WILKES-BARRE, Pa., May 4 /PRNewswire/ -- Pennsylvania Enterprises, Inc.
(PEI) (NYSE: PNT), today reported a 66 percent increase in diluted per share
earnings for the first quarter of 1999.
Fully diluted earnings per share were 93 cents, up from 56 cents for the
first quarter of 1998. PEI reported net income for the quarter of
$9.9 million, an increase of almost 79 percent from the $5.5 million reported
for the first quarter of 1998.
Key factors contributing to the improved results were the strong
performances in PEI's non-regulated energy marketing division, PG Energy
PowerPlus, and its regulated natural gas subsidiaries, PG Energy and Honesdale
Gas Company.
PG Energy PowerPlus increased sales of natural gas and electricity from
$9 million reported in the first quarter of 1998 to $17 million. PG Energy
PowerPlus began delivering electricity to more than 17,000 residential,
commercial and industrial customers in January 1999.
The regulated utility portion of PEI's business reported quarterly
revenues of $84.3 million, up 29.7 percent from the $65 million reported a
year ago. The strong performance of its regulated business occurred during a
first-quarter heating season with slightly warmer than normal temperatures.
PG Energy and Honesdale Gas Company provide natural gas to more than 153,000
customers in 13 counties in northeastern and central Pennsylvania.
PEI's non-regulated subsidiaries include PEI Power Corporation, Theta Land
Corporation and PG Energy Services Inc. and its subsidiary, Keystone Pipeline
Services, Inc.
PEI news releases are available 24 hours a day by visiting the Company web
site at http://www.pnt.com. Selected news releases are available by fax by calling
1-800-758-5804 on a touch-tone phone. By using PEI's ID # 684209 and
following the prompted directions, Company news will be faxed to you
immediately without charge.
PENNSYLVANIA ENTERPRISES, INC.
SUMMARY OF REVENUES AND EARNINGS
Three Months Ended Twelve Months Ended
March 31 March 31
1999 1998 1999 1998
(In thousands, except per share amounts)
OPERATING REVENUES:
Energy products
and services -
Regulated $84,316 $65,006 $178,033 $175,600
Nonregulated 17,553 9,479 44,467 28,436
Pipeline construction
and services 2,443 2,404 12,255 11,462
Total operating
revenues $104,312 $76,889 $234,755 $215,498
NET INCOME $9,904 $5,539 $11,875 $9,317
COMMON STOCK:
BASIC EARNINGS PER
SHARE OF COMMON STOCK:
Before discount/
(premium) on
repurchase/
redemption of
subsidiary's
preferred stock. $0.94 $0.57 $1.16 $0.96
Discount/(premium)
on repurchase/
redemption of
subsidiary's
preferred stock. --- --- (0.10) 0.08
Net income $0.94 $0.57 $1.06 $1.04
DILUTED EARNINGS
PER SHARE OF
COMMON STOCK:
Before discount/
(premium) on
repurchase/
redemption of
subsidiary's
preferred stock. $0.93 $0.56 $1.16 $0.95
Discount/(premium)
on repurchase/
redemption of
subsidiary's
preferred stock. --- --- (0.10) 0.08
Net income $0.93 $0.56 $1.06 $1.03
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING:
Basic 10,591,622 9,753,348 10,203,284 9,695,067
Diluted 10,650,899 9,834,444 10,277,684 9,778,901
SOURCE Pennsylvania Enterprises, Inc.
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Related links:
http://www.pnt.com
Company News On-Call:
http://www.prnewswire.com/comp/684209.html or fax,
800-758-5804, ext. 684209
CONTACT:
John J. Hambrose of Pennsylvania Enterprises,
570-829-8756
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