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WESTERN WATER COMPANY REPORTS YEAR-END RESULTS; ANNOUNCES ODD-LOT BUYBACK PROGRAM

 SAN DIEGO, June 15 /PRNewswire/ -- Western Water Co. (NASDAQ: WWTR) today reported results for its fiscal year ended March 31, 1993.
 The company sustained a net loss of $864,094, or $0.42 per share, based on 2,521,809 shares outstanding, vs. net income of $271,566, or $0.20 per share, based on 1,379,372 shares outstanding, a year ago. Operating results for fiscal 1993, reflected a loss from continuing operations of $593,000, and a loss from discontinued operations of $271,000. Results for the prior year included non-recurring income of approximately $1.2 million in connection with a water agreement with the Yuba County Water Agency located in Northern California.
 Operating revenues for the year climbed to $1,133,207 from $96,094,for the preceding year, due primarily to water and land sales in Colorado.
 Net income for the fourth quarter ended March 31, 1993, was $74,052, or $0.03 per share, based on 2,545,195 shares outstanding, vs. a net loss of $330,587, or $0.19 per share, based on 1,760,480 shares outstanding, for the same period last year. Operating revenues for the fourth quarter rose to $894,511, from $16,630 a year earlier.
 Peter L. Jensen, chairman, president and chief executive officer, stated: "Significant progress was made positioning the company over the past 12 months. We look forward to further expansion of our real estate and water sales program in the coming year."
 The company also announced its intention to initiate an odd-lot buyback program. Western Water plans to purchase stock from holders of fewer than 50 shares based on a 30-day average of the closing bid price.
 Western Water Co. 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 AND SUBSIDIARIES
 Operations Summary
 Year Ended Year Ended
 March 31, 1993 March 31,1992
 Revenues $1,133,207 $96,094
 Costs of revenues (1,714,154) (804,206)
 Other income and
 (expenses) (11,845) 1,058,601
 Income taxes --- (109,000)
 Income (loss) from
 continuing operations (592,792) 241,489
 Discontinued operations (271,302) (78,923)
 Extraordinary item --- 109,000
 Net income (loss) ($864,094) $271,566
 Per share income (loss)
 continuing operations ($0.31) $0.18
 Per share income (loss)
 discontinued operations (0.11) ( 0.06)
 Extraordinary item --- 0.08
 Net income (loss)
 per common share ($0.42) $0.20
 Weighted average common
 shares outstanding 2,521,809(a) 1,379,372
 Quarter Ended Quarter Ended
 March 31, 1993 March 31, 1992
 Revenues $894,511 $16,630
 Costs of revenues (780,973) (278,960)
 Other income and
 (expenses) 103,716 (14,334)
 Income taxes --- ---
 Income (loss) from
 continuing operations 217,254 (276,664)
 Discontinued operations (143,202) (53,923)
 Extraordinary item --- ---
 Net income (loss) $74,052 ($330,587)
 Per share income (loss)
 continuing operations $0.09 ($0.16)
 Per share income (loss)
 discontinued operations (0.06) (0.03)
 Extraordinary item --- ---
 Net income (loss)
 per common share $0.03 ($0.19)
 Weighted average common
 shares outstanding 2,545,195(a) 1,760,480
 (a) The increase in the weighted average common shares outstanding is primarily because of two private placements of common stock.
 -0- 6/15/93
 /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: SU: ERN

BP-JB -- LA010 -- 1948 06/15/93 08:32 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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