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UNITED THERMAL CORPORATION REPORTS THIRD-QUARTER RESULTS

 UNITED THERMAL CORPORATION REPORTS THIRD-QUARTER RESULTS
 NEW YORK, Nov. 9 /PRNewswire/ -- United Thermal Corporation


(NASDAQ: UNTH) reported a third-quarter net loss of $4,165,000 or $.29 per share compared with a net loss of $4,329,000 or $.30 per share in the previous year. This quarter is normally a loss period due to seasonal weather.
 Third-quarter revenues at United Thermal were $10,619,000 in 1992 compared with $11,798,000 in 1991. This reduction in revenues is principally a result of the sale of the Cleveland and Youngstown operations in 1991.
 For the nine months ended Sept. 30, 1992, United Thermal recorded net income of $1,567,000 or $.11 per share on revenues of $72,842,000. During the comparable 1991 period, the company had a net loss of $9,731,000 or $.68 per share on revenues of $86,916,000. The 1991 results include nonrecurring after-tax charges of $10,200,000 or $.71 per share relating to the sale of the Cleveland system as well as the writedown and subsequent sale of the Youngstown system during 1991.
 Richard E. Kessel, managing director and chief executive officer, stated: "We are continuing the trend of improved financial results compared to the previous year. This is the fifth consecutive quarter that earnings have exceeded the previous year, despite the cooler weather our systems experienced this summer compared to the summer of 1991. We believe these results reflect the on-going strengthening of United Thermal in all key areas."
 United Thermal Corporation, the nation's second-largest supplier of district steam energy, owns and operates the district steam systems in
Philadelphia, Boston, Baltimore and St. Louis. The steam is produced in central plants fired by fossil fuels or municipal solid waste for distribution through pressurized underground pipeline networks to buildings in the downtown commercial districts. United Thermal's customers include universities, hospitals, commercial and government buildings, schools and public housing complexes.
 UNITED THERMAL CORPORATION
 Condensed Consolidated Statement of Operations
 (In thousands, except per share amounts)
 Third Quarter Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1992 1991 1992 1991(A)
 Steam sales $ 10,619 $ 11,798 $ 72,842 $ 86,916
 Income (loss) before
 nonrecurring charges
 and taxes $ (7,058) $ (7,303) $ 2,818 $ 969
 Income (loss)
 before taxes $ (7,058) $ (7,303) $ 2,818 $(11,431)
 Net income (loss) $ (4,165) $ (4,329) $ 1,567 $ (9,731)
 Net income (loss)
 per share $ (.29) $ (.30) $ .11 $ (.68)
 Weighted average number
 of shares outstanding 14,400 14,400 14,400 14,400
 (A) The 1991 balances include the following charges relating to the Cleveland and Youngstown steam systems, which were sold during 1991: loss on sale of Cleveland system of $6.0 million (pre-tax and after- tax) or $.42 per share; and writedown of Youngstown steam system assets by $4.2 million after-tax ($6.4 million pre-tax) or $.29 per share to their estimated net realizable value.
 -0- 11/9/92
 /CONTACT: Richard E. Kessel or Peter J. Fagan of United Thermal Corporation, 212-750-3400/
 (UNTH) CO: United Thermal Corporation ST: New York IN: SU: ERN


AH -- NY110 -- 8927 11/09/92 17:07 EST
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Date:Nov 9, 1992
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