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ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS

 ATLANTA, May 7 /PRNewswire/ -- The board of directors of Atlanta Gas Light Company (NYSE: ATG) today declared a quarterly common stock dividend of 52 cents per share and dividends on its preferred stock as prescribed in each issue.
 Payment will be made on June 1 to shareholders of record on May 21.
 The dividend on the common stock equates to $2.08 on an annualized basis. The company has paid a dividend every quarter since it again became a publicly held utility in 1947. The June dividend will be the 182nd consecutive dividend paid.
 The board also declared unaudited results for the quarter ended March 31, the second quarter of its 1993 fiscal year. These results reflected operating revenues of $448.2 million compared with $395.2 million for the same period in 1992. Net income and earnings per share of common stock for the quarter ended March 31 were $45.1 million and $1.79 respectively, compared with $43.1 million and $1.79 for the corresponding period in 1992.
 The 1993 increase in operating revenues was due primarily to increased volumes of gas sold. The increased volumes were due primarily to weather that was 14 percent colder than the prior year. The 1993 increase in net income was due primarily to (1) an increase in the number of customers served and (2) a rate increase granted by the Georgia Public Service Commission (Georgia Commission) effective Oct. 1, 1992. Although net income increased for the three months ended March 31, earnings per share were unchanged due to an increase in the average number of shares outstanding from 23.9 million in 1992 to 24.5 million in 1993. As a result of the company's weather normalization riders, weather conditions experienced during the three-month periods did not have a significant impact on the comparability of net income and earnings per share for the periods.
 For the six months ended March 31, operating revenues, net income and earnings per share were $782.3 million, $67.2 million and $2.66, respectively, compared with $695.4 million, $64.3 million and $2.67, respectively, for the corresponding period in 1992.
 For the 12 months ended March 31, operating revenues, net income and earnings per share were $1.082 billion, $58.3 million and $2.29, respectively, compared with $985 million, $55.1 million and $2.27, respectively, for the corresponding period in 1992.
 The increases in operating revenues for the six and 12 months ended March 31 were due primarily to colder weather. The increases in net income were due primarily to (1) an increase in the number of customers served and (2) rate increases granted by the Georgia Commission. Earnings per share for the six and 12 months ended March 31 were affected by an increase in the average number of shares outstanding from 23.9 million and 23.8 million to 24.5 million and 24.3 million, respectively. As a result of the company's weather normalization riders, weather conditions experienced during the six- and 12-month periods did not have a significant impact on the comparability of net income and earnings per share for the periods.
 Atlanta Gas Light Company is the largest natural gas distribution company in the Southeast. The company, which also operates under the trade names Georgia Natural Gas Company and Savannah Gas Company, serves more than 1.2 million residential, commercial and industrial customers in 228 Georgia communities, including metro Atlanta, Athens, Augusta, Brunswick, Macon, Rome and Savannah, Ga. Chattanooga Gas Company, a wholly owned subsidiary, serves more than 40,000 customers in Chattanooga and Cleveland, Tenn., and the surrounding areas.
 ATLANTA GAS LIGHT COMPANY AND SUBSIDIARY COMPANIES
 CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
 March 1993
 Millions of Dollars
 3 mos. ended 6 mos. ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Operating revenues $448.2 $395.2 $782.3 $695.4
 Net income $ 45.1 $ 43.1 $ 67.2 $ 64.3
 Earnings applicable to
 common stock $ 43.9 $ 42.8 $ 65.1 $ 63.8
 Earnings per share of
 common stock $ 1.79 $ 1.79 $ 2.66 $ 2.67
 Avg. number of shares
 outstanding (millions) 24.5 23.9 24.5 23.9
 12 mos. ended
 3/31/93 3/31/92
 Operating revenues $1,081.5 $ 985.0
 Net income $ 58.3 $ 55.1
 Earnings applicable to
 common stock $ 55.7 $ 54.0
 Earnings per share of
 common stock $ 2.29 $ 2.27
 Avg. number of shares
 outstanding (millions) 24.3 23.8
 -0- 5/7/93
 /CONTACT: Ross Willis of Atlanta Gas Light Company, 404-584-3769/
 (ATG)


CO: Atlanta Gas Light Company ST: Georgia IN: UTI SU: ERN DIV

BR-BN -- AT013 -- 6090 05/07/93 16:02 EDT
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Publication:PR Newswire
Date:May 7, 1993
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