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PHILADELPHIA ELECTRIC ANNOUNCES FINANCIAL RESULTS FOR 1992 AND DECLARES 1993 FIRST QUARTER DIVIDEND

 PHILADELPHIA, Jan. 25 /PRNewswire/ -- Directors of Philadelphia Electric Company (NYSE: PE) today declared a common stock dividend of 35 cents per share for the first quarter of 1993, payable on March 31, 1993, to shareholders of record Feb. 24.
 As expected, common stock earnings for the year ended Dec. 31, 1992, decreased to $1.90 per share, from $2.15 per share in 1991 as a result of the unusually cool summer weather in 1992 and the one-time charge for the settlement of the Peach Bottom litigation. Earnings for the quarter ended Dec. 31, 1992, increased to $0.63 per share as compared to $0.35 per share for the corresponding period in 1991.
 Joseph F. Paquette Jr., PE chairman and CEO said, "Although our 1992 earnings were lower than in 1991, overall we are pleased with our 1992 financial results and the continued recovery from the adverse 1990 Limerick Unit No. 2 rate order."
 The decrease in 1992 earnings was primarily the result of unusually cool summer weather in 1992 which reduced earnings by $0.35 per share and the previously announced settlement of the litigation by co-owners of the Peach Bottom Atomic Power Station which reduced earnings by $0.27 per share. In addition, in December the company charged to expense $18.5 million to provide for the estimated costs associated with an anticipated reduction of approximately 600 nuclear group employees which resulted in a decrease of $0.05 per share in the fourth quarter of 1992. These decreases were partially offset by increased sales exclusive of weather, savings resulting from the company's on-going debt and preferred stock refinancing program and lower income taxes.
 Total operating revenue for 1992 decreased to approximately $3.96 billion, 1.4 percent under the previous year primarily due to the unfavorable weather conditions. The weather impact was partially offset by an increase in our off-system sales which helped to produce a small overall increase in total electric sales. Gas sold and transported increased 9.4 percent for 1992 due primarily to additional usage by house heating customers as a result of the cooler weather and to transported gas sales resulting from favorable rates.
 For the fourth quarter of 1992, the earnings increase of $0.28 per share over the corresponding period last year is primarily attributed to higher sales, lower financing costs and lower uncollectible accounts.
 Total electric sales for the fourth quarter of 1992 increased 4.9 percent over the corresponding period last year primarily due to improving economic conditions, favorable weather and increased sales of electricity to other utilities. Gas sold and transported increased 8.1 percent primarily due to transported gas sales due to favorable rates and to additional usage by house heating customers.
 PHILADELPHIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Statements of Income
 (Unaudited; thousands of dollars)
 Periods ended Three months 12 months
 Dec. 31 1992 1991(A) 1992 1991(A)
 Total operating
 revenues $983,196 $968,598 $3,962,469 $4,018,586
 Net income $153,877 $92,394 $478,941 $534,680
 Shares of common
 stock -- average 220,411 219,467 220,245 218,234
 Earnings per average
 share (dollars) $0.63 $0.35 $1.90 $2.15
 (A) Reclassified to reflect adoption of FERC Accounting Release 14.
 /delval/
 -0- 1/25/93
 /CONTACT: Neil McDermott of Philadelphia Electric, 215-841-4122/
 (PE)


CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU: ERN DIV

CC -- PH018 -- 8439 01/25/93 11:34 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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