Bonneville Pacific Corp., the Salt Lake-based independent power developer, had revenues of $6.6 million in the November 1988-January 1989 quarter, resulting in a loss of eight cents per share, according to chairman Raymond L. Hixson.
The decrease in earnings in the past quarter results from circumstances characteristic of a growth company, he said. On the positive side, revenues for the 12-month period ending Jan. 31 totaled $20.7 million with earnings of three cents per share."Although recent acquisitions increase our sources of earnings from ongoing power sales, they result in larger depreciation costs. Also, we had to pay a large incentive bonus to one of our operation agents this quarter for performing beyond expectations," Hixson said.
Bonneville typically has uneven quarter-to-quarter earnings, but continued upward growth in annual earnings. "The need to sell some projects for capital to finance the construction of our rapidly expanding backlog of projects will affect the regularity of Bonneville's earnings for several years," Hixson said.