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AES REPORTS 22 PERCENT INCREASE IN 1992 EPS TO $1.24; DECLARES $0.40 PER SHARE SEMI-ANNUAL DIVIDEND; INITIATES FUTURE QUARTERLY DIVIDEND POLICY

 ARLINGTON, Va., Feb. 10 /PRNewswire/ -- The AES Corporation (NASDAQ: AESC) announced today a 31 percent gain in net income to $55.8 million, or $1.24 per share, for the year ended Dec. 31, 1992, up from $42.6 million, or $1.02 per share, last year. Revenues increased 20 percent to $401.0 million in 1992 from $333.5 million the prior year.
 AES also reported a 46 percent gain in fourth-quarter net income to $15.2 million, or $0.33 per share, from comparable results of $10.4 million or $0.24 per share, in the fourth quarter ended Dec. 31, 1991. Revenues rose 35 percent to $117.2 million from $87 million the previous year.
 The board of directors declared an alternative cash or stock dividend of $0.40 per share payable April 20, 1993, to shareholders of record on March 1, 1993. AES shareholders may elect to receive all or part of the dividend in common stock at a 5 percent discount from the five-day average closing price of the stock ending on the record date. Shareholders will be sent an election notice and must respond by the close of business April 9, 1993. Those failing to respond will automatically receive cash.
 In addition, the company announced a change in dividend policy from semi-annual to quarterly payments, beginning with the third quarter ending Sept. 30, 1993. "At that time, depending on the company's performance, the board of directors intends to declare and pay alternative cash or stock dividends at a quarterly rate of $0.25 per share," Roger W. Sant, chairman and chief executive officer, said.
 "We are very pleased with the results for 1992," Sant said. "The improvement over 1991 is largely the result of a very successful start- up of the Barbers Point plant (Hawaii), strong contribution from the two Nigen plants (Northern Ireland), excellent operating performance at our other operating facilities and reduced interest rates," he added.
 AES is a supplier of electricity to public utilities and steam to industrial companies. It is a major developer and operator of electric generating facilities, with more than 1,800 megawatts of capacity in operation or under construction in the United States and the United Kingdom.
 THE AES CORPORATION
 Condensed Consolidated Statement of Income
 Quarter ended Dec. 31 1992 1991
 Revenues $117,194,000 $ 86,968,000
 Net income $ 15,173,000 $ 10,409,000
 Average shares 45,316,000 44,518,000
 Earnings per share $0.33 $0.24
 Year ended Dec. 31 1992 1991
 Revenues $400,993,000 $333,507,000
 Net income $ 55,809,000 $ 42,626,000
 Average shares 44,946,000 41,940,000
 Earnings per share $1.24 $1.02
 THE AES CORPORATION
 Consolidated Condensed Statement of Operations
 (In thousands except per share amounts)
 Periods ended Three Months Year Year
 Dec. 31 1992 1991 1992
 Revenues:
 Sales $114,450 $328,390 $393,832
 Services 2,744 5,177 7,161
 Total revenues 117,194 333,507 400,993
 Operating costs and exps.:
 Cost of sales 64,591 187,431 224,118
 Cost of services 2,377 4,426 6,320
 Selling, general and
 administrative expenses 7,529 9,565 17,740
 Total operating costs
 and expenses 74,497 201,422 248,178
 Operating income 42,697 132,085 152,815
 Non-operating (income)
 and expenses:
 Interest expense 29,864 84,787 97,158
 Interest income (3,409) (3,994) (7,726)
 Equity in earnings
 of affiliates (1,202) -- (2,509)
 Income before income taxes
 and minority interest 17,444 51,292 65,892
 Income taxes 2,052 7,523 9,352
 Minority interest 219 1,143 731
 Net income $ 15,173 $ 42,626 $ 55,809
 Net income per share $0.33 $1.02 $1.24
 Dividends per share -- $0.312 $0.60
 -0- 2/10/93
 /CONTACT: Ron Lumbra of AES, 703-522-1315/
 (AESC)


CO: The AES Corporation ST: Virginia IN: UTI SU: ERN DIV

GK-SM -- NY080 -- 5304 02/10/93 15:52 EST
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Date:Feb 10, 1993
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