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CIPSCO, Inc. Announces October, 1996 Earnings

SPRINGFIELD, Ill., Nov. 25 /PRNewswire/ -- CIPSCO Incorporated (NYSE: CIP) today announced its October 1996 earnings.
 CIPSCO INCORPORATED AND SUBSIDIARIES
 SPRINGFIELD, ILLINOIS
 Consolidated Statements of Income
 (in thousands)
 (unaudited)
 Ten Months Ended Twelve Months Ended
 October 31, October 31,
 1996 1995 1996 1995


Operating Revenues:
 Electric $616,091 $593,006 $726,568 $698,510
 Gas 109,433 94,037 145,002 123,055
 Investment 8,558 6,857 10,874 8,284
 Total operating
 revenues 734,082 693,900 882,444 829,849


Operating Expenses:

Fuel for electric
 generation 182,933 158,948 212,716 190,397
 Purchased power 43,734 47,414 55,814 56,294
 Gas costs 64,653 51,697 87,011 69,828
 Other operation 120,584 125,729(A) 150,223(B) 144,148(A)
 Maintenance 49,680 53,532 64,144 65,542


Depreciation and
 amortization 72,562 69,246 86,579 82,912


Taxes other than
 income taxes 47,711 47,134 57,190 56,040
 Total operating
 expenses 581,857 553,700 713,677 665,161
 Operating Income 152,225 140,200 168,767 164,688


Interest and Other Charges:

Interest on long-term
 debt of
 subsidiary 27,599 27,342 33,128 32,767


Other interest
 charges 3,228 591 3,536 738


Allowance for funds
 used during
 construction (576) (762) (776) (886)


Preferred stock
 dividends of
 subsidiary 3,105 3,215 3,740 3,844
 Miscellaneous, net 2,389(C) 283(E) 4,403(D) (326)(E)
 Total interest and
 other charges 35,745 30,669 44,031 36,137


Income Before Income
 Taxes 116,480 109,531 124,736 128,551
 Income Taxes 45,091 42,820 48,043 48,050
 Net Income $71,389 $66,711 $76,693 $80,501


Average Shares of

Common Stock
 Outstanding 34,070 34,070 34,070 34,075


Earning Per Average

Share of Common
 Stock $2.10 $1.96 $2.25 $2.36


This unaudited information reflects, in the opinion of the Company, all adjustments necessary to present fairly the results for the respective periods. Results of the interim periods are not necessarily indicative of the results for any twelve-month period due to the seasonal nature of the utility business of Central Illinois Public Service Company (CIPS). This information is not given in connection with any sale or offer to buy any security.

(A) -- Includes $5.8 million of workforce reduction program expenses which have the effect of reducing earnings per share by ten cents.

(B) -- Includes merger-related write-offs of $5.7 million involving system development costs which have the effect of reducing earnings per share by ten cents.

(C) -- Includes $1.9 million of merger transaction costs (not tax deductible) and $2.4 million of merger transition costs. Combined they have the effect of reducing earnings per share by ten cents.

(D) -- Includes $4.3 million of merger transaction costs (not tax deductible) and $2.4 million of merger transition costs. Combined they have the effect of reducing earnings per share by seventeen cents.

(E) -- Includes $2.3 million of merger transaction costs (not tax deductible) which has the effect of reducing earnings per share by seven cents.

SOURCE CIPSCO Incorporated
 -0- 11/25/96


/CONTACT: Jim Goff of CIPSCO Incorporated, 217-525-5547, or fax, 217-525-6783/

(CIP)

CO: CIPSCO Incorporated ST: Illinois IN: UTI SU: ERN

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Date:Nov 25, 1996
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