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CENTRAL AND SOUTH WEST REPORTS SECOND QUARTER RESULTS

 CENTRAL AND SOUTH WEST REPORTS SECOND QUARTER RESULTS
 DALLAS, July 16 /PRNewswire/ -- Central and South West Corporation


(NYSE: CSR) today reported consolidated earnings for the three-month period ended June 30, 1992 of $73 million or $.39 per share. Earnings per share for the second quarter of 1992 decreased from $0.46 for the same period a year ago largely due to milder than normal weather this year combined with hotter than normal weather last year. Net income for common decreased to $73 million from $87 million last year.
 Earnings per share of $0.69 for the six-month period are below $0.76 for the same period last year. Net income for common for the six months decreased to $130 million from $144 million. This decrease is also the result of mild weather.
 Earnings for the 12-month period increased over last year's level with earnings per share of $1.92 compared to $1.72 for the same period a year ago. Net income for common for the twelve months increased to $361 million from
$324 million. This increase results primarily from


Central Power and Light Company's (CPL) $120 million increase in base rates effective Jan. 1, 1991 and amortization of its Mirror CWIP liability to customers beginning with the first quarter of 1991. The base rate increase has substantially increased the quality of earnings and has improved cash flow.
 Central and South West said its retail kilowatt-hour sales decreased 3.9 percent for the quarter, 2.7 percent for the six-months ended and 0.9 percent for the 12-months ended June 30 due to continued mild weather throughout the service territory. Sales to all retail customer classes except industrial were down due to mild weather. Industrial sales are up 1.1 percent, 1.5 percent and 1.6 percent for the comparable periods. Sales for resale continue to be above last year as the result of additional customers.
 Central and South West Corporation, a Dallas-based public utility holding company, owns four electric subsidiary companies 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
 JUNE 1992 CONSOLIDATED EARNINGS REPORT
 (Unaudited, in millions, except per share amounts)
 Periods ended: Three Months Percent Six Months Percent
 June 30: 1992 1991 Incr/decr. 1992 1991 inc/dec
 Operating revenues $763 $717 6.4 $1,448 $1,365 6.1
 Fuel and purchased power 305 261 16.9 570 514 10.9
 Operating and maintenance 185 171 8.2 354 327 8.3
 Depreciation and
 amortization 76 72 5.6 152 144 5.6
 Taxes 71 83 -14.5 137 142 -3.5
 Interest charges 67 67 -- 133 136 -2.2
 Other income and deductions 20 31 -35.5 39 55 -29.1
 Net income 79 94 -16.0 141 157 -10.2
 Preferred stock dividends 6 7 -14.3 11 13 -15.4
 Net income for common
 stock $73 $87 -16.1 $130 $144 -9.7
 Average shares 188.3 188.2 -- 188.3 188.2 --
 Earnings per share $0.39 $0.46 -15.2 $0.69 $0.76 -9.2
 Dividends per share $0.385 $0.365 5.5 $0.77 $0.73 5.5
 Kilowatt-Hour Sales
 (Millions)
 Residential 3,066 3,378 -9.2 6,257 6,749 -7.3
 Commercial 2,953 3,105 -4.9 5,663 5,858 -3.3
 Industrial 4,283 4,235 1.1 8,332 8,208 1.5
 Other 329 341 -3.5 646 652 -0.9
 Total retail 10,631 11,059 -3.9 20,898 21,467 -2.7
 Sales for resale 1,733 1,435 20.8 3,216 2,672 20.4
 Total sales 12,364 12,494 -1.0 24,114 24,139 -0.1
 Twelve Months Ended June 30 1992 1991 Percent Incr.Decr
 Operating revenues $3,130 $2,901 7.9
 Fuel and purchased power 1,203 1,099 9.5
 Operating and maintenance 740 656 12.8
 Depreciation and amortization 299 286 4.5
 Taxes 326 315 3.5
 Interest charges 266 287 -7.3
 Other income and deductions 89 94 -5.3
 Net income 385 352 9.4
 Preferred stock dividends 24 28 -14.3
 Net income for common stock $361 $324 11.4
 Average shares 188.3 188.2 --
 Earnings per share $1.92 $1.72 11.6
 Dividends per share $1.50 $1.42 5.6
 Kilowatt-Hour Sales
 (Millions)
 Residentail 14,743 15,184 -2.9
 Commercial 12,318 12,540 -1.8
 Industrial 16,863 16,590 1.6
 Other 1,340 1,346 -0.4
 Total retail 45,264 45,660 -0.9
 Sales for resale 6,486 5,870 10.5
 Total sales 51,750 51,530 0.4
 -0- 7/16/92
 /CONTACT: Wendy Hargus, director of investor relations of Central and South West, 214-754-1277/
 (CSR) CO: Central and South West Corporation ST: Texas IN: UTI SU: ERN


TS -- NY074 -- 9790 07/16/92 13:06 EDT
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Date:Jul 16, 1992
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