SDG & E Blames 1984 Earnings Decrease on $45.1-Million Fine
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Blaming a $45.1-million one-time penalty assessed last month by state regulators, San Diego Gas & Electric Co. on Monday reported slightly decreased earnings and improved revenues for the year ended Dec. 31.
Net income was $159.3 million, or $3.01 per share, compared with $159.9 million, or $3.20 per share in 1983. Revenue reached $1.62 billion, up nearly 6% over 1983.
Net income in the fourth quarter was down 12.1% to $43.3 million, or 80 cents per share, on revenue of $439.3 million, up 8%.
The decrease in earnings per share was sharper than the total net income drop because the company increased the number of shares outstanding by 4.6% to 53.9 million.
Despite the drop in profit, SDG&E; “saw continued improvement in other measures of financial health,” Chairman, President and Chief Executive Officer Thomas A. Page said in a prepared statement. Page cited, among other things, SDG&E;’s completion of its five-year financial goal. A new plan for the next five years is being fashioned, he said.
Page blamed the earnings drop on the $45.1-million fine, levied last month by the state Public Utilities Commission for “unreasonably” extending a fuel oil contract with Tesoro Alaska Petroleum Co. in 1979.
SDG&E; has asked the commission to rehear the case. If the agency does not, utility officials have said, they will appeal to the California Supreme Court.
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