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KENETECH ANNOUNCES THIRD QUARTER RESULTS

 SAN FRANCISCO, Nov. 8 /PRNewswire/ -- KENETECH Corp. (NASDAQ: KWND) today reported third quarter revenues of $39.2 million. Revenues for the nine months ending Oct. 2, 1993, totaled $160.2 million. These revenues resulted in net operating losses of $0.7 million, 1 cent per share and $7.8 million, 24 cents per share, for the quarter and the nine- month period, respectively.
 KENETECH President Gerald Alderson said: "We are pleased with the third quarter and year-to-date results. They are consistent with our expectations for 1993, as we make the transition from our earlier generation of wind turbines to volume deliveries of the Model 33M-VS advanced wind turbine.
 "Indeed," Alderson noted, "the third quarter marked the initial shipments of our 33M-VS turbines. Moreover, the recently signed power contract with Northern States Power Co. in Minnesota brings the backlog of executed contracts with utilities to 244 megawatts, which represents a backlog of approximately 715 Model 33M-VS wind turbines."
 The third quarter results do not include any revenue resulting from a $17.6 million judgment, recently awarded to KENETECH's United States Windpower subsidiary and affiliated partnerships, in a contract dispute over power purchase agreements with Pacific Gas & Electric Co. (PG&E). The dispute arose over the conditions under which PG&E was allowed to curtail electricity deliveries from these entities.
 KENETECH Corp. went public on Sept. 21, 1993, with an initial offering of six million shares of its common stock. The stock trades on the NASDAQ stock market under the symbol "KWND." The proceeds of the offering are being used principally to fund the continuation of development, marketing and production of KENETECH's Model 33M-VS advanced wind turbine. The 33M-VS is a variable speed wind turbine that offers utilities zero-emission power at approximately five cents per kilowatt-hour -- a price competitive with newly constructed fossil-fuel plants.
 KENETECH Corp. is a leading provider of products and services to the electric power industry. Through its subsidiaries, the company designs, builds, finances, operates and maintains power plants that utilize environmentally-preferred technologies -- principally wind, biomass and natural gas. The company also provides energy management services to industrial, institutional and commercial customers.
 KENETECH CORPORATION
 Results for third quarter 1993 and nine months ended Oct. 2, 1993
 ($ in millions, except per share amounts)
 Nine months
 Third quarter ended
 1993 Oct. 2, 1993
 Revenues $39.2 $160.2
 Net loss $0.7 $7.8
 Average number of shares
 outstanding
 Fully diluted 29,950,802 29,050,599
 Loss per share
 Fully diluted $0.01 $0.24
 -0- 11/8/93
 /CONTACT: Clarence Grebey or Hilliard Terry, both of KENETECH, 415-398-3825/
 (KWND)


CO: KENETECH Corp. ST: California IN: OIL UTI SU: ERN

RB-TM -- SF009 -- 1595 11/08/93 08:50 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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