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IES INDUSTRIES REPORTS FIRST QUARTER EARNINGS

 CEDAR RAPIDS, Iowa, April 27 /PRNewswire/ -- Net income for IES Industries, Inc. (NYSE: IES) (IES) for the first quarter of 1993 was $13.9 million, or $0.53 per share, compared with net income of $10.0 million, or $0.40 per share, for the same period in 1992. Revenues for the quarter were $213.1 million, compared with $181.3 million for the first quarter of 1992.
 For the most recent 12 months, revenues were $710.1 million, compared to $673.5 million for the 12 months ended March 31, 1992. Earnings were $2.05 per share for the past 12 months, compared with the prior year's $1.86 per share.
 Iowa Electric Light and Power Co. (IE) and Iowa Southern Utilities Co. (IS), principal utility subsidiaries of IES, reported increased electric and natural gas sales for the quarter. IE reported a 35 percent increase in kilowatt-hour sales and IS reported a 6 percent increase in quarterly electric sales. Both utilities reported 20 percent increases in natural gas volumes sold and transported for the quarter.
 For the most recent 12 months, IE electric sales volumes increased by 6 percent and gas volumes were 10 percent higher. For IS, comparable 12-month sales volumes were down 2 percent for electric and up 11 percent for natural gas.
 IE's acquisition of Union Electric Co.'s (UE) Iowa service territory was the primary reason for its increased electric sales. Excluding the impact of that acquisition, IE's electric sales increased by 8 percent from first quarter 1992 results.
 Electric sales increases reflect the continued underlying industrial strength of the utility service communities, building on IE and IS electric industrial sales growth in 1992 of 7 and 6 percent, respectively. For the quarter, IS industrial sales grew 8 percent. While IE's quarterly industrial sales increased by 76 percent, including previous UE customers, the large industrials that continue as IE customers increased electric purchases by 10 percent.
 A return to normal weather for the first quarter of 1993 also affected results. Residential, farm and commercial gas and electric sales increases, versus 1992's first quarter, were primarily due to this return to typical winter weather.
 IES INDUSTRIES, INC. CONSOLIDATED RESULTS OF OPERATIONS
 (In thousands, except per share amounts)
 Quarter Ended 12 Months Ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Operating revenues $213,077 $181,298 $710,074 $673,487
 Net income $13,935 $10,046 $52,599 $45,444
 Average number of
 common shares
 outstanding 26,499 25,234 25,705 24,457
 Earnings per average
 common share $0.53 $0.40 $2.05 $1.86
 Notes:
 (1) The consolidated results reflect the merger of IE Industries Inc. and Iowa Southern, Inc. as if the July 1, 1991 merger between these companies to form IES Industries Inc. had occurred on Jan. 1, 1991. The 1992 results reflect the Feb. 18, 1992 merger with Whiting Petroleum Corporation as if the merger had occurred on Jan. 1, 1992.
 (2) The 12 month 1992 results were adversely affected by extremely cool summer weather and a mild winter in the service territory of the utilities. The first quarter of 1993 reflected more normal weather conditions.
 (3) The 12 month 1992 results were adversely affected by (1) a $2.3 million after-tax write-off for the regulatory disallowance of previously deferred former manufactured gas plant clean-up costs recorded in April 1991, and (2) after-tax merger expenses of $3.4 million recorded in July 1991.
 -0- 4/27/93
 /CONTACT: Robert J. Latham of IES Industries, Inc., 319-398-7676/
 (IES)


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

MA -- MN014 -- 1368 04/27/93 12:21 EDT
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Date:Apr 27, 1993
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