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GWC CORPORATION REPORTS FIRST QUARTER 1992 EARNINGS

 GWC CORPORATION REPORTS FIRST QUARTER 1992 EARNINGS
 WILMINGTON, Del., May 4 /PRNewswire/ -- GWC Corporation


(NASDAQ-NMS: GWCC) today reported consolidated net income of $1,292,000 or $.12 per share, on revenues of $25,880,000 for the three months ended March 31, 1992.
 This compares to net income of $1,182,000 or $.11 per share, on revenues of $23,910,000 for the first quarter of 1991.
 Revenues increased $1,970,000 during the first quarter of 1992, primarily due to the carryover impact of 1991 rate awards and higher volumes of water sold. This increase in revenue was partially offset by a $1,255,000 increase in operating expenses, resulting in a $715,000 (12.8 percent) increase in operating income. Interest expense increased $340,000 during the first quarter, primarily due to higher average debt levels resulting from 1991 and 1992 capital expenditures.
 GWC Corporation, headquartered in Wilmington, is a water utility holding company that is also engaged in non-regulated activities. Its major subsidiary, General Waterworks Corporation, owns 34 regulated utility subsidiaries operating in 15 states. The company's common stock is traded on the NASDAQ National Market System under the symbol "GWCC." There are 11,066,600 shares of common stock currently outstanding.
 GWC CORPORATION AND SUBSIDIARIES
 Financial Highlights
 (In thousands, except per-share data)
 Three months ended March 31 1992 1991
 Total revenues $25,880 $23,910
 Operating income 6,319 5,604
 Net income 1,292 1,182
 Earnings per share $.12 $.11
 Consolidated Statements of Income
 (In thousands, except per-share information)
 Three months ended March 31 1992 1991
 Revenues $25,880 $23,910
 Operating expenses:
 Operations and maintenance 13,126 12,196
 Depreciation and amortization 3,037 2,756
 Taxes, other than income taxes 3,225 2,976
 Other expenses 173 378
 Total operating expenses 19,561 18,306
 Operating income 6,319 5,604
 Other income 107 154
 Interest expense, net of
 capitalized interest 4,287 3,947
 Income before income taxes and
 minority interest 2,139 1,811
 Income tax expense 836 618
 Minority interest in income
 of subsidiaries 11 11
 Net income 1,292 1,182
 Earnings per share $.12 $.11
 Dividends per share .25 .36
 Weighted average number of
 shares outstanding 11,067 11,067
 /delval/
 -0- 5/4/92
 /CONTACT: Joseph V. Boyle, vp and treasurer of General Waterworks Management and Service Company, 215-278-2965/
 (GWCC) CO: GWC Corporation ST: Delaware IN: UTI SU: ERN


MP-KA -- PH011 -- 5913 05/04/92 10:06 EDT
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Publication:PR Newswire
Date:May 4, 1992
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