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PHILADELPHIA ELECTRIC REPORTS THIRD QUARTER RESULTS

 PHILADELPHIA ELECTRIC REPORTS THIRD QUARTER RESULTS
 PHILADELPHIA, Oct. 26 /PRNewswire/ -- Philaa? Electric Company


(NYSE: PE) (PE) today reported its financial results for the third quarter of 1992.
 Common stock earnings for the three months ended Sept. 30, 1992, were $0.59 per share as compared to $0.72 per share for the corresponding period last year when approximately 1 percent fewer shares were outstanding. The cooler summer in 1992 reduced earnings by $0.22 per share as compared to the third quarter of 1991. But this was partially offset by a reduction in costs resulting from the company's on-going debt refinancing program.
 Revenues for the three months ended Sept. 30, 1992 totaled $1.0 billion and were 7.6 percent lower than last year due primarily to adverse summer weather. While the summer of 1991 was one of the warmest ever experienced in the Philadelphia area, the summer of 1992 was recorded as the coolest in 29 years. Electric sales decreased by 6.9 percent for the quarter compared with the same period last year. Gas sold and transported for others increased 18.2 percent from the third quarter of 1991 due to increases in gas transported and an increase in the customer base.
 Joseph F. Paquette, Jr., PE Chairman and CEO, said, "Although third quarter earnings were lower than anticipated due to the Philadelphia area experiencing its coolest summer since 1963, we are pleased with the success of our cost containment program, and confident that our financial condition will continue to improve."
 In this connection, the company announced earlier today that its Board of Directors had voted to increase the company's quarterly common stock dividend by 8 percent from $0.325 per share to $0.35 per share. The higher dividend will be payable on Dec. 18, 1992 to shareholders of record on Nov. 12, 1992.
 Earnings per share for the nine months ended Sept. 30, 1992 were $1.27 compared to $1.80 in 1991. Earnings for the period were negatively impacted by adverse weather which reduced earnings per share by $0.37 as compared with the corresponding period last year, and by the one time $0.27 per share first quarter charge for the previously announced settlement of the Peach Bottom co-owners' suit. These unfavorable earnings effects were partially offset by lower financing costs.
 Earnings per share for the twelve months ended Sept. 30, 1992 were $1.61 compared to $1.91 in 1991. The decrease in earnings was due primarily to weather which reduced earnings by $0.39 per share and the $0.06 per share net effect of the above mentioned Peach Bottom co- owners' suit settlement and other previously reported one time charges to earnings in late 1990. These decreases were partially offset by lower financing costs experienced during the twelve months ended Sept. 30, 1992 which increased earnings by $0.17 per share as compared to the corresponding period last year.
 PHILADELPHIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Statements of Income
 (Unaudited)
 (Thousands of Dollars)
 Periods ended 3 Months 9 Months
 Sept. 30 1992 1991(A) 1992 1991(A)
 Total Operating
 Revenues $996,138 $1,077,526 $2,979,273 $3,049,988
 Net Income $142,338 $173,402 $325,064 $442,286
 Shares of Common
 Stock - Average 220,327 218,611 220,189 217,818
 Earnings Per
 Average Share
 (Dollars) $0.59 $0.72 $1.27 $1.80
 Periods ended 12 Months
 Sept. 30 1992 1991(A)
 Total Operating
 Revenues $3,947,870 $3,972,555
 Net Income 417,457 483,687
 Shares of Common
 Stock - Average 220,008 217,419
 Earnings Per
 Average Share
 (Dollars) $1.61 $1.91
 (A) Reclassified to reflect adoption of FERC Accounting Release 14.
 /delval/
 -0- 10/26/92
 /CONTACT: Neil McDermott of Philadelphia Electric, 215-841-4122/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU: ERN


MJ -- PH021 -- 4780 10/26/92 12:26 EST
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Publication:PR Newswire
Date:Oct 26, 1992
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