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PEI REPORTS 1992 YEAR-END EARNINGS

 WILKES-BARRE, Pa., March 8 /PRNewswire/ -- Pennsylvania Enterprises, Inc. (NASDAQ: PENT) (PEI) reported improved earnings today as net income for 1992 totaled $6.5 million, an increase of $2.3 million over 1991 net income.
 Earnings per share increased to $1.61 compared to the prior year's $1.53, despite an approximate 50 percent increase in the number of shares outstanding.
 The improvement in earnings is due primarily to an increase in both gas operating revenues and water operating revenues of PEI's principal subsidiary, Pennsylvania Gas and Water Company (PG&W). Gas operating revenues increased by $4.8 million to $143.2 million for 1992 as total gas deliveries rose by 8 percent to 42.7 million Mcf (thousand cubic feet) -- a PG&W record. This rise is due to the addition of new gas customers and more seasonably cold weather in PG&W's gas service territory.
 For 1992, water operating revenues increased by $4.4 million to $48.7 million. The 9.9 percent increase was primarily due to the effects of two recent water rates increases, one in PG&W's Scranton water rate area and another for customers served exclusively by PG&W's Nesbitt Water Treatment Plant.
 PEI President and Chief Executive Officer Dean T. Casaday said, "We are encouraged by the two-year trend of earnings improvement, especially in our water operations. We see continued growth in our gas operations and are confident that revenues from water operations will continue to increase as we pursue just and reasonable rate relief."
 Casaday noted that the Pennsylvania Public Utility Commission recently approved a $2.0 million water rate increase for customers served by PG&W's new Crystal Lake Water Treatment Plant. It is anticipated that the increase will become effective on March 9.
 PG&W is in the final phase of an ambitious water quality improvement program consisting of the construction of eight water treatment plants and related facilities. Two plants remain to be completed, one scheduled for this month and the other by December 1993, at which time 100 percent of PG&W's service territory will be receiving filtered water.
 PEI, through PG&W, provides natural gas service to approximately 135,000 customers and water service to approximately 130,000 customers in an 11-county area in northeastern Pennsylvania.
 PENNSYLVANIA ENTERPRISES, INC.
 Summary of Revenues and Earnings
 Periods ended Quarter Year
 Dec. 31 1992 1991 1992 1991
 Revenues $61,765,000 $57,161,000 $191,878,000 $182,750,000
 Net income
 for common 4,353,000 3,050,000 6,463,000 4,173,000
 Earnings per
 common share $1.05 $1.12 $1.61 $1.53
 Weighted shares
 outstanding 4,127,981 2,738,990 4,011,098 2,733,751
 -0- 3/8/93
 /CONTACT: Robert Lopatto of Pennsylvania Enterprises, 717-829-8825/
 (PENT)


CO: Pennsylvania Enterprises, Inc.; Pennsylvania Gas and Water Company ST: Pennsylvania IN: UTI SU: ERN

MK-CC -- PH017 -- 4055 03/08/93 13:24 EST
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Date:Mar 8, 1993
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