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PEI ANNOUNCES DIVIDEND AND THIRD QUARTER EARNINGS

 PEI ANNOUNCES DIVIDEND AND THIRD QUARTER EARNINGS
 WILKES-BARRE, Pa., Nov. 6 /PRNewswire/ -- Pennsylvania Enterprises,


Inc. (NASDAQ: PENT) (PEI) today declared a dividend for the fourth quarter of 1992 of $.55 per common share.
 Also, Pennsylvania Gas and Water Company (PG&W), the utility operating subsidiary of PEI, declared dividends for the fourth quarter for all series of its preferred stock. All dividends declared are payable Dec. 15, 1992, to shareholders of record on Dec. 1.
 PEI reported a seasonal net loss of $2.9 million for the quarter ended Sept. 30, 1992, compared to a net loss of $2.6 million for the same period in 1991. The loss per share of common stock was $.71 and $.97, respectively.
 For the nine-month period ended Sept. 30, 1992, net income was $2.1 million, an increase of $987,000 as compared to the same period in 1991. Earnings per share for the nine-month period were $.53 in 1992 and $.41 in 1991. Company officials noted the improvement in earnings per share even with an approximate 50 percent increase in the number of shares outstanding. In January 1992, PEI successfully completed an offering of 1.37 million shares of common stock.
 For the three-month period ended Sept. 30, 1992, gas operating revenues increased by $80,000 primarily as a result of certain industrial customers switching from transportation to sales service. Total gas deliveries for the quarter decreased 2.2 percent due to a 9.4 percent decrease in degree days.
 Water operating revenues decreased by $103,000, largely due to lower consumption caused by the unusually wet weather during the period. The effect of lower consumption was partially offset by a $1.9 million rate increase for customers served by the Nesbitt Water Treatment Plant that was effective in January 1992.
 Company officials noted that PG&W has two other proposed water rate increases currently pending before the Pennsylvania Public Utility Commission -- a $4.4 million annual increase for customers served by the Crystal Lake Water Treatment Plant and a $9.9 million annual increase for customers in PG&W's Scranton Water Rate Area. These filings are scheduled to be acted upon by the PPUC by March and June 1993, respectively.
 PEI, through PG&W, provides natural gas service to approximately 132,500 customers and water service to approximately 130,300 customers in an 11-county area in northeastern Pennsylvania.
 PENNSYLVANIA ENTERPRISES, INC.
 Summary of Revenues and Earnings
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Revenues $25,440,000 $25,463,000 $130,113,000 $125,589,000
 Net income (loss)
 for common (2,922,000) (2,645,000) 2,110,000 1,123,000
 Earnings (loss)
 per common share ($.71) ($.97) $.53 $.41
 Weighted shares
 outstanding 4,120,963 2,735,803 3,971,853 2,731,985
 Twelve months ended Sept. 30 1992 1991
 Revenues $187,274,000 $177,231,000
 Net income for common 5,160,000 1,908,000
 Earnings per
 common share $1.41 $.70
 Weighted shares
 outstanding 3,661,953 2,728,087
 -0- 11/6/92
 /CONTACT: Juneann Greco of Pennsylvania Enterprises, 717-829-8825/ CO: Pennsylvania Enterprises, Inc. ST: Pennsylvania IN: UTI SU: ERN


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Date:Nov 6, 1992
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