In spite of a delay in the sale of one of its power projects, Bonneville Pacific Corp. of Salt Lake City ended its second quarter in fiscal year 1989 with a net income of $511,600 or 4 cents per share in earnings.
Raymond L. Hixson, Bonneville chairman and chief executive officer, said the earnings were slightly lower than some projections, but they don't necessarily reflect negatively on the company."Our ongoing revenue from power sales has more than covered expenses so far this year and it is our plan to keep increasing that revenue and be less reliant on project sales for income," Hixson said.
He said future earnings also will be affected by several major developments in the current quarter. The construction of an 80 megawatt cogeneration project with Georgia Pacific near Las Vegas has been announced. It will be located adjacent to a Georgia Pacific gypsum board plant that will use the waste heat from the generation plant.
Another major development is the completion by Bonneville Fuels of a series of natural gas wells in Colorado.
Hixson said this project is important if Bonneville is to meet its goal of owning and protecting the price of natural gas for its cogeneration projects.
Founded in 1980 as a developer and operator of power projects, Bonneville Pacific has completed 21 projects, has five under construction and another 20 under development.