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EXHIBIT 99
(LOGO) PIEDMONT NEWS
NATURAL GAS RELEASE
COMPANY
Post Office Box 33068
Charlotte, North Carolina 28233
Date: February 24, 1995
Contact: Stephen D. Conner
Telephone: (O) 704/364-3120 ext. 205
(H) 704/553-8325
For Immediate Release:
PIEDMONT REPORTS FIRST QUARTER RESULTS
CHARLOTTE, N.C. - At its Annual Meeting of Shareholders held here today,
Piedmont Natural Gas Company reported financial results for the first quarter
and twelve-month period ended January 31, 1995. The Charlotte-based natural
gas and propane distributor reported net income and earnings per share for its
first fiscal quarter that were 9% and 6.6% higher, respectively, than for the
year-ago period.
In late 1994, general rate orders for natural gas service in North
Carolina and Tennessee were approved to increase margins by $24.3 million
annually. These increases will be fully in effect for the 1995 fiscal year.
DIVIDEND INCREASED FOR THE SEVENTEENTH CONSECUTIVE YEAR
At the meeting of the Board of Directors held immediately following the Annual
Meeting of Shareholders, the Board declared a quarterly dividend on Common
Stock of 27 1/2 cents per share, a 5.8% increase over the 26 cents paid the
prior quarter. This marks the seventeenth consecutive year that the Company
has declared a dividend increase. The dividend is payable April 14, 1995, to
holders of record at the close of business on March 31, 1995.
(more)
Piedmont Natural Gas Company, Inc., is an energy and services company primarily
engaged in the transportation and sale of natural gas to over 512,000
residential, commercial and industrial customers in North Carolina, South
Carolina and Tennessee. The Company and its non-utility subsidiaries are also
engaged in acquiring, marketing and arranging for the transportation of natural
gas to large volume purchasers, in retailing, residential and commercial gas
appliances and in the sale of propane to over 47,000 customers in the Company's
three-state area.
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Piedmont Natural Gas Company
SUMMARY OF OPERATIONS
% Increase
THREE MONTHS ENDED JANUARY 31 1995 1994 (Decrease)
- ----------------------------- ---- ---- ----------
Margin (Revenues less Cost of Gas) $ 97,769,000 $ 87,489,000 11.8%
Net Income $ 30,233,000 $ 27,743,000 9.0%
Operating Revenues $202,476,000 $233,108,000 -13.1%
Weighted Average Shares Outstanding 26,665,000 26,183,000 1.8%
Earnings Per Share of Common Stock $ 1.13 $ 1.06 6.6%
Gas Delivered - Dekatherms 41,733,000 44,858,000 -7.0%
Percent Normal Degree Days 86% 108% -22%
% Increase
TWELVE MONTHS ENDED JANUARY 31 1995 1994 (Decrease)
- ------------------------------ ---- ---- ----------
Margin (Revenues less Cost of Gas) $245,059,000 $228,752,000 7.1%
Net Income $ 37,996,000 $ 38,073,000 -0.2%
Operating Revenues $544,721,000 $583,240,000 -6.6%
Weighted Average Shares Outstanding 26,467,000 26,051,000 1.6%
Earnings Per Share of Common Stock $ 1.44 $ 1.46 -1.4%
Gas Delivered - Dekatherms 123,005,000 125,268,000 -1.8%
Percent Normal Degree Days 86% 108% -22%
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