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PENNSYLVANIA ENTERPRISES REPORTS INCREASED FIRST QUARTER EARNINGS

 PENNSYLVANIA ENTERPRISES REPORTS INCREASED FIRST QUARTER EARNINGS
 WILKES-BARRE, Pa., April 29 /PRNewswire/ -- Pennsylvania Enterprises, Inc. (NASDAQ: PENT) (PEI) today reported a 13 percent increase in earnings for the first quarter of 1992.
 Net income rose $626,000 to $5.4 million for the period ended March 31, 1992, as compared to $4.8 million for the same period the previous year.
 Earnings per share for the first quarter of 1992 were $1.48 compared to $1.76 for the same period in 1991. Company officials noted that while net income rose, earnings per share decreased due to an approximate 50 percent increase in the number of shares outstanding. PEI successfully completed the offering of 1.37 million shares of common stock in January 1992.
 For the 12 months ended March 31, 1992, net income was $4.8 million compared to $1.2 million for the period ended March 31, 1991. Earnings per share were $1.62 and $0.45, respectively.
 Revenues for the quarter increased by $2.3 million to $70.7 million, primarily due to a 44.8 percent increase in water operating revenues. The improving water operating revenues are a result of two rate increases, totalling $16.9 million annually, that were granted since early last year to Pennsylvania Gas and Water Company, PEI's principal subsidiary.
 Gas operating revenues decreased by 2.2 percent primarily because of a price decrease due to lower costs of purchased gas. However, total gas deliveries for the quarter were 9.8 percent higher than the corresponding quarter of 1991.
 PEI President and Chief Executive Officer Dean T. Casaday said: "This quarter's increase in net income continues the earnings improvement the company has achieved throughout the past year. We are seeing the positive effects of more reasonable water rates, as well as increasing gas sales due to customer growth and a return to more seasonable weather."
 PEI, through PG&W, provides natural gas service to approximately 132,000 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 Three months 12 months
 March 31 1992 1991 1992 1991
 Revenues $70,673,000 $68,391,000 $185,032,000 $172,465,000
 Net income
 for common 5,424,000 4,798,000 4,798,000 1,236,000
 Earnings per
 common share $1.48 $1.76 $1.62 $.45
 Weighted shares
 outstanding 3,676,245 2,727,949 2,969,513 2,718,703
 -0- 4/29/92
 /CONTACT: Juneann Greco of Pennsylvania Enterprises, 717-829-8825/ CO: Pennsylvania Enterprises, Inc. ST: Pennsylvania IN: UTI SU: ERN


MK-SF -- PH017 -- 4303 04/29/92 11:04 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
Words:446
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