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BG&E REPORTS EARNINGS FOR THE TWO MONTHS ENDED FEB. 28, 1993

 BALTIMORE, March 19 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) reported common stock earnings of $39,293,000 for the two months ended Feb. 28, 1993, equivalent to $.27 per common share.
 This compares with earnings of $33,491,000 or $.26 per share for the same period last year. Prior year per share 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:
 Two Months Ended February 1993 1992 (A)
 Utility Operations $ .26 $ .26
 Diversified Activities .01 -
 Total $ .27 $ .26
 (A) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 Compared to the prior year, earnings per share from utility operations were unchanged for the two months ended Feb. 28, 1993. Edward A. Crooke, president and chief operating officer, said, "The combined effects of increased sales of both electricity and gas stemming from colder weather in February of 1993 and lower utility expenses were offset by a greater number of average common shares outstanding." Crooke added that the decrease in this year's utility expenses stems from a one-time charge in January of 1992 associated with the Company's Voluntary Special Early Retirement Program and lower interest charges in 1993 due to refinancing of existing debt.
 For the two months ended Feb. 28, 1993, sales of electricity and gas increased 3.3 percent and 1.4 percent, respectively, from the comparable period last year. Both electric and gas sales reflect the impact of slightly colder winter weather through February 1993 as compared to the same period in 1992 and an increase in the number of residential electric and gas customers.
 Earnings from diversified business activities primarily represent the results of Constellation Holdings, Inc. and its subsidiaries.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 (In Thousands, Except Per Share Amounts)
 Two Months Ended February 1993 1992(A)
 Revenues:
 Electric $ 318,471 $ 330,173
 Gas 123,485 107,609
 Diversified Activities 19,220 15,636
 Total $ 461,176 $ 453,418
 Net Income $ 46,306 $ 40,540
 Earnings Applicable to Common Stock $ 39,293 $ 33,491
 Average Common Shares Outstanding 144,161 127,542
 Earnings Per Share of Common Stock:
 Utility Operations $ .26 $ .26
 Diversified Activities .01 ---
 Total $ .27 $ .26
 (A) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 -0- 3/19/93
 /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

MK -- PH029 -- 7950 03/19/93 14:34 EST
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Publication:PR Newswire
Date:Mar 19, 1993
Words:429
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