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BG&E REPORTS EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 1992

 BG&E REPORTS EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 1992
 BALTIMORE, April 15 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) today reported common stock earnings of $48,680,000 for the three months ended March 31, 1992, equivalent to $.37 per common share.
 This compares with earnings of $.40 per share for the same period last year ($.24 per share, excluding the one-time increase of $.16 per share due to a change in the method of accounting for income taxes). All amounts have been adjusted to reflect a 3-for-2 common stock split to shareholders of record as of April 23, 1992. Earnings per share for the company's utility operations and for its diversified business activities were as follows:
 Three months ended March 31 1992 1991(A)
 Utility operations $ .34 $ .25
 Diversified business activities .03 (.01)
 Change in accounting method --- .16
 Total diversified business activities .03 .15
 Total $.37(B) $.40(B)
 (A) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. (See additional details below.)
 (B) Reflects the 3-for-2 common stock split which will become effective April 23, 1992.
 Edward A. Crooke, president-Utility Operations, attributed the increased earnings to higher electric and gas sales stemming from the colder winter weather in 1992 as compared to last year's mild winter. He noted, "Despite the improvement in weather-related sales, the winter of 1992 was still warmer than normal." The favorable impact of the colder weather was partially offset by a $.04 per share charge associated with the company's voluntary special early retirement program. Payroll savings from the early retirement program during the remainder of 1992 are expected to exceed the cost of this one-time charge.
 For the three months ended March 31, 1992, sales of electricity and gas to customers increased 6.2 percent and 9.3 percent, respectively, over last year. Electric sales to residential customers increased 7.1 percent, while electric sales to commercial and industrial customers increased 5.5 percent. Residential gas sales increased 11.1 percent, while commercial and industrial gas sales increased 7.9 percent. These increases reflect the colder weather in the first quarter of 1992.
 Earnings from diversified business activities primarily represent the results of Constellation Holdings, Inc. and its subsidiaries. In 1991, the company adopted Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes," which 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. This change in accounting method resulted in a one-time increase in earnings from diversified business activities of $.16 per share for the three-month period ended March 31, 1991.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 (In thousands, except per-share amounts)
 Three months ended March 31 1992 1991(A)
 Revenues:
 Electric $487,267 $430,486
 Gas 151,513 140,313
 Diversified business activities 32,589 23,865
 Total 671,369 594,664
 Income before change in accounting method 59,253 41,110
 Cumulative effect of change in the method
 of accounting for income taxes --- 19,745
 Net income 59,253 60,855
 Earnings applicable to common stock 48,680 50,285
 Average common shares outstanding 129,990 125,455
 Earnings per share of common stock:
 Utility operations $.34 $.25
 Diversified business activities .03 (.01)
 Change in accounting method --- .16
 Total Diversified Business Activities .03 .15
 Total $.37(B) $.40(B)
 (A) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. In addition, electric revenues for 1991 have been restated to conform with the current year's presentation.
 (B) Reflects the 3-for-2 common stock split which will become effective April 23, 1992.
 -0- 4/15/92
 /CONTACT: Arthur J. Slusark of Baltimore Gas and Electric, 410-234-7433/
 (BGE) CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU: ERN


CC -- PH024 -- 8713 04/15/92 12:47 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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