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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
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Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: July 29, 1994
LONG ISLAND LIGHTING COMPANY
(Exact name of registrant as specified in charter)
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<S> <C> <C>
New York 1-3571 11-1019782
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
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175 East Old Country Road, Hicksville, New York 11801
516-755-6650
(Address and telephone number of Principal Executive Offices)
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Item 1. Changes in Control of Registrant
Not applicable.
Item 2. Acquisition or Disposition of Assets
Not applicable.
Item 3. Bankruptcy or Receivership
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not applicable.
Item 5. Other Information
The Company reported earnings of $.10 per average common share on
revenues of $626,310,000 for the three months ended June 30, 1994. In the same
1993 period, earnings per average common share were $.38 on revenues of
$604,871,000. The average number of common shares outstanding in the two
periods were 114,457,000 and 111,970,000, respectively.
Earnings for the six months ended June 30, 1994, were $.60 per average
common share on revenues of $1,498,454,000 compared to $.86 per average common
share on revenues of $1,365,321,000 for the comparable 1993 period. The average
number of common shares outstanding in the two periods were 113,496,000 and
111,875,000, respectively.
As expected, earnings for the three and six month periods ended June
30, 1994 were significantly lower than the same periods in 1993 due to certain
factors. These include the recognition of previously deferred storm costs, a
lower allowed rate of return on common equity for the gas business as provided
by the PSC, recognition of certain operating and maintenance expenses earlier
in 1994 than in 1993, and a refinement in the Company's procedures used to
estimate gas revenues not yet billed. The earlier recognition of these
operating and maintenance expenses and the refinement in accounting procedures
relating to gas revenues will have a positive impact on second half earnings.
While the Company can give no assurances, it is expecting that its 1994 annual
earnings will be comparable to its 1993 annual earnings.
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The Company also announced that its Board of Directors
declared its quarterly common stock dividend of 44.5 cents per share. The
dividend will be paid on October 1, 1994, to common shareowners of record on
September 9, 1994.
LONG ISLAND LIGHTING COMPANY
FINANCIAL SUMMARY
(In Thousands Except Per Share Amounts)
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<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
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1994 1993 1994 1993
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<S> <C> <C> <C> <C>
Revenues $ 626,310 $ 604,871 $1,498,454 $1,365,321
Operating Income $ 139,478 $ 167,599 $ 323,345 $ 359,991
Net Income $ 24,787 $ 56,806 $ 94,409 $ 124,665
Earnings for Common Stock $ 11,516 $ 42,451 $ 67,866 $ 95,735
Average Common Shares Outstanding 114,457 111,970 113,496 111,875
Earnings Per Common Share $ .10 $ .38 $ .60 $ .86
Dividends Declared Per Common Share $ .445 $ .435 $ .89 $ .87
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Item 6. Resignations of Registrant's Directors
Not applicable.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
Not applicable.
Item 8. Change in Fiscal Year
Not applicable.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
LONG ISLAND LIGHTING COMPANY
Registrant
By /S/ ANTHONY NOZZOLILLO
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ANTHONY NOZZOLILLO
Senior Vice President-Finance
Dated: July 29, 1994
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