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NIPSCO INDUSTRIES, INC. REPORTS EARNINGS

 HAMMOND, Ind., Feb. 1 /PRNewswire/ -- NIPSCO Industries, Inc. (NYSE: NI) today reported 1992 net income of $136.6 million or earnings of $2.00 per average common share compared to $133.4 million or $1.94 per average common share in 1991.
 Revenues for the 12-month period ended Dec. 31, 1992 were $1.58 billion compared to $1.54 billion for the same period a year ago. Operating margins, the difference between operating revenue and cost of energy, for the 12-month period increased $10.0 million to $949.4 million. Gas operating margin increased $23.9 million reflecting increased sales to residential and commercial customers due to colder weather, and the addition of 30,000 customers of Kokomo Gas and Fuel Company for the 1992 period. Electric operating margin for the 12-month period decreased $1.39 million reflecting decreased sales to higher margin residential and commercial customers during the second and third quarters, partially offset by increased sales to lower margin industrial and wholesale customers.
 For the fourth quarter of 1992, NIPSCO Industries, Inc. net income was $49.1 million or earnings per average common share of 73 cents, compared to net income of $41.7 million or earnings of 61 cents per average common share for the fourth quarter of 1991.
 Revenues for the fourth quarter of 1992 increased to $462.6 million from 429.0 million in the fourth quarter of 1991. Operating margins for the fourth quarter 1992 increased $10.5 million to $259.5 million. The operating margin from gas deliveries during the fourth quarter increased $8.0 million mainly due to increased sales to residential and commercial customers and the addition of 30,000 customers of Kokomo Gas and Fuel Company. Electric operating margin for the same period increased $2.5 million as a result of increased sales to residential, commercial and wholesale customers.
 12 MONTHS ENDED DEC. 31 1992 1991
 (DOLLARS IN THOUSANDS)
 Operating Revenues:
 Gas
 Sales $626,135 $555,264
 Transport $40,086 $46,656
 Electric $916,135 $933,241
 Total $1,582,356 $1,535,161
 Operating Margin:
 Gas $286,657 $262,714
 Electric 662,722 676,662
 Total $949,379 $939,376
 Net Income $136,648 $133,388
 Dividend Requirements on Preferred
 Shares 3,063 3,063
 Balance Available for Common
 Shareholders $133,585 $130,325
 Average Common Shares Outstanding 66,715,941 67,035,495
 Earnings per Average Common Share $2.00 $1.94
 Dividends Declared per Common Share $1.26 $1.18
 Gas Sales (MDth) 115,615 107,601
 Gas Transported (MDth) 149,494 135,921
 Electric Sales (Mwh) 14,433,111 13,679,045
 THREE MONTHS ENDED DEC. 31 1992 1991
 (DOLLARS IN THOUSANDS)
 Operating Revenues:
 Gas
 Sales $221,639 $188,805
 Transport $ 8,960 $11,720
 Electric $231,977 $228,485
 Total $462,576 $429,010
 Operating Margin:
 Gas $93,652 $85,590
 Electric 165,893 163,424
 Total $259,545 $249,014
 Net Income $ 49,071 $ 41,669
 Dividend Requirements on Preferred
 Shares 766 766
 Balance Available for Common
 Shareholders $48,305 $40,903
 Average Common Shares Outstanding 66,359,775 66,719,706
 Earnings per Average Common Share $0.73 $0.61
 Dividends Declared per Common Share $0.33 $0.31
 Gas Sales (MDth) 39,888 36,127
 Gas Transported (MDth) 40,790 36,822
 Electric Sales (Mwh) 3,595,799 3,417,742
 -0- 2/1/93
 /CONTACT: Tom Kallay of NIPSCO Industries, Inc., 219-647-6203/
 (NI)


CO: NIPSCO Industries, Inc. ST: Indiana IN: UTI SU: ERN

KK -- CL005 -- 1240 02/01/93 10:05 EST
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Date:Feb 1, 1993
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