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MISSION LAND ADDS $22 MILLION TO RESERVES

 LOS ANGELES, Dec. 23 /PRNewswire/ -- Mission Land Co., a subsidiary of SCEcorp (NYSE: SCE), will add $22.5 million to reserves to cover possible losses on several of the projects in its real estate portfolio. The reserves will result in a $13.5 million after- tax charge in the fourth quarter, or 6 cents per SCEcorp share. The reserves will be partially offset by rental income and property sales, but Mission Land expects to post a net loss for the year.
 As of Sept. 30, Mission Land had a net worth of more than $250 million supporting its real estate portfolio. The bulk of Mission Land's projects, located primarily in California, are performing well despite difficult market conditions. These projects encompass more than 6 million square feet of industrial buildings, commercial and office space, single- and multifamily housing, and land held for development. Most of the reserves are for single- family housing projects, which have been particularly hard hit by the California recession.
 Mission Land conducts ongoing evaluations of its projects. While two independent evaluations have confirmed SCEcorp's judgement that Mission Land's overall portfolio continues to be prospectively profitable, generally accepted accounting principles require the company to assess projects on an individual basis and establish reserves whenever an individual project's book value exceeds its likely net realizable value. These principles do not permit the offsetting of possible losses with potential gains on other projects in the portfolio.
 During 1992, Mission Land has turned its focus to actively managing the assets in its portfolio and positioning projects for sale as market conditions improve. Tom McDaniel, president of Mission First Financial, was also named president of Mission Land. Charles Johnson, the former chief executive officer of GlenFed Development, joined the company in July to manage day-to-day activities. The goal of the new management team is to improve the company's operating performance and realize the maximum value from the company's real estate investments over time.
 -0- 12/23/92
 /CONTACT: Paul Klein of SCEcorp, 818-302-2255/
 (SCE)


CO: Mission Land Co.; SCEcorp ST: California IN: FIN SU:

JB-LS -- LA026 -- 9749 12/23/92 17:46 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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