WILKES-BARRE, Pa., Oct. 21 /PRNewswire/ -- Pennsylvania Enterprises, Inc.
(PEI) (NYSE: PNT) today reported a seasonal third quarter loss of 31 cents per
share, a 4-cent increase over the loss of 27 cents per share reported for the
third quarter of 1998.
Diluted earnings per share of common stock increased 23 cents, from
24 cents for the first nine months of 1998 to 47 cents for the first
nine months of this year.
Operating revenues increased 31 percent, from $26.9 million for the
third quarter of 1998 to $35.2 million for the third quarter this year, and
were led by a 94 percent increase in non-regulated revenues.
The increase in non-regulated revenues resulted from a $3.4 million
increase in natural gas sales and a $4.0 million increase in electricity sales
by PG Energy PowerPlus and a $304,000 increase in revenues from PEI Power
Corp.'s sale of electricity generated by its Archbald Cogeneration Plant.
Operating expenses increased 31.5 percent, from $27.2 million to
$35.7 million, between the third quarters of 1998 and 1999. This increase was
largely due to the increased cost of natural gas and electricity caused by
increased sales, and expenses related to PEI's planned merger with Southern
Union Company (NYSE: SUG) of Austin, Texas.
PEI and Southern Union shareholders approved the merger during meetings
Tuesday. The merger is expected to be consummated before the end of the year.
PEI's subsidiaries include PG Energy and Honesdale Gas Company, which
together deliver natural gas to more than 152,000 customers in 13 counties in
northeastern and central Pennsylvania, and PEI Power Corp., 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 Nine Months Ended
September 30 September 30
1999 1998 1999 1998
(In thousands, except per share amounts)
OPERATING REVENUES:
Energy products
and services -
Regulated $16,115 $15,177 $128,517 $105,187
Nonregulated 15,738 8,112 48,959 25,254
Pipeline construction
and services 3,391 3,611 8,727 9,219
Total operating
revenues $35,244 $26,900 $186,203 $139,660
NET INCOME (LOSS) $(3,400) $(2,711) $5,157 $2,437
COMMON STOCK
BASIC EARNINGS (LOSS)
PER SHARE OF
COMMON STOCK:
Before discount/
(premium) on
repurchase/
redemption of
subsidiary's
preferred stock. $(0.31) $(0.27) $0.48 $0.25
Discount/(premium)
on repurchase/
redemption of
subsidiary's
preferred stock. - - - -
Net income (loss) $(0.31) $(0.27) $0.48 $0.25
DILUTED EARNINGS
(LOSS) PER SHARE
OF COMMON STOCK:
Before discount/
(premium) on
repurchase/
redemption of
subsidiary's
preferred stock. $(0.31) $(0.27) $0.47 $0.24
Discount/(premium)
on repurchase/
redemption of
subsidiary's
preferred stock. - - - -
Net income (loss) $(0.31) $(0.27) $0.47 $0.24
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING
Basic 10,856,815 10,062,702 10,759,034 9,906,282
Diluted 11,004,036 10,141,608 10,861,501 9,989,804
Twelve Months Ended
September 30
1999 1998
(In thousands, except per share amounts)
OPERATING REVENUES:
Energy products and services -
Regulated $182,056 $166,295
Nonregulated 60,098 33,557
Pipeline construction and services 11,724 12,304
Total operating revenues $253,878 $212,156
NET INCOME (LOSS) $10,229 $8,432
COMMON STOCK
BASIC EARNINGS (LOSS) PER SHARE
OF COMMON STOCK:
Before discount/(premium) on
repurchase/redemption of subsidiary's
preferred stock. $0.96 $0.86
Discount/(premium) on
repurchase/redemption of subsidiary's
preferred stock. (0.10) -
Net income (loss) $0.86 $0.86
DILUTED EARNINGS (LOSS) PER SHARE
OF COMMON STOCK:
Before discount/(premium) on
repurchase/redemption of subsidiary's
preferred stock. $0.95 $0.85
Discount/(premium) on
repurchase/redemption of subsidiary's
preferred stock. (0.10) -
Net income (loss) $0.85 $0.85
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING
Basic 10,634,394 9,857,911
Diluted 10,730,223 9,944,380
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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