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UNITED WATER RESOURCES REPORTS A SLIGHT DIP IN 1991 EARNINGS; STRONG WATER UTILITY PERFORMANCE PARTLY OFFSETS LACK OF REAL ESTATE SALES

 UNITED WATER RESOURCES REPORTS A SLIGHT DIP IN 1991 EARNINGS; STRONG
 WATER UTILITY PERFORMANCE PARTLY OFFSETS LACK OF REAL ESTATE SALES
 HARRINGTON PARK, N.J., Jan. 27 /PRNewswire/ -- United Water Resources (NYSE: UWR) today reported 1991 earnings of $17.3 million, a decrease of 6 percent from the $18.3 million earned in 1990. Net income per common share totaled $1.01 for 1991, compared to $1.10 the prior year.
 For the fourth quarter of 1991, United Water's net income was $3.9 million, 53 percent below the $8.4 million earned during the same period a year earlier, which was highlighted by a major real estate transaction. Earnings for the quarter were 22 cents per common share, against 50 cents per share for fourth quarter 1990.
 Robert A. Gerber, chairman and chief executive officer, said the absence of any real estate sales accounts for the earnings declines for both the fourth quarter and the full year. He noted that while fourth quarter 1991 results reflected the typical seasonality of the water utility business, fourth quarter earnings the prior year had been bolstered significantly by a property transaction.
 "Even without any real estate sales, 1991 was a good year," said Gerber. "In fact, it was the fourth best year in our 123-year history. Hackensack and Spring Valley water companies, our principal water utilities, set new peak day pumping records during the hot, dry summer and easily met a season-long surge in customer water use. Stocked with ample water supplies, our utilities entered 1992 in a strong position to meet the anticipated water needs of their customers. And, even without a sale, our real estate subsidiary contributed to net income."
 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's real estate subsidiary, Rivervale Realty Company, operates in northern New Jersey and southeastern New York. Rivervale owns approximately 1,100 acres of land which is in various stages of the subdivision and approval process.
 United Water has paid continuous cash dividends on common stock since 1886.
 UNITED WATER RESOURCES AND SUBSIDIARIES
 (Unaudited)
 (Amounts in thousands except per-share data)
 Three months ended Dec. 31 1991 1990
 Operating revenues $39,253 $59,350
 Operating expenses 28,603 40,476
 Net income 3,887 8,350
 Net income per common share .22 .50
 Dividends paid per share .23 .22
 Average number of common shares outstanding 17,372 16,732
 Twelve months ended Dec. 31 1991 1990
 Operating revenues $161,750 $164,594
 Operating expenses 116,086 118,316
 Net income 17,251 18,292
 Net income per common share 1.01 1.10
 Dividends paid per share .91 .88
 Average number of common shares outstanding 17,076 16,587
 -0- 1/27/92
 /CONTACT: Carolyn M. Iglesias of United Water, 201-784-9434, or after hours and weekends, 201-487-0011/
 (UWR) CO: United Water Resources ST: New Jersey IN: UTI SU: ERN


GK -- NY042 -- 3642 01/27/92 10:38 EST
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Publication:PR Newswire
Date:Jan 27, 1992
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