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CALIFORNIA ENERGY REPORTS FIRST QUARTER 1993 EARNINGS

 OMAHA, Neb., April 20 /PRNewswire/ -- California Energy Company, Inc. (AMEX: CE) today reported that net income available to common shareholders for the quarter ended March 31, 1993 increased 119 percent to $10,477,000 (net of $1,107,000 in preferred stock dividends paid in kind), or 27 cents per common share against 38,661,000 common shares. During the first quarter of 1993, the company adopted FAS 109 -- Accounting for Income Taxes. The cumulative effect of this required change in accounting principle resulted in a one time non-cash gain of $4,100,000 or 11 cents per common share. There is no cash impact upon the company due to the adoption of FAS 109. Net income available to common shareholders excluding the effect of FAS 109 increased 51 percent to $7,191,000 or 19 cents per common share. For the same period last year, net income available to common shareholders was $4,775,000 or 13 cents per common share against 37,684,000 common shares. Revenues for the quarter ended March 31, 1993 were $31,161,000, up 19 percent as compared with $26,142,000 for the same 1992 three month period.
 "The results of operations for the first quarter reflect in part a continuing increase in megawatt production from the Cosco Project," David L. Sokol, chief executive officer and president. "Furthermore, we believe the results of our current well drilling program wall enable the company to continue to realize increased levels of production throughout the year, as compared to 1992," added Sokol.
 California Energy Company develops environmentally responsible power generating facilities nationally. Its five operating facilities currently produce in excess of 250 net megawatts.
 CALIFORNIA ENERGY COMPANY, INC.
 Consolidated Operating Results
 (Unaudited, in thousands except per share amounts)
 Three months ended March 31 1993 1992
 Revenues $31,161 $26,142
 Net income before change in
 accounting principle 7,484 5,795
 Cumulative effect of change in
 accounting principle 4,100 --
 Preferred dividends paid in kind 1,107 1,020
 Net income available for
 common shareholders 10,477 4,775
 Net income per common share $0.27 $0.13
 Average common and common
 equivalent shares outstanding 38,661 37,684
 Adoption of Financing Accounting Standards No. 109
 As of Jan. 1, 1993, the company prospectively adopted the required Statement of Financial Accounting Standards No. 109 (FAS 109), Accounting for Income Taxes. Previously, the company's accounting for income taxes followed the deferred method as required by Accounting Principles Board No. 11 (APB 11).
 Under FAS 109, the deferred tax balance is a calculable liability or asset. Future tax affects, rather than past or current tax affects, are the basis of the deferred tax computation. Concurrent with adoption of FAS 109, this approach requires recognition as income or expense the amount of deferred tax liabilities and assets in excess of expected future tax payments.
 In the case of the company, the excess of deferred tax liability as of Jan. 1, 1993 was calculated to $4,100,000. The excess deferred tax liability is primarily a result of recognizing the company's tax credit carryforward amount as of Jan. 1, 1993, as a deferred tax assets to be realized as a reduction to its future tax payments. Accordingly, under FAS 109, this benefit was recorded as a $4,100,000 non-cash increase in 1993 first quarter net income. In addition, under FAS 109, the effective tax rate utilized in computing the company's 1993 provision for income taxes increased to approximately 31 percent from 23.5 percent in 1992. This increase was due to the company's tax credit carryforwards being recognized as an asset and unavailable to reduce the current period's effective tax rate for computing the company's provision for income taxes. There was no cash impact to the company upon the required adoption of FAS 109.
 -0- 4/20/93
 /CONTACT: David L. Sokol, chief executive officer and president, or John G. Sylvia, vice president and chief financial officer of California Energy Company, Inc., 402-330-8900/


CO: California Energy, Inc. ST: Nebraska IN: UTI SU: ERN

SH-TS -- NY013 -- 7782 04/20/93 08:28 EDT
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Date:Apr 20, 1993
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