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SCEcorp DECLARES FOURTH QUARTER EARNINGS

 ROSEMEAD, Calif., Jan. 21 /PRNewswire/ -- SCEcorp's (NYSE: SCE) 1992 earnings were $3.32 per share, 11 cents above 1991. Reported earnings for both 1992 and 1991 included one-time charges for reserves, regulatory and legal items. Before these charges, 1992 earnings were $3.49, down 15 cents from the prior year. Higher earnings at Mission Energy Co. and Mission First Financial were offset by lower utility earnings and a loss at Mission Land Co.
 Southern California Edison's earnings for 1992 were $2.83, 15 cents above 1991. Before one-time charges, utility earnings fell 17 cents in 1992 because of a lower authorized return on equity, lower interest income, and dilution from new common shares outstanding.
 During 1992, Edison made substantial progress in reducing expenses. Overall 1992 operating and maintenance expenses were held below 1991 levels, despite customer growth and inflation. With these reductions and savings from refinancing of securities, the utility earned slightly more than its 12.65 percent authorized return on equity.
 For 1992, SCEcorp's Mission companies earned 49 cents per share; 4 cents below 1991. Before a one-time charge at Mission Land, 1992 earnings were 2 cents higher than 1991. Both Mission Energy and Mission First Financial again showed substantial earnings growth, increasing 8 percent and 20 percent, respectively.
 SCEcorp earnings for the fourth quarter were 68 cents per share, up from 52 cents a year ago. Before one-time charges, earnings were 74 cents, 1 cent less than the prior year. Edison's fourth quarter earnings were 4 cents below the same period last year. Fourth quarter earnings at Mission Energy and Mission First Financial were up 3 cents, but this was more than offset by a 5-cent loss at Mission Land.
 -0- 1/21/93
 /CONTACT: Cathy Sedlik of SCEcorp, 818-302-2255/
 (SCE)


CO: SCEcorp ST: California IN: UTI SU: ERN

KJ-JL -- LA025 -- 7505 01/21/93 14:37 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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