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WESTERN WATER CO. REPORTS FIRST QUARTER RESULTS

 SAN DIEGO, Aug. 23 /PRNewswire/ -- Western Water Co. (NASDAQ: WWTR) today reported results for its first quarter ended June 30, 1993.
 The company sustained a net loss of $357,653, or $0.17 per share, based on 2,574,189 average common shares outstanding, vs. a net loss of $349,647, or $0.14 per share, based on 2,487,412 average common shares outstanding, a year ago.
 Operating revenues climbed to $406,069 from $31,351 for the same period last year, due primarily to land sales in California. Cost of revenues also increased to $327,003 from $7,723.
 Peter L. Jensen, chairman, president and chief executive officer, stated: "We are making significant progress positioning the company in order to realize the full potential of our real estate and water assets. Our recently announced decision to file an application with the Colorado Water Court for approval of a water rights augmentation plan represents an important step in the company's overall strategy."
 Western Water is engaged in the development, packaging and sale of water rights to municipalities and other end users in the western United States and owns real estate and water rights in California and Colorado.
 WESTERN WATER CO.
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended June 30, 1993 1992
 Revenues
 Water rights $44,839 $4,386
 Real estate 332,840 ---
 Other 28,390 26,965
 Total revenues 406,069 31,351
 Costs of revenues
 Water rights 9,928 7,723
 Real estate 317,075 ---
 Total costs of revenues 327,003 7,723
 Total 79,066 23,628
 General & administrative 384,334 320,830
 Operating loss (305,268) (297,202)
 Other income (expenses)
 Interest income 19,791 17,480
 Interest expense (65,512) (44,745)
 Gain on disposition of assets 681 ---
 Minority interest 18,297 ---
 Expenses in excess of
 rental income (25,642) ---
 Total (52,385) (27,265)
 (Loss) from continuing operations (357,653) (324,467)
 Loss from discontinued operations --- (25,180)
 Net (loss) ($357,653) ($349,647)
 (Loss) per common share
 Continuing operations ($0.17) ($0.13)
 Discontinued operations --- (0.01)
 Net (loss) per common share ($0.17)(a) ($0.14)
 Average common shares outstanding 2,574,189 2,487,412
 (a) Loss per share computation for the three months ended June 30, 1993, was adjusted to include undeclared preferred stock dividends of $75,250 accrued during the period.
 -0- 8/23/93
 /CONTACT: Peter L. Jensen, chairman, president and CEO of Western Water, 619-535-9282; or Gary S. Maier of Pondel Parsons & Wilkinson, 310-207-9300, for Western Water/
 (WWTR)


CO: Western Water Co. ST: California IN: UTI SU: ERN

MF-LS -- LA001 -- 4916 08/23/93 08:30 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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