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PUBLIC SERVICE COMPANY BOARD OF DIRECTORS DECLARES THREE-FOR-TWO COMMON STOCK SPLIT

              PUBLIC SERVICE COMPANY BOARD OF DIRECTORS
              DECLARES THREE-FOR-TWO COMMON STOCK SPLIT
    GASTONIA, N.C., Nov. 5 /PRNewswire/ -- On Nov. 5, 1992, the Board of Directors of Public Service Company of North Carolina, Inc. (NASDAQ-NMS: PSNC) declared a three-for-two common stock split to be effected in the form of a 50 percent common stock dividend, subject to approval of the North Carolina Utilities Commission.  Effective Jan. 4, 1993, one new share of the Company's Common Stock, having a par value of $1.00 per share, will be issued for every two shares of the Company's Common Stock outstanding on Dec. 10, 1992 to shareholders of record on the same date.  Fractional shares will automatically be distributed to shareholder accounts in the Company's dividend reinvestment plan.  All other fractional shares will be settled by a cash payment on Jan. 4, 1993, based on the average closing price of the Company's Common Stock for the five most recent trading days prior to the payment date.  As of Oct. 31, 1992, 10,401,724 shares of the Company's Common Stock were outstanding.  Assuming no change in this number of shares outstanding, 15,602,586 shares would be outstanding on Jan. 4, 1993 as a result of the payment of this common stock dividend.
    Based on the Nov. 4, 1992 closing price of the Company's Common Stock of $24.50 per share, the adjusted stock price would be $16.33 per share.  The current annual cash dividend rate will adjust from $1.14 per share to $.76 per share.
    Charles E. Zeigler, Jr., President and Chief Executive Officer, stated, "This action reflects the Company's 55 percent increase in earnings per share to $1.63 for the fiscal year ended Sept. 30, 1992 from $1.05 for the fiscal year ended Sept. 30, 1991 and the Board's confidence in the Company's future business prospects."
    Public Service Company distributes natural gas to over 246,000 customers in 87 cities, towns and communities in a 26-county service territory ranging from the Raleigh, Durham and Chapel Hill areas in the northeast; the Concord, Statesville, Gastonia and Forest City areas in the Piedmont; to the Asheville, Hendersonville and Brevard areas in the western part of the state.  Public Service Company, through its subsidiaries, also participates in oil and gas exploration and production, and retails propane gas.
    Transfer Agent and Registrar for All Classes of Stock:
       First Union National Bank
       Shareholder Services Group
       Two First Union Center, M-12
       Charlotte, North Carolina 28288-1154
    -0-                            11/5/92
    /CONTACT:  Charles E. Zeigler, Jr., President mVm'h5 - JM-CM -- CH029 -- 3097 11/05/92 12:20 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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