WILKES-BARRE, Pa., Aug. 3 /PRNewswire/ -- Pennsylvania Enterprises, Inc.
(PEI) (NYSE: PNT), today reported a per-share seasonal quarterly loss of
12 cents. The company reported a per-share loss of 4 cents for the second
quarter of 1998.
Diluted earnings per share of common stock are 79 cents for the first six
months of 1999, up from 52 cents for the first half of 1998.
According to PEI, the second quarter of 1999 saw higher revenues from
PEI's regulated operations, PG Energy and Honesdale Gas Company, than those
reported in the second quarter of 1998. PG Energy PowerPlus, PEI's non-
regulated energy and energy services marketer, and PEI Power Corp. reported
$15.7 million in revenues for the quarter, more than double the $7.7 million
reported for the second quarter of 1998.
Operating expenses increased, reflecting the costs related to PEI's
planned merger with Southern Union Company (NYSE: SUG) of Austin, Texas. The
merger is expected to be completed in the fourth quarter of 1999.
"The second quarter financials reflect the costs of our merger with
Southern Union," said Thomas F. Karam, President and CEO of PEI.
"Notwithstanding these increased costs, our core energy business has improved
with the return of closer-to-normal weather for the first six months of the
year and with the continued growth of PG Energy PowerPlus."
PEI, based in Wilkes-Barre, is a holding company with regulated and non-
regulated subsidiaries. The regulated group consists of PG Energy and its
subsidiary, Honesdale Gas Company, which together deliver natural gas to more
than 153,000 customers in 13 counties in northeastern and central
Pennsylvania. The non-regulated group consists of PEI Power Corporation,
Theta Land Corporation and PG Energy Services, Inc., and its subsidiary,
Keystone Pipeline Services, Inc.
PG Energy Services markets energy and energy products in a large area of
Pennsylvania under the marketing name of PG Energy PowerPlus. PG Energy
PowerPlus sells natural gas and is marketing electricity to residential,
commercial and industrial customers participating in Pennsylvania's Electric
Choice Program. PG Energy PowerPlus also markets home and business security
systems, fire detection and environmental hazard monitoring systems and Custom
Care, a service maintenance contract for natural gas- and propane-fired
heating equipment and appliances.
This release and other Company-issued information, from time to time, may
contain certain forward-looking statements concerning plans or future
operations or financial performance. Actual events and financial results may
differ from these projections.
Additional information about PEI and its merger agreement with Southern
Union Company is available 24 hours a day by visiting the PEI web site at
http://www.pnt.com or the Southern Union web site at http://www.southernunionco.com.
Selected PEI press releases are available by fax by calling 1-800-758-5804 on
a touch-tone phone. By using PEI's identification number 684209 and following
the prompted instructions, company news will be faxed to you immediately
without charge.
PENNSYLVANIA ENTERPRISES, INC.
SUMMARY OF REVENUES AND EARNINGS
Three Months Ended Six Months Ended
June 30 June 30
1999 1998 1999 1998
(In thousands, except per
share amounts)
OPERATING REVENUES:
Energy products and
services -
Regulated $28,086 $25,004 $112,402 $90,010
Nonregulated 15,668 7,663 33,221 17,142
Pipeline construction
and services 2,893 3,204 5,336 5,608
Total operating
revenues $46,647 $35,871 $150,959 $112,760
NET INCOME (LOSS) $(1,347) $(391) $8,557 $5,148
COMMON STOCK
BASIC EARNINGS (LOSS)
PER SHARE OF COMMON
STOCK:
Before discount/
(premium) on repurchase/
redemption of
subsidiary's
preferred stock $(0.12) $(0.04) $0.80 $0.52
Discount/(premium) on
repurchase/redemption
of subsidiary's
preferred stock - - - -
Net income (loss) $(0.12) $(0.04) $0.80 $0.52
DILUTED EARNINGS (LOSS)
PER SHARE OF COMMON
STOCK:
Before discount/
(premium) on repurchase/
redemption of
subsidiary's
preferred stock $(0.12) $(0.04) $0.79 $0.52
Discount/(premium) on
repurchase/redemption
of subsidiary's
preferred stock - - - -
Net income (loss) $(0.12) $(0.04) $0.79 $0.52
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING
Basic 10,825,751 9,899,397 10,709,333 9,826,776
Diluted 10,941,986 9,999,017 10,798,751 9,916,915
Twelve Months Ended
June 30
1999 1998
OPERATING REVENUES:
Energy products and
services -
Regulated $181,114 $167,395
Nonregulated 52,471 30,051
Pipeline construction
and services 11,944 12,037
Total operating
revenues $245,529 $209,483
NET INCOME
(LOSS) $10,919 $8,775
COMMON STOCK
BASIC EARNINGS
(LOSS) PER SHARE
OF COMMON
STOCK:
Before discount/
(premium) on repurchase/
redemption of
subsidiary's
preferred stock $1.05 $0.90
Discount/(premium)
on repurchase/redemption
of subsidiary's
preferred stock (0.10) 0.01
Net income (loss) $0.95 $0.91
DILUTED EARNINGS (LOSS)
PER SHARE OF COMMON
STOCK:
Before discount/
(premium) on
repurchase/redemption
of subsidiary's
preferred stock $1.04 $0.89
Discount/(premium)
on repurchase/redemption
of subsidiary's
preferred stock (0.10) 0.01
Net income (loss) $0.94 $0.90
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING
Basic 10,434,238 9,758,831
Diluted 10,517,262 9,852,873
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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