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IES INDUSTRIES ANNOUNCES EARNINGS

 CEDAR RAPIDS, Iowa, Oct. 26 /PRNewswire/ -- Net income for IES Industries Inc. (NYSE: IES) for the third quarter of 1993 was $28.0 million, or $0.99 per share, compared with net income of $18.6 million, or $0.73 per share, for the same period in 1992. Revenues for IES Industries for the quarter were $212 million, compared with $161 million during the third quarter of 1992.
 For the most recent 12 months, revenues were $783 million, compared to $666 million for the 12 months ended Sept. 30, 1992. Earnings were $2.42 per share for the past 12 months, compared with $1.84 per share in 1992.
 Iowa Electric Light and Power Co. (IE) and Iowa Southern Utilities (IS), principal utility subsidiaries of IES Industries, reported increased electric sales for the quarter. IE reported a 32 percent increase in kilowatt-hour sales, compared with the same quarter last year. Most of this increase is due to sales in the newly-acquired IE service area in southeast Iowa. Underlying sales growth, as adjusted for impacts of weather and new customers, was about 10 percent.
 IS reported a 19 percent increase in electric sales volumes for the third quarter of 1993, compared to the same quarter a year earlier. Adjusting for weather differences between 1993 and 1992, the underlying sales volume increases was about 15 percent for the quarter.
 For the first nine months of 1993, electric sales volumes for IE increased 34 percent from sales of the first nine months of 1992. Electric sales for IS increased 12 percent in the comparable periods. Electric sales volumes in 1993 reflect weather that was clearly milder than normal for the summer months and somewhat cooler than normal for the winter months. On balance, under normal weather conditions, electric sales volumes would have been about 1 percent higher than actual results for the first nine months of 1993.
 Electric sales showed particular underlying strength in the industrial and commercial sectors. Among the largest industrial customers, the recent strong sales growth continued. The floods in Iowa this summer did not have a material impact on IES performance for the third quarter.
 Earnings also reflect continuing cost-control efforts, results of merger-related consolidations and benefits from the acquisition of Union Electric Company's Iowa service territory at the end of 1992. Among diversified business subsidiaries of IES, Whiting Petroleum Corporation in particular continued its strong contribution to overall results.
 IES INDUSTRIES, INC.
 CONSOLIDATED RESULTS OF OPERATIONS
 (in thousands, except per share amounts)
 Quarter Ended Nine months ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Operating revenues $212,052 $161,320 $595,593 $491,060
 Net income $27,957 $18,555 $53,632 $36,942
 Average number of common
 shares outstanding 28,192 25,447 27,589 25,338
 Earnings per average common
 share $0.99 $0.73 $1.94 $1.46
 12 Months Ended
 9/30/93 9/30/92
 Operating revenues $782,850 $665,567
 Net income $65,401 $46,053
 Average number of common shares
 outstanding 27,077 25,075
 Earnings per average common
 share $2.42 $1.84
 NOTES:
 (a) The 1992 results reflect the Feb. 18, 1992 merger with Whiting Petroleum Corporation as if the merger has occurred on Jan. 1, 1992.
 (b) The 1993 results reflect the acquisition of the Iowa service territory of Union Electric Company on Dec. 31, 1992.
 (c) The comparability of the average number of common shares outstanding is affected by a public sale of 2.3 million shares in the first quarter of 1993.
 -0- 10/26/93
 /CONTACT: Robert Latham of IES Industries, 319-398-7676/
 (IES)


CO: IES Industries, Inc. ST: Iowa IN: UTI SU: ERN

DB-CP -- MN011 -- 2466 10/26/93 12:36 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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