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UNITED WATER RESOURCES REPORTS HIGHER SIX-MONTH EARNINGS DESPITE A SECOND QUARTER DIP

 UNITED WATER RESOURCES REPORTS HIGHER
 SIX-MONTH EARNINGS DESPITE A SECOND QUARTER DIP
 HARRINGTON PARK, N.J., July 20 /PRNewswire/ -- United Water Resources (NYSE: UWR) today reported net income of $5.6 million for the six months ended June 30, 1992, up from $5.2 million during the comparable period in 1991. Net income per common share for the six months was 32 cents compared to 31 cents for the same period in 1991.
 Operating revenues for the six months were $79.1 million, versus $73.9 million for the first six months of 1991.
 Earnings for three months ended June 30, 1992, were $4.1 million versus $4.4 million for the same period a year ago. Net income per common share for the second quarter was 23 cents, compared to 26 cents for the second quarter of 1991.
 "A real estate sale, originally targeted for later this year, made an early welcome contribution to second quarter and year-to-date revenues," said Robert A. Gerber, chairman and chief executive officer. "The land sale, coupled with the positive, ongoing effects of a 1991 rate increase, partially offset the effects of a modest decline in water consumption during the first six months."
 "Cost control measures implemented by management are delivering desired results," said Gerber. "So it was principally costs related to the property sale that raised operating expenses for the quarter and year to date."
 Gerber noted that water production dipped almost 9 percent below last year's record second quarter production which was influenced by unseasonably dry weather in April and May. With company reservoirs at over 97 percent of capacity at the start of the third quarter, Gerber expressed confidence that the water utilities are well positioned to meet customers' seasonal water usage needs."
 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 approximately 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 its common stock since 1886.
 UNITED WATER RESOURCES AND SUBSIDIARIES
 (Unaudited -- Amounts in thousands except per-share data)
 Three months ended June 30 1992 1991
 Operating revenues $42,472 $41,447
 Operating expenses 30,306 29,910
 Net income 4,119 4,377
 Net income per common share .23 .26
 Dividends paid per share .23 .23
 Avg. no. of common shares outstanding 18,042 16,957
 Six months ended June 30 1992 1991
 Operating revenues $79,108 $73,881
 Operating expenses 59,238 56,557
 Net income 5,644 5,235
 Net income per common share .32 .31
 Dividends paid per share .46 .45
 Avg. no. of common shares outstanding 17,865 16,905
 Twelve months ended June 30 1992 1991
 Operating revenues $166,978 $173,652
 Operating expenses 118,766 123,713
 Net income 16,851 19,271
 Net income per common share .96 1.15
 Dividends paid per share .92 .89
 Avg. no. of common shares outstanding 17,541 16,790
 -0- 7/20/92
 /CONTACT: Carolyn M. Iglesias of United Water Resources, 201-784-9434, or evenings and weekends, 201-487-0011/
 (UWR) CO: United Water Resources, Inc. ST: New Jersey IN: UTI SU: ERN


SB -- NY049 -- 0749 07/20/92 12:40 EDT
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Date:Jul 20, 1992
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