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DETROIT EDISON REPORTS RESULTS

 DETROIT, April 26 /PRNewswire/ -- Reflecting a reduction in its electric rates effective Jan. 1, The Detroit Edison Company (NYSE: DTE) today announced first-quarter earnings for common stock of $127.1 million, or $0.86 per share, down 14.4 percent from the $148.4 million, or $1.01 per share, for the 1992 first quarter.
 The decrease in earnings, which the company had anticipated, resulted from a 5-percent rate reduction which lowered operating revenues despite increased sales.
 Operating revenues were $875 million for the first quarter, compared with $896 million in the first quarter of 1992. For the full year, as a result of the rate reduction the company expects operating revenues to drop by approximately $170 million compared with 1992. The rate reduction was made possible by the company's efforts to lower fuel costs and the expiration of an inflation adjustment surcharge.
 Total system sales -- i.e., sales to electricity customers in southeastern Michigan -- for the three months ended March 31 were up 4.4 percent from the same period a year ago. Residential sales were up 2 percent, commercial sales up 4.6 percent, industrial sales up 5.1 percent and other sales (including sales for resale) up 11.5 percent. Interconnection sales during the quarter were down 38.9 percent.
 For the 12 months ended March 31, common stock earnings totaled $536.3 million, or $3.65 per share, compared with earnings of $558.8 million, or $3.80 per share, for the same period a year ago. Operating revenues were $3.54 billion for the 12-month period, compared with $3.62 billion for the same period a year ago.
 For the 12 months ended March 31, total system sales were down 0.9 percent from the same period a year ago. Residential sales were down 7.1 percent, commercial sales down 1.9 percent, industrial sales up 1.4 percent and other sales (including sales for resale) up 21.7 percent. Interconnection sales were down 32.9 percent for the 12 months ended March 31.
 THE DETROIT EDISON COMPANY
 CONSOLIDATED INCOME DATA
 (Dollars in thousands)
 Three Months Ended
 March 31 Percent
 1993 1992 Change
 Operating Revenues $874,847 $895,827 (2.3)
 Net Income $135,203 $156,105 (13.4)
 Preferred and Preference Stock
 Dividend Requirements 8,143 7,752 5.0
 Earnings for Common Stock $127,060 $148,353 (14.4)
 Weighted Average Number of Shares
 of Common Stock Outstanding 147,021,449 146,986,619 ---
 Earnings Per Share $0.86 $1.01 (14.9)
 Twelve Months Ended
 March 31,
 1993 1992
 Operating Revenues $3,537,164 $3,622,666 (2.4)
 Net Income $567,146 $591,049 (4.0)
 Preferred and Preference Stock
 Dividend Requirements 30,890 32,240 (4.2)
 Earnings for Common Stock $536,256 $558,809 (4.0)
 Weighted Average Number of Shares
 of Common Stock Outstanding 147,007,105 146,961,153 ---
 Earnings Per Share $3.65 $3.80 (3.9)
 -0- 4/26/93
 /CONTACT: Lorie N. Kessler, 313-237-8807, or Scott L. Simons, 313-237-8808, both of Detroit Edison/
 (DTE)


CO: The Detroit Edison Company ST: Michigan IN: UTI SU: ERN

SB-MD -- DE008 -- 0541 04/26/93 10:12 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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