BG&E reports quarterly earnings of $6.1 million

January 18, 1992|By Kim Clark

Repairs to the Calvert Cliffs nuclear power plant paid off for Baltimore Gas and Electric Co. in the last three months of 1991, as the Lusby generating station helped the company earn a $6.1 million profit in its final fiscal quarter.

Last year, when the company was buying costly electricity from nearby utilities to replace Calvert Cliffs' power, Baltimore Gas and Electric Co. lost $508,000 in the fourth quarter.

Calvert Cliffs generates about half of Baltimore Gas and Electric Co.'s electricity and was down for repairs for much of 1989 and 1990.

Although electricity sales were strong this winter, the company said its real estate and financial dealings hurt the company's financial performance.

The company earned $16.7 million on its utility operations. But declines in the value of some stock and real estate held by a non-regulated subsidiary called Constellation Holdings helped cut earnings applicable to common stock by more than $10 million.

In related news, the company's board announced a 3-for-2 stock split.

BG&E spokesman Arthur Slusark said yesterday that the board wanted to make the company's stock more affordable.

If shareholders approve, the split will take effect April 15.

BG&E's stock closed yesterday at $32.125, down 12 1/2 cents. The earnings and split announcements were made after the close of trading.

Three months ended 12/31/91

.. .. .. ..Revenue .. .. .. ..Net .. ... ..Share

'91 .. .. 595,592,000 .. .. 6,134,000 ..0.07

.. .. 525,719,000 .. .. (11,078,000) (0.13)

change ..+13.3 .. .. .. .. ..-- .. .. .. ..--

12 months ended 12/31/91

.. .. .. ..Revenue .. ... ... Net .. ... ...Share

'91 .. ...2,459,493,000 .. .210,680,000 .2.51

'90 .. .. 2,187,562,000 .. .172,939,000 .2.10

% change ..+12.4 .. .. .. .. ..+21.8 .. .. .+19.5

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