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CENTRAL AND SOUTH WEST CORPORATION HOLDS ANNUAL MEETING OF SHAREHOLDERS AND REPORTS FIRST QUARTER RESULTS

 DALLAS, April 15 /PRNewswire/ -- Central and South West Corporation (NYSE: CSR) today held its annual meeting of shareholders. At the meeting, shareholders elected four Class III directors and approved the reappointment of Arthur Andersen & Co. as outside auditors.
 The corporation reported a slight increase in consolidated earnings for the 12 month period ended March 31, 1993 and a decrease in earnings for the quarter. Consolidated earnings per share for the first quarter were $0.28 compared to $0.30 for the same period a year ago on 188.3 million shares outstanding. Net income for common decreased to $52 million from $57 million. For the quarter, total kilowatt-hour sales increased 3.3 percent from last year. Retail kilowatt-hour sales increased by 6 percent, with residential sales showing the strongest increase. These increases reflect weather that remained milder than normal but less mild than last year.
 For the 12 months ended March 31, 1993, earnings per share were $2.00 compared to $2.00 for the same period a year ago on 188.3 million average shares outstanding. Net income for common increased slightly to $377 million from $376 million.
 In addition to the 6 percent increase in kilowatt-hour sales, earnings in the first quarter benefited from the implementation of SFAS 109, Accounting for Income Taxes, at Transok. Earnings were negatively affected by additional medical costs including implementation of SFAS 106, Accounting for Other Postemployment Benefits; additional operations and maintenance cost at the South Texas Project; and a decline in amortization of the Mirror CWIP liability.
 Central and South West Corporation, a Dallas-based public utility holding company, owns four electric subsidiary companies that provide service to portions of Texas, Oklahoma, Louisiana and Arkansas. It also owns an Oklahoma intrastate natural gas pipeline subsidiary and four other subsidiaries.
 CENTRAL AND SOUTH WEST CORPORATION
 AND SUBSIDIARY COMPANIES
 1993 CONSOLIDATED EARNINGS REPORT
 (Unaudited -- Millions)
 Three Months 12 Months
 Ended March 31 Pct. Ended March 31 Pct.
 -------------- Incr/ -------------- Incr/
 1993 1992 Decr 1993 1992 Decr
 Operating Revenues $820 $685 19.7 $3,424 $3,084 11.0
 Operating Expenses
 and Taxes 711 576 23.4 2,926 2,517 16.2
 Other Income
 and Deductions 16 20 -20.0 169 100 69.0
 Interest Charges 68 66 3.0 269 266 1.1
 Net Income 57 63 -9.5 398 401 -0.7
 Preferred Stock
 Dividends 5 6 -16.7 21 25 -16.0
 Net Income for
 Common Stock $ 52 $ 57 -8.8 $ 377 $ 376 0.3
 Average Shares 188.3 188.3 0.0 188.3 188.3 0.0
 Earnings Per Share $0.28 $0.30 -6.7 $ 2.00 $ 2.00 0.0
 Dividends Per
 Share $0.405 $0.385 5.2 $ 1.56 $ 1.48 5.4
 Kilowatt-Hour Sales
 (Millions)
 Residential 3,486 3,191 9.2 14,888 15,055 -1.1
 Commercial 2,851 2,710 5.2 12,510 12,471 0.3
 Industrial 4,221 4,050 4.2 17,428 16,816 3.6
 Other 326 317 2.8 1,372 1,353 1.4
 Total Retail 10,884 10,268 6.0 46,198 45,695 1.1
 Sales for Resale 1,249 1,483 -15.8 6,028 6,188 -2.6
 Total Sales 12,133 11,751 3.3 52,226 51,883 0.7
 -0- 4/15/93
 /CONTACT: Sharon Peavy, director, investor relations, of Central and South West Corporation, 214-777-1277/
 (CSR)


CO: Central and South West Corporation ST: Texas IN: UTI SU: ERN

LR -- NY076 -- 6302 04/15/93 13:19 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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