WISCONSIN ENERGY CORP. REPORTS RESULTS
WISCONSIN ENERGY CORP. REPORTS RESULTS MILWAUKEE, Oct. 28 /PRNewswire/ -- Wisconsin Energy Corp.
(NYSE: WEC) reported today that earnings per share of common stock decreased to 37 cents in the third quarter of 1992 compared to 50 cents in the same period last year. Consolidated net income was $37,661,000 during the third quarter compared to $50,027,000 a year ago.
Richard A. Abdoo, WEC chairman and chief executive officer, said that earnings during the third quarter of 1992 compared to the same period in 1991 were lower primarily due to a 3.5 percent decline in electric kilowatt-hour sales of Wisconsin Electric Power Co., WEC's principal subsidiary. "Electric kilowatt-hour sales were down because of significantly cooler weather during the third quarter compared to the previous year," he said. "This summer, one of the coolest on record, compared unfavorably in terms of electric sales to the summer of 1991, which was one of the warmest." Net income for the 12 months ended Sept. 30, 1992 was $170,259,000 compared to $187,496,000 the previous year. Earnings for the 12-month period were $1.68 a share in 1992 compared to $1.86 in 1991. "Due to the unseasonable weather throughout 1992, it is unlikely that earnings will match those reported in 1991," Abdoo noted. DIGEST OF EARNINGS REPORT 3 mo. ended 9/30/92 3 mo. ended 9/30/91 Operating Revenues $ 358,321,000 $ 364,204,000 Net Income $ 37,661,000 $ 50,027,000 Average Shares Outstanding 101,973,000 101,037,000 Earnings Per Share $ 0.37 $ 0.50 12 mo. ended 9/30/92 12 mo. ended 9/30/91 Operating Revenues $ 1,539,639,000 $ 1,509,296,000 Net Income $ 170,259,000 $ 187,496,000 Average Shares Outstanding 101,307,000 101,037,000 Earnings Per Share $ 1.68 $ 1.86 -0- 10/28/92 /CONTACT: Chuck Ziegler of Wisconsin Energy Corp., 414-221-2896/ (WEC) CO: Wisconsin Energy Corp. ST: Wisconsin IN: UTI SU: ERN
KK -- CL019 -- 6247 10/28/92 16:55 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Oct 28, 1992|
|Previous Article:||JEFFERSON BANCORP, INC. ANNOUNCES CASH DIVIDEND|
|Next Article:||SYMANTEC ANNOUNCES NORTON DESKTOP FOR WINDOWS LEVERAGES WINDOWS FOR WORKGROUPS|