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OESI POWER CORP. REPORTS FIRST QUARTER RESULTS

 OESI POWER CORP. REPORTS FIRST QUARTER RESULTS
 SPARKS, Nev., May 22 /PRNewswire/ -- OESI Power Corp. (NASDAQ: OESI)


reported a net loss of $1,308,000, or $.24 per share, on revenues of $5.1 million for the quarter ended March 31, 1992, compared to net income of $582,000, or $.08 per share, on revenues of $7.0 million for the comparable period of 1991. Results for the first quarter of 1991 have been restated to reflect the cumulative effect of a change in the method of accounting for income taxes of $300,000, or $.07 per share.
 James W. Porter Jr., chief executive officer, said, "Our loss for the first quarter is attributable mainly to a lack of development revenues. Also impacting the results was the continued delay in the Puna Geothermal Venture project. We anticipate being able to make substantial progress and realize development revenues on our Rye Patch, Ormesa II Expansion and Heber projects during the last half of 1992, or in early 1993, and we are hoping to get the Puna project on line by the end of the third quarter."
 OESI Power Corp. acquires, develops, operates and sells interests in geothermal power projects in the western continental United States, Alaska and Hawaii.
 OESI POWER CORP.
 (in thousands, except per share amounts)
 Three Months Ended
 March 31, 1992 March 31, 1991
 Revenues $5,075 $7,003
 Net income (loss) ($1,308) $ 582 (a)
 Earnings (loss) applicable
 to common stock ($1,545) $ 347 (a)
 Earnings (loss) per common
 and common equivalent share ($.24) $.08 (a)
 Weighted average common
 shares outstanding 6,402 4,311
 (a) Restated to include the cumulative effect of a change in the method of accounting for income taxes of $300,000, or $.07 per share.
 -0- 5/22/92
 /CONTACT: Robert C. Anderson Jr., VP of OESI Power Corp., 702-355-5666/
 (OESI) CO: OESI Power Corp. ST: Nevada IN: OIL SU: ERN


KJ-SE -- LA003 -- 3165 05/22/92 08:01 EDT
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Publication:PR Newswire
Date:May 22, 1992
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