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NYSEG REPORTS THIRD QUARTER EARNINGS

 BINGHAMTON, N.Y., Oct. 21 /PRNewswire/ New York State Electric & Gas Corporation (NYSEG) (NYSE: NGE) today reported third quarter earnings that were higher than comparable earnings for the third quarter of last year.
 "We remain committed to earning our allowed return on equity; however, that goal will not be achieved in 1993," said James A. Carrigg, NYSEG chairman, president and chief executive officer. "We have not been able to recover from the sales shortfalls experienced in the first half of this year. Those shortfalls were primarily caused by the sluggish economy in our service territory. Going forward, the modified revenue decoupling mechanism included in our rate settlement agreement will reduce the earnings effect from lower sales. In addition, we will continue to reduce costs to meet the competitive challenges we face and earn our allowed return on equity."
 For the three months ended Sept. 30, 1993, earnings available for common stock were $27,340,000, or 39 cents per share. Earnings for the quarter ended Sept. 30, 1992, were $21,320,000, or 31 cents per share. These figures are not comparable because late in 1992 NYSEG began reflecting on its income statement the value of energy consumed but not yet billed. If NYSEG had been allowed by the Public Service Commission of the State of New York (PSC) to include this unbilled revenue factor during all of 1992, its comparable third quarter earnings per share in 1992 would have been 38 cents.
 Total revenues of $396,410,000 for the three months ended Sept. 30, 1993, were 8 percent higher than total revenues for the three months ended Sept. 30, 1992. Electric revenues increased 7 percent due to increases in rates in August 1992 and September 1993, higher costs of non-utility generation, and incentives earned for demand-side management programs. Natural gas revenues increased 17 percent primarily due to the unbilled revenue factor.
 Earnings available for common stock were $2.03 per share for the 12 months ended Sept. 30, 1993, compared to $2.28 per share for the 12 months ended Sept. 30, 1992. If NYSEG had been allowed by the PSC to include the unbilled revenue factor during all of 1992, its comparable earnings per share for the 12 months ended Sept. 30, 1993, would have been $2.33.
 Total revenues for the 12 months ended Sept. 30, 1993, were $1,739,469,000, a 5 percent increase over the previous 12 months.
 A summary of unaudited financial information follows:
 3 Months Ended 12 Months Ended
 September 30 September 30
 1993 1992 1993 1992
 (Thousands, Except Per Share Amounts)
 OPERATING REVENUES $396,410 $367,833 $1,739,469 $1,648,860
 NET INCOME $32,541 $26,581 $162,280 $172,742
 DIVIDENDS ON PREFERRED
 STOCK $5,201 $5,261 $20,805 $21,082
 EARNINGS AVAILABLE FOR
 COMMON STOCK $27,340 $21,320 $141,475 $151,660
 EARNINGS PER SHARE $.39 $.31(A) $2.03(B) $2.28
 AVERAGE SHARES
 OUTSTANDING 70,119 69,063 69,709 66,453
 (A) -- Had the unbilled revenue factor been included, earnings per share would have been 38 cents.
 (B) -- Had the unbilled revenue factor been included, earnings per share would have been $2.33.
 NEW YORK STATE ELECTRIC & GAS CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)
 (Thousands, except per share amounts)
 PERIODS ENDED SEPTEMBER 30 Three Months Twelve Months
 1993 1992 1993 1992
 OPERATING REVENUES
 Electric $371,303 $346,428 $1,491,972 $1,421,662
 Natural gas 25,107 21,405 247,497 227,198
 TOTAL OPERATING REVENUES 396,410 367,833 1,739,469 1,648,860
 OPERATING EXPENSES
 Fuel used in electric
 generation 63,944 66,513 247,508 263,483
 Electricity purchased 36,988 22,555 151,989 76,678
 Natural gas purchased 9,524 8,677 140,362 118,552
 Other operating expenses 81,102 79,952 327,732 312,316
 Maintenance 27,205 24,903 111,282 104,468
 Depreciation and
 amortization 41,413 39,865 162,756 157,710
 Federal income taxes 20,763 17,209 94,379 98,489
 Other taxes 49,363 48,050 201,285 195,527
 TOTAL OPERATING EXPENSES 330,302 307,724 1,437,293 1,327,223
 OPERATING INCOME 66,108 60,109 302,176 321,637
 OTHER INCOME AND DEDUCTIONS 1,417 3,775 3,871 5,708
 INCOME BEFORE INTEREST
 CHARGES 67,525 63,884 306,047 327,345
 INTEREST CHARGES
 Interest on long-term debt 33,365 36,216 137,755 148,014
 Other interest 2,703 2,151 10,614 10,409
 Allowance for borrowed funds
 used during construction (1,084) (1,064) (4,602) (3,820)
 INTEREST CHARGES - NET 34,984 37,303 143,767 154,603
 NET INCOME 32,541 26,581 162,280 172,742
 PREFERRED STOCK DIVIDENDS 5,201 5,261 20,805 21,082
 EARNINGS AVAILABLE FOR COMMON
 STOCK $27,340 $21,320 $141,475 $151,660
 EARNINGS PER SHARE $ .39 $ .31 $2.03 $2.28
 AVERAGE SHARES OUTSTANDING 70,119 69,063 69,709 66,453
 Certain amounts have been reclassified on the Consolidated Statements of Income to conform with the 1993 presentation.
 -0- 10/21/93
 /CONTACT: Clayton M. Ellis, media specialist, of New York State Electric & Gas, 607-762-4301/
 (NGE)


CO: New York State Electric & Gas Corporation ST: New York IN: UTI SU: ERN

KL -- CL022 -- 5191 10/21/93 12:04 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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