Power Surge: Wwp Earnings Jump 48%

The sale of the Spokane Industrial Park and an increase in wholesale electricity revenues put a charge in Washington Water Power Co. earnings in the first quarter.

The Spokane-based utility Tuesday reported a 48 percent jump in income for the period ended March 31, and a 27 percent boost for the 12-month period.

Per share earnings were 71 cents vs. 48 cents for the first quarter of 1995. For the 12 months, earnings per share were $1.65 vs. $1.30 a year ago.

Income for common stock - earnings minus dividends to holders of preferred stock - increased 52 percent on a quarterly basis, to $39.6 million.

Operating revenues in the quarter climbed $50 million to $248 million.

Chairman Paul Redmond said WWP business improved across the board, but especially in the sale of electricity to other utilities.

Wholesale revenues more than doubled to $44 million in the quarter. For the 12-month period, the results - $133 million - were nearly 50 percent better than a year ago.

“We expect this growth to continue,” Redmond said. “Based on contracts already in place, we are anticipating wholesale sales of a least $185 million in 1996, which would be a 70 percent improvement over 1995 sales.”

Wholesale revenues, he added, stabilize rates for the company’s 291,000 retail electricity customers, a number that increased 1.6 percent over the last year.

Natural gas customers swelled 5.7 percent to 227,000.

Redmond said retail sales during the quarter were helped by temperatures that averaged 9 percent colder than normal.

Pentzer Crop., the holding company for WWP’s non-utility operations, kicked 21 cents per share into the pot, mostly as a result of the sale of the Spokane Industrial Park.

The transaction netted $11.1 million for the company, vs. just $1.6 million last year on the sale of stock in Itron Inc.

For the 12-month period, non-utility earnings were 43 cents, up from 27 cents.

, DataTimes