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MAGMA POWER ANNOUNCES HIGHER FOURTH QUARTER AND 1991 YEAR-END EARNINGS

 MAGMA POWER ANNOUNCES HIGHER FOURTH QUARTER
 AND 1991 YEAR-END EARNINGS
 SAN DIEGO, Jan. 27 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) today announced record earnings for the fourth quarter and full year 1991.
 For the year ended Dec. 31, 1991, Magma Power reported net income of $33,941,000 on revenues of $94,891,000, compared to 1990 net income of $30,166,000 on revenues of $85,599,000, an increase of 12.5 percent and 10.9 percent, respectively. Earnings per share increased 9.1 percent to $1.44 from $1.32 in 1990. Earnings per share for the year reflect the higher number of shares outstanding due to the exercise by J.P Morgan & Co. of warrants for 1,000,000 shares in December 1990.
 For the fourth quarter ended Dec. 31, 1991, net income was $8,718,000 on revenues of $23,536,000, compared to net income of $8,253,000 on revenues of $22,018,000 in the fourth quarter of 1990. Fourth quarter earnings of $.37 per share were the same as that for the fourth quarter of 1990, reflecting the higher number of shares outstanding due to the exercise of the Morgan warrants.
 Fourth quarter results were impacted by unscheduled well field maintenance which reduced the amount of geothermal brine available to two of Magma's power plants, thus limiting the megawatts delivered to the company's customer, Southern California Edison. This maintenance work has been completed and output at these two plants have returned to nameplate capacity. The company has approved the drilling of two additional production wells in 1992 to serve as reserve wells.
 Commenting on the year-end results, Andrew W. Hoch, chairman, stated, "All of our plants are now operating at nameplate capacity and are expected to do so, or better, throughout 1992."
 Electricity revenues for the full year 1991 increased $3,939,000 or 6.3 percent due to higher prices paid for electricity delivered to Southern California Edison under Standard Offer No. 4 contracts. Revenues from royalties, management services and interest income increased $5,353,000 or 22.8 percent over last year due primarily to royalties earned from a second royalty plant at Mammoth, Calif., which started operations in early 1991 and higher interest income on the company's higher cash balances.
 Magma Power Co. holds geothermal leaseholds in California and Nevada, and manages the operation of geothermal power plants in which it owns a significant interest. Magma also receives royalties, management service fees, interest and rental income from the plants and properties and earns substantial investment income.
 MAGMA POWER CO.
 Fourth Quarter Ended Dec. 31, 1991
 (In thousands, except per share amounts)
 (Audited)
 1991 1990 Pct.
 Change
 Revenues $23,536 $22,018 6.9
 Net income 8,718 8,253 5.6
 Earnings per share $.37 $.37 ---
 Average shares
 outstanding 23,504 22,563 ---
 12 Months Ended Dec. 31, 1991
 (In thousands, except per share amounts)
 (Audited)
 1991 1990 Pct.
 change
 Revenues $94,891 $85,599 10.9
 Net income 33,941 30,166 12.5
 Earnings per share $1.44 $1.32 ---
 Average shares
 outstanding 23,611 22,898 ---
 -0- 1/27/92
 /CONTACT: Wallace C. Dieckmann, VP, treasurer and controller of Magma Power Co., 619-487-9412/
 (MGMA) CO: Magma Power Company ST: California IN: OIL SU: ERN


DM-JL -- SD002 -- 3505 01/27/92 07:34 EST
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Publication:PR Newswire
Date:Jan 27, 1992
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