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GENERAL PUBLIC UTILITIES ANNOUNCES SECOND QUARTER EARNINGS

 GENERAL PUBLIC UTILITIES ANNOUNCES SECOND QUARTER EARNINGS
 PARSIPPANY, N.J., July 21 /PRNewswire/ -- General Public Utilities Corporation (NYSE: GPU) today reported earnings per share of $0.38 for the second quarter of 1992, compared to $0.59 per share for the second quarter of 1991 (restated).
 Net income for the quarter was $42.4 million, compared to $64.7 million (restated) for the same period in 1991.
 The decrease in earnings for the quarter was largely affected by the second quarter's milder weather as compared to the much hotter-than- normal weather during the second quarter of 1991. Increased capital costs associated with additions to utility plant, partially offset by a greater number of customers, also impacted results.
 Net income for the six months ending June 30, 1992, was $115.7 million, or $1.04 per share, compared to $192.2 million (restated), or $1.74 per share, for the year ago period. However, the comparable 1991 period includes the cumulative effect of a change in accounting policy for unbilled revenues of $58.2 million, or $0.53 per share. Excluding that nonrecurring credit, earnings for the six months of 1991 were $134.0 million, or $1.21 per share. The decrease in earnings is also attributed to increased reserve capacity expense and capital costs.
 "Earnings so far this year have been lower than last. Particularly for the second quarter, this was a result of weather impacts. The sluggish economy has also limited growth in number of customers and electrical usage and, as we have indicated before, this is likely to have an adverse effect on the corporation's 1992 results. We are working hard to control and contain costs in all areas of the company to offset the current economic environment," said James R. Leva, GPU chairman, president and chief executive officer.
 Net income for the 12-month period ending June 30, 1992, was $199.4 million, or $1.79 per share, compared with $340.7 million, or $3.08 per share, for the comparable 12 month period ending in 1991.
 The 12-month period ended June 30, 1992, was primarily affected by the recognition of certain future Three Mile Island Unit 2 costs for the Pennsylvania subsidiaries (Metropolitan Edison Company (Met-Ed) and Pennsylvania Electric Company (Penelec)) in the amount of $56.2 million, or $0.51 per share, and the absence of the cumulative effect of the change in accounting policy for unbilled revenues that was reflected in the first quarter of 1991 in the amount of $58.2 million, or $0.53 per share. The current period also included increased residential and commercial sales primarily due to the hotter-than-normal 1991 summer weather and the effect of a November 1990 base rate increase at Jersey Central Power & Light Company (JCP&L) partially offset by increased reserve capacity expense and capital costs.
 GPU is a registered electric utility holding company with three operating subsidiaries: JCP&L, Met-Ed and Penelec. The GPU System annually provides approximately 40 billion kilowatt-hours of electricity for approximately 1.9 million customers.
 GENERAL PUBLIC UTILITIES CORPORATION
 (Unaudited)
 Three months ended June 30 1992 1991
 Sales to customers (gigawatt-hours) (A) 9,387 9,479
 Total revenues (000) (A) $811,389 $809,792
 Revenues other than those
 related to energy costs (000) 563,700 582,160
 Energy cost revenues (000) 247,689 227,632
 Net income (000) 42,422 64,730
 Earnings per average share $.38 $.59
 Average common shares outstanding (000) 110,817 110,786
 Six months ended June 30 1992 1991
 Sales to customers (gigawatt-hours) (A) 19,806 19,764
 Total revenues (000) $1,703,792 $1,631,817
 Revenues other than those
 related to energy costs (000) 1,181,665 1,164,953
 Energy cost revenues (000) 522,127 466,864
 Net income (000) 115,709 192,209
 Earnings per average share $1.04 $1.74
 Average common shares outstanding (000) 110,817 110,782
 12 months ended June 30 1992 1991
 Sales to customers (gigawatt-hours) (A) 39,634 39,318
 Total revenues (000) $3,443,574 $3,247,610
 Revenues other than those
 related to energy costs (000) 2,414,442 2,305,592
 Energy cost revenues (000) 1,029,132 942,018
 Net income (000) 199,382 340,651
 Earnings per average share $1.79 $3.08
 Average common shares outstanding (000) 110,815 110,778
 (A) Gigawatt-hour sales exclude interchange sales.
 /delval/
 -0- 7/21/92
 /CONTACT: John T. Fidler of General Public Utilities, 201-263-6479/
 (GPU) CO: General Public Utilities Corporation ST: Pennsylvania, New Jersey IN: UTI SU: ERN


MP-LJ -- PH034 -- 1445 07/21/92 15:04 EDT
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Date:Jul 21, 1992
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