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UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS

 UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS
 HOUGHTON, Mich., May 1 /PRNewswire/ -- Upper Peninsula Energy


Corporation (NASDAQ-NMS: UPEN) reported unaudited consolidated net income of $4,273,000 or $2.83 per average common share for the 12 months ended March 31, 1992. Twelve-month earnings for the same period a year ago were $4,167,000 or $2.79 per share. For the first quarter ended March 31, 1992, earnings were $1,439,000 or $0.95 per share compared to $1,620,000 or $1.08 per share for the same period in 1991.
 Elio Argentati, chairman of the board, said that earnings applicable to common stock increased for the 12 months ended March 31, 1992, due to the effect of Michigan jurisdictional rate relief effective May 1, 1991, and a slight increase in energy sales. Items having a negative impact on earnings were higher overall labor-related costs and expenses associated with additions to plant such as depreciation, ad valorem taxes and interest costs. Argentati also said that earnings applicable to common stock decreased for the quarter ended March 31, 1992, primarily due to the aforementioned additions to plant.
 UPPER PENINSULA ENERGY CORPORATION
 12 Months Ended Three Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Revenues $60,739,000 $57,269,000 $16,294,000 $16,030,000
 Net income $4,273,000 $4,167,000 $1,439,000 $1,620,000
 Avg. shares
 outstanding 1,508,686 1,495,836 1,513,532 1,501,898
 Earnings
 per share $2.83 $2.79 $0.95 $1.08
 -0- 5/1/92
 /CONTACT: E. Argentati or B.C. Arola of Upper Peninsula Energy, 906-487-5000/
 (UPEN) CO: Upper Peninsula Energy Corporation ST: Michigan IN: UTI SU: ERN


SB -- DE014 -- 5391 05/01/92 10:32 EDT
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Publication:PR Newswire
Date:May 1, 1992
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