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PIEDMONT REPORTS THIRD QUARTER RESULTS

 PIEDMONT REPORTS THIRD QUARTER RESULTS
 CHARLOTTE, N.C., Aug. 28 /PRNewswire/ -- At its regular quarterly


meeting held today, Piedmont Natural Gas Company's (NYSE: PNY) Board of Directors reported financial results, including normal summer losses, for the three-, nine- and twelve-month periods ended July 31, 1992. the Charlotte-based natural gas and propane distributor reported improvement in operating results of 48.2 percent, 61.1 percent and 94.7 percent, respectively, as compared with similar prior periods.
 The Company reported increased sales for the three-, nine- and twelve-month periods ended July 31, 1992, of 16.3 percent, 11.7 percent and 11.1 percent, respectively, as compared with similar prior periods.
 General rate increases for natural gas service that were granted in 1991 by regulatory commissions in the three states served by the Company also contributed to the increased earnings. The Company continues to experience a growth rate four times the industry average in the addition of new customers.
 The Weather Normalization Adjustment (WNA) formulas approved by the regulatory commissions in North Carolina and Tennessee and initiated in November 1991 also assisted in partially offsetting abnormally warm weather during the nine- and twelve-month periods. The weather was 9 percent warmer than normal as compared with 20 percent warmer than normal for the similar prior periods.
 Summary of Operations
 Three Months Ended July 31 1992 1991 Pct. Incr.
 (Decr)
 Margin(Revenues less
 Cost of Gas) $30,334,000 $22,512,000 34.7
 Net Income (Loss) ($3,692,000) ($7,130,000) 48.2
 Operating Revenues $65,259,000 $53,686,000 21.6
 Weighted Average Shares
 Outstanding 12,816,000 12,264,000 4.5
 Earnings (Loss) Per
 Share of Common Stock ($0.29) ($0.58) 50.0
 Gas Delivered - Dekatherms 20,494,000 17,628,000 16.3
 Percent Normal Degree Days 205 pct 35 pct 170.0
 Nine Months Ended July 31 1992 1991 Pct. Incr.
 (Decr)
 Margin (Revenues less
 Cost of Gas) $175,877,000 $144,055,000 22.1
 Net Income $40,742,000 $25,283,000 61.1
 Operating Revenues $389,065,000 $351,479,000 10.7
 Weighted Average Shares
 Outstanding 12,608,000 11,411,000 10.5
 Earnings Per Share of
 Common Stock $3.23 $2.22 45.5
 Gas Delivered - Dekatherms 95,395,000 85,381,000 11.7
 Percent Normal Degree Days 91 pct 80 pct 11.0
 Twelve Months Ended July 31 1992 1991 Pct. Incr.
 (Decr)
 Margin (Revenues less
 Cost of Gas) $202,069,000 $165,484,000 22.1
 Net Income $36,011,000 $18,498,000 94.7
 Operating Revenues $449,133,000 $399,912,000 12.3
 Weighted Average Shares
 Outstanding 12,536,000 11,224,000 11.7
 Earnings Per Share
 of Common Stock $2.87 $1.65 73.9
 Gas Delivered - Dekatherms 114,876,000 103,428,000 11.1
 Percent Normal Degree Days 91 pct 80 pct 11.0
 Dividend Declared
 At the meeting of the Board of Directors held today, the Board declared a quarterly dividend on Common Stock of 46 cents per share. The dividend is payable Oct. 15, 1992, to holders of record at the close of business on Sept. 24, 1992.
 -0- 8/28/92
 /CONTACT: Ted Coble, Piedmont Natural Gas Company, 704-364-3486 ext. 309/
 (PNY) CO: Piedmont Natural Gas Company ST: North Carolina IN: OIL SU: ERN


JZ -- CH005 -- 4351 08/28/92 11:43 EDT
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Date:Aug 28, 1992
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