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ENRON GLOBAL POWER & PIPELINES REPORTS FIRST QUARTER 1997 EARNINGS PER SHARE FROM OPERATIONS OF $0.57 PER SHARE
FOR IMMEDIATE RELEASE: Tuesday, April 15, 1997
HOUSTON -- Enron Global Power & Pipelines L.L.C. (Ticker symbol: EPP) today reported first quarter 1997 earnings per share of $0.57 before a one-time tax reversal, compared to first quarter 1996 restated earnings per share of $0.48, a 19-percent increase. Net income in the first quarter of 1997, excluding the benefit from the reversal of $4.0 million of accrued taxes related to the Philippine withholding tax, was $14.0 million compared to $11.5 million in the first quarter of 1996. Including the one-time tax benefit, reported net income in the first quarter of 1997 was $18.0 million or $0.72 per share.
"EPP's strong operating performance of power assets in the Philippines, along with higher earnings from our increased ownership in the Argentina pipeline, resulted in continued earnings growth in the first quarter of 1997," said Rodney L. Gray, EPP chairman and chief executive officer.
In addition, the first quarter of 1996 other expenses included $0.8 million of acquisition costs related to the Colombian pipeline.
EPP's assets consist of interests in two power plants in the Philippines, power plants in Guatemala and the Dominican Republic and natural gas pipeline systems in Argentina and Colombia. Enron Global Power & Pipelines, majority owned by Enron, is traded on the New York Stock Exchange under the ticker symbol, "EPP."
For additional information please contact:
Carol Hensley
(713) 853-6498
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