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PE DECLARES THIRD QUARTER DIVIDEND AND REPORTS SECOND QUARTER RESULTS

 PE DECLARES THIRD QUARTER DIVIDEND
 AND REPORTS SECOND QUARTER RESULTS
 PHILADELPHIA, July 27 /PRNewswire/ -- The directors of Philadelphia Electric Company (NYSE: PE) today declared a dividend of $0.325 per share on the common stock for the third quarter of 1992, payable on Sept. 30, 1992, to shareholders of record as of Aug. 26.
 Revenues for the three months ended June 30, 1992, totaled $0.9 billion and were 6 percent lower than last year due primarily to weather. The 1991 spring and summer period was one of the warmest ever experienced in the Philadelphia area.
 Common stock earnings for the three months ended June 30, 1992, were $0.35 as compared to $0.50 for the corresponding period last year when approximately 1 percent fewer shares were outstanding. The cooler weather in 1992 reduced earnings per share by $0.20 as compared to 1991's second quarter. The weather driven decline in 1992 earnings was partially offset by a reduction in costs resulting from the on-going debt refinancing program.
 Joseph F. Paquette, Jr., PE chairman and CEO, said, "Second quarter earnings were lower than anticipated due to the cooler than normal weather experienced in the area. We are, however, pleased with the continued positive benefits from our ongoing cost management programs and the initial results of our more aggressive bill collection program which is designed to reduce future charges for uncollectible accounts. Accruals for uncollectible accounts, which amounted to $16 million in the second quarter of 1992 were $4 million over the second quarter of 1991 but $28 million under the first quarter of 1992."
 Electric sales decreased by 7.2 percent for the quarter compared with the same period last year. Gas sold and transported for others increased 12.3 percent from the second quarter of 1991.
 Earnings per share for the six months ended June 30, 1992, were $0.68 compared to $1.08 in 1991. 1992 earnings were impacted by the cooler weather and by the one time $0.27 per share first quarter charge for the previously announced settlement of the Peach Bottom co-owners suit. Earnings per share of $1.75 for the 12 months ended June 30, 1992, were $0.64 per share greater than earnings for the corresponding period last year. The increase is due primarily to one-time charges of $0.70 per share for the special retirement program and $0.21 per share for other previously reported one time charges to earnings in late 1990. The twelve month comparison is also affected by weather related factors and the previously mentioned co-owners suit settlement in 1992.
 PHILADELPHIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Statements of Income
 (Unaudited; Thousands of Dollars)
 Periods Ended Three Months Six Months
 June 30 1992 1991(A) 1992 1991(A)
 Total Operating Revenues $903,245 $964,137 $1,983,135 $1,972,462
 Net Income $94,325 $125,038 $182,726 $268,884
 Shares of Common Stock -
 Average 220,170 217,812 220,119 217,415
 Earnings Per Average
 Share (Dollars) $0.35 $0.50 $0.68 $1.08
 (A) Reclassified to reflect adoption of FERC Accounting Release 14.
 12 Months Ended June 30 1992 1991(A)
 Total Operating Revenues $4,029,260 $3,904,143
 Net Income $448,521 $315,926
 Shares of Common Stock -
 Average 219,576 216,514
 Earnings Per Average
 Share (Dollars) $1.75 $1.11
 (A) Reclassified to reflect adoption of FERC Accounting Release 14.
 /delval/
 -0- 7/27/92
 /CONTACT: Neil McDermott of Philadelphia Electric, 215-841-4122/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU: DIV ERN


MK -- PH010 -- 3523 07/27/92 12:32 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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