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BG&E REPORTS EARNINGS FOR THE FOUR MONTHS ENDED APRIL 30, 1992

 BG&E REPORTS EARNINGS FOR THE FOUR MONTHS ENDED APRIL 30, 1992
 BALTIMORE, May 14 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) reported common stock earnings of $49,562,000 for the four months ended April 30, 1992, equivalent to $.38 per common share.
 This compares with earnings of $51,383,000, or $.41 per share for the same period last year ($.25 per share, excluding the one-time increase of $.16 per share due to a change in the method of accounting for income taxes). All amounts have been adjusted to reflect the 3-for- 2 common stock split to shareholders of record as of April 23, 1992. Earnings per share for the company's utility operations and for its diversified business activities were as follows:
 Four months ended April 30 1992 1991(A)
 Utility Operations $ .34 $ .25
 Diversified Business Activities .04 ---
 Change in Accounting Method --- .16
 Total Diversified Business Activities .04 .16
 Total $.38(B) $.41(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.
 Edward A. Crooke, President - Utility Operations, said, "The improvement in utility earnings stemmed from colder weather in 1992 which led to increased sales of both electricity and gas. Although we've seen improvement in weather-related sales compared to last year, January and February were warmer than normal." The favorable impact of the colder weather was partially offset by a $.04 per share charge associated with the company's voluntary special early retirement program. Payroll savings from the early retirement program during the remainder of 1992 are expected to offset the cost of this one-time charge.
 For the four months ended April 30, 1992, sales of electricity and gas to customers increased 5.3 percent and 9.6 percent, respectively, over last year. Electric sales to residential customers increased 7.6 percent, while electric sales to commercial and industrial customers increased 3.8 percent. Residential gas sales increased 11.2 percent, while commercial and industrial gas sales increased 8.5 percent. These increases reflect the colder weather in the first four months of 1992.
 Earnings from diversified business activities primarily represent the results of Constellation Holdings, Inc. and its subsidiaries. In 1991, the company adopted Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes," which 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. This change in accounting method resulted in a one-time increase in earnings from diversified business activities of $.16 per share for the four-month period ended April 30, 1991.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 (In thousands, except per share amounts)
 Four months ended April 30 1992 1991(A)
 Revenues:
 Electric $620,268 $558,820
 Gas 180,924 168,689
 Diversified Business Activities 42,653 32,620
 Total 843,845 760,129
 Income Before Change in Accounting Method 63,660 45,733
 Cumulative Effect of Change in the Method
 of Accounting for Income Taxes --- 19,745
 Net Income 63,660 65,478
 Earnings Applicable to Common Stock 49,562 51,383
 Average Common Shares Outstanding 131,312 125,570
 Earnings Per Share of Common Stock:
 Utility Operations $.34 $.25
 Diversified Business Activities .04 ---
 Change in Accounting Method --- .16
 Total Diversified Business Activities .04 .16
 Total $.38(B) $.41(B)
 (A) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. In addition, electric revenues for 1991 have been restated to conform with the current year's presentation.
 (B) Adjusted to reflect the 3-for-2 common stock split.
 -0- 5/14/92
 /CONTACT: Arthur J. Slusark of Baltimore Gas and Electric, 410-234-7433/
 (BGE) CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU: ERN


JS -- PH038 -- 0391 05/14/92 16:03 EDT
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Date:May 14, 1992
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