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NIPSCO INDUSTRIES REPORTS EARNINGS

 NIPSCO INDUSTRIES REPORTS EARNINGS
 HAMMOND, Ind., July 30 /PRNewswire/ -- NIPSCO Industries, Inc.


(NYSE: NI) today reported net income of $18.6 million for the second quarter ended June 30, 1992, compared to $20.3 million for the second quarter of last year.
 Earnings for the three months ended June 30, 1992, were 26 cents per average common share, compared to 29 cents for the same period in 1991.
 Revenues for the second quarter of 1992 were $329.3 million compared to $320.4 million in the second quarter of 1991.
 For the second quarter of 1992, electric sales to residential and commercial customers decreased 12 percent due to significantly cooler weather during the period and were offset by increased industrial sales. Gas deliveries increased due to increased deliveries to Northern Indiana Public Service Company's residential and commercial customers as a result of cooler weather, and gas deliveries of the recently purchased Kokomo Gas and Fuel Company.
 For the six months ended June 30, 1992, net income amounted to $66.8 million or earnings of 97 cents per average common share compared to $66.4 million or earnings per average common share of 96 cents for the same period a year ago.
 Revenues for the six months ended June 30, 1992, were $803.3 million compared to $782.7 million a year ago.
 For the six months ended June 30, 1992, gas deliveries increased 9 percent as a result of increased gas sales to residential and commercial customers and the gas deliveries of Kokomo Gas and Fuel Company. Electric sales for the same period increased 8 percent reflecting increased industrial and wholesale sales partially offset by decreased residential and commercial sales due to the cooler second quarter weather.
 For the 12 months ended June 30, 1992, NIPSCO Industries, Inc. recorded net income of $133.8 million or earnings of $1.95 per average common share, compared to $131.4 million or earnings per share of $1.90 for the 12 months ended June 30, 1991.
 Revenues for the 12 month period were $1.556 billion compared to $1.524 billion for the 12 month period ended June 30, 1991.
 For the 12 months ended June 30, 1992, electric sales increased 5 percent, reflecting increased residential, commercial, industrial and wholesale sales. Gas deliveries for the period increased 6 percent reflecting cooler weather during the period and increased industrial demands.
 THREE MONTHS ENDED JUNE 30 1992 1991
 (DOLLARS IN THOUSANDS)
 Operating Revenues:
 Gas
 Sales $ 94,660 $ 75,804
 Transport 9,349 10,230
 Electric 225,251 234,376
 Total $329,260 $320,410
 Net Income $ 18,569 $ 20,289
 Dividend Requirements on Preferred
 Shares 765 765
 Balance Available for Common
 Shareholders $ 17,804 $ 19,524
 Average Common Shares Outstanding 66,880,186 66,692,195
 Earnings per Average Common Share $ 0.26 $ 0.29
 Dividends Declared Per Common Share $ 0.31 $ 0.29
 Gas sales (MDth) 17,965 14,310
 Gas transported (MDth) 34,502 30,687
 Electric sales (Mwh) 3,624,329 3,566,788
 SIX MONTHS ENDED JUNE 30 1992 1991
 (DOLLARS IN THOUSANDS)
 Operating Revenues:
 Gas
 Sales $330,863 $305,757
 Transport 22,476 25,180
 Electric 449,938 451,773
 Total $803,277 $782,710
 Net Income $66,816 $66,400
 Dividend Requirements on Preferred
 Shares 1,531 1,531
 Balance Available for Common
 Shareholders 65,285 64,869
 Average Common Shares Outstanding 66,869,015 67,264,147
 Earnings per Average Common Share $0.97 $0.96
 Dividends Declared per Common Share $0.62 $0.58
 Gas Sales (MDth) 65,494 61,090
 Gas Transported (MDth) 75,028 67,686
 Electric Sales (Mwh) 7,183,873 6,659,908
 TWELVE MONTHS ENDED JUNE 30 1992 1991
 (DOLLARS IN THOUSANDS)
 Operating Revenues:
 Gas
 Sales $580,370 $547,796
 Transport 43,952 61,090
 Electric 931,406 915,263
 Total $1,555,728 $1,524,149
 Net Income $133,804 $131,350
 Dividend Requirements on Preferred
 Shares 3,063 1,804
 Balance Available for Common
 Shareholders $130,741 $129,546
 Average Common Shares Outstanding 66,839,633 68,152,485
 Earnings per Average Common Share $1.95 $1.90
 Dividends Declared per Common Share $1.22 $1.13
 Gas Sales (MDth) 112,005 106,901
 Gas Transported (MDth) 143,263 133,399
 Electric Sales (Mwh) 14,203,010 13,566,832
 -0- 7/30/92
 /CONTACT: Thomas J. Kallay of NIPSCO Industries, Inc., 219-647-6203/
 (NI) CO: NIPSCO Industries, Inc. ST: Indiana IN: UTI SU: ERN


KK -- CL002 -- 4931 07/30/92 08:53 EDT
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Date:Jul 30, 1992
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