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BG&E REPORTS EARNINGS FOR THE TWO MONTHS ENDED FEB. 29, 1992

 BG&E REPORTS EARNINGS FOR THE TWO MONTHS ENDED FEB. 29, 1992
 BALTIMORE, March 20 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) today reported common stock earnings of $33,491,000 for the two months ended Feb. 29, 1992, equivalent to $.39 per common share.
 This compares with earnings of $.60 per share for the same period last year ($.36 per share, excluding the one-time increase of $.24 per share due to a change in the method of accounting for income taxes). Earnings per share for the company's utility operations and for its diversified business activities were as follows:
 Two months ended Feb. 29 1992 1991(A)
 Utility operations $.46 $.38
 Cost of early retirement program (.07) --
 Total utility operations .39 .38
 Diversified business activities -- (.02)
 Change in accounting method -- .24
 Total diversified business activities -- .22
 Total .39 .60
 (A) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. (See additional details below.)
 Edward A. Crooke, president-utility operations, attributed the increase in utility earnings for the first two months of 1992 to higher electric and gas sales stemming from this year's colder winter weather as compared to the particularly warm winter of 1991. Crooke added, "Despite the improved 1992 sales, this year's weather was still warmer than normal." The favorable impact of the colder weather was partially offset by a $.07 per share charge associated with the company's voluntary special early retirement program. Crooke noted that payroll savings from this program during the remainder of 1992 are expected to exceed the cost of this one-time charge.
 For the two months ended Feb. 29, 1992, sales of electricity and gas to customers increased 6.0 percent and 7.9 percent, respectively, over last year. Electric sales to residential customers increased 7.4 percent, while electric sales to commercial and industrial customers increased 5.0 percent. Residential gas sales increased 9.1 percent, while commercial and industrial gas sales increased 6.9 percent. These increases reflect the slightly colder winter weather in 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 $.24 per share for the two-month period ended Feb. 28, 1991.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 (In thousands, except per-share amounts)
 Two months ended Feb. 29 1992 1991(A)
 Revenues:
 Electric $330,173 $294,234
 Gas 107,609 98,486
 Diversified business activities 17,026 13,901
 Total 454,808 406,621
 Income before change in accounting
 method 40,540 37,438
 Cumulative effect of change
 in the method of accounting for
 income taxes -- 19,745
 Net income 40,540 57,183
 Earnings applicable to common stock 33,491 50,136
 Average common shares outstanding 85,028 83,601
 Earnings per share of common stock:
 Utility operations $.46 $.38
 Cost of early retirement program (.07) --
 Total utility operations .39 .38
 Diversified business activities -- (.02)
 Change in accounting method -- .24
 Total diversified business activities -- .22
 Total .39 .60
 (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.
 -0- 3/20/92
 /CONTACT: Arthur J. Slusark of Baltimore Gas and Electric, 410-234-7433/ CO: Baltimore Gas and Electric Company ST: Pennsylvania IN: UTI SU: ERN


KA -- PH023 -- 0182 03/20/92 15:12 EST
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Date:Mar 20, 1992
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