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NIPSCO INDUSTRIES, INC., REPORTS EARNINGS

 HAMMOND, Ind., April 29 /PRNewswire/ -- NIPSCO Industries, Inc. (NYSE: NI), today reported net income of $58.6 million for the first quarter ended March 31, 1993, compared to $48.2 million for the first quarter of last year.
 Earnings for the three months ended March 31, 1993, were 87 cents per average common share, compared to 70 cents for the same period a year ago.
 Revenues for the first quarter of 1993 were $521.6 million compared to $474.0 million for the same period a year ago. Operating margins, the difference between operating revenues and cost of energy, for the three month period increased $22.3 million. Gas operating margin increased $15.3 million reflecting increased sales to residential and commercial customers due to colder weather. Electric operating margin for the three months ended March 31, 1993, increased $7.0 million reflecting increased sales to residential, commercial and industrial customers partially offset by decreased sales to wholesale customers.
 For the 12 month period ended March 31, 1993, the company recorded net income of $147.0 million or earnings of $2.16 per average common share compared to $135.5 million or earnings per average common share of $1.98 for the 12 month period ended March 31, 1992.
 Revenues for the 12 month period ended March 31, 1993, were $1.63 billion compared to $1.55 billion for the same period a year ago. Operating margins for the 12 month period increased to $23.4 million to $971.6 million. Gas operating margin increased $35.8 million reflecting increased sales to residential and commercial customers due to colder weather, and the inclusion of Kokomo Gas and Fuel Company. Electric operating margin for the 12 month period decreased $12.4 million reflecting decreased sales to higher margin residential and commercial customers during the second and third quarters of 1992, partially offset by increased sales to lower margin industrial and wholesale customers.
 THREE MONTHS ENDED MARCH 31, 1993 1992
 (Dollars in thousands)
 Operating Revenues:
 Gas
 Sales $279,860 $236,203
 Transport 9,774 13,127
 Electric 232,013 224,687
 Total $521,647 $474,017
 Operating Margin:
 Gas $118,452 $103,187
 Electric 169,114 162,119
 Total $287,566 $265,306
 Net Income $ 58,558 $ 48,247
 Dividend Requirements on
 Preferred Shares 766 766
 Balance Available for Common
 Shareholders $ 57,792 $ 47,481
 Average Common Shares
 Outstanding 65,685,115 66,880,536
 Earnings per Average Common Share $0.87 $0.70
 Dividends Declared per Common Share $0.33 $0.31
 Gas sales (MDth) 54,697 47,529
 Gas transported (MDth) 45,979 40,526
 Electric sales (Mwh) 3,752,709 3,559,544
 TWELVE MONTHS ENDED MARCH 31, 1993 1992
 (Dollars in thousands)
 Operating Revenues:
 Gas
 Sales $669,792 $561,514
 Transport 36,733 44,833
 Electric 923,461 940,531
 Total $1,629,986 $1,546,878
 Operating Margin:
 Gas $301,922 $266,103
 Electric 669,717 682,121
 Total $971,639 $948,224
 Net Income $146,959 $135,524
 Dividend Requirements on
 Preferred Shares 3,063 3,063
 Balance Available for Common
 Shareholders $143,896 $132,461
 Average Common Shares
 Outstanding 66,426,386 66,798,534
 Earnings per Average Common Share $2.16 $1.98
 Dividends Declared per Common Share $1.28 $1.20
 Gas sales (MDth) 122,783 108,350
 Gas transported (MDth) 154,947 139,448
 Electric sales (Mwh) 14,626,276 14,145,469
 -0- 4/29/93
 /CONTACT: Tom Kallay of NIPSCO Industries, Inc., 219-647-6203/
 (NI)


CO: NIPSCO Industries, Inc. ST: Indiana IN: UTI SU: ERN

AR -- CL011 -- 2525 04/29/93 10:06 EDT
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Date:Apr 29, 1993
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