EXHIBIT (99)
COPY OF PRESS RELEASE ISSUED BY PARENT
COMPANY RELATING TO 1993 EARNINGS
| CONTACT:
| Steve Meyer 317-261-8995
IPALCO Enterprises, Inc. | John Brehm 317-261-8416
| Steve Plunkett 317-261-8013
News Release |
| FOR RELEASE:
|
_________________________________________|____________________________________
IPALCO ENTERPRISES, INC.
REPORTS FINANCIAL RESULTS FOR 1993
Indianapolis, IN, January 25, 1994 -- IPALCO Enterprises, Inc.
(NYSE: IPL), today announced financial results for 1993.
Net income for the year ended December 31, 1993, was $75.4
million or $2.00 per share, compared to $88.3 million, or $2.35 per
share, during the comparable period in 1992. During the fourth
quarter of 1993, net income was $18.0 million, or 48 cents per
share, compared to $20.0 million, or 53 cents per share, in 1992.
The 1993 results reflect the third quarter, one-time,
nonrecurring charge for costs associated with the tender offer to
shareholders of PSI Resources, Inc. IPALCO expensed to Other
Income and Deductions the associated legal, financial and
administrative costs totaling $21.1 million after taxes, an impact
of 56 cents per share.
Financial results for 1993 of Indianapolis Power & Light
Company (IPL), IPALCO's principal subsidiary, reflect a substantial
improvement over the comparable period in 1992. Utility operating
income for 1993 was $142.4 million, compared to $134.2 million in
1992.
- more -
Utility operating revenues during 1993 were $664.3 million
versus $633.2 million during 1992. Retail kilowatthour sales
during 1993 increased 5.9 percent compared to 1992. The increase
in sales is primarily attributable to a return of more normal
weather this year as compared to 1992 and the continued strength of
the service territory's economy.
Cooling degree days were up 4 percent above normal during
1993, and heating degree days were .3 percent above normal. Sales
to industrial customers, which are less weather-sensitive,
increased 5.6 percent in 1993 compared to 1992.
Commenting on the results, John R. Hodowal, Chairman and Chief
Executive Officer of IPALCO, said, "We are pleased with the 1993
financial results of our principal subsidiary, Indianapolis Power
& Light Company. The strong sales growth in our non-weather-
sensitive industrial sector continues to demonstrate the underlying
strength of IPL's service territory.
"As one of the nation's lowest cost providers of energy to any
service territory and with our continued attention to cost control
and superior customer service, we believe that IPALCO will continue
to help fuel the growth of our Indiana economy," Hodowal added.
"We are also pleased that 1993 marked a year of progress for
our unregulated energy ventures. In Cleveland, Ohio, Cleveland
District Cooling Corporation began operation of a district air
conditioning system for downtown Cleveland. Indianapolis Campus
Energy (ICE) announced that it will design, build and operate a
campus energy facility for Eli Lilly and Company. And SHAPE,
another unregulated subsidiary of IPALCO's which stands for "Store
Heat and Produce Energy," began testing a heat storage device for
the trucking industry that will save energy and improve the
environment."
- add one -
Hodowal concluded, " We are very excited about IPALCO's
future. We will continue to seek out the products and services
that our customers desire and reward our shareholders
appropriately."
- add two -
IPALCO Enterprises, Inc.
Fourth Quarter Earnings Report
December 1993
(In thousands except December 31 December 31
for per-share amounts) 1993 1992 1993 1992
- ----------------------- -------------------- ---------------------
Earnings per share
of Common Stock $ .48 $ .53 $ 2.00 $ 2.35
Utility Operating
Revenues $158,870 $156,630 $664,303 $633,203
Utility Operating
Income $ 30,426 $ 31,234 $142,368 $134,240
Net Income $ 18,047 $ 19,975 $ 75,422 $ 88,342
Weighted Average Shares of
Common Stock Outstanding 37,681 37,644 37,668 37,597
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