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GWC CORPORATION REPORTS 1992 EARNINGS

 WILMINGTON, Del., Feb. 3 /PRNewswire/ -- GWC Corporation (NASDAQ-NMS: GWCC) today reported consolidated net income to common stockholders of $11,582,000 or $1.05 per share on revenues of $116,671,000 for the year ended Dec. 31, 1992, as compared to net income to common stockholders of $12,425,000 or $1.12 per share on revenues of $111,840,000 in 1991.
 The third quarter of 1991 included an extraordinary non-cash charge of $1,118,000 or $.10 per common share related to an early repayment of debt. Net income to common stockholders for the fourth quarter of 1992 was $2,352,000 or $.22 per share on revenues of $28,397,000 as compared to net income to common stockholders of $3,320,000 or $.30 per share on revenues of $26,852,000 during 1991.
 On Sept. 24, 1992, the company issued and sold to the public 300,000 shares of Series A 7-5/8 percent Cumulative Preferred Stock, $100 stated value per share, for a total price of $30 million. Dividends on the Series A Preferred Stock are payable quarterly and amounted to $617,000 in 1992 causing a reduction in net income to common stockholders as compared to 1991.
 Income before extraordinary charge decreased $1,344,000 in 1992. Operating income increased $710,000 as compared to 1991, with rate increases and customer growth more than offsetting higher operating expenses and lower volumes of water sold due to wet weather conditions during 1992. Other income decreased $586,000 primarily due to losses on the sales of utility and non-utility assets. Interest expense increased $738,000 due to higher levels of debt that resulted from 1991 and 1992 capital expenditures. Income tax expense increased $730,000, primarily as a result of the company recording $640,000 of additional income tax expense in connection with the settlement of a federal income tax audit of certain years prior to 1987.
 Income before extraordinary charge decreased $395,000 in the three months ended Dec. 31, 1992, due to the above mentioned decrease in other income, partially offset by increased operating income. Operating income increased $685,000, with higher revenues, primarily from rate awards, offsetting increased operating expenses.
 GWC Corporation, headquartered in Wilmington, is a water utility holding company that is also engaged in non-regulated activities. Its major subsidiary, General Waterworks Corporation, owns 28 regulated utility subsidiaries operating in 14 states. The company's common stock is traded on the NASDAQ National Market System under the symbol "GWCC." There are 11,066,600 shares of common stock currently outstanding.
 GWC CORPORATION AND SUBSIDIARIES
 Financial Highlights
 (In thousands, except per-share data)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Total revenues $28,397 $26,852 $116,671 $111,840
 Operating income 8,388 7,703 36,018 35,308
 Income before
 extraordinary charge 2,925 3,320 12,199 13,543
 Net income to common
 stockholders 2,352 3,320 11,582 12,425
 Earnings per share of
 common stock before
 extraordinary charge $.22 $.30 $1.05 $1.22
 Earnings per share
 of common stock .22 .30 1.05 1.12
 Consolidated Sources of Revenues and Income
 (In thousands, except per-share information)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Revenues $28,397 $26,852 $116,671 $111,840
 Operating expenses:
 Operations and maintenance 13,355 13,072 54,618 52,305
 Depreciation and amortization 3,087 2,519 12,150 10,620
 Taxes, other than income taxes 3,362 3,165 13,240 12,206
 Other expenses 205 393 645 1,401
 Total operating expenses 20,009 19,149 80,653 76,532
 Operating income 8,388 7,703 36,018 35,308
 Other income (loss) (343) 618 384 970
 Interest expense, net of
 capitalized interest 4,106 4,237 16,992 16,254
 Income before income taxes and
 minority interest 3,939 4,084 19,410 20,024
 Income tax expense 1,003 753 7,167 6,437
 Minority interest in income
 of subsidiaries 11 11 44 44
 Income before
 extraordinary charge 2,925 3,320 12,199 13,543
 Extraordinary charge:
 Write-off of purchase accounting
 adjustment on early retirement
 of First Mortgage and Collateral
 Trust Bonds, net of income tax
 benefit of $952 --- --- --- (1,118)
 Net income 2,925 3,320 12,199 12,425
 Preferred dividends 573 --- 617 ---
 Net income to common
 stockholders 2,352 3,320 11,582 12,425
 Earnings per share of common stock:
 Income before
 extraordinary charge $.22 $.30 $1.05 $1.22
 Extraordinary charge --- --- --- (.10)
 Net income .22 .30 1.05 1.12
 Dividends per share
 of common stock .25 .25 1.00 1.11
 Weighted average number of shares
 of common stock outstanding 11,067 11,067 11,067 11,067
 /delval/
 -0- 2/3/93
 /CONTACT: Joseph V. Boyle, vp and treasurer of General Waterworks Management and Service Company, 215-278-2965/
 (GWCC)


CO: GWC Corporation ST: Delaware IN: UTI SU: ERN

MK-LJ -- PH009 -- 2302 02/03/93 10:26 EST
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Date:Feb 3, 1993
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