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ALLEGHENY & WESTERN ENERGY CORPORATION ANNOUNCES FISCAL YEAR-END RESULTS

 CHARLESTON, W.Va., Sept. 7 /PRNewswire/ -- Allegheny & Western Energy Corporation (A&W) (NASDAQ-NMS: ALGH) announced today that it earned $3,746,000 or $.47 per share during its fiscal year ended June 30, 1993, compared to $3,674,000 or $.45 per share earned during the comparable period ended June 30, 1992.
 Pre-tax income for the fiscal year ended June 30, 1993, rose 29 percent to $4,984,000, up from $3,871,000 in fiscal 1992.
 The company attributed the increase in pre-tax earnings primarily to improved results from its West Virginia producing operations resulting from the implementation of a cost reduction program and the discontinuation of its Texas operations in June 1992. The increase in pre-tax earnings was offset by higher income taxes resulting from reduced utilization of Federal income tax credits.
 For the quarter ended June 30, 1993, A&W lost $1,105,000 or $.13 per share compared to earnings of $217,000 or $.03 per share during the same period of fiscal 1992. The company has historically incurred a loss in the quarter as a result of lower volumes of gas sold by the company's gas distribution unit, Mountaineer Gas Company, due to the mild weather typically experienced during this period. The earnings reported for the comparable period of fiscal 1992 resulted primarily from substantial utilization of Federal income tax credits.
 ALLEGHENY & WESTERN ENERGY CORPORATION
 (Dollars in thousands except per share amounts)
 Year Ended Year Ended
 June 30, 1993 June 30, 1992
 Revenues $185,534 $182,256
 Pre-tax income 4,984 3,871
 Net income 3,746 3,674
 Earnings per share $.47 $.45
 Average shares outstanding 8,013,970 8,083,188
 Allegheny & Western Energy Corporation, based in Charleston, is a diversified natural gas company, and owns Mountaineer Gas Company, the largest gas distribution utility in West Virginia, operating approximately 3,600 miles of natural gas distribution pipeline.
 -0- 9/7/93
 /CONTACT: W. Merwyn Pittman of Allegheny & Western, 304-343-4567/
 (ALGH)


CO: Allegheny & Western Energy Corporation; Mountaineer Gas Company ST: West Virginia IN: OIL SU: ERN

CD-KC -- PG006 -- 9380 09/07/93 14:04 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
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