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PUBLIC SERVICE CO. OF COLORADO REPORTS THIRD QUARTER RESULTS

 DENVER, Oct. 21 /PRNewswire/ -- Public Service Co. of Colorado (NYSE: PSR) today reported net income of $25.5 million, or 38 cents per share, on revenues of $422.4 million for the third quarter ended Sept. 30, 1993. Net income for the like period in 1992 was $29.8 million, or 46 cents per share, on revenues of $407.3 million.
 The positive effect of higher electric sales and gas deliveries during the recent quarter were offset by increased operating and maintenance expenses. Also contributing to the lower earnings in the third quarter of 1993, compared to the like piriod a year ago, was the recognition of a 1 percent increase in the federal tax rate -- retroactive to Jan. 1, 1993. This resulted in increased tax expense during the quarter.
 For the nine months ended Sept. 30, 1993, Public Service Co. reported net income of $104.6 million, or $1.61 per share, on revenues of $1.48 billion. For the like period in 1992, net income was $105.0 million, or $1.67 per share, on revenues of $1.36 billion.
 Net income for the 12 months ended Sept. 30, 1993, was $136.3 million, or $2.10 per share, on revenues of $1.98 billion. This compares to net income of $163.0 million, or $2.65 per share, on revenues of $1.83 billion for the like 12-month period a year ago.
 Lower earnings for the 12 months ended Sept. 30, 1993, resulted principally from the company's divestment of real esate properties and the write-down of its Synhytech fuel conversion technology project in the fouth quarter of 1992. These actions refleced the company's continuing efforts to return to its core business.
 PUBLIC SERVICE CO. OF COLORADO
 FINANCIAL RESULTS
 Sept. 30, 1993
 (Thousands of Dollars)
 Three Months Ended
 Sept. 30, Increase or (Decrease)
 1993 1992 Amount Percent
 Operating revenues $422,353 $407,326 $15,027 3.7
 Operating income $56,575 $61,323 $(4,748) (7.7)
 Net income $25,527 $29,840 $(4,313) (14.5)
 Average shares
 outstanding (thousands) 59,925 57,840 2,085 3.6
 Earnings per share $0.38 $0.46 $(0.08) (17.4)
 Nine Months Ended
 Sept. 30, Increase or (Decrease)
 1993 1992 Amount Percent
 Operating revenues $1,477,743 $1,356,689 $121,054 8.9
 Operating income $194,270 $191,109 $3,161 1.7
 Net income $104,649 $104,992 $(343) (0.3)
 Average shares
 outstanding (thousands) 59,485 57,308 2,177 3.8
 Earnings per share $1.61 $1.67 $(0.06) (3.6)
 Twelve Months Ended
 Sept. 30, Increase or (Decrease)
 1993 1992 Amount Percent
 Operating revenues $1,983,431 $1,830,322 $153,109 8.4
 Operating income $254,724 $271,354 $(16,630) (6.1)
 Net income $136,279 $163,041 $(26,762) (16.4)
 Average shares
 outstanding (thousands) 59,191 57,019 2,172 3.8
 Earnings per share $2.10 $2.65 $(0.55) (20.8)
 -0- 10/21/93
 /CONTACT: Media Relations of Public Service Co. of Colorado, 303-294-8900/
 (PSR)


CO: Public Service Co. of Colorado ST: Colorado IN: UTI SU: ERN

MC-BB -- DV009 -- 5297 10/21/93 13:47 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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