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GULF STATES UTILITIES DECLARES PAYABLE REMAINING DIVIDENDS

       GULF STATES UTILITIES DECLARES PAYABLE REMAINING DIVIDENDS
    BEAUMONT, Texas, Feb. 13 /PRNewswire/ -- Gulf States Utilities Co.'s (NYSE: GSU) board of directors today declared payable on March 15 the remaining dividends in arrears on preferred stock and authorized paying the preferred stock sinking fund arrearages.
    Nearly $116  million will be paid to cover both remaining preferred arrearages and the current dividend payment for this quarter.  The board also authorized paying about $34.4 million to cover both the sinking fund arrearage and the March and April preferred sinking fund obligations.  That payment on sinking funds in arrears probably will be made in early April, a company official said.
    The preferred dividends will be paid about March 15 to preferred shareholders of record as of Feb. 24.  More than 2,200 institutions and individuals own the 4.6 million shares of preferred stock outstanding.
    The Beaumont-based electric utility began to pay on its preferred dividend arrearage in late 1991.  With the March 15 payment, the company will be current with its preferred dividend requirements.  About $87 million in preference stock dividend arrearages must be paid and current, however, before the board of directors can resume common stock dividends, the official explained.
    GSU suspended preferred and preference stock dividends following the last quarter of 1986.  The company omitted common stock dividends after the second quarter of 1986 because of severe financial problems.
    Gulf States serves nearly 579,000 customers along the Gulf Coast between New Orleans and Houston.
    -0-                 2/13/92
    /CONTACT:  Susan Huff Gilley of Gulf States Utilities, 409-839-2846/
    (GSU) CO:  Gulf States Utilities Co. ST:  Texas IN:  UTI SU:  DIV SM -- NY054 -- 9705 02/13/92 11:35 EST
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Publication:PR Newswire
Date:Feb 13, 1992
Words:280
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