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OESI POWER REPORTS 1991 RESULTS

 OESI POWER REPORTS 1991 RESULTS
 SPARKS, Nev., April 6 /PRNewswire/ -- OESI Power Corporation


(NASDAQ: OESI) reported a net loss of $2,770,000, or $.47 per share, on revenues of $5,996,000 for the quarter ended Dec. 31, 1991, compared to net income of $5,364,000, or $1.22 per share in 1990. For the year ended Dec. 31, 1991, OESI reported net income of $495,000 after the cumulative effect of a change in accounting principle, which equates to a loss of $.08 per share after preferred dividend requirements. In accordance with a new accounting pronouncement, the company changed its method of accounting for income taxes, and this had the effect in 1991 of increasing net income by $300,000 or $.05 per share. Net income for the year 1990 was $2,719,000, or $.44 per share.
 James W. Porter, Jr., CEO, said "Our financial performance in 1991 was impacted by the construction delay experienced at the Puna Geothermal Venture project in Hawaii. The delay resulted in significant carrying costs and lost revenues. However, on Feb. 28, 1992, our drilling permit was reinstated and we now expect to be generating electricity by late April or early May. Our performance was also negatively impacted by a delay in closing the Ormesa IE Expansion sale from fourth quarter to early 1992." That plant was complete and operating, but the buyers were not able to complete the purchase.
 Porter continued, "Despite the problems with the Puna project, we accomplished several things in 1991 that should position us for better results in the future. The Heber, Rye Patch A and Unalaska projects are all in various stages of development or construction, and the acquisition of LFC Power Systems Corporation in December will strengthen our ability to construct and operate these and future projects."
 OESI Power Corporation acquires, develops, operates, and sells interests in geothermal power projects in the Western United States, Alaska, and Hawaii.
 OESI POWER CORPORATION
 (In thousands, except per share amounts)
 Quarter Ended Dec. 31 1991 1990
 Revenues $5,996 $15,829
 Net income (loss) (2,770) 5,364
 Earnings (loss) applicable to
 common stock (3,010) 5,097
 Earnings (loss) per common and common
 equivalent share $(.47) $ 1.22
 Weighted average common shares
 outstanding 6,402 4,272
 12 Months Ended Dec. 31 1991 1990
 Revenues $27,639 $67,723
 Net income (A) 495 2,719
 Earnings (loss) applicable to
 common stock (A) (457) 1,894
 Earnings (loss) per common and common
 equivalent share (A) (.08) .44
 Weighted average common shares
 outstanding 5,623 4,257
 (A) -- The results for 1991 reflect the effect of a change in the method of accounting for income taxes. The effect of the change, retroactively applied to the first quarter, was to increase earnings applicable to common stock by $300 and earnings per common and common equivalent share by $.05.
 -0- 4/6/92
 /CONTACT: Robert C. Anderson, Jr., vice president, finance and secretary/treasurer of OESI Power, 702-355-5666/
 (OESI) CO: OESI Power Corporation ST: Nevada IN: UTI SU: ERN


PS -- NY008 -- 5180 04/06/92 08:01 EDT
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Date:Apr 6, 1992
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