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 INDIANAPOLIS, July 28 /PRNewswire/ -- IPALCO Enterprises, Inc. (NYSE: IPL) today announced financial results for the second quarter of 1993.
 Net income for the quarter ended June 10, 1993, increased by 22 percent to $16.5 million, or 44 cents per share, compared to $13.5 million or 36 cents per share during the second quarter of 1992.
 During the first six months of 1993, net income increased by nearly 14 percent to $46.4 million, or $1.23 per share, compared to $40.8 million or $1.09 per share in 1992.
 The increased earnings this quarter were largely attributable to higher revenue resulting from a 43.5 percent increase in cooling degree days over the second quarter of 1992. The warmer weather this quarter, combined with a 16 percent increase in heating degree days during the first quarter of this year, has resulted in higher KWH sales for the first half of 1993. Revenues during the first six months of fiscal 1993 increased to $322.2 million versus $310.4 million during the comparable period of 1992.
 Commenting on the company's financial results, John R. Hodowal, chairman and chief executive officer of IPALCO Enterprises, Inc., said, "We are very pleased with the increase in revenues and earnings and that we have achieved these results while providing electric energy to our customers at some of the lowest rates in the nation. According to an annual statewide survey of electric rates conducted by the Indiana Utility Regulatory Commission, Indianapolis Power & Light Company has the lowest residential rates on any investor-owned utility in Indiana."
 Mr. Hodowal noted, "We have taken steps during the first half of the year to position IPALCO to become an even more competitive and successful energy provider. We strongly believe the combination of IPALCO with PSI Resources, which we proposed in March, will create an even stronger company capable of making a significant contribution to its customers, its shareholders and the people in the communities we serve Indiana."
 The principal subsidiary of IPALCO Enterprises, Inc. is Indianapolis Power & Light Company, which serves approximately 400,000 residential, commercial and industrial customers primarily in Indianapolis and Marion County, Ind.
 Second Quarter Earnings Report
 (In thousands except per share amounts)
 Periods ended Three Months Six Months 12 Months
 June 30 1993 1992 1993 1992 1993 1992
 Earnings per
 share of
 common stock $0.44 $0.36 $1.23 $1.09 $2.50 $2.51
 Revenue 153,127 150,446 322,169 310,420 644,952 642,168
 Net income 16,520 13,513 46,388 40,752 93,979 94,286
 Weighted avg.
 shares of
 common stock
 outstanding 37,664 37,558 37,664 37,554 37,652 37,551
 IPALCO Enterprises, Inc. is offering upon the terms and subject to the conditions set forth in its prospectus dated April 21, 1993, and in the related letter of transmittal and letter of transmittal supplement, to exchange $26.50 per share in cash for 10,754,717 shares of PSI common stock and .6906 shares (subject to adjustment) of IPALCO common stock for each remaining share of PSI common stock. The offer will expire at midnight, New York City time, on Aug. 31, 1993, unless extended by IPALCO. IPALCO may extend the offer by giving oral or written notice of such extension to the exchange agent. Any such extension will be followed as promptly as practicable by public announcement.
 -0- 7/28/93
 /CONTACT: Susan Hanafee, 317-261-8763, or Marni Lemons, 317-261-8219, both of IPALCO/

CO: IPALCO Enterprises, Inc. ST: Indiana IN: UTI SU: ERN

LG-SM -- NY016 -- 6672 07/28/93 09:48 EDT
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Publication:PR Newswire
Date:Jul 28, 1993

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