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NUI CORPORATION REPORTS IMPROVED FIRST QUARTER RESULTS AND REGULAR QUARTERLY DIVIDEND

 BEDMINSTER, N.J., Jan. 27 /PRNewswire/ -- NUI Corporation (NYSE: NUI) today reported net income of $6.76 million or $0.84 per share, for the first three months ended Dec. 31, 1992, compared with $4.86 million, or $0.76 per share, a year ago. Average shares outstanding increased to 8,057,000 for the first quarter, up from 6,354,000 a year ago, reflecting a 1,500,000 offering completed in May 1992. Operating income for the period increased 18 percent to $10 million, up from $8.5 million a year ago. Earnings per share for the current 12 months compared favorable with the prior year.
 Today, the board of directors of NUI Corporation declared the regular quarterly dividend of $0.395 per share, payable March 15, 1993 to shareholders of record on Feb. 19, 1993.
 "A recovering economy in New Jersey, combined with continuing growth in Florida, contributed to increased sales," said John Kean, president and chief executive officer of NUI Corporation. "As part of the company's planned expansion of its distribution capability in the Port St. Lucie area, I am pleased to announce the recent purchase of the distribution system of Western Energy Services, Inc. which serves St. Lucie West. This acquisition will add 14 miles of distribution system, giving us the network to serve customers in this fast-growing region of Florida."
 NUI Corporation, based in Bedminster, is an exempt public utility holding company engaged in the distribution of natural gas to approximately 316,000 customers through its principal operating divisions, Elizabethtown Gas Company in New Jersey and City Gas Company of Florida. NUI or National Utility Investors, is traded on the New York Stock Exchange under the symbol NUI. This year marks the 100th anniversary of continuous dividend payments by NUI Corporation.
 NUI CORPORATION
 Comparative Table
 (In thousands, except per share amounts
 and degree day data - Unaudited)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Operating revenue $101,115 $78,064 $314,082 $286,904
 Operating income 10,035 8,534 26,672 22,578
 Net income 6,758 4,857 13,706 6,888
 Net income per share 0.84 0.76 1.85 1.09
 Weighted average number
 of shares outstanding 8,057 6,354 7,414 6,320
 Degree Days
 New Jersey 1,647 1,590 4,937 4,442
 Florida 63 61 243 173
 Overall variance from
 30-year average 7 percent 10 percent 3 percent 14 percent
 ("normal") warmer warmer warmer warmer
 -0- 1/27/93
 /CONTACT: Alexandra Pruner or Sarah Monilaws of NUI Corporation, 908-781-7815/
 (NUI)


CO: NUI Corporation ST: New Jersey IN: OIL SU: ERN

SM-WB -- NY114 -- 9905 01/27/93 17:04 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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