 3 Months Ended December 31, December 31, 1991 1990 1991 1990 Total Operating Revenues(A) $239,155,000 $224,593,000 $79,479,000 $72,041,000 Net Income $ 7,875,000 $ 3,373,000 $ 5,565,000 $ 4,316,000 Preferred and Preference Stock Dividends 134,000 162,000 32,000 38,000 Common Stock Earnings $ 7,741,000 $ 3,211,000 $ 5,533,000 $ 4,278,000 Common Stock Earnings Per Share $ .97 $ .44 $ .65 $ .59 Average Common Shares Outstanding 8,000,000 7,238,000 8,498,000 7,273,000 Weather Data -- Percent Colder (Warmer) Than Normal (12.8 pct.) (20.4 pct.) (6.0 pct.) (12.6 pct.) Average Number of Customers Served 292,000 290,000 292,000 293,000 (A) Certain reclassifications were made conforming prior years' financial statements with 1991 financial statement presentation. -0- 2/18/92 /CONTACT: Linda Kelley of United Cities Gas Company, 615-373-0104/ (UCIT) CO: United Cities Gas Company ST: Tennessee IN: OIL SU: ERN
SB -- CH006 -- 0027 02/18/92 14:33 EST
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|Date:||Feb 18, 1992|
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