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PEOPLES ENERGY CORP. ANNOUNCES FISCAL YEAR RESULTS

 PEOPLES ENERGY CORP. ANNOUNCES FISCAL YEAR RESULTS
 CHICAGO, Oct. 30 /PRNewswire/ -- Year-end 1992 results for Peoples


Energy Corp. improved slightly from levels of the prior fiscal year, the company reported today, although its usual fourth quarter loss was greater than in the year-ago period.
 Net income for the company's 1992 fiscal year -- which ended Sept. 30 -- rose 5 percent to $70.4 million, or $2.06 a share. This compares with a net of $67 million, or $2.05, reported last year. The company noted that current earnings per share were diluted by five cents -- from a level of $2.11 -- as a result of an additional 1.95 million shares now outstanding from a stock sale last January.
 Richard E. Terry, chairman and chief executive, said 1992's performance benefited from increased natural gas deliveries resulting mainly from weather that was 7 percent colder than a year ago. He also cited rate increases by the company's utility subsidiaries and the sale of a suburban land parcel as factors in this year's improvement.
 He said, however, that 1992 results were offset in part by higher expenses for operations and maintenance, by a decline in interest income, and by an increase in the provision for uncollectible accounts.
 Total operating revenues for the year amounted to $1.097 billion, down slightly from the $1.104 billion reported in 1991. Revenues from increased gas deliveries were more than offset by the effect of lower cost of gas purchased by the utilities during the year.
 Results for the fourth quarter, which usually run in the red, showed a loss of $15 million, or 43 cents per share, in the 1992 period, reflecting the higher number of shares outstanding. This compares with a loss of $11.2 million, or 35 cents, in last year's final quarter. The company ascribed the downturn mainly to higher expenses for operations and maintenance, a decline in interest income, and an increase in the provision for uncollectible accounts.
 Fourth-quarter revenues in 1992 amounted to $114.3 million, up nearly 3 percent from the $111.2 million in the year-ago period.
 Peoples Energy said figures reported today are unaudited and final results will be provided to shareholders within a few weeks. The company is the parent of Peoples Gas Light and Coke Company and North Shore Gas Company, which distribute natural gas to users in Chicago and 54 suburban communities in Northeastern Illinois.
 PEOPLES ENERGY CORP. FINANCIAL HIGHLIGHTS
 (Unaudited)
 Fiscal years ended Sept. 30 1992 1991
 Revenues $1,096,752,000 $1,103,703,000
 Net income 70,384,000 66,975,000
 Earnings per share $2.06 $2.05
 Average shares outstanding 34,151,000 32,741,000
 Three months ended Sept. 30 1992 1991
 Revenues $ 114,272,000 $ 111,214,000
 Net income (15,028,000) (11,244,000)
 Earnings per share ($0.43) ($0.35)
 Average shares outstanding 34,770,000 32,760,000
 -0- 10/30/92
 /CONTACT: Ed Joyce of Peoples Energy Corp., 312-431-4567.
 (PGL) CO: Peoples Energy Corp. ST: Illinois IN: UTI SU: ERN


TS -- NY084 -- 7236 10/30/92 15:28 EST
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Publication:PR Newswire
Date:Oct 30, 1992
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