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DUKE POWER REPORTS EARNINGS OF 45 CENTS PER SHARE

 DUKE POWER REPORTS EARNINGS OF 45 CENTS PER SHARE
 CHARLOTTE, N.C., April 23 /PRNewswire/ -- Duke Power Co. (NYSE: DUK)


today reported first quarter 1992 earnings of 45 cents per share of common stock, down from 61 cents per share reported in the first quarter of 1991.
 "The biggest factor in the earnings decline for the quarter was higher operating and maintenance expenses relative to the first quarter of last year," said Richard J. Osborne, vice president and chief financial officer. "A substantial portion of the expenses were related to outages at our nuclear stations."
 For the quarter, the company's nuclear stations contributed 56 percent of the company's generation, compared to 72 percent for the first quarter of 1991.
 In addition, expense adjustments in the contracts between the company and the joint owners of Catawba Nuclear Station contributed to the decline.
 Total kilowatt-hour sales for the quarter increased 3.6 percent. Textile sales showed the greatest improvement, rising 11.5 percent. Total industrial sales rose 7.5 percent for the quarter versus last year.
 "I feel the improvement in our industrial sales is a good sign that the economy in our territory is recovering," said Osborne.
 Residential sales grew slightly -- rising 1.5 percent for the quarter versus last year.
 "Our residential sales were less than expected," said Osborne. "Most of the increase was due to a greater number of customers. However, the mild weather for the three months hampered a stronger showing."
 Earnings for the 12 months ending March 31, 1992, were $2.44 per share, down 1 cent from the $2.45 recorded for the same period last year.
 Duke Power Company
 Financial Highlights
 (Unaudited)
 Three Months Ended Twelve Months Ended
 March 31 March 31
 1992 1991 1992 1991
 Common Stock Data
 Earnings Per Share $ 0.45 $ 0.61 $ 2.44 $ 2.45
 Dividends Per Share $ 0.43 $ 0.41 $ 1.70 $ 1.62
 Average Shares
 Outstanding
 (thousands) 204,702 202,586 203,960 202,576
 Financial Statistics
 (thousands)
 Electric Revenues $ 981,330 $893,614 $3,904,676 $3,740,206
 Net Income $ 106,365 $137,399 $ 552,589 $ 548,542
 Preferred and
 Preference
 Dividends $ 13,320 $ 14,009 $ 53,994 $ 53,664
 Earnings for Common
 Stock $ 93,045 $123,390 $ 498,595 $ 494,878
 -0- 4/23/92
 /CONTACT: Richard Osborne, 704-373-5159, or Randy Wheeless, 704-382-8379 or (home) 704-535-8743, both of Duke Power Company/
 (DUK) CO: Duke Power Company ST: North Carolina IN: UTI SU: ERN


CM -- CH002 -- 1692 04/23/92 09:23 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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