NYSEG Reports Encouraging Earnings Results in 1994

Strategic Insights -

New York State Electric & Gas Corporation (NYSEG) has announced its financial results for the 1994 fiscal year, showing earnings available for common stock of $169 million or $2.37 per share. This is a significant improvement from 1993, where earnings were reduced by 25 cents per share due to a $26 million corporate restructuring charge. Without the restructuring charge, 1993 earnings per share would have been $2.33. The company credits its decisive actions to reduce costs in 1994 for the encouraging results, with both electric and natural gas operations showing marked improvement.

Key Takeaways:

  • NYSEG reported earnings available for common stock of $169 million or $2.37 per share for the 12 months ended December 31, 1994, a significant improvement from $145 million or $2.08 per share in 1993.
  • Without the restructuring charge, 1993 earnings per share would have been $2.33, indicating that the charge had a significant impact on earnings.
  • Electric revenues for 1994 increased by $73 million, or 5%, over 1993, driven by changes in rates effective in September 1993 and August 1994.
  • The rate increases were primarily due to mandated purchases of non-utility generator power and taxes.
  • Electric retail sales in 1994 rose slightly compared to 1993 sales.
  • Natural gas revenues increased by $26 million, or 10%, in 1994, driven by higher costs of natural gas, higher rates, and a 1% increase in deliveries.
  • For the quarter ended December 31, 1994, earnings available for common stock were $55 million, or 77 cents per share, compared to $33 million, or 47 cents per share, for the same quarter in 1993.

Statistics:

  • Earnings available for common stock in 1994: $169 million or $2.37 per share
  • Earnings available for common stock in 1993: $145 million or $2.08 per share
  • Increase in electric revenues in 1994: $73 million or 5%
  • Increase in natural gas revenues in 1994: $26 million or 10%
  • Electric retail sales in 1994: slightly higher than 1993 sales
  • Deliveries of natural gas in 1994: 1% increase
  • Average shares outstanding in 1994: (A)
  • Restructuring charge in 1993: $26 million
  • Operating expenses in 1994: [insert data]
  • Fuel used in electric operations in 1994: [insert data]
  • Depreciation and amortization in 1994: [insert data]
  • Income before interest and taxes in 1994: [insert data]
  • Interest charges in 1994: [insert data]
  • Allowance for borrowed funds in 1994: [insert data]

Sources:

  • PRNewswire, "New York State Electric & Gas Corporation Reports Earnings for 1994", January 26, 1995
  • NYSEG Press Release, "NYSEG Reports Encouraging Earnings Results in 1994", January 26, 1995