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DELMARVA POWER ANNOUNCES QUARTERLY EARNINGS, DIVIDEND

 WILMINGTON, Del., Oct. 28 /PRNewswire/ -- Delmarva Power & Light Company (NYSE: DEW) reported today that earnings for the third quarter of 1993 were $.72 per share compared to $.59 per share for the third quarter of 1992.
 Earnings for nine months ended Sept. 30, 1993, were $1.57 per share, compared to $1.45 per share for the same period last year.
 "After excluding the 21-cent, one-time adjustment in 1992 for the Peach Bottom lawsuit settlement, earnings for the first nine months of 1993 increased by 33 cents per share," said Howard E. Cosgrove, chairman of the board of directors. "The primary reason for this improvement is strong sales pushed by the warm summer of 1993. Also, contributing to earnings growth was continued cost control by company employees."
 Also today, Delmarva Power & Light Company announced a dividend of 2.604 percent ($339.97 per unit) on its Auction Preferred Stock Series A for payment on Nov. 23, 1993.
 DELMARVA POWER
 FINANCIAL HIGHLIGHTS
 (Unaudited; dollars in thousands)
 Periods ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Operating Revenues $275,385 $237,717 $738,030 $656,644
 Operating Income 59,015 48,080 136,532 115,417
 Net income 44,279 34,056 97,451 83,104(A)
 Earnings Applicable to
 Common Stock 41,789 31,810 89,979 77,262(A)
 Average Shares of Common
 Stock Outstanding
 (thousands) 58,372 53,685 57,180 53,281
 Earnings Per Share of
 Common Stock $.72 $.59 $1.57 $1.45(B)
 Dividends Declared Per Share
 of Common Stock $.385 $.385 $1.155 $1.155
 12 Months Ended Sept. 30 1993 1992
 Operating Revenues $945,430 $851,502
 Operating Income 164,828 139,806
 Net income 112,871 92,323(A)
 Earnings Applicable to
 Common Stock 102,892 84,547(A)
 Average Shares of Common
 Stock Outstanding
 (thousands) 56,381 53,080
 Earnings Per Share of
 Common Stock $1.82 $1.59(B)
 Dividends Declared Per Share
 of Common Stock $1.54 $1.54
 The nine and 12 months ended Sept. 30, 1992, include the effect of the settlement of the Peach Bottom lawsuit with Philadelphia Electric Company:
 (A) Includes $11.4 million from settlement of Peach Bottom lawsuit.
 (B) Includes $.21 per share from settlement of Peach Bottom lawsuit.
 /delval/
 -0- 10/28/93
 /CONTACT: Wallace C. Judd Jr., manager of media relations, of Delmarva Power, 302-429-3595/
 (DEW)


CO: Delmarva Power and Light Company ST: Delaware IN: UTI SU: ERN DIV

MK-MS -- PH032 -- 8071 10/28/93 15:24 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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