Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, November 1, 1995                   TAG: 9511010063
SECTION: BUSINESS                    PAGE: B-5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Roanoke Gas Co. reported net income of $1.78 million in its fiscal year ended Sept. 30, up 6 percent from the 1994 fiscal year. Per-share earnings were $1.26, compared with $1.25 per share last year. The number of outstanding shares increased 69,257, or 6 percent.

Profit was up despite a drop in operating revenues of nearly $10 million, to $48.6 million, attributed to a warmer-than-normal winter. The 12 months ending Sept. 30 was 14 percent warmer than the same period last year and 10 percent warmer than normal, company President Frank A. Farmer Jr. said.

Although the company had to pay less for gas from its suppliers because of lower customer usage, it was not enough to avert a drop in operating margin - revenues less the cost of gas - of $466,633. The company offset most of that drop, however, by cutting other operating expenses - by an early retirement program that went into effect May 1, by freezing hiring for most of the year and by shifting company workers to construction projects that are normally handled by contractors, said John Williamson III, Roanoke Gas' vice president for finance.

For the third quarter, Roanoke Gas reported a net loss of $339,208 or 25 cents per share, compared with a loss of $570,765, or 47 cents, for the year-ago period. A loss during the summer months is normal.

Premier Bankshares

Premier Bankshares Corp. of Bluefield reported third-quarter income of $2.47 million, or 49 cents a share, compared with last year's $2.19 million, or 44 cents, up 12.5 percent.

For nine months, income was $6.66 million, or $1.33 per share, compared with last year's nearly $7.03 million, or $1.41 per share, down 5.22 percent.

The bank had deposits of $665 million and loans of $392 million, both up considerably because of acquisition earlier this year of seven NationsBank branches. Assets were $754 million.