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E'TOWN CORPORATION REPORTS SALES AND EARNINGS

 E'TOWN CORPORATION REPORTS SALES AND EARNINGS
 WESTFIELD, N.J., Oct. 15 /PRNewswire/ -- E'town Corporation


(NYSE: ETW) today reported net income of $3,236,356 or $.67 per share on a primary basis and $.66 per share on a fully diluted basis for the three months ended Sept. 30, 1992. In the comparable 1991 period net income was $3,150,713 or $.76 per share on a primary basis and $.74 per share on a fully diluted basis.
 For the nine months ended Sept. 30, 1992 net income was $7,773,139 or $1.71 per share on a primary basis and $1.68 per share on a fully diluted basis. In the comparable 1991 period net income was $7,856,889 or $1.94 per share on a primary basis and $1.90 per share on a fully diluted basis.
 Net income for the twelve months ended Sept. 30, 1992, was $9,401,320 or $2.11 per share on a primary basis and $2.09 per share on a fully diluted basis. In the comparable 1991 period net income was $8,922,599 or $2.27 per share on a primary basis and $2.23 per share on a fully diluted basis.
 Operating revenues for the three months, nine months and twelve months ended Sept. 30, 1992, were $23,811,646, $67,037,229 and $87,502,956 respectively, compared to $23,294,100, $65,620,376 and $85,571,509 for the same periods in 1991.
 E'town Corporation is the parent company of Elizabethtown Water Company and E'town Properties, Inc. Elizabethtown Water Company and its subsidiary, The Mount Holly Water Company, provide water service to 54 municipalities in eight New Jersey counties.
 E'TOWN CORPORATION
 Three months ended Nine months ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Oper. revenues 23,811,646 23,294,100 67,037,229 65,620,376
 Net Income 3,236,356 3,150,713 7,773,139 7,856,889
 Earnings per share
 of common stock:
 Primary 0.67 0.76 1.71 1.94
 Fully Diluted 0.66 0.74 1.68 1.90
 Average number of
 shares outstanding
 for the calculation
 of earnings
 Per Share:
 Primary 4,800,249 4,153,576 4,554,402 4,046,463
 Fully Diluted 5,122,039 4,485,551 4,878,796 4,380,744
 Twelve Months ended Sept. 30 1992 1991
 Operating revenues 87,502,956 85,571,509
 Net income 9,401,320 8,922,599
 Earnings per share of common stock:
 Primary 2.11 2.27
 Fully Diluted 2.09 2.23
 Average number of shares
 outstanding for the
 calculation of earnings
 Per Share:
 Primary 4,460,286 3,927,908
 Fully Diluted 4,785,948 4,263,742
 E'TOWN CORPORATION
 Statements of Consolidated Income
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Oper. revenues 23,811,646 23,294,100 67,037,229 65,620,376
 Oper. expenses:
 Oper. & mainten. 10,736,019 10,316,195 31,076,773 29,390,714
 Depreciation 1,675,004 1,560,435 4,929,069 4,637,925
 Taxes other than
 federal inc. taxes 3,576,709 3,492,849 10,290,599 10,031,220
 Federal inc. taxes 1,781,151 1,737,033 4,346,152 4,389,296
 Total oper. expen 17,768,883 17,106,512 50,642,593 48,449,155
 Operating income 6,042,763 6,187,588 16,394,636 17,171,221
 Other income-net 140,636 (10,064) 278,787 9,219
 Total oper. and
 other income-net 6,183,399 6,177,524 16,673,423 17,180,440
 Interest charges 2,684,543 2,764,311 8,112,784 8,536,051
 Income before
 preferred stock
 div. of subsid. 3,498,856 3,413,213 8,560,639 8,644,389
 Preferred stock div. 262,500 262,500 787,500 787,500
 Net income 3,236,356 3,150,713 7,773,139 7,856,889
 Earnings per share
 of common stock:
 Primary 0.67 0.76 1.71 1.94
 Fully Diluted 0.66 0.74 1.68 1.90
 Average number of
 shares outstanding
 for the calculation
 of earnings per share:
 Primary 4,800,249 4,153,576 4,554,402 4,046,463
 Fully Diluted 5,122,039 4,485,551 4,878,796 4,380,744
 Twelve months ended Sept. 30 1992 1991
 Oper. revenues 87,502,956 85,571,509
 Oper. expenses:
 Oper. & mainten. 41,332,026 39,828,973
 Depreciation 6,549,446 6,154,049
 Taxes other than
 federal inc. taxes 13,299,642 13,031,127
 Federal inc. taxes 5,165,925 5,036,256
 Total oper. expen 66,347,039 64,050,405
 Operating income 21,155,917 21,521,104
 Other income-net 314,873 53,992
 Total oper. and
 other income-net 21,470,790 21,575,096
 Interest charges 11,019,470 11,602,497
 Income before
 preferred stock
 div. of subsid. 10,451,320 9,972,599
 Preferred stock div. 1,050,000 1,050,000
 Net income 9,401,320 8,922,599
 Earnings per share
 of common stock:
 Primary 2.11 2.27
 Fully Diluted 2.09 2.23
 Average number of
 shares outstanding
 for the calculation
 of earnings per share:
 Primary 4,460,286 3,927,908
 Fully Diluted 4,785,948 4,263,742
 -0- 10/15/92
 /CONTACT: Andrew M. Chapman of E'town Corporation, 908-654-1234/
 (ETW) CO: E'town Corporation ST: New Jersey IN: UTI SU: ERN


AH-KW -- NY064 -- 0524 10/15/92 14:35 EDT
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