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Profit falls for SW Gas merger partner

Friday, Oct. 22, 1999 | 11:56 a.m.

THE ASSOCIATED PRESS

Southwest Gas Corp. suitor ONEOK Inc. of Tulsa, Okla., reported lower earnings per share for the fiscal year, which it blamed on warmer-than-normal conditions in its service territory.

ONEOK reported earnings per share of $2.06 for the fiscal year ending Aug. 31, a decline of 7.6 percent from fiscal 1998. Net income rose 4.5 percent, to $106.4 million, but ONEOK has issued an additional 5.84 million shares since Aug. 31, 1998.

Operating income increased 16.3 percent to $219.6 million, driven by strong gains in the company's transportation, marketing and production operations. However, operating income from ONEOK's gas distribution companies dropped 5.4 percent, to $98.1 million. ONEOK operates gas distribution companies in Kansas and Oklahoma, where it serves 1.4 million customers.

ONEOK's $1.8 billion offer to acquire Southwest Gas has been accepted by the Las Vegas company's shareholders, but is awaiting regulatory approval in Arizona and California.

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