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CALIFORNIA ENERGY REPORTS SECOND QUARTER 1993 EARNINGS AND ANNOUNCES MOVE TO NEW YORK STOCK EXCHANGE

 OMAHA, Neb., July 29 /PRNewswire/ -- California Energy Company, Inc. (AMEX, PSE and LSE Symbol: CE) today reported that net income for the quarter ended June 30, 1993 increased 16 percent to $10,650,000, while net income available to common shareholders was $9,507,000 (net of $1,143,000 in preferred stock dividends paid in kind), or $0.25 per common share against 38,443,000 common shares. For the same period last year, net income was $9,151,000 while net income available to common shareholders was $8,095,000 (net of $1,056,000 in preferred stock dividends paid in kind), or $0.22 per common share against 37,512,000 common shares. Revenues for the quarter ended June 30, 1993 were $35,922,000, up 17 percent as compared with $30,782,000 for the same 1992 three-month period. Revenues for the second quarter reflect an average total electrical production of 275 net MW from facilities operated by the Company. This output includes a record average total output of 296 net MW for the month of June. For the six-month period ended June 30, 1993, net income available to common shareholders was $19,984,000 (net of $2,250,000 in preferred stock dividends paid in kind) or $0.52 per share against 38,557,000 common shares, compared with net income available to common shareholders of $12,870,000 (net of $2,076,000 in preferred stock dividends paid in kind) or $0.34 per share against 37,590,000 common shares for the same period last year. Revenues for the six-month period ending June 30, 1993 were 67,083,000, up 18 percent as compared with $56,924,000 for the same six-month period in 1992.
 "The second quarter's financial results reflect the successful efforts we've undertaken to increase electrical production while reducing our operations and administration costs on a per-kWh basis," said David L. Sokol, President and Chief Executive Officer. "Combined with cash flow generated by improved operating margins, the Company's recent $100,000,000 offering of 5 percent convertible debentures will enable California Energy to aggressively pursue opportunities which reward low-cost production and benefit from strong and decisive management," added Sokol.
 The Company also reported that it would be moving from the AMEX to the New York Stock Exchange, with trading of its Common Stock scheduled to commence on the NYSE in mid-August under the trading symbol "CE." The Company will continue its listings on the Pacific and London Stock Exchanges under its existing trading symbol, "CE."
 California Energy Company develops environmentally responsible power generating facilities. The company operates five facilities currently producing in excess of 250 megawatts.
 CALIFORNIA ENERGY COMPANY, INC.
 Consolidated Operating Results
 (in thousands except per share amounts)
 Three Months Ended
 June 30 June 30
 1993 1992
 Revenues $35,922 $30,782
 Net Income $10,650 $ 9,151
 Preferred Dividends $1,143 (1) $1,056 (1)
 Net Income Available for
 Common Shareholders $9,507 $8,095
 Net Income per Common Share $0.25 $0.22
 Average Common and Common
 Equivalent Shares Outstanding 38,443 37,512
 Six Months Ended
 June 30 June 30
 1993 1992
 Revenues $67,083 $56,924
 Net Income $22,234 $14,946
 Preferred Dividends $2,250 (1) $2,076 (1)
 Net Income Available for
 Common Shareholders $19,984 $12,870
 Net Income per Common Share $0.52 $0.34
 Average Common and Common
 Equivalent Shares Outstanding 38,557 37,590
 (1) Reflects dividends on the Company's Series C Redeemable Convertible Preferred Stock, which are payable in kind.
 -0- 7/29/93
 /CONTACT: David L. Sokol, President and Chief Executive Officer, 402-330-8900; or John G. Sylvia, Vice President and Chief Financial Officer, 402-330-8900, both of California Energy/
 (CE)


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

DS -- MN003 -- 7089 07/29/93 07:58 EDT
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Date:Jul 29, 1993
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