Nicor Inc.’s fourth-quarter net income declined 7 percent, to $34.7 million, or 67 cents a share, from $37.2 million, or 68 cents a share, a year earlier, when there were more shares outstanding. The Naperville-based provider of natural gas said sales declined to $396 million from $538 million, in part because of warmer weather.
For the year, Nicor’s profit slipped 2 percent, to $109.5 million, or $2.07 a share, from $111.7 million, or $2.01 a share, in 1993. Revenues declined to $1.61 billion from $1.67 billion.
It also was announced that Thomas L. Fisher, president of Nicor, will replace Richard G. Cline as chief executive officer May 3, the date of the annual meeting. Cline will remain as chairman through December, when Fisher is expected to become chairman as well.
Fisher, 50, joined Northern Illinois Gas in 1967 and held a number of jobs including Nicor chief financial officer. He became president and chief executive officer of Northern Illinois Gas in 1988, steering the firm in a period of deregulation.
Fisher will continue as president and chief executive officer of Northern Illinois Gas.
Cline, 59, has been Nicor chairman and chief executive since 1986. He joined the company in 1985 after 22 years at Jewel Companies Inc.
