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CENTRAL AND SOUTH WEST REPORTS EARNINGS INCREASE FOR 1991

      CENTRAL AND SOUTH WEST REPORTS EARNINGS INCREASE FOR 1991
    DALLAS, Jan. 20 /PRNewswire/ -- Central and South West Corporation (NYSE: CSR) today reported an increase in consolidated earnings for the three and 12 months ended Dec. 31, 1991.
    For the 12 months, earnings per share increased to $3.99 from $3.79 for the same period a year ago on 94.1 million average shares.  Net income for common increased to $375 million from $356 million.
    Earnings per share for the fourth quarter of 1991 increased to $0.61 from $0.46 for the same period a year ago, and net income for common increased to $57 million from $43 million.
    The increases resulted primarily from increased cash earnings attributable to base rate increases approved in the South Texas Project (STP) settlement agreement entered into by the corporation's Central Power and Light Company unit.  These cash earnings continue to improve cash flow and the quality of earnings for the corporation.  In addition, increased kilowatt-hour sales during the second and third quarters contributed to the earnings increase for the 12 month period.
    Central and South West said its system's retail kilowatt-hour sales increased 3.0 percent for the 12 month period.  Also contributing to the increase in earnings was continued strong performance at Transok, Inc., the corporation's intrastate natural gas pipeline subsidiary.
    Central and South West Corporation is a Dallas-based public utility holding company.  It owns four electric utility subsidiaries that provide service to portions of Texas, Oklahoma, Louisiana and Arkansas. It also owns an Oklahoma intrastate natural gas pipeline subsidiary and four other subsidiaries.
                  CENTRAL AND SOUTH WEST CORPORATION
                       AND SUBSIDIARY COMPANIES
                  1991 Consolidated Earnings Report
                            (Unaudited)
                                      Three Months
          (Millions)                  Ended Dec. 31    Percent
                                                        Incr./
                                      1991     1990     Decr.
    Operating Revenues                $793     $670     18.4
    Operating Expenses and Taxes       687      570     20.5
    Other Income and Deductions         24       21     14.3
    Interest Charges                    67       70     -4.3
    Net Income                          63       51     23.5
    Preferred Stock Dividends            6        8    -25.0
    Net Income for Common Stock        $57      $43     32.6
    Average Shares                    94.1     94.1      --
    Earnings Per Share               $0.61    $0.46     32.6
    Dividends Per Share              $0.73    $0.69      5.8
                        Kilowatt-Hour Sales
                            (Millions)
    Residential                      3,236    3,207      0.9
    Commercial                       2,945    2,976     -1.0
    Industrial                       4,120    4,152     -0.8
    Other                              328      322      1.9
       Total Retail                 10,629   10,657     -0.3
    Sales for Resale                 1,472    1,308     12.5
       Total Sales                  12,101   11,965      1.1
    System Peak (MW)                  --       --         --
                                      Twelve Months
          (Millions)                  Ended Dec. 31    Percent
                                                        Incr./
                                      1991     1990     Decr.
    Operating Revenues              $3,058   $2,744     11.4
    Operating Expenses and Taxes     2,493    2,251     10.8
    Other Income and Deductions        106      215    -50.7
    Interest Charges                   270      322    -16.1
    Net Income                         401      386      3.9
    Preferred Stock Dividends           26       30    -13.3
    Net Income for Common Stock       $375     $356      5.3
    Average Shares                    94.1     94.1      --
    Earnings Per Share               $3.99    $3.79      5.3
    Dividends Per Share              $2.92    $2.76      5.8
                        Kilowatt-Hour Sales
                            (Millions)
    Residential                     15,236   14,857      2.6
    Commercial                      12,513   12,321      1.6
    Industrial                      16,739   15,980      4.7
    Other                            1,346    1,329      1.3
       Total Retail                 45,834   44,487      3.0
    Sales for Resale                 5,941    5,526      7.5
       Total Sales                  51,775   50,013      3.5
    System Peak (MW)                10,203   10,397     -1.9
    -0-            1/20/92
    /CONTACT:  Wendy Hargus of Central and South West, 214-754-1277/
    (CSR) CO:  Central and South West Corporation ST:  Texas IN:  UTI SU:  ERN FC -- NY040 -- 1458 01/20/92 14:05 EST
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Date:Jan 20, 1992
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