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UNITED WATER RESOURCES REPORTS LOWER FIRST QUARTER EARNINGS FOR 1993

] HARRINGTON PARK, N.J., April 22 /PRNewswire/ -- United Water


Resources (NYSE: UWR) today reported earnings of $706,000 (4 cents

per common share) for the first three months of 1993, compared with $1.5 million (9 cents per common share) for the first quarter of 1992. Earnings for the 12 months ended March 31, 1993 were $15.0 million (81 cents per common share) compared to $ 17.1 million (99 cents per common share) for the same period a year earlier.
 Operating revenues for the first quarter of 1993 were $35.9 million compared with $36.6 million in 1992. Operating revenues for the 12 months ended March 31, 1993 were $164.1 million compared with $166.0 million for the prior 12-month period.
 Donald L. Correll, United Water's president and chief executive officer, said lower quarterly and 12-month revenues and earnings were primarily due to decreased water consumption by utility customers.
 "Late winter and early spring are traditionally periods of moderate water use," said Correll. "This quarter consumption in our North Jersey service territory, which represents the major portion of our utility business, dipped to its lowest level since 1987. We believe this was caused by the weather and the sluggish economy."
 Correll stated that revenues for the 12 months ended March 31 decreased by 1.1 percent while operating expenses remained flat. Proceeds from land sales by the real estate subsidiary partially offset the lower utility revenues for the 12 months.
 As the summer approaches, reservoirs in the Hackensack River system are at 98.1 percent of capacity. "Our water supplies are strong, and we're ready to meet the heavy demand that usually accompanies the spring and summer months," Correll said.
 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, owns developable land and several office buildings in the metropolitan area. Other subsidiaries provide environmental testing, automatic meter reading services, and construct and operate small water and sewer utilities.
 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 March 31, 1993 1992
 Operating revenues $35,895 $36,636
 Operating expenses 28,965 28,932
 Net income 706 1,525
 Net income per common share $.04 $.09
 Dividends paid per share .23 .23
 Average number of common
 shares outstanding 18,936 17,692
 Twelve months ended March 31 1993 1992
 Operating revenues $164,128 $165,952
 Operating expenses 118,387 118,371
 Net income 14,965 17,109
 Net income per common share $ .81 $.99
 Dividends paid per share .92 .92
 Average number of common
 shares outstanding 18,490 17,270
 -0- 4/22/93
 /CONTACT: Carolyn M. Iglesias, 201-784-9434, or Rose Duger, 201-784-9434, or (evenings, weekends) 201-487-0011, both of United Water Resources/
 (UWR)


CO: United Water Resources ST: New Jersey IN: UTI SU: ERN

TS -- NY034 -- 9266 04/22/93 09:58 EDT
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Date:Apr 22, 1993
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