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E'TOWN CORPORATION REPORTS SALES AND EARNINGS

 WESTFIELD, N.J., Oct. 14 /PRNewswire/ -- E'town Corporation (NYSE: ETW) today reported net income of $6,054,489 or $1.09 per share on a primary basis and $1.05 per share on a fully diluted basis for the three months ended Sept. 30, 1993. In the comparable 1992 period net income was $3,236,356 or $.67 per share on a primary basis and $.66 per share on a fully diluted basis.
 For the nine months ended Sept. 30, 1993 net income was $11,570,994 or $2.21 per share on a primary basis and $2.16 per share on a fully diluted basis. In the comparable 1992 period net income was $7,773,139 or $1.71 per share on a primary basis and $1.68 per share on a fully diluted basis.
 Net income for the twelve months ended Sept. 30, 1993, was $14,028,867 or $2.73 per share on a primary basis and $2.67 per share on a fully diluted basis. In the comparable 1992 period net income was $9,401,320 or $2.11 per share on a primary basis and $2.09 per share on a fully diluted basis.
 Operating revenues, and consequently, net income, have been substantially higher in the second and third quarters of 1993 than in the same periods in 1992 due to unusually high water usage resulting from a very hot, dry summer. In addition, in August 1993 E'town Corporation, Elizabethtown Water Company and E'town Properties Inc. sold parcels of land totaling 260 acres for an after-tax gain of approximately $1.1 million. This transaction contributed approximately $.20 to earnings per share of common stock for the third quarter of 1993.
 E'town Corporation is the parent company of Elizabethtown Water Company and E'town Properties, Inc. Elizabethtown Water Company and its subsidiary, The Mount Holly Water Company, provide water service to 54 municipalities in eight New Jersey counties.
 E'TOWN CORPORATION
 Periods ended Three months Nine months
 Sept. 30, 1993 1992 1993 1992
 Operating revenues $28,946,588 $23,811,646 $75,946,996 $67,037,229
 Net income 6,054,489 3,236,356 11,570,994 7,773,139
 Earnings per share
 of common stock:
 Primary $ 1.09 $ 0.67 $ 2.21 $ 1.71
 Fully diluted 1.05 0.66 2.16 1.68
 Average number of shares
 outstanding for the
 calculation of earnings
 Per Share:
 Primary 5,578,234 4,800,249 5,240,160 4,554,402
 Fully Diluted 5,891,495 5,122,039 5,554,517 4,878,796
 Period ended 12 months
 Sept. 30, 1993 1992
 Operating revenues $ 98,077,104 $87,502,956
 Net income 14,028,867 9,401,320
 Earnings per share
 of common stock:
 Primary $ 2.73 $ 2.11
 Fully diluted 2.67 2.09
 Average number of shares
 outstanding for the
 calculation of earnings
 Per Share:
 Primary 5,140,925 4,460,286
 Fully Diluted 5,456,367 4,785,948
 -0- 10/14/93
 /CONTACT: Andrew M. Chapman of E'town Corporation, 908-654-1234/
 (ETW)


CO: E'town Corporation ST: New Jersey IN: UTI SU: ERN

LD-WB -- NY095 -- 2498 10/14/93 18:11 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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