Earnings news from New York State Electric & Gas Corp

Business Wire, Oct 19, 1995

BINGHAMTON, N.Y.--(BUSINESS WIRE)--Oct. 19, 1995--New York State Electric & Gas Corporation (NYSEG) today reported earnings available for common stock of $39 million or 54 cents per share for the three months ended September 30, 1995.

That compares to earnings of $26 million or 37 cents per share for the three months ended September 30, 1994.

"This significant increase in earnings is the result of strong electric sales because of the extremely warm summer and our continued efforts to cut costs. It puts us on target to improve 1995 earnings by at least 5 percent over 1994," said James A. Carrigg, chairman, president and chief executive officer.

Higher operating income, primarily due to the higher electric retail sales, contributed 19 cents to earnings per share for the period. Earnings per share were reduced by 2 cents due to higher losses incurred by the company's diversified operations compared to the third quarter last year.

Total operating revenues for the third quarter of 1995 were $32 million higher than revenues for the same quarter last year, a change of 7 percent. Electric revenues increased $30 million, or 7 percent and natural gas revenues increased $2 million, also 7 percent.

A summary of unaudited financial information follows: -0-