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ATLANTIC ENERGY, INC. ANNOUNCES JUNE 1993 RESULTS

 PLEASANTVILLE, N.J., July 29 /PRNewswire/ -- J.G. Salomone, chief financial officer of Atlantic Energy, Inc. (NYSE: ATE) today announced consolidated financial results for the 12 months and second quarter ended June 30, 1993.
 Atlantic Energy, Inc. is the parent company of Atlantic City Electric Company (ACE), its primary subsidiary, Atlantic Energy Technology, Inc., Atlantic Generation, Inc., Atlantic Southern Properties, Inc. and ATE Investment, Inc.
 Earnings per share were $1.50 for the 12 months ended June 30, 1993, compared with $2.07 for the prior period. Salomone noted that "the effects of the cooler weather in 1992, compared with extremely hot summer weather experienced in 1991, reduced earnings per share for the current period by approximately $0.16. Another contributing factor to the difference was the settlement, in March 1992, of a lawsuit against Philadelphia Electric Company relating to the Peach Bottom Atomic Power Station, which contributed about
$0.15 per share to last year's earnings." Salomone stated that, in addition to milder weather in the current 12-month period, kilowatthour sales have also been impacted by the loss of two large industrial customers to nonutility generation.
 Total consolidated operating revenues for the current 12-month period were $827.8 million, compared with $834.5 million, primarily due to a decline in sales of energy of 1.5 percent. Net Income totaled $78.5 million compared with $105.3 million for the prior period. Charges for purchased capacity increased to $110.7 million from $88.0 million and include capacity purchased from two nonutility generators. New Jersey Gross Receipts and Franchise Tax increased to $102.1 million from $92.3 million, reflecting the additional liability due to changes in New Jersey tax law. Federal Income Tax expense totaled $38.3 million, compared with $43.9 million, reflecting the higher level of taxable income in the prior period. Interest expense increased to $58.5 million from $53.6 million in the prior period as a result of the issuance of additional long term debt in the current period for construction and refunding purposes.
 Total energy sales recorded by ACE for the 12 months ended June 30, 1993, were 7.743 billion kilowatt-hours, a decrease of 1.5 percent from the prior period. "The decline in kilowatthour sales is attributable to the milder weather overall during the current 12-month period and the effects of nonutility generation on sales to our Industrial customers. Sales to our largest customer class, Residential, declined 2.6 percent as a result of the milder weather conditions. Sales to Commercial customers increased slightly less than 1 percent," stated Salomone. Industrial & Other sales declined 4.0 percent. Salomone noted that "excluding the effects of nonutility generation, energy sales to Industrial customers continue to reflect slightly improved business conditions for several industries in our area."
 Total consolidated operating revenues for the second quarter ended June 30, 1993, increased to $192.5 million from $187.4 million. Net Income totaled $11.1 million compared with $10.9 million in the prior period. Earnings per share for the second quarter of 1993 amounted to $0.21, the same as in the second quarter of 1992.
 Total energy sales for the second quarter ended June 30, 1993, were 1.795 billion kilowatt-hours, an increase of 2.3 percent from the prior period. Sales to Residential customers were virtually unchanged in the second quarter of 1993. Sales to Commercial customers increased 4.2 percent as a result of higher average use per customer and an increase in the number of Commercial customers. Sales to Industrial & Other customers increased 2.3 percent compared to the second quarter of 1992, reflecting expanded operations by several industries in the service area.
 ATLANTIC ENERGY, INC.
 Comparative Unaudited Financial Statistics
 (Dollar amounts in millions, except per-share data)
 Periods ended 12 months Pct. Year to Date Pct.
 June 30 1993 1992 Chg. 1993 1992 Chg.
 Energy sales to ultimate
 customers
 (million kwh) 7,743 7,861 -1.5 3,831 3,743 2.4
 Operating revenues $827.8 $834.5 -0.8 $396.2 $385.2 2.9
 Net income 78.5 105.3 -25.5 31.1 38.8 -19.8
 Average shares
 outstanding (000s) 52,241 50,983 2.5 52,562 51,255 2.5
 Earnings per share $1.50 $2.07 -27.5 $.59 $.76 -22.4
 Return on end of
 period common
 equity (pct.) 9.84 13.68 --- --- --- ---
 Periods ended 3 months Pct.
 June 30 1993 1992 Chg.
 Energy sales to ultimate
 customers
 (million kwh) 1,795 1,755 2.3
 Operating revenues $192.5 $187.4 2.7
 Net income 11.1 10.9 1.8
 Average shares
 outstanding (000s) 52,714 51,428 2.5
 Earnings per share $.21 $.21 0.0
 Return on end of
 period common
 equity (pct.) --- --- ---
 /delval/
 -0- 7/29/93
 /CONTACT: J.G. Salomone, 609-645-4411, Louis M. Walters, 609-645-4441, or Robert K. Marshall, 609-645-4655/
 (ATE)


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

CC-MK -- PH013 -- 7518 07/29/93 12:22 EDT
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Date:Jul 29, 1993
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