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GWC REPORTS SECOND QUARTER 1992 EARNINGS

 GWC REPORTS SECOND QUARTER 1992 EARNINGS
 WILMINGTON, Del., Aug. 7 /PRNewswire/ -- GWC Corporation


(NASDAQ-NMS: GWCC) today reported consolidated net income of $3,351,000 or $.30 per share, on revenues of $30,309,000 for the quarter ended June 30, 1992, as compared to net income of $4,094,000 or $.37 per share, on revenues of $29,107,000 in 1991.
 Net income for the six months ended June 30, 1992, was $4,643,000 or $.42 per share, on revenues of $56,189,000 compared to net income of $5,276,000 or $.48 per share, on revenues of $53,017,000 during the comparable period in 1991.
 Net income for the second quarter of 1992 declined $743,000 as compared to 1991, primarily due to additional income tax expense of $640,000 resulting from the resolution of an income tax audit of tax years prior to 1987. Operating income decreased $185,000 or 2 percent, as higher revenues from 1991 and 1992 rate awards were more than offset by increased operating expenses, especially insurance expense and taxes other than income taxes. Interest expense increased $266,000 or 7 percent in 1992 due to higher levels of debt that resulted from the acquisition in October 1991 of 50 percent of JMM Operational Services, Inc. and 1991 and 1992 capital expenditures.
 Net income for the first six months of 1992 declined $633,000 as compared to the same period in 1991 primarily due to the aforementioned tax expense. Operating income increased $530,000 or 3 percent, largely due to higher revenues from 1991 and 1992 rate awards. Interest expense increased $606,000 or 8 percent, due to higher levels of debt that resulted from the aforementioned 1991 acquisition and 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)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Total revenues $30,309 $29,107 $56,189 $53,017
 Operating income 9,937 10,122 16,256 15,726
 Net income 3,351 4,094 4,643 5,276
 Earnings per share $.30 $.37 $.42 $.48
 Consolidated Statements of Income
 (In thousands, except per-share information)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenues $30,309 $29,107 $56,189 $53,017
 Operating expenses:
 Operations and maintenance 14,009 13,030 27,135 25,226
 Depreciation and amortization 3,020 2,680 6,057 5,436
 Taxes, other than income taxes 3,272 2,953 6,497 5,929
 Other expenses 71 322 244 700
 Total operating expenses 20,372 18,985 39,933 37,291
 Operating income 9,937 10,122 16,256 15,726
 Other income 423 210 530 364
 Interest expense, net of
 capitalized interest 4,249 3,983 8,536 7,930
 Income before income taxes and
 minority interest 6,111 6,349 8,250 8,160
 Income tax expense 2,749 2,244 3,585 2,862
 Minority interest in income
 of subsidiaries 11 11 22 22
 Net income 3,351 4,094 4,643 5,276
 Earnings per share $.30 $.37 $.42 $.48
 Dividends per share .25 .25 .50 .61
 Weighted average number of
 shares outstanding 11,067 11,067 11,067 11,067
 /delval/
 -0- 8/7/92
 /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


LJ-MK -- PH008 -- 7922 08/07/92 10:03 EDT
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Date:Aug 7, 1992
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