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PHILADELPHIA SUBURBAN DECLARES THIRD QUARTER'S DIVIDEND AND REPORTS EARNINGS FOR SECOND QUARTER

 PHILADELPHIA SUBURBAN DECLARES THIRD QUARTER'S DIVIDEND
 AND REPORTS EARNINGS FOR SECOND QUARTER
 BRYN MAWR, Pa., Aug. 4 /PRNewswire/ -- The board of directors of Philadelphia Suburban Corporation (NYSE: PSC) today approved payment of the company's regular common stock quarterly dividend to shareholders.
 The dividend of $.26 per share will be paid Sept. 1, 1992, to shareholders of record on Aug. 18.
 The company also reported today net income in the quarter ended June 30, 1992, of $2.6 million or $.32 per share, a decline of $.05 per share from the same period in 1991. For the six months of 1992, net income was $4.7 million, or $.58 per share based on an increased number of shares outstanding, compared to $4.6 million in 1991 or $.58 per share, which included the impact of the discontinued operations. Income from continuing operations for the first half of 1992 was $.58 per share as compared to $.62 per share in 1991.
 The decrease in quarterly earnings resulted from a decline in customer consumption of water of more than 5 percent as sales during the quarter were adversely affected by the relatively wet, cool weather experienced during this spring. By contrast, the second quarter of 1991 was characterized by extreme hot, dry weather and resulted in record water sales for the period.
 Revenues from continuing operations for the second quarter were $23.2 million, an increase of $.8 million or 3.5 percent as compared to the second quarter of 1991. For the six months, revenues from continuing operations were $46.2 million, up $3.8 million or 9 percent. The increase in revenues was due to the 7.7 percent rate increase granted in October 1991 and to a State Tax Surcharge.
 Nicholas DeBenedictis, president and chief executive officer, stated, "Although the water utility was granted a rate increase last October and was also allowed to collect a State Tax Surcharge on its bills, these increases were primarily designed to allow a recovery of increased operating costs. The decreased consumption of water did not provide enough revenues to recover the higher operating expenses incurred."
 DeBenedictis added, "Experience has taught us that weather patterns tend to average out over the course of the years. To offset the current negative impacts the cooler and wet weather has been having on water consumption, we have concentrated our efforts on holding down operating expenses."
 Philadelphia Suburban Corporation operates Philadelphia Suburban Water Company, one of the nation's largest investor-owned water utilities, serving 64 municipalities in southeastern Pennsylvania.
 PHILADELPHIA SUBURBAN CORPORATION
 (Unaudited; dollars in thousands)
 Periods ended Quarter Six months
 June 30 1992 1991 1992 1991
 Earned revenues $23,236 $22,439 $46,161 $42,324
 Income (loss):
 Continuing operations 2,628 2,927 4,730 4,843
 Discontinued operations --- --- --- (290)
 Net income 2,628 2,927 4,730 4,553
 Income (loss) per share:
 Continuing operations $.32 $.37 $.58 $.62
 Discontinued operations --- --- --- (.04)
 Net income per share .32 .37 .58 .58
 Average common & common
 equivalent shares
 outstanding during
 the period 8,158,000 7,826,000 8,121,000 7,818,000
 /delval/
 -0- 8/4/92
 /CONTACT: Robert E. Deddy, 215-645-1016, or Michael P. Graham, CFO and treasurer, 215-645-1087, both of Philadelphia Suburban/
 (PSC) CO: Philadelphia Suburban Corporation ST: Pennsylvania IN: UTI SU: ERN DIV


MK-JS -- PH023 -- 6725 08/04/92 14:01 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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