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OESI POWER CORP. REPORTS THIRD QUARTER RESULTS

 PORTLAND, Ore., Nov. 20 ~PRNewswire~ -- OESI Power Corp. (NASDAQ: OESI) reported a net loss of $4,150,000, or $0.69 per share, on revenues of $10.3 million for the quarter ended Sept. 30, 1992, compared to a net loss of $269,000, or $0.08 per share, on revenues of $4.8 million for the comparable period of 1991.
 James W. Porter Jr., chief executive officer, said, "Our third quarter results were again adversely impacted by a lack of development revenues and profits during the quarter, due primarily to delays in closing the Rye Patch and Heber projects. However, the company does expect to close financing on its Rye Patch and Heber projects and to sell its interest in the Ormesa II project during the fourth quarter. The company did complete the sale of the Ormesa 1E expansion during the third quarter. Impacting the results were a $2 million decrease in the amount of capitalized overhead and interest expense due to the delays in closing several projects in development and the reversal of an $802,000 income tax benefit recorded in the first quarter. Although the KS-8 well at the Puna project has proven to be highly productive, mechanical problems have forced the well to be shut down with its future uncertain. Drilling of a new well into the KS-8 reservoir is expected to occur in December."
 For the nine months ended Sept. 30, 1992, OESI experienced a net loss of $7,844,000, or $1.34 per share compared to net income of $3,266,000, or $0.47 per share for the comparable period of 1991. Results for the nine months ended Sept. 30, 1991, have been restated to reflect the cumulative effect of a change in the method of accounting for income taxes which increased earnings by $300,000, or $0.05 per share.
 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)
 3 Months Ended 9 Months Ended
 9~30~92 9~30~91 9~30~92 9~30~91
 Revenues $10,312 $4,810 $20,188 $21,643
 Net income (loss) $(4,150) (269) $(7,844) $ 3,266(A)
 Earnings (loss)
 applicable to
 common stock $(4,387) $ (509) $(8,555) $ 2,554(A)
 Earnings (loss)
 per common and
 common equiva-
 lent share $ (0.69) $(0.08) $ (1.34) $ 0.47(A)
 Weighted average
 common shares
 outstanding 6,402 6,401 6,402 5,460
 (A) Restated to include the cumulative effect of a change in the
 method of accounting for income taxes of $300,000 or $0.05 per
 share.
 -0- 11~20~92
 ~CONTACT: James F. Verhey, vice president and chief financial officer of OESI Power, 503-636-9620~
 (OESI)


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

ML-TM -- SF003 -- 3400 11~20~92 13:23 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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