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IES INDUSTRIES REPORTS SECOND QUARTER EARNINGS

 IES INDUSTRIES REPORTS SECOND QUARTER EARNINGS
 CEDAR RAPIDS, Iowa, July 29 /PRNewswire/ -- Net income for IES


Industries Inc. (NYSE: IES) for the second quarter of 1992 was $8.3 million, or $0.33 per share, compared with net income of $6.8 million, or $0.28 per share, for the same period in 1991. 1991 earnings were affected by a regulatory disallowance. Revenues for IES Industries for the quarter were $148.4 million, compared with $147 million during the second quarter of 1991.
 For the most recent 12 months, revenues were $675 million, compared to $647 million for the 12 months ending June 30, 1991. Earnings were $1.90 per share for the past 12 months, compared with $3.20 per share in 1991. Earnings for the 12 months ended June 30, 1991, included the gain on sale of Telecom-USA stock. Expenses associated with the merger of IE Industries Inc. and Iowa Southern, Inc. to form IES Industries Inc. on July 1, 1991, were included in the most recent 12 months.
 Iowa Electric Light and Power Co. reported a 4.5 percent decrease in kilowatt hour sales for the quarter, compared with the same quarter last year. Iowa Southern Utilities Co. reported a 2.5 percent increase in electric sales in the second quarter of 1992 compared to the same quarter a year earlier. Iowa Electric and Iowa Southern are the principal utility subsidiaries of IES Industries.
 For the most recent 12 months, electric sales for Iowa Electric are up 2.2 percent from the previous 12 months. Electric sales for Iowa Southern Utilities are up 5.5 percent in the comparable period.
 IES INDUSTRIES INC.
 (In thousands, except per share amounts)
 Quarter Ended Six Months Ended 12 Months Ended
 June 30 June 30 June 3
 1992 1991 1992 1991 1992 1991
 Operating
 revenues $148,442 $146,951 $329,739 $316,301 $674,979 $646,581
 Net income $ 8,341 $ 6,755 $ 18,387 $ 16,014 $ 47,030 $ 76,879
 Average number
 of common
 shares
 outstanding 25,334 24,105 25,284 24,067 24,764 23,998
 Earnings per
 average common
 share $ 0.33 $ 0.28 $ 0.73 $ .66 $ 1.90 $ 3.20
 The following items
 impacted earnings per
 average common share
 as follows:
 Gain on sale of
 Telecom-USA
 stock $ -- $ -- $ -- $ -- $ -- $ 1.64
 Writedown of a
 cogeneration
 project -- -- -- -- -- (0.05)
 Regulatory disallowance -
 Iowa Electric -- (0.9) -- (.09) -- (0.13)
 Establishment of
 various reserves -- -- -- -- -- (0.13)
 Contribution to a
 charitable
 foundation -- -- -- -- -- (0.06)
 Merger expenses -- -- -- (.01) (0.14) (0.01)
 Effect on earnings
 per average common
 share $ -- $ (.09) $ -- $ (.10) $(0.14) $1.26
 Notes:
 (A) The consolidated results reflect the merger of IE Industries Inc. and Iowa Southern Inc. as if the July 1, 1991, merger between these companies to form IES Industries Inc. had occurred at the beginning of the periods presented. The 1992 results reflect the Feb. 18, 1992, merger with Whiting Petroleum Corporation as if the merger had occurred on Jan. 1, 1992.
 (B) Electric revenues, net income and earnings per average common share for the 12 months ended June 30, 1992, included $5,695,000, $3,377,000 and $0.14, respectively, which were subject to refund pending final resolution of Iowa Electric's electric rate case by the Iowa Utilities Board.
 -0- 7/29/92
 /CONTACT: Robert Latham of IES Industries, 319-398-7676/
 (IES) CO: IES Industries Inc. ST: Iowa IN: UTI SU: ERN


PS -- NY078 -- 4642 07/29/92 13:09 EDT
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Date:Jul 29, 1992
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