Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 22, 1992 TAG: 9201220146
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
REPORTED EARNINGS
Appalachian Power Co.\ American Electric PowerAppalachian Power Co. reported Tuesday its net earnings for 1991 jumped 35.1 percent from a poor 1990 while its parent, American Electric Power Co., had a skimpy 0.3 percent gain in income.
Improved retail sales of electricity, a rate increase and a contrast with "a disastrous year" gave Apco earnings of $126.6 million, up from $93.7 million in 1990. Last year was "a normal year" for earnings, said Don Johnson of Apco. Operating revenues declined by 6.1 percent to $1,378.7 billion from $1,468.7 billion, however.
In the fourth quarter, Apco earned $37.6 million, up 45.2 percent from $25.9 million. Its operating revenues for the period came to $357.4 million, down 0.7 percent from $359.7 million.
AEP in Columbus, Ohio, said it earned $497.9 million last year, up from $496.4 million, mainly due to a reduction in the number of the company's outstanding shares. Operating revenues declined 2.5 percent to $5.047 billion.
In the fourth quarter, AEP earned $115 million, up 4.4 percent from $110.2 million, and revenues were $1.26 billion, down 1 percent from restated revenues of $1.27 billion in 1990.
Signet Banking Corp.
A weak real estate market coupled with a sluggish regional economy resulted in a fourth-quarter loss of $51.7 million for Signet Banking Corp., officials said Tuesday.
Richmond-based Signet, operating offices in the Roanoke Valley, reported a 1991 loss of $25.7 million, or 95 cents per share, compared to profits of $41.4 million, or $1.56 a share, in 1990. Signet earned $6.8 million, or 26 cents per share, for the 1990 quarter.
The company said the loss, which amounts to $1.91 per share, included a special provision for about $165 million of losses on loans and foreclosed properties.
"We expect Signet's 1992 earnings to be significantly improved as a result of this accelerated real estate disposition strategy," said Signet Chairman Robert M. Freeman.
He said the company wants to reduce its real estate assets by at least $400 million, or 25 percent.
Kroger
The Kroger Co., Cincinnati-based supermarket chain with regional headquarters in Roanoke and stores throughout Western Virginia, said Tuesday that preliminary figures indicate fourth-quarter sales rose 2.9 percent over the 1990 quarter, while operating cash flow fell 5 percent to 7 percent. The Cincinnati-based company said full results for the quarter and the year will be released in early February.
But the preliminary figures suggest sales at stores operating in both fiscal periods rose 1.3 percent.