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ATLANTIC ENERGY, INC. ANNOUNCES 1992 RESULTS

 PLEASANTVILLE, N.J., Jan. 27 /PRNewswire/ -- J.G. Salomone, chief financial officer of Atlantic Energy, Inc. (NYSE: ATE) today announced consolidated financial results for the 12 months and fourth quarter ended Dec. 31, 1992.
 Atlantic Energy, Inc. is the parent company of Atlantic City Electric Company (ACE), its primary subsidiary, and Atlantic Energy Technology, Inc., Atlantic Generation, Inc., Atlantic Southern Properties, Inc. and ATE Investment, Inc.
 Note: Per Share amounts reflect a 2-for-1 split of the company's Common Stock effective May 14, 1992.
 Earnings per share were $1.67 for the 12 months ended Dec. 31, 1992, compared with $1.75 for the prior period, with 5.3 percent more average shares outstanding in the current period. Salomone noted, "The electric utility contributed 104 percent of the reported earnings, which included four positive nonrecurring items." The principal item was the settlement of a lawsuit with Philadelphia Electric Company relating to the Peach Bottom Station. The other items were interest associated with tax refunds, reversal of provisions for unrecovered replacement energy costs, and payments by independent power producers in connection with contracts for purchased power. "In the aggregate, these one-time items increased earnings per share by approximately $0.26," said Salomone.
 Salomone stated that operating results were affected by lower than expected sales of energy, resulting from this summer's cooler weather and the loss of two large industrial customers. Salomone said that the cooler summer weather, compared with last year's extremely hot summer weather, reduced earnings per share for 1992 by approximately $0.17. Salomone also noted that the nonutility businesses resulted in a reduction to earnings of $.07 per share in 1992, primarily due to provisions made by Atlantic Energy Technology, Inc. (AET) for a one-time writeoff relating to its activities in energy-related technologies.
 Total consolidated operating revenues for the current 12-month period increased to $817 million from $808 million, primarily as a result of the July 1991 base rate increase granted to ACE. Net Income totaled $86.2 million compared with $85.6 million for the prior period. Charges for purchased capacity increased to $103 million from $79 million and include capacity purchased from two nonutility generators. New Jersey Gross Receipts and Franchise Tax increased to $98 million from $89 million as a result of the higher revenues recorded by ACE.
 Total energy sales recorded by ACE for 1992 were 7.655 billion kilowatt-hours, a decrease of 3.5 percent from 1991. "The decline is attributable to the cooler summer weather in 1992 and the effects of nonutility generation on sales to our Industrial customers. Since October 1991, two large industrial customers have left ACE's system and now supply their own energy needs," said Salomone. "In addition to the lost industrial sales, sales to our largest customer class, Residential, declined 2.8 percent as a result of the cooler summer weather conditions. Sales to Commercial customers declined 1.5 percent due to lower average use per customer and the effects of weather," stated Salomone. Salomone noted that, after giving effect to the sales lost to nonutility generation, "sales to other Industrial customers have increased approximately 7 percent, and this growth is consistent with slightly improved business conditions in several industries in our area."
 Total consolidated operating revenues for the fourth quarter ended Dec. 31, 1992, increased to $195 million from $191 million. Net Income totaled $7.8 million compared with $11.7 million in the prior period. Earnings per share amounted to $0.15, compared with $0.23 recorded in the prior period. Salomone said that the change in net income and earnings per share for the current quarter resulted from higher operating and tax expense of the utility, and the provisions by AET.
 Total energy sales for the fourth quarter ended Dec. 31, 1992, were 1.8 billion kilowatt-hours, an increase of 1.0 percent from the prior period. Sales to Residential customers increased 2.1 percent. Sales to Commercial customers decreased slightly. Sales to Industrial & Other customers increased 1.0 percent compared to the fourth quarter of 1991.
 ATLANTIC ENERGY, INC.
 Comparative Unaudited Financial Statistics
 (Dollar amounts in millions, except per-share data)
 Periods ended 12 months Pct. Three months Pct.
 Dec. 31 1992 1991 Chg. 1992 1991 Chg.
 Energy sales to
 Ultimate Customers
 (million kwh) 7,655 7,936 (3.5) 1,800 1,782 1.0
 Operating revenues(A) $816.8 $808.4 1.0 $194.7 $190.9 2.0
 Net income 86.2 85.6 0.7 7.8 11.7 (33.3)
 Average shares
 outstanding (000s)(B) 51,592 49,008 5.3 52,084 50,138 2.5
 Earnings per share(B) $1.67 $1.75 (4.6) $.15 $.23 (34.8)
 Return on end of period
 common equity (pct.) 10.89 11.34 --- --- --- ---
 (A) Amounts include sales to other utilities that had been previously accounted for as net expense.
 (B) Amounts reflect the effect of a 2-for-1 split of common stock issued in May 1992.
 /delval/
 -0- 1/27/93
 /CONTACT: Lois F. Jennings, 609-645-4247, or evenings, 609-794-3141, or Robert K. Marshall, 609-645-4655, or evenings, 609-653-4421, both of Atlantic Energy/
 (ATE)


CO: Atlantic Energy, Inc. ST: New Jersey IN: UTI SU: ERN

MP-MK -- PH008 -- 9528 01/27/93 10:28 EST
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