Printer Friendly

UPPER PENINSULA ENERGY CORPORATION REPORTS EARNINGS

 UPPER PENINSULA ENERGY CORPORATION REPORTS EARNINGS
 HOUGHTON, Mich., Nov. 1 /PRNewswire/ -- Upper Peninsula Energy


Corporation (NASDAQ-NMS: UPEN) reported unaudited consolidated net income of $4,285,000 or $2.85 per average common share for the 12 months ended Sept. 30, 1991. Twelve-month earnings for the same period a year ago were $4,213,000 or $2.83 per share. For the nine months ended Sept. 30, 1991, earnings were $3,388,000 or $2.25 per share compared to $3,224,000 or $2.16 per share for the nine months ended Sept. 30, 1990. For the third quarter ended Sept. 30, 1991, earnings were $848,000 or $0.56 per share compared to $781,000 or $0.52 per share for the same period in 1990.
 Elio Argentati, chairman of the board and president, said that earnings applicable to common stock increased for the 12, nine and three months ended Sept. 30, 1991, due to the effect of Michigan jurisdictional rate relief effective May 1, 1991, wholesale rate relief effective Oct. 28, 1990, and the redemption of its 8-percent Series Preferred Stock in July 1991. Items having a negative impact on earnings were higher overall labor-related costs, ad valorem taxes and depreciation expense.
 UPPER PENINSULA ENERGY CORPORATION
 12 Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1991 1990 1991 1990
 Revenues $59,383,000 $56,614,000 $45,013,000 $42,119,000
 Net income $4,285,000 $4,213,000 $3,388,000 $3,224,000
 Average shares
 outstanding 1,502,586 1,489,152 1,504,498 1,490,955
 Earnings per
 share $2.85 $2.83 $2.25 $2.16
 Third Quarter
 Sept. 30
 1991 1990
 Revenues $14,832,000 $13,929,000
 Net income $848,000 $781,000
 Average shares
 outstanding 1,507,717 1,494,376
 Earnings per
 share $.56 $.52
 -0- 11/1/91
 /CONTACT: E. Argentati or B.C. Arola of Upper Peninsula Energy Corporation, 906-487-5000/
 (UPEN) CO: Upper Peninsula Energy Corporation ST: Michigan IN: UTI OIL SU: ERN ML -- DE005 -- 0132 11/01/91 10:34 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 1, 1991
Words:347
Previous Article:MULTIMEDIA ENTERTAINMENT ANNOUNCES NEW LATE-NIGHT TALK SHOW STRIP STARRING RUSH LIMBAUGH
Next Article:BROWNING-FERRIS NAMES PRESIDENT AND CHIEF OPERATING OFFICER
Topics:


Related Articles
UPPER PENINSULA ENERGY CORP. REPORTS 1991 EARNINGS
UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS
UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS
UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS
UPPER PENINSULA ENERGY CORPORATION ANNOUNCES RESULTS
UPPER PENINSULA ENERGY CORPORATION ANNOUNCES RESULTS
UPPER PENINSULA ENERGY CORPORATION ANNOUNCES RESULTS
UPPER PENINSULA ENERGY CORPORATION ANNOUNCES RESULTS
Upper Peninsula Energy Corporation Announces Results
Upper Peninsula Energy Corporation Announces Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters