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1992 FIRST QUARTER EARNINGS REPORTED BY MINNESOTA POWER

 1992 FIRST QUARTER EARNINGS REPORTED BY MINNESOTA POWER
 DULUTH, Minn., April 16 /PRNewswire/ -- Minnesota Power (NYSE: MPL)


reported today that its first quarter 1992 earnings per share of common stock were 46 cents compared with 54 cents in 1991.
 Total operating revenues in the first quarter were $125.2 million, compared to $125.6 million in 1991. Net income was $13.9 million, versus $17.6 million in the first quarter of 1991.
 "Income from the core electric operations and the core support businesses, which include paper manufacturing and coal mining, was about the same in the first quarter of 1992 as in 1991. Income from the securities portfolio was less this year, because the company repurchased common stock during 1991 with funds from the portfolio. The core electric business, which includes income from the securities portfolio, contributed 87 percent of earnings while the core support operations added 9 percent," said Arend Sandbulte, chairman and president.
 "The diversified business subsidiaries contributed 4 percent of the 1992 first quarter earnings," Sandbulte said. "Those earnings included a minor amount of income from the sale of real estate properties acquired in 1991 as part of a water utility company we purchased. Water operations in Florida were not profitable in the first quarter of 1992 due to lack of needed rate relief. We plan to file requests for rate changes during 1992 to increase yearly water revenues by about $18 million."
 For the 12-months ended March 31, 1992, financial results were:
 -- Earnings per share of $2.38, compared to $2.27 the previous 12 months.
 -- Revenues of $484 million, compared to $477 million during the comparable period of 1991.
 -- Net income of $71.7 million, versus $72.3 million for the preceding period.
 Significant contributions to earnings per share for the 12 months ended March 31, 1992, include 20 cents from a favorable court decision, 13 cents from the sale of steam plant assets and 14 cents from the sale of certain water assets in Florida. Earnings in the 12 months ended March 31, 1991, included 31 cents from the sale of a portion of the company's generating capacity.
 Minnesota Power paid quarterly dividends of 48-1/2 cents per share of common stock on March 1, 1992. The company provides electric service throughout Upper Minnesota. Subsidiary companies are involved in water and wastewater treatment operations, paper manufacturing and coal mining.
 MINNESOTA POWER
 CONSOLIDATED STATEMENT OF INCOME
 FOR THE PERIODS ENDED MARCH 1992 AND 1991
 (In thousands, except per share amounts - Unaudited)
 First Quarter
 Operating revenues 1992 1991
 Electric $104,363 $105,032
 Water 10,948 10,645
 Coal 5,815 5,425
 Gas 4,063 4,541
 Total operating revenues 125,189 125,643
 Operating expenses
 Fuel for electric generation 25,425 21,512
 Purchased power 20,380 26,066
 Other operation 31,094 28,881
 Maintenance 5,778 6,548
 Depreciation 9,378 8,983
 Property and general taxes 11,786 10,516
 Income taxes 4,128 3,989
 Total operating expenses 107,969 106,495
 Operating income 17,220 19,148
 Other income and (deductions)
 Income from securities investments 8,635 9,468
 Income from equity investments 2,446 2,666
 Deferred costs - capacity transactions -- --
 Miscellaneous (a) (381) (28)
 Allowance for funds used during construction 351 57
 Income taxes (2,243) (1,567)
 Total other income 8,808 10,596
 Income before interest charges 26,028 29,744
 Interest charges
 Interest on long-term debt 10,898 10,446
 Other interest and amortization 1,612 1,775
 Allowance for borrowed funds used
 during construction (391) (122)
 Total interest charges 12,119 12,099
 Net income $13,909 $17,645
 Dividends on preferred stock (1,023) (1,110)
 Tax benefits of ESOP dividends 732 512
 Earnings available for common stock $13,618 $17,047
 Earnings per average share of common stock $0.46 $0.54
 Average common shares outstanding 29,439 31,538
 12 Months Ended
 Operating revenues 1992 1991
 Electric $407,103 $401,584
 Water 43,571 43,678
 Coal 21,790 21,118
 Gas 11,226 10,884
 Total operating revenues 483,690 477,264
 Operating expenses
 Fuel for electric generation 87,709 92,358
 Purchased power 99,020 83,906
 Other operation 114,106 114,875
 Maintenance 25,325 27,778
 Depreciation 37,555 35,817
 Property and general taxes 40,294 39,102
 Income taxes 12,318 13,953
 Total operating expenses 416,327 407,789
 Operating income 67,363 69,475
 Other income and (deductions)
 Income from securities investments 35,089 31,730
 Income from equity investments 12,570 9,023
 Deferred costs - capacity transactions -- 9,209
 Miscellaneous (a) 21,387 4,473
 Allowance for funds used during construction 998 189
 Income taxes (15,489) (4,418)
 Total other income 54,555 50,206
 Income before interest charges 121,918 119,681
 Interest charges
 Interest on long-term debt 43,015 42,294
 Other interest and amortization 8,613 5,560
 Allowance for borrowed funds used
 during construction (1,456) (499)
 Total interest charges 50,172 47,355
 Net income $71,746 $72,326
 Dividends on preferred stock (4,224) (4,506)
 Tax benefits of ESOP dividends 3,725 512
 Earnings available for common stock $71,247 $68,332
 Earnings per average share of common stock $2.38 $2.27
 Average common shares outstanding 29,855 30,123
 (a) Miscellaneous for the 12 months ending March 31, 1992, includes pre-tax income of $10.1 million from a favorable court decision, $6.7 million from the sale of water plant assets and $8.6 million from operations and the disposition of the steam project.
 -0- 4/16/92
 /CONTACT: Warren F. Hudelson of Minnesota Power, 218-723-3934/
 (MPL) CO: Minnesota Power and Light ST: Minnesota IN: OIL SU: ERN


AL -- MN016 -- 9529 04/16/92 17:10 EDT
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Date:Apr 16, 1992
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