EARNINGS : Grace Energy Has Good Quarter

Grace Energy Corp., spurred by improvements in energy services and oil and gas operations, reported fourth-quarter earnings today of $8.3 million, or 33 cents a share, up 45% from $5.7 million, or 23 cents a share, in the same period of last year.

Despite the strong fourth quarter, Grace Energy’s earnings for the year were down 5% to $22.5 million, or 91 cents a share, from $23.6 million, or 96 cents a share, in 1989.

The company said the shortfall was primarily due to the year-end termination of accounting benefits relating to the former minority interest in Grace Drilling Co., and the effects of the March, 1990, bankruptcy of contract customer Colowyo Coal Co., in which Grace Energy is a 50% partner.