Date: Thu, 18 Dec 1997 21:19:47 GMT Server: Apache/1.2.1 Last-Modified: Fri, 07 Feb 1997 21:07:23 GMT ETag: "99a7e-12c0-32fb998b" Content-Length: 4800 Accept-Ranges: bytes Connection: close Content-Type: text/html News Releases


AGL RESOURCES INC. REPORTS FIRST QUARTER
RESULTS, DECLARES DIVIDEND

ATLANTA, GEORGIA, February 7, 1997 - AGL Resources Inc. (NYSE: ATG) today reported that net income rose 1.7 percent, while earnings per share remained unchanged for the first quarter ended December 31, 1996, compared with the same period a year ago.

Net income and earnings per share were $29.6 million and $.53, respectively, for the first quarter of fiscal 1997, compared with $29.1 million and $.53, respectively, for the same period a year ago.

Assessing the first quarter results, David R. Jones, president and chief executive officer of AGL Resources, said, "Although earnings were unchanged for the quarter, we continue to be excited and encouraged about AGL Resources' prospects because the business strategies we instituted are on track to enhance long-term earnings growth. Our core natural gas distribution business continues to provide a solid foundation and the nonregulated businesses are performing as expected.

"In fact, AGLR acted on its nonregulated business growth strategies yesterday when it announced the acquisition of Jordan Gas Propane Companies, making its subsidiary, Georgia Gas Service Company, the 30th largest propane distribution company in the nation," Jones added.

First quarter operating revenues grew to $379.6 million, up from $330.7 million for the same period a year ago. That 15 percent increase is attributed primarily to the higher cost of gas, which is recovered from customers under the purchased gas provisions of the natural gas distribution company's rate schedules. Customer growth also contributed to the increase in revenue.


Twelve-Month Results Announced

Earnings per share for the 12-month period ended December 31, 1996, were $1.37 per share, compared with $1.30 per share, excluding a $.27 restructuring charge, for the same period a year ago. Contributing to that 5.4 percent rise was customer growth and increased income resulting from a full 12-months' operation of the company's wholesale gas marketing joint venture.

Weather Normalization

Because of the company's weather normalization adjustment riders, weather did not affect the comparability of net income and earnings per share significantly for the three- and 12-month periods ended December 31, 1996, and 1995.

Quarterly Dividend Declared

The company's board of directors today declared a quarterly dividend of $.27 per share on its common stock and dividends on its preferred stock as prescribed in each issue. Payment will be made on March 1, 1996, to shareholders of record on February 14, 1997.

The dividend, which remains unchanged from the previous quarter, equates to $1.08 per share on an annualized basis. The March dividend will be the 197th consecutive dividend paid.

Other Business

At the 1997 Annual Meeting of Shareholders, shareholders reelected Otis A. Brumby, Jr., David R. Jones, Albert G. Norman, Jr., and Charles McKenzie Taylor to the company's board of directors.

AGL Resources Inc. is the holding company of Atlanta Gas Light Company, the largest natural gas distribution company in the Southeast, serving 1.4 million customers in Georgia and southern Tennessee. Although natural gas distribution is AGL Resources' core business, it also is engaged in other energy-related businesses, including natural gas and power marketing, wholesale and retail propane sales, energy management services and energy-related consumer products.

Send Inquiries to:

jheffron@aglr.com




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