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PHILADELPHIA SUBURBAN REPORTS EARNINGS AND INCREASES DIVIDEND

 PHILADELPHIA SUBURBAN REPORTS EARNINGS AND INCREASES DIVIDEND
 BRYN MAWR, Pa., Feb. 4 /PRNewswire/ -- Philadelphia Suburban Corporation (NYSE: PSC) today reported income from continuing operations in the fourth quarter of $2.6 million or $.32 per share, a decline of $.05 per share from the same period of 1990.
 For the year, earnings from continuing operations were $10.2 million, or $1.29 per share, an improvement of $.02 per share from the prior year. The company had net income after losses from the discontinued operations of $4.9 million or $.62 per share for the year compared with $4.1 million or $.53 per share in 1990.
 Revenues from continuing operations for the fourth quarter were $23.7 million, an increase of $2.9 million or 13.8 percent as compared to the fourth quarter of 1990. For the year, revenues from continuing operations were $88.6 million, up $6.4 million or 7.8 percent.
 The board of directors also increased the company's quarterly dividend by 4 percent, from $.25 to $.26 per share. The dividend will be paid March 1, 1992, to shareholders of record on Feb. 18.
 Although the company's water utility received rate increases in September 1990 and October 1991, these increases were offset this year by a decline in customer usage, particularly in the second half of 1991, and an increase in overhead and utility expenses. The rate increase granted in October 1991 incorporated a recovery of many of the increases in the utility's operating expenses; however, it did not take effect until the fourth quarter was underway.
 John W. Boyer Jr., president and chairman of Philadelphia Suburban Corporation, stated, "With only one remaining business held for sale and with new rates in effect, it is appropriate to increase the dividend reflecting our confidence in our water utility strategy. Underlying this strategy is the recognition that dividend growth is a key component of shareholder value in the utility industry."
 Philadelphia Suburban Corporation operates Philadelphia Suburban Water Company, one of the nation's largest investor-owned water utilities.
 PHILADELPHIA SUBURBAN CORPORATION
 (Amounts in thousands, except per-share data)
 Periods ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 (Unaudited)
 Earned revenues $23,705 $20,829 $88,648 $82,267
 Income (loss):
 Continuing operations 2,589 2,868 10,179 9,736
 Discontinued operations -- (694) (5,290) (5,647)
 Net income 2,589 2,174 4,889 4,089
 Income (loss) per share:
 Continuing operations $.32 $.37 $1.29 $1.27
 Discontinued operations -- (.09) (.67) (.74)
 Net income per share .32 .28 .62 .53
 Average common and common
 equivalent shares
 outstanding during
 the period 8,026 7,738 7,910 7,646
 /delval/
 -0- 2/4/92
 /CONTACT: Michael P. Graham, CFO and treasurer of Philadelphia Suburban, 215-645-1087/
 (PSC) CO: Philadelphia Suburban Corporation ST: Pennsylvania IN: UTI SU: ERN DIV


CC-MP -- PH029 -- 6747 02/04/92 13:29 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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