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PE DECLARES SECOND QUARTER DIVIDEND AND REPORTS FIRST QUARTER RESULTS

PE DECLARES SECOND QUARTER DIVIDEND AND REPORTS FIRST QUARTER RESULTS
 PHILADELPHIA, April 27 /PRNewswire/ -- The directors of Philadelphia Electric Company (NYSE: PE) today declared a dividend of $0.325 per share on the common stock for the second quarter of 1992, payable on June 30, 1992, to shareholders of record May 27, 1992.
 Common stock earnings for the first quarter of 1992 are $0.33 per share which is $0.25 lower than the earnings of $0.58 per share for the first quarter last year when 1.4 percent fewer shares were outstanding.
 The reduction in earnings is primarily the result of the previously reported settlement of litigation by co-owners of the Peach Bottom Atomic Power Station which penalized first quarter earnings by approximately $0.27 cents per share. In addition, first quarter earnings were penalized by higher charges for uncollectible accounts. These decreases were partially offset by higher electric and gas sales, a reduction in financing costs resulting from the on-going debt refinancing program, and the continuing emphasis on cost management.
 Joseph F. Paquette Jr., PE chairman and chief executive officer, said, "With the settlement of the Peach Bottom co-owner litigation, the company has removed a significant financial uncertainty. In addition, we are confident that our more aggressive bill collection program, which went into effect April 1, will reduce future charges for uncollectible accounts."
 Total electric sales increased 11.2 percent from the first quarter of 1991 primarily due to additional sales to other utilities and favorable weather. Gas sold and transported for others increased 6.3 percent, also due to favorable weather.
 Earnings for the 12 months ended March 31, 1992, are $1.89, $0.76 per share greater than earnings for the corresponding period last year.
 PHILADELPHIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Statements of Income
 (Unaudited; thousands of Dollars)
 Periods ended Three months 12 months
 March 31 1992 1991 1992 1991
 Total Operating
 Revenues $1,079,890 $1,008,325 $4,090,152 $3,805,633
 Net Income $88,401 $143,846 $479,232 $326,767
 Shares of Common
 Stock - Average 220,068 217,014 218,990 215,550
 Earnings Per Average
 Share (Dollars) $0.33 $0.58 $1.89 $1.13
 /delval/
 -0- 4/27/92
 /CONTACT: Neil McDermott of Philadelphia Electric, 215-841-4122/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU: DIV ERN


MK -- PH035 -- 3195 04/27/92 12:57 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
Words:400
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