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NUI CORPORATION REPORTS IMPROVED RESULTS FOR FISCAL YEAR; $1.68 PER SHARE VERSUS $0.55

 BEDMINSTER, N.J., Nov. 24 ~PRNewswire~ -- NUI Corporation (NYSE: NUI) today reported net income of $11.81 million, or $1.68 per share, for the fiscal year ended Sept. 30, 1992, up from $3.45 million, or $0.55 per share, a year ago. Operating income increased to $25.2 million up from $19.5 million in fiscal 1991 and, excluding non-recurring operating charges incurred in fiscal 1991, operating income improved 20 percent in 1992. Average shares outstanding increased to 7,033,000 for fiscal 1992, up from 6,285,000 in fiscal 1991, reflecting a 1,500,000-share offering completed in May 1992.
 "The marked improvement in NUI's results shows the positive impact of the company's strategy to achieve steady growth in its customer and capital base and at the same time reduce the impact of unpredictable factors such as weather on our operating results," said John Kean, president and chief executive officer of NUI Corporation. "Fiscal 1993 marks the one-hundredth year of continuous dividend payments by NUI Corporation, and it is particularly gratifying to report today's results on this centennial anniversary."
 The company's fourth quarter is a period of seasonally low demand for gas for heating. In the fourth quarter, the company reported a net loss of $3.29 million, or $0.41 per share, compared with a net loss of $4.44 million, or $0.71 per share, a year ago. During the fourth quarter of fiscal 1992, the company realized net gains from investments amounting to $497,000 after tax, or $0.06 per share. In the fourth quarter of fiscal 1991, the company took an after-tax charge of $788,000 to write-down the value of investments held by the company.
 During the fourth quarter of 1992, Hurricane Andrew damaged areas served by the company's Florida division, City Gas Company of Florida. The company expects to incur a total of more than $1.0 million in expenditures for emergency repair and restoration of service, which the company expects will be recoverable in rates. Customers whose homes or businesses were destroyed or severely damaged by the storm generated approximately $70,000 a month in operating margins. The company is increasing its capital investment in this area and expects to restore approximately half of these properties as well as to fill-in service as rebuilding continues.
 NUI Corporation, based in Bedminster, N.J., is an exempt public utility holding company engaged in the distribution of natural gas to approximately 318,000 customers through its operating divisions, Elizabethtown Gas Company in New Jersey and City Gas Company of Florida. NUI, or National Utility Investors, is traded on the New York Stock Exchange under the symbol "NUI."
 NUI CORPORATION
 Comparative Table
 (Dollars in thousands, except per share amounts and
 degree day data; unaudited)
 Periods ended Twelve months Three months
 Sept. 30 1992 1991 1992 1991
 Operating revenues $291,032 $291,320 $51,721 $46,157
 Operating income 25,170 19,457 (549) (166)
 Non-operating gains (charges)
 Net realized gains on
 investments, after tax 533 (15) 497 1
 Merger-related fees
 and expenses, after tax -- (1,013) -- --
 Write-down of properties
 and investments, after tax -- (2,323) -- (788)
 Adjustments of prior year
 income taxes -- 1,535 -- --
 Net income (loss) 11,808 3,447 (3,294) (4,443)
 Net income (loss) per share 1.68 0.55 (0.41) (0.71)
 Weighted average number
 of shares of common
 stock outstanding 7,033 6,285 8,005 6,349
 1992 1991
 Degree Day Statistics:
 New Jersey 4,880 4,219
 Florida 241 150
 Overall Variance from
 30-Year Average 3 percent 16 percent
 ("Normal") warmer warmer
 -0- 11~24~92
 ~CONTACT: Alexandra Pruner of National Utility Investors Corporation, 908-781-7815~
 (NUI)


CO: NUI Corporation ST: New Jersey IN: UTI SU: ERN

TS-OS -- NY063 -- 1181 11~24~92 15:25 EST
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Date:Nov 24, 1992
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