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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: April 28, 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 $.48 per common share on
revenues of $791,188,000 for the three months ended March 31, 1995. In the
comparable 1994 period, earnings per common share were $.50 on revenues of
$872,143,000. The average number of common shares outstanding in the two
periods were 118,712,000 and 112,536,000, respectively.
The decrease in earnings reflects the Public Service
Commission's recent electric rate decision which, among other things, provides
for a lower allowed return on common equity for the electric business and
eliminates certain performance incentives. Electric revenues were lower this
quarter compared to the same period in 1994 largely as a result of the
unusually warm winter. However, due to the Company's rate structure, the lower
revenues had no impact on earnings.
Gas business earnings increased for the three month period
ended March 31, 1995, when compared to the same period in the prior year
despite an unusually warm heating season which resulted in lower than
anticipated sales. The increase in gas earnings is primarily attributable to
lower operations and maintenance costs derived in part from the Company's cost
containment measures.
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LONG ISLAND LIGHTING COMPANY
FINANCIAL SUMMARY
(In Thousands Except Per Share Amounts)
<TABLE>
<CAPTION>
Three Months Ended
March 31
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1995 1994
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<S> <C> <C>
Revenues $ 791,188 $ 872,143
Operating Income $ 180,875 $ 183,865
Net Income $ 70,299 $ 69,620
Earnings for Common Stock $ 57,127 $ 56,348
Average Common Shares Outstanding 118,712 112,536
Earnings Per Common Share $.48 $.50
Dividends Declared Per Common Share $.445 $.445
</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 /s/ THEODORE A. BABCOCK
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THEODORE A. BABCOCK
Treasurer
Dated: April 28, 1995
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