clarinews@clarinet.com (02/01/90)
HOUSTON (UPI) -- Panhandle Eastern Corp., operator of one of the nation's largest gas pipeline systems, Wednesday reported fourth-quarter earnings of $865,000, or 1 cent a share, compared with a loss of $17.7 million in the same period a year ago. Revenues for the quarter were $1.1 billion, compared with $320 million in the fourth quarter of 1988. Fourth-quarter results included an extraordinary charge from early retirement of certain acquisition debt and a $40.3 million loss from discontinued operations. Fourth-quarter 1988 results included a $51.3 million after-tax reserve for a possible customer refund. Net income for 1989 as a whole was $29.2 million, or 41 cents a share, compared with a net loss of $157.1 million in 1988. Full year revenues were $2.8 billion in 1989, compared with $1.3 billion in 1988. The 1988 loss was primarily blamed on a take-or-pay settlement and contract reformation charge of $244 million after tax, Panhandle Eastern said. Results for 1989 were negatively affected by interest expense incurred in the acquisition of Texas Eastern. Panhandle Eastern provides natural gas to the Midwest and Northeast.