Mobile Gas Service Corporation Reports Fiscal Year 1995 Earnings

Strategic Insights -

Mobile Gas Service Corporation, a natural gas distributor serving over 100,000 customers in southwest Alabama, announced its fiscal year 1995 earnings. The Company reported net income of $4,028,000, or $1.26 per share, compared to $4,893,000, or $1.78 per share, in fiscal 1994. Gross revenue from the sale and transportation of natural gas decreased by 7% in 1995, reaching $56.2 million, due in part to the warmest winter on record and the issuance of 460,000 shares of Common Stock in September 1994. The Company's Bay Gas Storage Company, Ltd. subsidiary, which began operating a natural gas storage facility in September 1994, made a limited contribution to net income in its first year of operation. The Company has filed a petition with the Alabama Public Service Commission requesting additional annual revenues of $7,863,000.

Key Takeaways:

  • Mobile Gas Service Corporation reported net income of $4,028,000, or $1.26 per share, for fiscal year 1995, down from $4,893,000, or $1.78 per share, in fiscal 1994.
  • Gross revenue from the sale and transportation of natural gas decreased by 7% in 1995, reaching $56.2 million.
  • The warmest winter on record in 1995, compared to a 7.9% colder winter in 1994, had a significant impact on net income.
  • The Company's Bay Gas Storage Company, Ltd. subsidiary, which began operating a natural gas storage facility in September 1994, made a limited contribution to net income in its first year of operation.
  • The Company has filed a petition with the Alabama Public Service Commission requesting additional annual revenues of $7,863,000.
  • The petition is expected to be decided on or before December 1, 1995.
  • Mobile Gas Service Corporation is a natural gas distributor serving over 100,000 customers in southwest Alabama.

Statistics:

  • Net income for fiscal year 1995: $4,028,000
  • Earnings per share for fiscal year 1995: $1.26
  • Gross revenue from the sale and transportation of natural gas for fiscal year 1995: $56.2 million
  • Decrease in net income due to the warmest winter on record in 1995: Not explicitly stated
  • Number of shares of Common Stock issued in September 1994: 460,000
  • Percentage of Bay Gas owned by Mobile Gas Service Corporation: 87.5%
  • Number of customers served by Mobile Gas Service Corporation: Over 100,000
  • Requested additional annual revenues: $7,863,000

Sources:

  • Mobile Gas Service Corporation press release, dated September 30, 1995
  • Charles P. Huffman, Vice President of Mobile Gas Service Corporation, quoted in the press release