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KCS GROUP QUARTERLY EARNINGS UP 15 PERCENT; SALES AND EARNINGS INCOME HIT RECORD HIGHS

 KCS GROUP QUARTERLY EARNINGS UP 15 PERCENT;
 SALES AND EARNINGS INCOME HIT RECORD HIGHS
 EDISON, N.J., Jan. 29 /PRNewswire/ -- KCS Group, Inc. (NASDAQ: KCSG) today reported a 15 percent increase in net income and record sales and operating income for the quarter ended Dec. 31, 1991.
 The oil and gas company reported net income was $611,000, or 23 cents per share, up 15 percent compared to $532,000, or 20 cents per share in the same quarter a year ago.
 Sales reached a record $41,950,000 for the quarter, up more than 77 percent from the $23,669,000 reported in the December 1990 quarter while operating income was up 18 percent to $1,075,000 compared to $913,000 in the same quarter a year ago.
 He said the quarter's performance reflects the success of the company's strategic plan to build its oil and gas reserves through the acquisition of new properties with development potential and was achieved despite a 35 percent average drop in oil prices and a six percent average decline in natural gas prices compared to last year. "We have made substantial progress since last year in terms of both oil and gas production, while, at the same time, increasing our overall oil and gas reserve base," he reported.
 Christmas said KCS oil production for the quarter increased nearly 200 percent to over 51,000 barrels, largely as a result of the acquisition in mid-1991 of an 18 percent working interest in the Bay Springs oil field in Mississippi. Gas production was in excess of 800 million cubic feet, an increase of 30 percent from last year, due to both property acquisitions and development drilling on existing properties.
 The substantial increase in revenues was primarily a result of expanded natural gas marketing activities which resulted in total marketed gas volumes of 17.7 Bcf, an average of nearly 195 million cubic feet a day.
 "The growth in volumes for our production and marketing segments was very much in line with our expectations," Christmas said. "However, the decline in product prices dampened our growth in income and continued mild weather and soft oil and gas prices will tend to offset some of the positive impacts of our growth in production and sales volumes," he said. At the same time, Christmas said the present low product prices "should result in attractive long-term investment opportunities."
 KCS is engaged in oil and gas exploration and production, natural gas transportation, natural gas marketing and energy services with operations in Texas, Louisiana, Mississippi, New York, New Jersey, Virginia and Pennsylvania.
 KCS GROUP, INC. AND COMPARATIVE TABLE
 Three months ended Dec. 31 1991 1990
 Operating revenues $41,950,000 $23,669,000
 Operating income 1,075,000 913,000
 Interest and other income 145,000 139,000
 Interest expense (328,000) (270,000)
 Income before income taxes $892,000 $782,000
 Federal and state income taxes 281,000 250,000
 Net income $611,000 $532,000
 Net income per share(A) $0.23 $0.20
 Weighted average number of
 shares outstanding(A) 2,666,920 2,649,245
 (A) Reflects three-for-two stock split effective Jan. 15, 1992.
 -0- 1/29/92
 /CONTACT: Robert MacPherson of KCS Group, 908-494-4585/
 (KCSG) CO: KCS Group, Inc. ST: New Jersey IN: OIL SU: ERN


SM-OS -- NY037 -- 4700 01/29/92 11:42 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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