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GWC CORPORATION REPORTS THIRD QUARTER 1993 EARNINGS

 WILMINGTON, Del., Nov. 8 /PRNewswire/ -- GWC Corporation (NASDAQ-NMS: GWCC) today reported consolidated net income to common stockholders of $8,841,000 or $.80 per share, on revenues of $36,354,000 for the quarter ended Sept. 30, 1993, as compared to net income to common stockholders of $4,587,000 or $.41 per share, on revenues of $32,085,000 in 1992.
 Net income to common stockholders for the nine months ended Sept. 30, 1993, was $12,909,000 or $1.17 per share, on revenues of $95,218,000, compared to net income to common stockholders of $9,230,000 or $.83 per share, on revenues of $88,274,000 during the comparable period in 1992.
 The primary reason for the increase in net income to common stockholders for the quarter and year-to-date was the sale in the third quarter of 1993 of the company's 40 percent investment in the common stock of Infilco Degremont, Inc. (IDI) to Lyonnaise American Holding, Inc., the company's principal shareholder. The sales price of $8,400,000 was determined by an outside, independent appraisal. The company recorded a gain before income taxes of $4,081,000 and net income of $2,900,000 from this sale.
 Operating income increased $2,429,000 for the quarter and $2,362,000 for the nine months ended Sept. 30, 1993, as compared to the comparable periods in 1992, primarily as a result of higher revenues from 1992 and 1993 rate awards and from higher volumes of water sold in the eastern portion of the country, especially in the third quarter. However, the increase in revenues was partially offset by increased operating expenses, especially insurance and depreciation expense. Allowance for funds used during construction was $712,000 higher than in 1992 for the year-to-date as a result of several large construction projects. Income tax expense increased due to the sale of the investment in IDI.
 On Sept. 15, the company signed an agreement to merge with United Water Resources Inc., a water utility holding company headquartered in Bergen County, N.J. The merger is subject to certain customary closing conditions, including obtaining the approval of the stockholders of both companies and the approval of certain regulatory authorities; it is expected that a joint proxy statement describing the terms of the proposed merger will be submitted to the stockholders of the two companies in early 1994.
 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 25 regulated utility subsidiaries operating in 14 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)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Total revenues $36,354 $32,085 $95,218 $88,274
 Operating income 13,803 11,374 29,992 27,630
 Net income to
 common
 stockholders 8,841 4,587 12,909 9,230
 Earnings per share
 of common stock $.80 $.41 $1.17 $.83
 Consolidated Statements of Income
 (In thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Revenues $36,354 $32,085 $95,218 $88,274
 Operating expenses:
 Operations and maintenance 15,427 14,128 44,005 41,263
 Depreciation and amortization 3,480 3,006 10,328 9,063
 Taxes, other than income taxes 3,520 3,381 10,426 9,878
 Other expenses 124 196 467 440
 Total operating expenses 22,551 20,711 65,226 60,644
 Operating income 13,803 11,374 29,992 27,630
 Other income 4,492 197 4,980 727
 Interest expense 4,706 4,520 13,556 13,277
 Allowance for funds used
 during construction 322 170 1,103 391
 Income before income taxes and
 minority interest 13,911 7,221 22,519 15,471
 Income tax expense 4,488 2,579 7,862 6,164
 Minority interest in income
 of subsidiaries 10 11 32 33
 Net income 9,413 4,631 14,625 9,274
 Preferred dividends 572 44 1,716 44
 Net income to common
 stockholders 8,841 4,587 12,909 9,230
 Earnings per share of common
 stock $.80 $.41 $1.17 $.83
 Dividends per share of
 common stock .25 .25 .75 .75
 Weighted average number of
 shares of common stock
 outstanding 11,067 11,067 11,067 11,067
 /delval/
 -0- 11/8/93
 /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

MJ-MK -- PH015 -- 1702 11/08/93 10:56 EST
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Date:Nov 8, 1993
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