GMP spent the past year coping with freakish weather and toning up for a new challenge, customer choice. We have been successful on both counts.
GMP spent the past year coping with freakish weather and toning up for a new challenge, customer choice. We have been successful on both counts. |
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| It took us the final nine months of 1995 to scratch back to an acceptable level of earnings and return on shareholder equity after a first-quarter revenue shortfall caused by record-defying warm weather. Earnings for the first three months of the year were down 20 cents per share from the same period in 1994, and down more than 30 cents from our expectations. Our recovery, to year-end earnings slightly ahead of 1994, was a tribute to basic, tough cost-control work by GMP's employees, combined with a mid-year retail rate increase, growth in the number of customers we serve, and warm summer weather. | |
| It was also the hard work of skilled employees throughout 1995 that reshaped GMP for an era of market-based competition. The Company is leaner than it has been since 1986, yet our workforce has never had a broader range of skills. | |
