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ENRON GLOBAL POWER & PIPELINES REPORTS 13 PERCENT
INCREASE IN 1996 EARNINGS PER SHARE TO $1.90 PER SHARE ON NET INCOME OF $46.0 MILLION
FOR IMMEDIATE RELEASE: Thursday, January 30, 1997
HOUSTON -- Enron Global Power & Pipelines L.L.C. (Ticker symbol: EPP) today reported a 13 percent increase in 1996 earnings per share of $1.90 on net income of $46.0 million, compared to 1995 earnings per share of $1.68 on net income of $35.0 million.
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.
"EPP's strong increase in earnings in 1996 is primarily due to contributions from operating assets acquired in 1996," said Rodney L. Gray, EPP chairman, president and chief executive officer. "EPP's acquisition of Enron's 50 percent interest in a power project in the Dominican Republic and 49 percent interest in a natural gas pipeline system in Colombia in 1996 expanded our presence from three to five countries. Also in 1996, we made our first third-party acquisition by increasing our ownership of CIESA, which owns 70 percent of the Transportadora de Gas del Sur natural gas pipeline system in Argentina, from 25 percent to 33.3 percent.
"EPP remains confident of its continued growth in earnings and cash flow, as reflected by the 14 percent dividend increase in December 1996," Gray said. "EPP will continue to pursue projects developed by both Enron and third parties that complement our growth strategy."
EPP also announced that, effective January 27, 1997, Rebecca P. Mark, chairman and CEO of Enron International, has been elected to the EPP board of directors, replacing Richard D. Kinder.
"Given Rebecca's role of leading Enron International's development efforts, she brings valuable expertise in the markets where EPP currently operates and plans to expand in the future," Gray said.
In the fourth quarter of 1996, EPP reported earnings per share of $0.49 on net income of $12.0 million, compared to $0.48 per share on net income of $9.9 million in the fourth quarter of 1995.
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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