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BG&E REPORTS EARNINGS FOR THE 10 MONTHS ENDED OCT. 31, 1992

 BALTIMORE, Nov. 20 ~PRNewswire~ -- Baltimore Gas and Electric Company (NYSE: BGE) reported common stock earnings of $196,446,000 for the 10 months ended Oct. 31, 1992, equivalent to $1.46 per common share.
 This compares with earnings of $206,114,000 or $1.64 per share for the same period last year ($1.48 per share, excluding the one-time increase of $.16 per share due to a change in the method of accounting for income taxes). All prior year amounts have been adjusted to reflect the April 1992 3-for-2 common stock split. Earnings per share for the Company's utility operations and for its diversified activities were as follows:
 Ten Months Ended
 Oct. 31
 1992 1991(A)
 Utility Operations $1.33 $1.48
 Diversified Activities .13 --
 Change in Accounting Method -- .16
 Total Diversified Activities .13 .16
 Total $1.46 $1.64(B)
 (A) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 (B) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. (See additional details below.)
 Edward A. Crooke, president and chief operating officer, said, "The reduction in utility earnings primarily reflects this year's unseasonably cool summer weather and the impact of the recession on the local economy. The summer of 1992 was extremely mild, with sustained stretches of very moderate temperatures which reduced the demand for electricity. In contrast, during 1991 we benefited from hot summer weather that increased our customers' demand for electricity to cool their homes and businesses."
 For the 10 months ended Oct. 31, 1992, sales of electricity decreased 1.5 percent, while gas sales increased 8.5 percent over last year. Electric sales to residential customers decreased 4.8 percent, reflecting much cooler temperatures during the summer cooling season as compared to 1991. Commercial and industrial sales increased slightly less than 1 percent. Gas sales increased 10.0 percent in the residential sector and 7.7 percent in the commercial and industrial sector, primarily due to colder weather during the 1992 heating season.
 Earnings from diversified business activities primarily represent the results of Constellation Holdings, Inc. and its subsidiaries. Bruce M. Ambler, President - Constellation Holdings, noted, "The improvement in Constellation's results was primarily due to higher earnings from our energy projects and financial investments." Earnings for the 10 months ended Oct. 31, 1991, reflect a one-time loss of $.07 per share to write down certain financial investments to market value. Constellation's earnings for this same period also reflect a one-time increase of $.16 per share from the adoption of Statement of Financial Accounting Standards No. 96, " Accounting for Income Taxes." This change in accounting method decreased Constellation's deferred tax liability to reflect the reduction in the corporate income tax rate to 34 percent from the higher rates in effect prior to 1988.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 Oct. 31, 1992
 (In Thousands, Except Per Share Amounts)
 Ten Months Ended
 Oct. 31
 1992 1991(A)
 Revenues:
 Electric $1,660,794 $1,687,157
 Gas 296,965 270,398
 Diversified Activities 111,934 88,677
 Total $2,069,693 $2,046,232
 Income Before Change
 in Accounting Method $ 231,677 $ 222,066
 Cumulative Effect of Change
 in the Method of Accounting
 for Income Taxes --- 19,745
 Net Income $ 231,677 $ 241,811
 Earnings Applicable
 to Common Stock $ 196,446 $ 206,114
 Average Common Shares
 Outstanding 134,745 125,975
 Earnings Per Share of Common Stock:
 Utility Operations $ 1.33 $ 1.48
 Diversified Activities .13 ---
 Change in Accounting Method --- .16
 Total Diversified Activities .13 .16
 Total $ 1.46 $ 1.64(B)
 (A) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 (B) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. Also, electric revenues for 1991 have been restated to conform with 1992's presentation.
 -0- 11~20~92
 ~CONTACT: Arthur J. Slusark, director of public information of Baltimore Gas and Electric, 410-234-7433~
 (BGE)


CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU: ERN

MJ -- PH034 -- 3447 11~20~92 14:42 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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