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MAGMA POWER CO. REPORTS RECORD RESULTS FOR SECOND QUARTER AND FIRST HALF OF 1993

 SAN DIEGO, July 21 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) today announced record revenues and earnings for the second quarter ended June 30, 1993. For the period, net income rose 99 percent to $13,539,000, or $.56 per share, from $6,816,000, or $.30 per share in the same period of 1992. Revenues for the quarter increased 86 percent to $45,008,000, from $24,174,000 in the second quarter of 1992.
 Operating results for the six-month period ended June 30, 1993, were also at record levels. For the first half of 1993, Magma reported net income of $19,016,000, or $.79 per share, compared to first-half 1992 income of $12,250,000, or $.54 per share, before the adoption of FASB 109. Revenues for the first half of 1993 were $67,466,000, compared to $45,719,000 for the first half of 1992.
 Magma attributed the strong results to the inclusion in the second quarter of revenues and earnings from the three geothermal power plants it acquired at the end of March from Unocal Corp., and to the strong operating performance and higher SO4 contract energy payments at its four other geothermal power plants in California's Imperial Valley. For the second quarter of 1993, the company generated a record 492,000 MW hours of electricity as its plants ran at 103.8 percent of contract capacity.
 "The addition of the Salton Sea Unocal assets delivered the expected gain in megawatts generated and in earnings," stated Paul M. Pankratz, Magma Power Co. chairman and chief executive officer. "This is the first quarter we've consolidated the results from those plants with our ongoing operations, and the impact on earnings has easily met our expectations. We have made rapid progress on integrating the Unocal operations, and have already begun to capture cost savings and operating efficiencies. These efficiencies, coupled with improved performance at our existing plants, had a favorable impact on our operating costs.
 "We are looking forward to continued strong production and significantly higher earnings in our third quarter, always our strongest," added Pankratz, "which will contribute to another record year for Magma Power Co. in 1993."
 Magma Power Co. operates seven geothermal power plants in Southern California on geothermal leaseholds and fee interests held by the company, and holds additional geothermal interests in other parts of Southern California and in Nevada.
 MAGMA POWER CO.
 (In thousands except per share amounts)
 (Unaudited)
 Second Quarter Ended
 June 30, June 30, Percent
 1993 1992 change
 Revenues $45,008 $24,174 86.2 pct.
 Net income $13,539 $6,816 98.6 pct.
 Earnings per share $.56 $.30 --
 Average shares
 outstanding 24,076 22,932 --
 Six Months Ended
 June 30, June 30, Percent
 1993 1992 change
 Revenues $67,466 $45,719 47.6 pct.
 Income before cumulative
 effect of accounting
 change 19,016 12,250 55.2 pct.
 Cumulative effect of change
 in accounting for income
 taxes --- 17,833 --
 Net income $19,016 $30,083 --
 Earnings per share:
 Income before cumulative
 effect of accounting
 change $.79 $.54 --
 Net income $.79 $1.31 --
 Average shares
 outstanding 24,007 22,930 --
 -0- 7/21/93
 /CONTACT: Magma Power investor relations, 619-622-7800/
 (MGMA)


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

JL-MF -- SD003 -- 3735 07/21/93 08:04 EDT
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Date:Jul 21, 1993
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