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AMERICAN WATER EARNS $9.2 MILLION IN QUARTER

 VOORHEES, N.J., May 6 /PRNewswire/ -- American Water Works Company (NYSE: AWK) today reported net income to common stock of $9.2 million, or 30 cents a share for the first quarter of 1993. The results reflected a 4 cents per share reduction in earnings as the company began accruing the cost of providing post-retirement health care and life insurance benefits. The effect of implementing this mandated accounting change, which includes amortization of the transition benefit obligation over a 20-year period, was partially offset by regulatory recognition of the increased cost. George W. Johnstone, president and CEO of American Water, said the company's operating subsidiaries are pursuing full recovery in service rates of this increased cost.
 Net income to common stock for the first quarter of 1992 was $11.1 million, or 36 cents a share.
 First quarter revenues were 2 percent higher than those for the quarter last year as a result of rate adjustments, Johnstone said. Water sales volume declined by 3 percent in the quarter, primarily as a result of lower industrial sales. Cost containment efforts kept operating and maintenance expenses within 3 percent of those for the period a year ago, he said.
 American Water Works Company is the nation's largest investor-owned water supplier. Its 21 operating companies serve 623 communities in 20 states.
 For the three and 12 month periods ended March 31, American Water Works Company, Inc. reported unaudited consolidated revenues and income as follows:
 AMERICAN WATER WORKS COMPANY, INC.
 (Dollars in thousands, except per share amounts)
 Periods ended Three months 12 months
 March 31 1993 1992 1993 1992
 Operating revenues $155,472 $152,258 $660,574 $646,662
 Net income 10,161 12,114 66,207 73,162
 Dividends on preferred stocks 1,002 1,008 4,013 4,043
 Net income to common stock 9,159 11,106 62,194 69,119
 Average shares of common
 stock outstanding
 (in thousands) 31,044 30,812 31,001 30,776
 Earnings per common share
 on average shares outstanding $.30 $.36 $2.01 $2.25
 -0- 5/6/93
 /CONTACT: George W. Johnston, president and chief executive officer of American Water Works Company, Inc., 609-346-8200/
 (AWK)


CO: American Water Works Company ST: New Jersey IN: UTI SU: ERN

SM-OS -- NY031 -- 5293 05/06/93 09:59 EDT
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Publication:PR Newswire
Date:May 6, 1993
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