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MADISON GAS AND ELECTRIC CO. REPORTS 1991 EARNINGS

          MADISON GAS AND ELECTRIC CO. REPORTS 1991 EARNINGS
    MADISON, Wis., Feb. 14 /PRNewswire/ -- Madison Gas and Electric Co.


(NASDAQ-NMS: MDSN) reported earnings per share, adjusted for the recent 3-for-2 stock split, of $2.28 for the year ended Dec. 31, 1991, as compared to the $2.04 earned in 1990. (Pre-split earnings per share for the year ended Dec. 31, 1991, were $3.42, as compared to $3.06 in 1990.) Revenues in 1991 were $232 million, up $11 million from the $221 million reported in 1990.
    Operating revenues for the last quarter of 1991 were $64.9 million, as compared to $60.4 million in the fourth quarter of 1990.
    "Improved sales, commitment to cost controls and continuing substantial economic growth throughout our service territory have led to our second consecutive year of record earnings," said Joe Krzos, assistant vice president-accounting and control.
    "Electricity sales increased about 4 percent and natural gas deliveries increased about 11 percent, when compared to 1990. Additionally, controls on capital expenditures, combined with lower interest rates, generated a reduction in short-term financing costs during 1991," Krzos added.
    MGE is a public utility engaged in generation and transmission of electric energy and in its distribution over 250 square miles in Dane County.  The company also distributes and transports natural gas through 962 square miles in Dane, Columbia and Iowa counties.
             MADISON GAS AND ELECTRIC CO.
        Year Ended Dec. 31,                     1991              1992
      Operating Revenue                   $232,200,000      $220,568,000
      Net Operating Income                $ 36,374,000      $ 34,798,000
      Net Income                          $ 24,880,000      $ 22,029,000
      Average Shares Outstanding (a)        10,691,866        10,530,235
        Earnings Per Common Share(a)           $2.28             $2.04
       Three Months Ended Dec. 31,
    Operating Revenue                     $ 64,879,000      $ 60,394,000
    Net Operating Income                  $  9,655,000      $  9,984,000
    Net Income                            $  6,789,000      $  7,228,000
    Average Shares Outstanding (a)          10,697,218        10,629,390
    Earnings Per Common Share (a)              $0.62             $0.67
       Other:
       Book Value of Common Stock
         at  End of Year (a)                    $16.49            $15.93
       (a) Adjusted for 3-for-2 stock split, effective January 1992.
                  -0-        2/14/92
        /CONTACT: , Joseph Krzos of Madison Gas & Electric,
    608-252-7923; or Hal Bergen or Sharon Peters of Ruder-Finn,
    312-644-8600, for Madison Gas & Electric/
        (MDSN)
    CO:  Madison Gas and Electric Co.
    ST:  Wisconsin
    IN:  UTI
    SU:  ERN SB -- NY060 -- 0308 02/14/92 15:31 EST
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Publication:PR Newswire
Date:Feb 14, 1992
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