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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
(Date of earliest event reported): January 27, 1997
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Exact name of
Commission Registrant IRS Employer
File as specified State of Identification
Number in its charter Incorporation Number
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1-11439 ENOVA CORPORATION California 33-0643023
1-3779 SAN DIEGO GAS &
ELECTRIC COMPANY California 95-1184800
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101 ASH STREET, SAN DIEGO, CALIFORNIA 92101
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(Address of principal executive offices) (Zip Code)
(619) 696-2000
Registrant's telephone number, including area code-----------------------
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(Former name or former address, if changed since last report.)
FORM 8-K
Item 5. Other Events
On January 27, 1997, Enova Corporation announced consolidated net income
of $231 million for the year ended December 31, 1996, representing a 2.3 %
increase from consolidated net income of $226 million in 1995. Earnings
for common shares were $1.98 per share for 1996, representing a 2.1 %
increase from $1.94 per common share in 1995. Consolidated operating
revenues for 1996 were $2.0 billion, representing a 6.6 % increase from
consolidated operating revenues of $1.9 billion in 1995.
Item 7. Financial Statements and Exhibits
(c) Exhibits
28.1 January 27, 1997 Enova Corporation New Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ENOVA CORPORATION
and
SAN DIEGO GAS & ELECTRIC COMPANY
(Registrants)
Date: January 29, 1997 By: /s/F.H. Ault
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F.H. Ault
Vice President and Controller
ENOVA
CORPORATION
NEWS RELEASE
For more information, contact:
David Kusumoto (619) 696-4289 or Doug Kline (619) 696-4866
Media Newsline: (619) 696-4292
After-hours pager: (619) 526-9555
Internet World Wide Web Page: http://www.enova.com
ENOVA CORPORATION REPORTS
RECORD EARNINGS, DECLARES DIVIDENDS
SAN DIEGO, Jan. 27, 1997 -- Enova Corporation (NYSE: ENA) reported
today that for the year ending December 31, 1996, unaudited earnings per
common share were $1.98, a 2.1-percent increase over 1995's earnings per
common share of $1.94.
Consolidated operating revenues for the year were $1.99 billion, up
6.6 percent from revenues of $1.87 billion in 1995. Net income from
continuing operations for the year was $230.9 million, representing a
2.3-percent increase over the $225.6 million earned in 1995.
"Last year's record earnings confirm the strong financial health of
our company as we move toward a new competitive environment on January
1, 1998, the day that California ushers in a restructured electric
market," said Stephen L. Baum, president and chief executive officer of
Enova Corporation. "We had a strong cash flow, low-cost debt and
regulatory mechanisms in place for accelerated recovery of our nuclear
generating investment."
According to Baum, the increase in 1996 earnings was due primarily
to demand-side management rewards and lower operating and maintenance
expenses, partially offset by a lower authorized return on equity.
Demand-side management rewards are based on the company's ability to
meet targets approved by the California Public Utilities Commission
(CPUC) to lower peak demand for electricity by offering energy-
efficiency programs to customers. Lowering peak demand saves money for
SDG&E and its customers by reducing the need to add new generation.
The company also reported unaudited fourth-quarter earnings of
$54.8 million, or 47 cents per share, a 6.0-percent decrease, compared
to $58.7 million, or 50 cents per share, in the fourth quarter of 1995.
Earnings per common share from continuing operations were 47 cents, a
4.4-percent increase from 45 cents for the corresponding period in 1995.
Consolidated operating revenues for the fourth quarter were $549.0
million, compared to 1995's $468.8 million, representing a 17.1 percent
increase. Consolidated operating expenses of $468.9 million were up
21.3 percent over 1995's fourth quarter expenses of $386.6 million. The
increase in operating revenue and expenses reflects the accelerated
recovery of the San Onofre Nuclear Power Plant investment.
Meanwhile, Enova Corporation's board of directors today also
declared a quarterly dividend of 39 cents per share on the company's
common stock. The current dividend is payable April 15, 1997, for
shareholders of record as of Mar. 10, 1997.
The board of directors of San Diego Gas & Electric (SDG&E) declared
dividends on its preferred and preference stock: cumulative preferred -
- - $0.25 per share on the 5-percent series; $0.23 on the 4.60-percent
series; $0.225 on the 4.5-percent series; and $0.22 on the 4.40-percent
series; preference (cumulative) -- $0.440625 on the $1.7625 series;
$0.425 on the $1.70 series; and $0.455 on the $1.82 series.
In October 1996, Enova Corporation (NYSE: ENA) and Pacific
Enterprises (NYSE: PET) jointly announced an agreement to combine their
companies. Pacific Enterprises is the parent company of Southern
California Gas Co., the largest natural gas distribution company in the
United States.
Enova Corporation is a leading energy management company providing
electricity, gas, and value-added products and services. Enova is the
parent company of SDG&E and six other U.S.-based subsidiaries: Enova
Energy, Enova International, Enova Technologies, Enova Financial,
Califia and Pacific Diversified Capital. SDG&E generates, purchases and
distributes electricity to 1.2 million customers in San Diego and
southern Orange counties. SDG&E also distributes natural gas to more
than 710,000 customers in San Diego County.
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