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NIPSCO INDUSTRIES REPORTS EARNINGS

 NIPSCO INDUSTRIES REPORTS EARNINGS
 HAMMOND, Ind., Oct. 29 /PRNewswire/ -- NIPSCO, Industries, Inc.


(NYSE: NI) today reported net income of $20.8 million for the third quarter ended Sept. 30, 1992, compared to $25.3 million for the third quarter of last year.
 Earnings for the three months ended Sept. 30, 1992, were 30 cents per average common share, compared to 37 cents for the same period in 1991.
 Revenues for the third quarter of 1992 were $316.5 million compared to $323.4 million in the third quarter of 1991.
 For the third quarter of 1992, revenues from electric sales to residential and commercial customers decreased $17.6 million, or 12.4 percent, due to significantly cooler weather during the period. Revenues from industrial sales increased $5.8 million, or 6.1 percent, due to stronger demand. Revenues from gas deliveries increased $11.8 million, or 16.8 percent, due to increased gas costs, increased deliveries to Northern Indiana Public Service Company's residential and commercial customers as a result of cooler weather, and the inclusion of revenues from gas deliveries of the Kokomo Gas and Fuel Company. Kokomo Gas and Fuel Company was not part of NIPSCO Industries, Inc. during the 1991 period.
 For the nine months ended Sept. 30, 1992, net income amounted to $87.6 million or earnings of $1.27 per average common share compared to $91.7 million or earnings per average common share of $1.33 for the same period a year ago.
 Revenues for the nine months ended Sept. 30, 1992, were $1.120 billion compared to $1.106 billion a year ago.
 For the nine months ended Sept. 30, 1992, revenues from electric sales to residential and commercial customers decreased $24.0 million, or 6.4 percent, as a result of cooler weather during the period. Revenues from industrial sales increased $22.0 million, or 7.9 percent, due to stronger industrial demand. Revenues from gas deliveries increased $34.2 million, or 8.5 percent, due to cooler weather during the period and the inclusion of revenues from gas deliveries of Kokomo Gas and Fuel Company. Kokomo Gas and Fuel Company was not part of NIPSCO Industries, Inc. during the 1991 period.
 For the twelve months ended Sept. 30, 1992, NIPSCO Industries, Inc. recorded net income of $129.2 million or earnings of $1.88 per average common share compared to $131.9 million or earnings per average common share of $1.91 for the twelve months ended Sept. 30, 1991.
 Revenues for the twelve month period were $1.549 billion compared to $1.530 billion for the twelve month period ended Sept. 30, 1991.
 For the twelve months ended Sept. 30, 1992, revenues from electric sales to residential and commercial customers decreased $18.9 million, or 3.9 percent, as a result of cooler weather during the period. Revenues from industrial sales increased $18.4 million, or 4.9 percent, due to stronger industrial demand. Revenues from gas deliveries for the period increased $33.6 million, or 5.6 percent, reflecting cooler weather during the period, and the inclusion of $20.6 million of revenues from gas deliveries of Kokomo Gas and Fuel Company. Kokomo Gas and Fuel Company was not part of NIPSCO Industries, Inc. during the 1991 period.
 THREE MONTHS ENDED SEPTEMBER 30, 1992 1991
 (Dollars in thousands)
 Operating Revenues:
 Gas
 Sales $ 73,633 $ 60,702
 Transport 8,650 9,756
 Electric 234,220 252,983
 Total $ 316,503 $ 323,441
 Net Income $ 20,761 $ 25,319
 Dividend Requirements on
 Preferred Shares 766 766
 Balance Available for Common
 Shareholders $ 19,995 $ 24,553
 Average Common Shares
 Outstanding 66,769,287 66,901,436
 Earnings per Average Common Share $ .30 $ .37
 Dividends Declared per Common Share $ .31 $ .29
 Gas Sales (MDth) 10,233 10,384
 Gas Transported (MDth) 33,676 31,413
 Electric Sales (Mwh) 3,653,439 3,601,395
 NINE MONTHS ENDED SEPTEMBER 30, 1992 1991
 (Dollars in thousands)
 Operating Revenues:
 Gas
 Sales $ 404,496 $ 366,459
 Transport 31,126 34,936
 Electric 684,158 704,756
 Total $1,119,780 $1,106,151
 Net Income $ 87,577 $ 91,719
 Dividend Requirements on
 Preferred Shares 2,297 2,297
 Balance Available for Common
 Shareholders $ 85,280 $ 89,422
 Average Common Shares
 Outstanding 66,835,530 67,141,915
 Earnings per Average Common Share $1.27 $1.33
 Dividends Declared per Common Share $ .93 $ .87
 Gas Sales (MDth) 75,727 71,474
 Gas Transported (MDth) 108,704 99,099
 Electric Sales (Mwh) 10,837,312 10,261,303
 TWELVE MONTHS ENDED SEPTEMBER 30, 1992 1991
 (Dollars in thousands)
 Operating Revenues:
 Gas
 Sales $ 593,301 $ 548,368
 Transport 42,846 54,174
 Electric 912,643 927,230
 Total $1,548,790 $1,529,772
 Net Income $ 129,246 $ 131,910
 Dividend Requirements on
 Preferred Shares 3,063 2,570
 Balance Available for Common
 Shareholders $ 126,183 $ 129,340
 Average Common Shares
 Outstanding 66,806,415 67,621,274
 Earnings per Average Common Share $1.88 $1.91
 Dividends Declared per Common Share $1.24 $1.16
 Gas Sales (MDth) 111,854 106,760
 Gas Transported (MDth) 145,526 133,943
 Electric Sales (Mwh) 14,255,054 13,583,221
 -0- 10/29/92
 /CONTACT: Thomas J. Kallay of NIPSCO Industries, Inc., 219-647-6203/
 (NI) CO: NIPSCO Industries, Inc. ST: Indiana IN: UTI SU: ERN


SM -- CL011 -- 6536 10/29/92 11:29 EST
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Date:Oct 29, 1992
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