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NYSEG REPORTS FIRST QUARTER EARNINGS

 BINGHAMTON, N.Y., April 22 /PRNewswire/ -- New York State Electric & Gas Corporation (NYSEG) (NYSE: NGE) today reported first quarter earnings "that demonstrate our commitment to earn our allowed return on equity," said James A. Carrigg, NYSEG chairman, president and chief executive officer. "Cost controls enabled us to earn our allowed return despite lower electric sales and a stubborn recession."
 For the three months ended March 31, 1993, earnings available for common stock were $68,838,000, or 99 cents per share. Earnings for the quarter ended March 31, 1992, were $71,167,000, or $1.10 per share. These figures are not comparable because during the fourth quarter of 1992 NYSEG began including on its income statement the value of energy consumed but not yet billed. If NYSEG had been allowed by the Public Service Commission of the State of New York to include this "unbilled revenue" factor during all of 1992, earnings per share would have been 94 cents, 39 cents, 38 cents, and 72 cents instead of $1.10, 60 cents, 31 cents and 42 cents for the first, second, third and fourth quarters, respectively.
 Total revenues rose to $522,383,000 for the three months ended March 31, 1993, a 7 percent increase over total revenues for the three months ended March 31, 1992. Electric revenues increased 4 percent largely because of an increase in rates in August 1992 and higher purchase costs of non-utility generation, which are passed on to customers. Natural gas revenues increased 16 percent largely because of an increase in the amount of natural gas purchased, the cost of which is passed on to customers, a 4 percent increase in retail sales and an August 1992 rate increase. The increases in first quarter 1993 electric and natural gas revenues would have been greater if NYSEG had been allowed to include the "unbilled revenue" factor in the first quarter of 1992.
 Earnings available for common stock were $2.32 per share for the 12 months ended March 31, 1993, compared to $2.37 per share for the 12 months ended March 31, 1992.
 Total revenues for the 12 months ended March 31, 1993, were $1,724,224,000, an 8 percent increase over the previous 12 months.
 A summary of unaudited financial information follows:
 3 Months Ended March 31,
 1993 1992
 (Thousands, Except Per Share Amounts)
 Operating Revenues $522,383 $489,847
 Net Income $74,039 $76,416
 Dividends on Preferred Stock $5,201 $5,249
 Earnings For Common Stock $68,838 $71,167
 Earnings Per Share $.99 $1.10
 Average Shares Outstanding 69,561 64,682
 12 Months Ended March 31,
 1993 1992
 (Thousands, Except Per Share Amounts)
 Operating Revenues $1,724,224 $1,602,081
 Net Income $181,590 $171,851
 Dividends on Preferred Stock $20,946 $21,280
 Earnings For Common Stock $160,644 $150,571
 Earnings Per Share $2.32 $2.37
 Average Shares Outstanding 69,184 63,437
 A copy of the consolidated income statement is attached.
 NEW YORK STATE ELECTRIC & GAS CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME - Unaudited
 (Thousands Except Per Share Amounts)
 Periods Ended March 31 Three Months
 1993 1992
 OPERATING REVENUES
 Electric $403,558 $387,467
 Natural gas 118,825 102,380
 Total Operating Revenues 522,383 489,847
 OPERATING EXPENSES
 Fuel used in electric generation 66,987 67,691
 Electricity purchased 39,791 20,105
 Natural gas purchased 68,099 56,139
 Other operating expenses 80,963 79,374
 Maintenance 22,147 20,171
 Depreciation and amortization 40,729 39,506
 Federal income taxes 38,397 40,245
 Other taxes 55,377 55,243
 Total Operating Expenses 412,490 378,474
 OPERATING INCOME 109,893 111,373
 OTHER INCOME AND DEDUCTIONS (51) 4,330
 INCOME BEFORE INTEREST CHARGES 109,842 115,703
 INTEREST CHARGES
 Interest on long-term debt 34,245 37,024
 Other interest 2,781 2,943
 Allowance for borrowed funds
 used during construction (1,223) (680)
 Interest Charges - net 35,803 39,287
 NET INCOME 74,039 76,416
 PREFERRED STOCK DIVIDENDS 5 $1.10
 AVERAGE SHARES OUTSTANDING 69,561 64,682
 Period Ended March 31 Twelve Months
 1993 1992
 OPERATING REVENUES
 Electric $1,467,615 $1,383,752
 Natural gas 256,609 218,329
 Total Operating Revenues 1,724,224 1,602,081
 OPERATING EXPENSES
 Fuel used in electric generation 251,828 266,276
 Electricity purchased 114,711 54,940
 Natural gas purchased 138,662 115,291
 Other operating expenses 320,381 294,099
 Maintenance 104,477 105,370
 Depreciation and amortization 160,199 154,587
 Federal income taxes 100,609 97,444
 Other taxes 201,074 186,301
 Total Operating Expenses 1,401,941 1,275,308
 OPERATING INCOME 322,283 326,773
 OTHER INCOME AND DEDUCTIONS 7,655 3,299
 INCOME BEFORE INTEREST CHARGES 329,938 330,072
 INTEREST CHARGES
 Interest on long-term debt 143,043 150,508
 Other interest 9,405 12,359
 Allowance for borrowed funds
 used during construction (4,100) (4,646)
 Interest Charges - net 148,348 158,221
 NET INCOME 181,590 171,851
 PREFERRED STOCK DIVIDENDS 20,946 21,280
 EARNINGS AVAILABLE FOR COMMON STOCK $160,644 $150,571
 EARNINGS PER SHARE $2.32 $2.37
 AVERAGE SHARES OUTSTANDING 69,184 63,437
 NOTE: Certain amounts have been reclassified on the Consolidated Statements of Income to conform with the 1993 presentation.
 -0- 4/22/93
 /CONTACT: Frank J. Scollan, 607-762-4966, or Clayton M. Ellis, 607-762-4301, both of New York State Electric & Gas Corporation.
 (NGE)


CO: New York State Electric & Gas Corporation ST: New York IN: UTI SU: ERN

KL -- CL018 -- 9391 04/22/93 11:44 EDT
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