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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 8-K
Current Report
___________________________________
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: February 1, 1995
LONG ISLAND LIGHTING COMPANY
(Exact name of registrant as specified in charter)
New York 1-3571 11-1019782
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
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 $2.15 per common share on
revenues of $3,067,307,000 for the year ended December 31, 1994. In the
comparable 1993 period, earnings per common share were $2.15 on revenues of
$2,880,995,000. The average number of common shares outstanding in the two
periods were 115,880,000 and 112,057,000, respectively.
The Company achieved the same level of earnings per share in
1994 as in 1993 despite an increase in the total number of common shares
outstanding and a decrease in its allowed rate of return. This was primarily
the result of the Company's cost containment program, and a positive cash flow
from operations which allowed the Company to use cash balances to satisfy
maturing debt.
The level of earnings in the electric business was higher in
1994 as compared to 1993, which was offset by a decrease in the gas business
earnings. The decrease in gas business earnings was the result of several
factors, including a lower allowed rate of return on common equity, a write-off
of previously deferred storm costs and the sharing of excess earnings with the
Company's firm gas customers.
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LONG ISLAND LIGHTING COMPANY
FINANCIAL SUMMARY
(In Thousands Except Per Share Amounts)
<TABLE>
<CAPTION>
Twelve Months Ended
December 31
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1994 1993
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<S> <C> <C>
Revenues $ 3,067,307 $ 2,880,995
Operating Income $ 744,945 $ 755,551
Net Income $ 301,852 $ 296,563
Earnings for Common Stock $ 248,832 $ 240,455
Average Common Shares Outstanding 115,880 112,057
Earnings Per Common Share $2.15 $2.15
Dividends Declared Per Common Share $1.78 $1.76
</TABLE>
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 ANTHONY NOZZOLILLO
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ANTHONY NOZZOLILLO
Senior Vice President-Finance
Dated: February 1, 1995
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