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OESI POWER CORP. REPORTS 1992 RESULTS

 PORTLAND, Ore., April 15 /PRNewswire/ -- OESI Power Corp. (NASDAQ: OESI) announced today that, because of delays in closing the financings of several projects it had in development in 1992, and the termination of certain other projects in development; lower operations revenues; and higher operating and interest expenses, it would be reporting a net loss for the fourth quarter of approximately $10.5 million on revenues of $4.8 million and a net loss for all of 1992 of approximately $18.3 million on revenues of $24.4 million. Included in the loss are non-recurring charges amounting to $1.4 million for relocation of the company's corporate offices to Lake Oswego, Ore., and $3.3 million for write-downs or write-offs of investments in projects. The write-downs or write-offs elate primarily to decisions made by the company during the fourth quarter to discontinue the development of a number of smaller projects ($2.1 million) and to a write-down of its investment in the Empire project ($1.2 million) due to continuing geothermal resource problems.
 "The operating losses we experienced in 1992 do not reflect the substantial progress that OESI made over the past year laying the ground work for a return to profitability. I believe that 1992 will mark the turning point for OESI," stated James W. Porter, Jr., chief executive officer and president of OESI. Porter noted that the closing of the construction financings for OESI's Rye Patch and Second Imperial projects last November and the progress made during 1992 toward improving the performance and profitability of the company's Nevada and California projects should provide better results for OESI in 1993 and beyond. James F. Verhey, OESI's chief finanical officer, also noted that the company's cash flow increased as a result of the closing of the Rye Patch and Second Imperial projects and the sale of the Ormesa IE Expansion project, thereby helping to reduce the level of vendor payables.
 OESI Power Corp. acquires, develops, operates and sells interests in geothermal power projects in the western United States, Alaska and Hawaii.
 OESI POWER CORP.
 (In thousands, except per-share amounts)
 Quarter Ended
 12/31/92 12/31/91
 (Restated)
 Revenues $ 4,825 $ 5,129
 Net Income (Loss) $(10,497) $ (2,770)
 Earnings (Loss) Applicable to
 Common Stock $(10,734) $ (3,010)
 Earnings (Loss) per Common and
 Common Equivalent Share $ (1.67) $ (0.47)
 Weighted Average Common Shares
 Outstanding 6,402 6,402
 12 Months Ended
 12/31/92 12/31/91
 (Restated)
 Revenues $ 24,388 $ 25,726
 Net Income (Loss) $(18,341) $ 495
 Earnings (Loss) Applicable to
 Common Stock $(19,289) $ (457)
 Earnings (Loss) per Common and
 Common Equivalent Share $ (3.01) $ (0.08)
 Weighted Average Common Shares
 Outstanding 6,402 5,623
 -0- 4/15/93
 /CONTACT: James F. Verhey, vice president and chief financial officer, 503-636-9620/
 (OESI)


CO: OESI Power Corp. ST: Oregon IN: OIL SU: ERN

JW-GT -- SF012 -- 6010 04/15/93 08:03 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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