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CIPSCO REPORTS EARNINGS ENDING JULY 31, 1993

 SPRINGFIELD, Ill, Aug. 23 /PRNewswire/ -- The following table was released today by CIPSCO Incorporated (NYSE: CIP):
 CIPSCO INCORPORATED AND SUBSIDIARIES
 SPRINGFIELD, ILLINOIS
 Consolidated Statements of Income
 (in thousands)
 (unaudited)
 Seven Months Ended
 July 31,
 1993 1992
 Operating Revenues:
 Electric $395,184 $339,700
 Provision for revenue refunds --- 1,646(A)
 Total 395,184 341,346
 Gas 86,927 72,832
 Investment 4,338 6,873
 Total operating revenues 486,449 421,051
 Operating Expenses:
 Fuel for electric generation 108,327 103,736
 Purchased power 34,638 8,797
 Gas purchased 55,405 45,050
 Other operation 80,640 73,970
 Maintenance 36,728 35,789
 Depreciation 45,572 43,110
 Taxes other than income taxes 33,326 31,471
 Total operating expenses 394,636 341,923
 Operating Income 91,813 79,128
 Interest and Other Charges:
 Interest on long-term debt of
 subsidiary 20,434 21,565
 Interest on provision for revenue
 refunds --- (803)(A)
 Other interest charges 457 104
 Allowance for funds used during
 construction (AFUDC) (1,279) (2,125)
 Preferred dividend requirements of
 subsidiary 2,219 2,960
 Miscellaneous, net (1,813) (5,134)
 Total interest and other charges 20,018 16,567
 Income Before Income Taxes 71,795 62,561
 Income Taxes 27,678 22,411
 Net Income $ 44,117 $ 40,150
 Average Shares of Common Stock
 Outstanding 34,108 34,108
 Earnings Per Average Share of Common
 Stock $ 1.29 $ 1.18
 Twelve Months Ended
 July 31,
 1993 1992
 Operating Revenues:
 Electric $649,456 $592,015
 Provision for revenue refunds --- (3,615)(A)
 Total 649,456 588,400
 Gas 147,851 119,796
 Investment 7,968 12,026
 Total operating revenues 805,275 720,222
 Operating Expenses:
 Fuel for electric generation 177,135 164,663
 Purchased power 46,935 22,575
 Gas purchased 92,908 73,837
 Other operation 137,975 123,250
 Maintenance 65,030 62,144
 Depreciation 76,633 72,494
 Taxes other than income taxes 52,988 53,544
 Total operating expenses 649,604 572,507
 Operating Income 155,671 147,715
 Interest and Other Charges:
 Interest on long-term debt of
 subsidiary 35,266 36,978
 Interest on provision for revenue
 refunds --- 1,103(A)
 Other interest charges 750 309
 Allowance for funds used during
 construction (AFUDC) (2,380) (3,502)
 Preferred dividend requirements of
 subsidiary 3,809 5,158
 Miscellaneous, net (4,258) (8,516)
 Total interest and other charges 33,187 31,530
 Income Before Income Taxes 122,484 116,185
 Income Taxes 46,018 44,192
 Net Income $ 76,466 $ 71,993
 Average Shares of Common Stock
 Outstanding 34,108 34,132
 Earnings Per Average Share of Common
 Stock $ 2.24 $ 2.11
 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 12-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) -- As a result of the Tax Reform Act of 1986, certain electric revenues were collected from March 1, 1987, through March 1992, subject to refund. The Illinois Commerce Commission entered an order in May 1992 approving a settlement agreement reached by CIPS, the Illinois commission staff and other intervenors. The order required CIPS to refund a total of $73 million of electric revenues (which included accrued interest) to customers over a six-month period in 1992 in complete settlement of the issue. The total liability recorded by CIPS for revenue refunds exceeded the settlement agreement amount by $5.4 million resulting in $3.3 million (net of taxes) or $.10 per share favorable impact on earnings during 1992. Refunds of the electric revenues began in July 1992 and continued through December 1992.
 -0- 8/23/93
 /CONTACT: Jim Goff of CIPSCO, 217-525-5547/
 (CIP)


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

AR -- CL014 -- 5220 08/23/93 18:03 EDT
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Date:Aug 23, 1993
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