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SOUTHERN INDIANA GAS AND ELECTRIC COMPANY SECOND QUARTER RESULTS

 SOUTHERN INDIANA GAS AND ELECTRIC COMPANY SECOND QUARTER RESULTS
 EVANSVILLE, Ind., Aug. 11 /PRNewswire/ -- Southern Indiana Gas and Electric Company (NYSE: SIG) reported earnings per share of 64 cents for the quarter ended June 30, 1992, compared to 48 cents in 1991. The primary reason for the higher earnings was fewer electric maintenance expenditures, down 38 percent for the quarter. It is anticipated that electric maintenance expenditures will increase during the third and fourth quarters of 1992 due to scheduled maintenance projects at the company's major generating stations. Greater gas sales, which reflected cooler weather compared to the prior year, contributed to the higher earnings during the period. Partially offsetting these increases in earnings were lower system and nonsystem electric sales, down 4 percent and 28 percent, respectively, due primarily to cooler weather during the quarter when compared to the prior year and decreased requirements of several of the company's nonsystem customers.
 For the first six months of 1992, earnings per share was unchanged at $1.34 when compared to the same period in 1991. Despite electric sales to system and nonsystem customers during the current six month period declining 3 percent and 22 percent, respectively, decreased electric maintenance expenditures more than offset the impact of the decline in sales.
 Earnings per share of $2.38 for the twelve months ended June 30, 1992 represents a 1.7 percent increase compared to the prior year period earnings of $2.34. Fewer maintenance expenditures and increased system electric sales due to continued commercial development and an increased customer base were the primary reasons for the improved results. Partially offsetting these improvements to earnings was a lower margin on gas sales.
 SOUTHERN INDIANA GAS AND ELECTRIC COMPANY
 (in thousands except per share data)
 Three Months Ended June 30,
 1992 1991
 TOTAL OPERATING REVENUES $ 70,839 $ 76,321
 NET INCOME (Before Preferred
 Dividends) $ 10,402 $ 7,826
 EARNINGS PER SHARE $0.64 $0.48
 Six Months Ended June 30,
 1992 1991
 TOTAL OPERATING REVENUES $155,576 $165,843
 NET INCOME (Before Preferred
 Dividends) $ 21,736 $ 21,633
 EARNINGS PER SHARE $1.34 $1.34
 Twelve Months Ended June 30,
 1992 1991
 TOTAL OPERATING REVENUES $312,315 $316,386
 NET INCOME (Before Preferred
 Dividends) $ 38,616 $ 38,157
 EARNINGS PER SHARE $2.38 $2.34
 NOTES:
 1. Because of seasonal and other factors, the earnings for the three months, six months and twelve months ended June 30, 1992 should not be taken as an indication for all or any part of the balance of 1992.
 2. Earnings per share for the periods ending in 1991 have been restated to reflect the stock split on a four-for-three basis effective March 30, 1992.
 -0- 8/11/92
 /CONTACT: A.E. Goebel, senior vice-president, chief financial officer, secretary and treasurer of Southern Indiana Gas and Electric Company, 812-464-4553/
 (SIG) CO: Southern Indiana Gas & Electric Company ST: Indiana IN: UTI SU: ERN


BM -- CL006 -- 8993 08/11/92 13:06 EDT
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Publication:PR Newswire
Date:Aug 11, 1992
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