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NIPSCO INDUSTRIES REPORTS EARNINGS

 NIPSCO INDUSTRIES REPORTS EARNINGS
 HAMMOND, Ind., Feb. 3 /PRNewswire/ -- NIPSCO Industries, Inc.


(NYSE: NI) today reported 1991 net income of $133.4 million or earnings of $1.94 per average common share, compared to $125.4 million or $1.81 per average common share in 1990.
 Revenues for the 12-month period were $1.54 billion, compared to $1.52 billion for the same period ended Dec. 31, 1990.
 For the fourth quarter of 1991, NIPSCO Industries net income was $41.7 million, or earnings per average common share of 61 cents, compared to net income of $40.2 million, or earnings of 57 cents per average common share for the fourth quarter of 1990.
 Revenues for the fourth quarter of 1991 increased to $429.0 million from $423.6 million in the fourth quarter of 1990.
 For the 12 months ended Dec. 31, 1991, electric sales increased 2.6 percent reflecting increased residential and commercial sales as a result of warmer weather in the second and third quarters, partially offset by decreased industrial demands.
 Gas deliveries increased one percent over 1990. Residential deliveries increased approximately 4.4 percent reflecting an increased number of customers and slightly colder weather compared with 1990. Commercial and industrial deliveries declined 0.4 percent.
 12 MONTHS ENDED December 31 1991 1990
 (Dollars in thousands)
 Operating Revenues:
 Gas
 Sales $555,264 $550,177
 Transport $46,656 $74,982
 Electric $933,241 $895,836
 Total $1,535,161 $1,520,995
 Net Income $133,388 $125,361
 Dividend requirements on
 preferred shares 3,063 273
 Balance Available for Common
 Shareholders 130,325 125,088
 Average Common Shares
 Outstanding 67,035,495 69,069,583
 Earnings per Average Common Share $1.94 $1.81
 Dividends Declared per Common Share $1.18 $1.07
 Gas sales (MDth) 107,601 107,513
 Gas Transported (MDth) 135,921 133,950
 Electric Sales (Mwh) 13,679,045 13,327,819
 3 MONTHS ENDED December 31 1991 1990
 (DOLLARS IN THOUSANDS)
 Operating Revenues:
 Gas
 Sales $188,805 $181,909
 Transport $11,720 $19,238
 Electric $228,485 $222,474
 Total $429,010 $423,621
 Net Income 41,669 40,191
 Dividend requirements on preferred
 shares 766 273
 Balance Available for Common
 Shareholders 40,903 39,918
 Average Common Shares Outstanding 66,719,706 69,043,722
 Earnings per Average Common Share $0.61 $0.57
 Dividends Declared per Common Share $0.31 $0.29
 Gas Sales (MDth) 36,127 35,286
 Gas Transported (MDth) 36,822 34,844
 Electric Sales (Mwh) 3,417,742 3,321,918
 -0- 2/3/92
 /CONTACT: Thomas J. Kallay of NIPSCO Industries, Inc., 219-647-6203/
 (NI) CO: NIPSCO Industries, Inc. ST: Indiana IN: UTI SU: ERN


CG -- CL006 -- 6151 02/03/92 11:45 EST
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Date:Feb 3, 1992
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