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BG&E REPORTS EARNINGS FOR THE EIGHT MONTHS ENDED AUG. 31, 1992

 BG&E REPORTS EARNINGS FOR THE EIGHT MONTHS ENDED AUG. 31, 1992
 BALTIMORE, Sept. 18 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) today reported common stock earnings of $161,544,000 for the eight months ended Aug. 31, 1992, equivalent to $1.21 per common share.
 This compares with earnings of $188,804,000 or $1.50 per share for the same period last year ($1.34 per share, excluding the one-time increase of $.16 per share due to a change in the method of accounting for income taxes). All prior-year amounts have been adjusted to reflect the April 1992 3-for-2 common stock split. Earnings per share for the company's utility operations and for its diversified activities were as follows:
 Eight months ended Aug. 31 1992 1991(A)
 Utility operations $1.11 $1.31
 Diversified activities .10 .03
 Change in accounting method --- .16
 Total diversified activities .10 .19
 Total $1.21 $1.50(B)
 (A) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. (See additional details below.)
 (B) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 Edward A. Crooke, president and chief operating officer, said, "The reduction in utility earnings reflects the impact of the recession and the unseasonably cool summer weather we experienced this year, which substantially weakened the demand for electricity. In contrast, during 1991 we benefited from extremely hot summer weather that increased our customers' demand for electricity to cool their homes and businesses." Year-to-date earnings in 1992 were also reduced by a $.05 per share charge associated with the company's Voluntary Special Early Retirement Program. The payroll savings from this program during 1992 are expected to offset this one-time charge.
 For the eight months ended Aug. 31, 1992, sales of electricity decreased 2.1 percent, while gas sales increased 9.3 percent over last year. Electric sales to residential customers decreased 5.0 percent, reflecting much cooler temperatures during the summer cooling season as compared to 1991. Commercial and industrial sales essentially remained unchanged. Colder weather during the 1992 heating season produced gas sales growth of 11.0 percent in the residential sector and 8.4 percent in the commercial and industrial sector.
 Earnings from diversified business activities primarily represent the results of Constellation Holdings, Inc. and its subsidiaries. Bruce M. Ambler, president, Constellation Holdings, noted, "The increase in Constellation's earnings was due to the sale of a portion of our ACE power project located in Trona, California, and improved earnings from our energy projects and financial investments." Earnings for the eight months ended Aug. 31, 1991, reflect a one-time increase of $.16 per share from the adoption of Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes." This change in accounting method decreased Constellation's deferred tax liability to reflect the reduction in the corporate income tax rate to 34 percent from the higher rates in effect prior to 1988.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 (In thousands, except per-share amounts)
 Eight months ended Aug. 31 1992 1991(A)
 Revenues:
 Electric $1,346,433 $1,365,209
 Gas 251,942 232,156
 Diversified activities 88,434 73,165
 Total 1,686,809 1,670,530
 Income before change in
 accounting method 189,740 197,707
 Cumulative effect of change in the
 method of accounting for income taxes --- 19,745
 Net income 189,740 217,452
 Earnings applicable to common stock 161,544 188,804
 Average common shares outstanding 133,431 125,846
 Earnings per share of common stock:
 Utility operations $1.11 $1.31
 Diversified activities .10 .03
 Change in accounting method --- .16
 Total diversified activities .10 .19
 Total $1.21 $1.50(B)
 (A) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. Also, electric revenues for 1991 have been restated to conform with 1992's presentation.
 (B) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 -0- 9/18/92
 /CONTACT: Arthur J. Slusark, director of public information of Baltimore Gas and Electric, 410-234-7433/
 (BGE) CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU: ERN


MK-LJ -- PH024 -- 1200 09/18/92 14:35 EDT
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Date:Sep 18, 1992
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