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Charges Wipe Out PacifiCorp 1Q Earnings
The cost of PacifiCorp’s failed attempt to buy Britain’s TheEnergy Group showed up in its first quarter earnings report. Thecompany reported first quarter 1998 earnings on common stock of$104 million, or 35 cents/share, excluding $70 million charge forU.S. job cuts, and a $54 million charge for the terminated bid forEnergy Group. Including these charges, the Company reported a losson common stock of $20 million, or 7 cents/share.
Earnings on common stock were $115 million, or 39 cents/share inthe first quarter. Domestic electric operations earnings were $76million in the quarter, excluding the cost of job cuts. Theunregulated energy trading segment reported losses of $0.5 millionin the quarter as compared to a $1 million loss in the firstquarter of 1997.
Tejas Power, acquired in April 1997, recorded gas tradingrevenues of $318 million, a gross margin of $3 million and a netloss of $0.6 million in 1998. PacifiCorp Power Marketing recordedelectricity trading revenues of $498 million, a related grossmargin of $2 million and break even results in the first quarter of1998 compared to revenues of $39 million, a gross margin of $1million and a net loss of $1 million in 1997.
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