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UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS

 HOUGHTON, Mich., Nov. 2 /PRNewswire/ -- Upper Peninsula Energy Corporation (NASDAQ-NMS: UPEN) reported unaudited consolidated net income of $6,434,000 or $2.11 per average common share for the 12 months ended Sept. 30, 1993. Twelve-month earnings for the same period a year ago were $4,102,000 or $1.35 per share.
 For the nine months ended Sept. 30, 1993, earnings were $5,802,000 or $1.90 per share compared to $3,036,000 or $1.00 per share for the nine months ended Sept. 30, 1992.
 For the third quarter ended Sept. 30, 1993, earnings were $869,000 or $0.28 per share compared to $830,000 or $0.27 per share for the same period in 1992.
 Elio Argentati, chairman of the board, said that earnings applicable to common stock increased for the 12 and nine months ended Sept. 30, 1993, due to the $2,588,000 net proceeds from UPEN's sale of approximately 34,000 acres of non-utility land to The Trust for Public Land and accounted for $0.85 earnings per average common share. Earnings for the three months ended Sept. 30, 1993, and Sept. 30, 1992, remained essentially the same.
 Earnings per share excluding the land sale for the 12 months ended Sept. 30, 1993, decreased from the previous period due mainly to (1) higher overall labor-related costs resulting from early retirements and higher pension accruals and (2) expenses associated with additions to plant such as depreciation, ad valorem taxes, and interest costs.
 UPPER PENINSULA ENERGY CORPORATION
 12 Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Revenues $60,955,000 $61,673,000 $45,713,000 $46,210,000
 Net income $6,434,000 $4,102,000 $5,802,000 $3,036,000
 Average shares
 outstanding 3,045,954 3,028,664 3,047,615 3,031,789
 Earnings per
 share(A) $2.11 $1.35 $1.90 $1.00
 Third Quarter Ended
 Sept. 30
 1993 1992
 Revenues $15,422,000 $15,048,000
 Net income $869,000 $830,000
 Average shares
 outstanding 3,047,615 3,037,676
 Earnings per
 share(A) $0.28 $0.27
 (A) Restated to reflect 2-for-1 common stock split in September 1992.
 -0- 11/2/93
 /CONTACT: E. Argentati, chairman, or B.C. Arola, vice president, treasurer and secretary of Upper Peninsula Energy, 906-487-5000/
 (UPEN)


CO: Upper Peninsula Energy Corporation ST: Michigan IN: OIL UTI SU: ERN

JG-ML -- DE015 -- 3018 11/02/93 11:20 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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