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PEOPLES ENERGY REPORTS YEAR END 1993 RESULTS

 CHICAGO, Oct. 29 /PRNewswire/ -- Year-end 1993 results for Peoples Energy Corp. (NYSE: PGL) showed a slight improvement from levels of the prior fiscal year, the company reported today.
 Fourth-quarter figures also were better than a year ago, though still registering the typical seasonal loss.
 Net income for the company's 1993 fiscal year -- which ended Sept. 30 -- rose 4 percent to $73.4 million, or $2.11 a share. This compares with a net of $70.4 million, or $2.06 a share, recorded last year. The results are preliminary and subject to final audit.
 Richard E. Terry, chairman and chief executive, said the upturn in 1993's results came mainly from a rate increase put into effect early in the year by the company's principal subsidiary, Peoples Gas. Results also benefited from weather that was 6 percent colder than a year ago, although this benefit was offset by a decline in gas deliveries arising principally from energy-conservation measures.
 Terry said the current year's numbers were adversely affected by higher expenses for operation and maintenance, including the accrual of post-retirement benefit costs consistent with rate treatment granted to Peoples Gas. Also, he noted that current earnings were lowered by four cents a share as a result of the additional common stock now outstanding from last year's offering.
 Operating revenues for the year rose nearly 15 percent to $1.26 billion, primarily due to the effect of higher gas costs and the Peoples Gas rate increase that went into effect near the start of the last heating season.
 "Results for the fourth quarter," Terry said, "again ran in the red due to the seasonal nature of our gas utility operations." The net loss in the current period amounted to $13.2 million, or 38 cents per share. This compares with a loss of $15 million, or 43 cents a share, in last year's final period. The company attributed the improvement mainly to last fall's rate increase, the benefit of which was partly offset by higher operating costs.
 Fourth-quarter revenues in 1993 amounted to $136.1 million, up 19 percent from last year's level.
 Peoples Energy said final results will be provided to shareholders in about a month.
 PEOPLES ENERGY CORP.
 Financial Highlights (Unaudited)
 Fiscal Years Ended Sept. 30,
 1993 1992
 Revenues $1,258,941,000 $1,096,752,000
 Net Income $73,375,000 $70,384,000
 Earnings Per Share $2.11 $2.06
 Averages Shares Outstanding 34,809,000 34,151,000
 Three Months Ended Sept. 30, 1993 1992
 Revenues $ 136,057,000 $ 114,272,000
 Net Income ($13,218,000) ($15,028,000)
 Earnings Per Share ($0.38) ($0.43)
 Average Shares Outstanding 34,823,000 34,770,000
 NOTE: ( ) Denotes red figure.
 -0- 10/29/93
 /CONTACT: Ed Joyce of Peoples Energy Corp., 312-431-4567/
 (PGL)


CO: Peoples Energy Corp. ST: Illinois IN: UTI SU: ERN

MP -- NY079 -- 8643 10/29/93 15:39 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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