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MAGMA POWER CO. REPORTS FIRST QUARTER 1993 RESULTS

 SAN DIEGO, April 22 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) today reported net income of $5,477,000, or $.23 per share, on revenues of $22,458,000, for the first quarter ended March 31, 1993. During the same period in 1992, the company reported income of $5,434,000, or $.24 per share, before the cumulative effect of an accounting change, on revenues of $21,545,000.
 Net income for the first quarter of 1993 was impacted by a higher tax rate of 30 percent, compared to 27 percent in 1992. Also, while first quarter 1993 net income was higher compared to 1992, net income per share reflected a higher weighted average number of shares because of the dilutive effect of shares under option.
 Magma's first quarter results do not include earnings from the newly acquired Unocal geothermal assets, since the cash flow from these assets was accounted for as an adjustment to the purchase price. The Unocal acquisition, which included three operating geothermal power plants generating 80 MW of electricity, as well as 111,000 acres of geothermal leaseholds in the Imperial Valley, Mammoth, Calif., and Nevada, will begin to contribute to Magma's reported revenue and earnings starting with the second quarter of 1993. During the full year 1992, the plants generated about $70 million in revenues when owned by Unocal.
 First quarter 1992 earnings have been restated to reflect the adoption of Financial Accounting Standards No. 109, "Accounting for Income Taxes." Earnings before the cumulative effect for the accounting change for the first quarter of 1992, were $.24 per share. Earnings for the first quarter of 1992 after the cumulative effect of the accounting change were $1.01 per share. Prior to the restatement of earnings to reflect the adoption of SFAS 109, first quarter 1992 earnings had been reported as $.25 per share.
 Commenting on the results, Magma Power Co. Chairman and Chief Executive Officer Paul M. Pankratz, stated, "In addition to our consistent operating results, the first quarter of 1993 was marked by the closing of the acquisition of the Unocal geothermal assets, pursuit of the opportunity to build a 70 MW geothermal power plant in the Philippines and progress on our 16 MW plant project at Fish Lake, Nev. We're successfully integrating the acquired Unocal assets and look forward to the contribution these assets will make over the course of the coming months and years. With the opportunities we see before us both domestically and abroad, 1993 is shaping up to be another strong year for Magma Power."
 Magma Power Co. holds geothermal leaseholds in California and Nevada and manages and operates geothermal power plants in which it owns a significant interest. Magma Power also receives royalties, management service fees, interest and rental income from the plants and properties and earns significant investment income.
 MAGMA POWER CO.
 First Quarter Ended March 31, 1993
 (In thousands except per share amounts)
 (Unaudited)
 Percent
 1993 1992 change
 Revenues $22,458 $21,545 9.2
 Income before cumulative
 effect of accounting change 5,477 5,434 ---
 Cumulative effect of change in
 accounting for income taxes --- 17,833
 Net income $5,477 $23,267
 Earnings per share:
 Income before cumulative
 effect of accounting change $.23 $.24
 Net income $.23 $1.01
 Average shares outstanding 23,996 22,928
 -0- 4/22/93
 /CONTACT: Magma Power investor relations, 619-622-7800/
 (MGMA)


CO: Magma Power Co. ST: California IN: OIL SU: ERN

JL-BP -- SD003 -- 9162 04/22/93 08:08 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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