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IOWA-ILLINOIS GAS & ELECTRIC HOLDS ANNUAL MEETING; QUARTERLY DIVIDENDS DECLARED AND FIRST QUARTER EARNINGS ANNOUNCED

 DAVENPORT, Iowa, April 22 /PRNewswire/ -- Iowa-Illinois Gas and Electric Co.'s (NYSE: IWG) board of directors today declared the regular quarterly dividend on common shares of 43.25 cents per share, payable June 1, 1993, to shareholders of record May 3, 1993.
 The board also declared the regular quarterly dividends on preferred and preference shares payable Aug. 2, 1993, to shareholders of record July 9, 1993.
 "The decision to maintain the dividend at the level originally established in January 1992 was reached following the board's review of continued progress on the company's programs to restore earnings to pre-1992 levels and enhance the company's longer-term earnings prospects," said Stanley Bright, chairman, president and chief executive officer.
 At the annual meeting of shareholders prior to today's meeting of the board of directors, the company announced first quarter earnings of 58 cents per share, up from 41 cents per share in the first quarter of 1992.
 In other business, the board re-elected the following officers: Bright, chairman, president and chief executive officer; Peter Burks, controller; Thomas Christensen, vice president-corporate planning and regulatory affairs; Lance Cooper, vice president-finance and chief financial officer; Brent Gale, vice president-general counsel; Keith Giger, secretary and treasurer; William Green, vice president- administration, customer services and district operations; Stephen Hollonbeck, vice president-gas operation; Stephen Shelton, vice president-electric operation; Ronald Stepien, vice president- marketing; and Barbara VenHorst, assistant secretary and assistant treasurer.
 Iowa-Illinois serves 198,000 electric customers and 238,000 natural gas customers in central and eastern Iowa and western Illinois. The company's wholly owned non-regulated subsidiary, InterCoast Energy Co., is engaged in energy businesses, including oil and gas, energy project development, equity investments in energy- related firms and financial investments.
 Iowa-Illinois' stock is traded on the New York Stock Exchange under the symbol IWG. Common stock quotations are listed in the New York Stock Exchange Composite Transactions under: IowaIllGas.
 -0- 4/22/93
 /CONTACT: Kim Koster (media), 319-326-7364, or Barbara VenHorst (investors), 319-326-7277, both of Iowa-Illinois Gas and Electric/
 (IWG)


CO: Iowa-Illinois Gas and Electric Co. ST: Iowa IN: UTI SU: DIV ERN

KJ-LS -- DV007 -- 9629 04/22/93 15:18 EDT
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Date:Apr 22, 1993
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