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BG&E REPORTS EARNINGS FOR THE TEN MONTHS ENDED OCT. 31, 1991

    BG&E REPORTS EARNINGS FOR THE TEN MONTHS ENDED OCT. 31, 1991
    BALTIMORE, Nov. 14 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) today reported common stock earnings of $183,614,000 for the 10 months ended Oct. 31, 1991, equivalent to $2.19 per common share.
    This compares with earnings of $181,511,000, equivalent to $2.21 per share, for the 10 months ended Oct. 31, 1990.  Earnings for the 10 months ended Oct. 31, 1990, reflect a one-time increase of $.46 per share due to a change in accounting method.  Earnings per share for the company's utility operations and for its diversified business activities were as follows:
    Ten months ended Oct. 31           1991         1990(A)
    Utility operations                $2.22        $1.66
    Change in accounting method         ---          .46
    Total utility operations           2.22         2.12
    Diversified business activities    (.03)         .09
    Total                             $2.19        $2.21
    (A) Amounts for 1990 have been restated to reflect a change in accounting method made in October 1990 that must be implemented on a retroactive basis to Jan. 1, 1990.  Total reported earnings for calendar year 1990 are not affected by this restatement.
    In October 1990, the a?ny changed its revenue recognition policy to provide for the accrual of revenue for utility service rendered but not yet billed to customers as of the end of each month.  This change conforms with the predominant practice within the utility industry and provides for a better match between revenues and expenses.  The cumulative effect of this change in accounting method increased earnings by $.46 per share for the 10 months ended Oct. 31, 1990.
    The increase in utility earnings for the 10 months ended Oct. 31, 1991, is primarily attributable to higher electric revenues from the base rate increase authorized by the Public Service Commission of Maryland in December 1990 and hot summer weather.
    Kilowatt-hour sales of electricity for the 10 months ended Oct. 31, 1991, increased 4.1 percent from the comparable period last year. Residential sales increased 8.5 percent, reflecting the hot weather during the 1991 summer cooling season and an increase in the number of customers, while commercial and industrial sales increased 1.4 percent.
    The total volume of gas sold during the current 10-month period decreased 1.6 percent from the same period last year.  The decrease in sales was primarily related to decreased usage by the company's commercial and industrial customers due to less favorable economic conditions during 1991.
    Earnings from diversified business activities primarily represent the results of operations of Constellation Holdings, Inc. and its subsidiaries.  Earnings per share for the 10 months ended Oct. 31, 1991, include an after-tax loss of $9.7 million to write down certain financial investments to their current market value.  This write-down reflects the Constellation Companies' evaluation that the market value of these investments (predominantly financial services companies) will not recover to their cost levels in the near term.  While this action impacts Constellation's earnings, it does not affect the shareholders' equity of the company since the balance sheet has always reflected the current market value of these investments.
    When this write-down on financial investments is included in the published third quarter results, consolidated earnings per share for the three months and nine months ended Sept. 30, 1991, are $1.23 and $2.17, respectively.  This reflects a change from the previously announced figures of $1.34 for the three-month period and $2.28 for the nine-month period.
             BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
                    Consolidated Financial Information
                (In thousands, except per-share amounts)
    Ten months ended Oct. 31    1991       1990(A)
    Revenues:
    Electric              $1,657,780 $1,426,618
    Gas                      270,398    290,904
    Diversified business
     activities               88,677     78,581
    Total                  2,016,855  1,796,103
    Income before change in
     accounting method       219,311    176,971
    Cumulative effect of
     change in accounting
     method                      ---     37,754
    Net income               219,311    214,725
    Earnings applicable
     to common stock         183,614    181,511
    Average common shares
     outstanding              83,983     82,168
    Earnings per share of
     common stock:
    Utility operations         $2.22      $1.66
    Change in accounting method  ---        .46
    Total utility operations    2.22       2.12
    Diversified business
     activities                 (.03)       .09
    Total                       2.19       2.21
    (A)  Amounts for 1990 have been restated to reflect a change in accounting method made in October 1990 that must be implemented on a retroactive basis to Jan. 1, 1990.  Total reported earnings for calendar year 1990 are not affected by this restatement.
    -0-                      11/14/91
    /CONTACT:  Arthur J. Slusark of Baltimore Gas and Electric, 301-234-7433/
    (BGE) CO:  Baltimore Gas and Electric Company ST:  Maryland IN:  UTI SU:  ERN MK-SF -- PH040 -- 1198 11/14/91 16:50 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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