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ENTERGY CORPORATION REPORTS FIRST QUARTER EARNINGS

 ENTERGY CORPORATION REPORTS FIRST QUARTER EARNINGS
 NEW ORLEANS, May 8 /PRNewswire/ -- Entergy Corporation (NYSE: ETR)


today reported first quarter 1992 consolidated net income of $95.3 million, compared with $85.5 million for the same quarter in 1991.
 Earnings per share were 54 cents, up from 46 cents a year ago.
 "The increases in consolidated net income and earnings per share were due to an after-tax gain of $19.6 million or 11 cents per share from the sale of AP&L's retail properties in Missouri," said Gerald D. McInvale, Entergy senior vice president and chief financial officer.
 The properties were sold to Union Electric Company of St. Louis, and others, for approximately $68 million. The transaction, which was completed March 12, gives Union Electric about 26,000 new customers, 80 new employees, and properties in 10 counties in the southeastern part of the state.
 Excluding the effect of the property sale, net income for the first quarter would have been $75.7 million, a $9.8 million decrease from first quarter 1991. Earnings per share would have been 43 cents, down 3 cents from last year.
 Contributing to the decline in net income, excluding the property sale, were reduced sales to residential customers due to milder temperatures, and the ongoing effect of a 1991 regulatory agreement, which, among other things, reduced the allowed rate of return for System Energy Resources, Inc., an Entergy subsidiary.
 Operating expenses were up $40.4 million for the quarter, with more than half of the growth due to increased cost recovery under the rate phase-in plans. However, net income was unaffected by the rate phase-in plans since the higher operating expenses were offset by higher revenues. Non-fuel operation and maintenance expense grew by only $2.9 million or 1.1 percent.
 Dividend Declared
 The Entergy board of directors on March 25 declared a quarterly dividend of 35 cents per common share, payable on June 1 to stockholders of record on May 8.
 The board also extended the authorization to repurchase common stock through July 31 and authorized that $300 million be made available for that purpose. Stock repurchases are made from time to time on the basis of market conditions and the board's authorization. There is no obligation or assurance that any repurchases will be made.
 As of May 7, Entergy had repurchased 27.5 million shares at a cost of $592.9 million. Approximately 177 million common shares remain outstanding.
 SUMMARY OF OPERATING RESULTS
 (Unaudited)
 (In thousands, except per-share amounts)
 3 mos. ended March 31 1992 1991 Pct. chg.
 Total operating revenues $ 916,467 $ 892,986 2.6
 Total operating expenses $ 704,788 $ 664,432 6.1
 Fuel and fuel-related expenses,
 purchased power,
 purchased gas $ 226,604 $ 223,924 1.2
 Rate deferrals:
 Current deferrals $ ( 7,196) $ (18,163) (60.4)
 Collection of
 previous deferrals $ 34,794 $ 23,846 45.9
 Net $ 27,598 $ 5,683 385.6
 Consolidated net income $ 95,277 $ 85,456 11.5
 Earnings per common share
 on consol. net income $ 0.54 $ 0.46 17.4
 Average number of shares
 outstanding 177,982 184,614 (3.6)
 Electric energy sales:
 (millions of KWH)
 Residential 3,946 4,005 (1.5)
 Commercial 2,881 2,879 0.1
 Industrial 5,717 5,496 4.0
 Governmental 431 438 (1.6)
 Total sales to retail 12,975 12,818 1.2
 Sales for resale 2,037 1,232 65.3
 Total sales 15,012 14,050 6.8
 12 mos. ended March 31 1992 1991 Pct. chg.
 Total operating revenues $4,074,910 $3,985,619 2.2
 Total operating expenses $3,024,755 $2,935,683 3.0
 Fuel and fuel-related expenses,
 purchased power,
 purchased gas $ 993,784 $1,012,648 (1.9)
 Rate deferrals:
 Current deferrals $ (135,714) $ (116,944) 16.1
 Collection of
 previous deferrals $ 144,785 $ 109,889 31.8
 Net $ 9,071 $ (7,055) ---
 Consolidated net income $ 491,853 $ 475,099 3.5
 Earnings per common share
 on consol. net income $ 2.72 $ 2.48 9.7
 Average number of shares
 outstanding 181,022 191,443 (5.4)
 Electric energy sales:
 (millions of KWH)
 Residential 18,270 18,248 0.1
 Commercial 13,166 13,016 1.2
 Industrial 23,687 22,998 3.0
 Governmental 1,896 1,836 3.3
 Total sales to retail 57,019 56,098 1.6
 Sales for resale 8,151 6,224 31.0
 Total sales 65,170 62,322 4.6
 SELECTED CONSOLIDATED BALANCE SHEET ITEMS
 March 31, 1992, and Dec. 31, 1991
 (in 000s)
 1992 1991
 (unaudited)
 Total common shareholders' equity $4,129,388 $4,207,871
 Subsidiaries' preferred stock $ 725,514 $ 690,290
 Long-term debt $5,481,096 $5,513,714
 Common shares outstanding at
 end of period 177,044 178,809
 -0- 5/8/92
 /CONTACT: Media: Kirk Carney, 504-569-4156, or Investor Relations: Richard Strawn, 504-569-4360, both of Entergy/
 (ETR) CO: Entergy Corporation ST: Louisiana IN: OIL SU: ERN DIV


BR-EA -- AT004 -- 8045 05/08/92 11:15 EDT
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Date:May 8, 1992
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