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UNITED WATER RESOURCES ISSUES AMENDED 1991 EARNINGS; RECENT NEW YORK COURT DECISION PROMPTS ONE-TIME CHARGE TO EARNINGS

         UNITED WATER RESOURCES ISSUES AMENDED 1991 EARNINGS;
   RECENT NEW YORK COURT DECISION PROMPTS ONE-TIME CHARGE TO EARNINGS
    HARRINGTON PARK, N.J., Feb. 20 /PRNewswire/ -- United Water Resources (NYSE: UWR) said today that it has restated its previously reported unaudited financial results for 1991 to reflect the impact of a decision handed down on Feb. 13, 1992, by the Appellate Division of the New York Supreme Court in a case involving Spring Valley Water Company, one of its subsidiaries. The decision prompts a non-recurring reduction in United Water's 1991 net income by five cents per share from results announced on Jan. 27.
    United Water's revised 1991 net income was $16.4 million, (96 cents per share), versus 1990 earnings of  $18.3 million ($1.10 per share). The revised fourth quarter 1991 earnings were $3 million (18 cents per share) against $8.4 million (50 cents per share) in 1990, which featured a major real estate sale.  Last week's court opinion upheld the New York Public Service Commission's (PSC) modification of its original 1985 decision which approved the terms of the transfer of a parcel of real estate from Spring Valley to another United Water subsidiary, Rivervale Realty Company.  The court decision sustained the PSC's determination that Spring Valley's rate base should be reduced by about $1.9 million to give effect to a subsequent real estate transaction.  Donald L. Correll, president of United Water, expressed disappointment with the court's decision, but he added that even with the earnings restatement, 1991 was United Water's fifth best year thanks to strong performance by its core water utilities in a dry summer.  Correll said the sale of a large tract of property in late 1990, contrasted with the absence of real estate sales last year, accounted for 1991's decline in earnings for the year and the fourth quarter.  Correll emphasized that the court decision is not expected to have any further impact on Spring Valley's earnings, cash flow or customer bills, since its effect was imputed by the PSC in its calculation of rates in a 1990 decision.  United Water Resources is a holding company engaged in water-related businesses and real estate.  Its principal utility subsidiaries, Hackensack and Spring Valley water companies, serve over one million people in New Jersey and New York.  United Water has paid continuous cash dividends on common stock since 1886.
                UNITED WATER RESOURCES AND SUBSIDIARIES
                                Restated
       (unaudited -- amounts in thousands except per-share data)
    Three months ended Dec. 31,          1991(A)       1990
    Operating revenues                  $39,253      $59,350
    Operating expenses                   28,603       40,476
    Net income                            3,078        8,350
    Net income per common share             .18          .50
    Dividends paid per share                .23          .22
    Avg. no. of common shares outstg.    17,372       16,732
    Twelve months ended Dec. 31,         1991(A)       1990
    Operating revenues                  $161,750     $164,594
    Operating expenses                   116,086      118,316
    Net income                            16,442       18,292
    Net income per common share              .96         1.10
    Dividends paid per share                 .91          .88
    Avg. no. of common shares outstg.     17,076       16,587
    (A) Restated
    -0-       2/20/92
    /CONTACT:  Martha Green, 201-767-2841, or 201-487-0011 (evenings and weekends)/
    (UWR) CO:  United Water Resources ST:  New Jersey IN:  UTI SU:  ERN SH -- NY063 -- 0991 02/20/92 13:59 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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