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CASCADE NATURAL GAS: THIRD QUARTER 1993 EARNINGS ANNOUNCEMENT

 SEATTLE, Oct. 22 /PRNewswire/ -- Cascade Natural Gas Corp. (NYSE: CGC) reported a loss in the seasonally warm third quarter of $2,117,000 or 37 cents per share of common stock compared to a loss of $2,123,000 or 48 cents per share for the comparable quarter one year ago. Earnings for the nine months ended Sept. 30, 1993, were $3,518,000 or 68 cents per share compared to $286,000 or 6 cents per share for the comparable period one year ago. The successful sale of common stock in June, 1993, increased the number of shares outstanding, affecting the per share amounts for both the third quarter and nine months to date comparisons.
 Total customers were up 7.3 percent at the end of September, 1993, compared to September, 1992. Residential customers were up 7.9 percent. Operating expenses were up 6.5 percent in the current quarter and 8.4 percent for the nine months compared to one year ago. Employee costs were up 8.4 percent ($355,000) in the current quarter and 9.1 percent ($1,184,000) in the nine-month period over the 1992 periods due primarily to increases in fringe benefit costs.
 Gas deliveries to the core market were up 7.0 percent in the quarter and 29.3 percent in the nine-month period compared to the 1992 periods. The increase in the core market deliveries reflects the continuing growth in the core customer base as well as colder weather in the first quarter of 1993 compared to the 1992 quarter. Non-core deliveries were up 7.7 percent in the current quarter and 18.1 percent in the nine-month period. The increase in non-core deliveries in the quarter is related to the beginning of commercial operation of the second of two cogeneration plants on the Company's system. The increase in the nine-month period is primarily the result of the beginning of commercial operation of both cogeneration plants.
 Cascade Natural Gas Corp. provides natural gas service to over 125,000 customers in 90 communities in the states of Oregon and Washington. The stock is listed on the New York Stock Exchange with the symbol of CGC.
 CASCADE NATURAL GAS CORP.
 FINANCIAL HIGHLIGHTS
 (In thousands except per share amounts)
 1993 Nine
 Months
 Three Months Ended Ended
 March 31 June 30 Sept. 30 Sept. 30
 Revenues $61,729 37,141 29,435 $128,305
 Operating margin 22,736 11,014 8,798 42,549
 Operating expense 13,968 10,168 9,124 33,262
 Operating income (loss) 8,768 846 (326) 9,287
 Interest and other 2,213 1,682 1,644 5,538
 Change in accounting (209) - - (209)
 Net income (loss) 6,764 (836) (1,970) 3,958
 Preferred dividends 147 146 147 440
 Earnings (loss) on common $6,617 (982) (2,117) $3,518
 Common shares outstanding:
 End of period 5,091 5,679 5,694 5,694
 Average 5,081 5,144 5,685 5,193
 Earnings (loss) per share $1.30 (0.19) (0.37) $0.68
 Cash flow per share $2.80 0.71 (0.09) $3.35
 Dividends paid per share $0.350 0.355 0.355 $1.060
 Book value per share $14.61 15.16 14.46 $14.46
 Market closing price $25.38 26.00 28.00 $28.00
 Customers (end of period) 125 124 125 125
 Gas deliveries (therms):
 Core customers 91,393 34,547 25,110 151,050
 Non-core customers 132,855 107,802 124,619 365,276
 Degree days:
 Normal 2,373 982 318 3,673
 Actual 2,693 834 395 3,922
 Warmer (colder)
 than normal (13 pct.) 15 pct. (24 pct.) (7 pct.)
 1992 Nine
 Months
 Three Months Ended Ended
 March 31 June 30 Sept. 30 Sept. 30
 Revenues $47,155 27,676 25,161 $99,992
 Operating margin 16,946 9,651 8,175 34,772
 Operating expense 11,482 8,928 8,327 28,737
 Operating income (loss) 5,464 723 (152) 6,035
 Interest and other 1,728 1,751 1,822 5,301
 Change in accounting - - - -
 Net income (loss) 3,736 (1,028) (1,974) 734
 Preferred dividends 150 149 149 448
 Earnings (loss) on common $3,586 (1,177) (2,123) $286
 Common shares outstanding:
 End of period 4,432 4,449 4,461 4,461
 Average 4,425 4,437 4,453 4,434
 Earnings (loss) per share $0.81 (0.27) (0.48) $0.06
 Cash flow per share $2.14 0.73 (0.22) $2.65
 Dividends paid per share $0.34 0.35 0.35 $1.04
 Book value per share $13.43 12.84 12.04 $12.04
 Market closing price $21.63 22.13 23.00 $23.00
 Customers (end of period) 117 115 116 116
 Gas deliveries (therms):
 Core customers 64,346 29,044 23,472 116,862
 Non-core customers 100,828 92,722 115,753 309,303
 Degree days:
 Normal 2,373 982 318 3,673
 Actual 2,027 629 264 2,920
 Warmer (colder)
 than normal 15 pct. 36 pct. 17 pct. 21 pct.
 Dec. 31, 1992 3 Months Ended Year Ended
 Revenues $52,474 $152,466
 Operating margin 18,377 53,149
 Operating expense 12,246 40,983
 Operating income (loss) 6,131 12,166
 Interest and other 2,022 7,323
 Change in accounting - -
 Net income (loss) 4,109 4,843
 Preferred dividends 147 595
 Earnings (loss) on common $3,962 $4,248
 Common shares outstanding:
 End of period 5,076 5,076
 Average 4,666 4,454
 Earnings (loss) per share 0.85 0.95
 Cash flow per share 1.09 $3.78
 Dividends paid per share 0.35 $1.39
 Book value per share 13.63 $13.63
 Market closing price 23.50 $23.50
 Customers (end of period) 123 123
 Gas deliveries (therms):
 Core customers 72,789 189,651
 Non-core customers 106,182 415,485
 Degree days:
 Normal 2,002 5,675
 Actual 2,155 5,075
 Warmer (colder)
 than normal (8 pct.) 11 pct.
 -0- 10/22/93
 /CONTACT: Donald E. Bennett, executive vice president, chief financial officer and secretary, of Cascade Natural Gas, 206-624-3900/
 (CGC)


CO: Cascade Natural Gas Corp. ST: Washington IN: UTI SU: ERN

JH -- SE005 -- 5967 10/22/93 18:53 EDT
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Date:Oct 22, 1993
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