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IDAHO POWER THIRD QUARTER EARNINGS INCREASE FIVE PERCENT

 BOISE, Idaho, Oct. 29 /PRNewswire/ -- Idaho Power Co. (NYSE: IDA) earnings report summary:
 Quarter ended Sept. 30, 1993 1992
 Earnings per share $ 0.40 $ 0.38
 Operating revenues $134,576,689 $129,049,844
 Net income $ 16,426,625 $ 15,066,985
 Average shares 36,785,349 35,864,335
 Twelve months ended Sept. 30, 1993 1992
 Earnings per share $ 1.92 $ 1.46
 Operating revenues $534,790,472 $490,301,391
 Net income $ 75,449,437 $ 56,219,526
 Average shares 36,449,112 34,583,559
 Idaho Power earnings during the third quarter continued to reflect this year's return to more normal operating and financial conditions following several years of drought-influenced performances.
 The company today reported net income for the quarter of $16.4 million, compared to $15.1 million during the same period in 1992. Earnings per share of common stock increased to 40 cents from 1992's 38 cents. Revenues increased nearly 4.3 percent during the quarter, from $129.0 million in 1992 to $134.6 million in 1993.
 For the nine months ended Sept. 30, the company's net income was $56.3 million compared to $40.8 million during the same period a year ago. Earnings per share of common stock for the first three quarters of 1993 were $1.42, a 35.2-percent increase over the $1.05 per share earned during the period in 1992.
 "While this year's third quarter performance was a positive one, our expectations for even stronger returns were tempered by weather conditions and tax-related actions that occurred outside our control," said Vice President and Chief Financial Officer J. LaMont Keen.
 Below-normal temperatures occurred during much of the quarter with major portions of the company's service area experiencing the coolest July on record. As a result, sales of energy to general business customers remained essentially flat during the period despite the addition of nearly 9,800 new customers in the past 12 months. Residential customers' electricity use -- a key influence on company revenues -- declined nearly 5.9 percent during the period.
 A $4.8 million, or 109 percent, increase in income taxes during the third quarter offset some of the benefits of revenue gains. The increase largely resulted from the effect of new federal income tax rates imposed retroactively to the beginning of 1993, taxes on improved earnings and certain non-recurring tax adjustments which decreased income taxes in the third quarter of 1992.
 "Despite these unusual influences on our operations, we remain on track for a quality financial performance during 1993 in keeping with our region's strong economic growth and the return of the productivity of the company's valued hydroelectric resources," said Keen.
 The company's return to more normal hydroelectric generating conditions in 1993 following several years of drought-impacted operations continues to be evident. For the first nine months of the year the company reported a 13.7-percent decline in fuel expenses, a 14.8-percent decline in purchased power expenses and a 115.7-percent increase in sales to other utilities -- all indicators of reduced reliance on the company's coal-fired power plants and power purchased from others and an increased supply of electricity available for sale due to improved streamflows.
 The company's results for the quarter ending Sept. 30 were: operating revenues of $134.6 million for 1993 and $129.0 million for 1992; net income of $16.4 million for 1993 and $15.1 million for 1992; earnings on common stock of $14.9 million for 1993 and $13.7 million for 1992; and earnings per share of 40 cents for 1993 and 38 cents for 1992.
 The company's results for the 12 months ended Sept. 30 were: operating revenues of $534.8 million for 1993 and $490.3 million for 1992; net income of $75.4 million for 1993 and $56.2 million for 1992; earnings on common stock of $69.9 million for 1993 and $50.4 million for 1992; and earnings per share of $1.92 for 1993 and $1.46 for 1992.
 -0- 10/29/93
 /CONTACT: J. LaMont Keen, 208-383-2640, or Jim Taney, 208-383-2464, both of Idaho Power/
 (IDA)


CO: Idaho Power Co. ST: Idaho IN: UTI SU: ERN

JH -- SE011 -- 8696 10/29/93 16:41 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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