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UNITED WATER RESOURCES REPORTS FIRST QUARTER EARNINGS ARE UP 78 PERCENT

UNITED WATER RESOURCES REPORTS FIRST QUARTER EARNINGS ARE UP 78 PERCENT
 HARRINGTON PARK, N.J., April 22 /PRNewswire/ -- United Water Resources (NYSE: UWR) today reported earnings of $1.5 million for the first three months of 1992, an increase of 78 percent from the comparable period in 1991. Earnings for the 12 months ended March 31, 1992, were $17.1 million, about level with the same period a year ago.
 Net income per common share for the first quarter was nine cents, up four cents from first quarter 1991. Net income per common share for the 12 months ended March 31 was 99 cents, compared to $1.03 for the same period a year earlier.
 Operating revenues for the first three months of 1992 were $36.6 million, compared to $32.4 million in 1991. Operating revenues for the 12 months ended March 31, 1992, were $166.0 million compared to $166.4 million.
 Robert A. Gerber, United Water's chairman and chief executive officer, attributed higher first quarter results to the continuing effects of a rate increase authorized for Hackensack Water in March of 1991 along with modest increases in water consumption by customers of its New Jersey and New York water utilities.
 "Performance of our core water utility business has been strong over the last 12 months," said Gerber. "Our New Jersey rate increase, coupled with a 7 percent rise in water consumption, kept recent 12-month earnings on an even keel despite the absence of a significant real estate transaction to match the one in the prior 12-month period."
 "We anticipate continued steady contributions from our water utility operations," said the chairman. Gerber noted that utility subsidiaries entered the second quarter well poised for the spring season with reservoirs at 89 percent of capacity.
 United Water Resources is a holding company engaged in water-related businesses and real estate. Its 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)
 Period ended Three months
 March 31, 1992 1991
 Operating revenues $36,636 $32,434
 Operating expenses 28,932 26,647
 Net income 1,525 858
 Net income per common share $ .09 $ .05
 Dividends paid per share .23 .22
 Avg. no. of common
 shares outstanding 17,692 16,853
 Period ended Twelve months
 March 31, 1992 1991
 Operating revenues $165,952 $166,354
 Operating expenses 118,371 119,583
 Net income 17,109 17,172
 Net income per common share $ .99 $ 1.03
 Dividends paid per share .92 .88
 Avg. no. of common
 shares outstanding 17,270 16,680
 -0- 4/22/92
 /CONTACT: Carolyn M. Iglesias of United Water Resources, 201-784-9434, or evenings and weekends, 201-487-0011/
 (UWR) CO: United Water Resources ST: New Jersey IN: UTI SU: ERN


SH -- NY048 -- 1252 04/22/92 12:04 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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