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OESI POWER CORP. REPORTS SECOND QUARTER RESULTS

 PORTLAND, Ore., Aug. 16 /PRNewswire/ -- OESI Power Corp. (NASDAQ: OESI) announced today that it would be reporting a net loss for the second quarter of approximately $2.7 million on revenues of $6.1 million. These results compare to a net loss of $2.4 million on revenues of $4.6 million in the second quarter of 1992; however, the 1992 results included a tax benefit of $802,000.
 Revenues rose 32.7 percent primarily as a result of the recognition of development fees and revenues earned from the construction of the Second Imperial project ($804,000), and increased electrical sales at the Stillwater and Ormesa II projects ($4,378,000). Costs and expenses increased 6 percent primarily as a result of higher marketing and administration costs ($1,481,000). Although actual marketing and administration expenses decreased significantly in the second quarter of 1993 over the comparable quarter in 1992, this decrease was offset by a reduction in the amount of overhead capitalized to projects under development.
 "The company has achieved critical milestones during the second quarter of 1993 regarding our Second Imperial and Puna projects," stated James W. Porter Jr., chief executive officer and president of OESI. "In addition, performance at our Stillwater and Ormesa II plants continues to improve. These achievements, coupled with ongoing stringent cost control measures, contributes to the continued performance improvement of the company."
 OESI Power Corp. acquires, develops, operates and sells interests in geothermal power projects in the western United States, Alaska and Hawaii.
 OESI POWER CORP.
 (Dollars in thousands, except per share amounts)
 Quarter ended
 June 30: 1993 1992
 Total operating revenues $ 6,056 $ 4,565
 Operating income (loss) (492) (1,597)
 Net loss (2,669) (2,386)
 Loss applicable to common stock (2,877) (2,623)
 Loss per common and common
 equivalent share (0.45) (0.41)
 Weighted average common shares
 outstanding 6,402 6,402
 -0- 8/16/93
 /CONTACT: James Verhey, chief financial officer, secretary and treasurer of OESI Power, 503-697-1716/
 (OESI)


CO: OESI Power Corp. ST: Oregon IN: UTI OIL SU: ERN

LH-TM -- SF005 -- 2864 08/16/93 08:04 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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