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PE DECLARES THIRD QUARTER DIVIDEND AND REPORTS SECOND QUARTER RESULTS

 PHILADELPHIA, July 26 /PRNewswire/ -- Directors of Philadelphia Electric Company (NYSE: PE) (PE) on July 26, 1993, declared a common stock dividend of 35 cents per share for the third quarter of 1993, payable on Sept. 30, 1993, to shareholders of record Aug. 25.
 Common stock earnings for the second quarter of 1993 are $0.43 per share, which is $0.08 or 23% higher than the earnings of $0.35 per share for the second quarter of last year.
 The increase in earnings for the second quarter of 1993 compared to the prior year is primarily due to a $0.04 per share benefit resulting from the Company's ongoing debt and preferred stock refinancing program, and to the significantly warmer weather in June 1993 compared to the unusually cool weather in June 1992, which also resulted in a $0.04 per share benefit compared to the prior year.
 Total electric kilowatt-hour sales increased 10.9 percent from the second quarter of 1992 primarily due to higher off-system sales and warmer weather. Gas sold and transported increased 3.3 percent primarily due to higher interruptible sales and gas transported for others on the spot market as a result of favorable market conditions.
 Earnings for the six months ended June 30, 1993, are $1.10, $0.42 per share higher than for the corresponding period last year. Earnings for the twelve months ended June 30, 1993, are $2.32, $0.57 per share higher than for the corresponding period last year.
 The increases in earnings for the six and 12 months ended June 30, 1993 are primarily due to the effects of the Company's ongoing debt and preferred stock refinancing program, lower charges for uncollectible accounts, and the settlement of the Peach Bottom litigation which depressed 1992 earnings. Earnings for the six months ended June 30, 1993, also benefitted by more favorable weather in the current year.
 PHILADELPHIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Statements Of Income
 (Unaudited; Thousands of Dollars)
 Periods Ended Three months Six months
 June 30 1993 1992 1993 1992
 Total Operating
 Revenues $901,703 $903,245 $1,973,195 $1,983,135
 Net Income 107,691 94,325 270,047 182,726
 Shares of Common
 Stock - Average 220,856 220,170 220,733 220,119
 Earnings Per Average
 Share (Dollars) $0.43 $0.35 $1.10 $0.68
 Twelve Months Ended June 30 1993 1992
 Total Operating Revenues $3,952,529 $4,029,260
 Net Income 566,263 448,521
 Shares of Common Stock - Average 220,550 219,576
 Earnings Per Average Share (Dollars) $2.32 $1.75
 /delval/
 -0- 7/26/93
 /CONTACT: Neil McDermott of Philadelphia Electric, 215-841-4122/
 (PE)


CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU: DIV ERN

MK -- PH013 -- 5664 07/26/93 11:42 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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