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PIEDMONT REPORTS YEAR-END RESULTS

 CHARLOTTE, N.C., Dec. 3 /PRNewswire/ -- Piedmont Natural Gas Company (NYSE: PNY) today reported financial results for its fiscal year ended October 31, 1993, subject to completion of its annual audit. For its 1993 fiscal year, the Charlotte-based natural gas and propane distributor reported net income and earnings per share that were 6.3 percent and 4.3 percent higher, respectively, than for the prior year.
 The Company's Board of Directors unanimously approved a proposal to be presented to the Company's shareholders to reincorporate the Company from a New York corporation to a North Carolina corporation. The Company is headquartered in North Carolina and conducts a substantial portion of its business in North Carolina.
 PIEDMONT NATURAL GAS COMPANY
 SUMMARY OF OPERATIONS
 Pct. Increase
 Twelve Months Ended October 31 1993 1992 (Decrease)
 Margin $223,872,000 $206,133,000 8.6
 (Revenues less Cost of Gas)
 Net Income $37,534,000 $35,310,000 6.3
 Operating Revenues $552,760,000 $459,902,000 20.2
 Weighted Average Shares
 Outstanding 25,960,000 25,345,000 2.4
 Earnings Per Share
 of Common Stock $1.45 $1.39 4.3
 Gas Delivered - Dekatherms 120,153,000 115,066,000 4.4
 DIVIDEND DECLARED
 At the meeting of the Board of Directors held today, the Board declared a quarterly dividend on Common Stock of 24.5 cents per share. The dividend is payable January 14, 1994, to holders of record at the close of business on December 22, 1993.
 -0- 12/3/93
 /CONTACT: Stephen D. Conner of Piedmont Natural Gas Company, 704-364-3486 Ext. 205 (O) or 704-364-0526 (H)/
 (PNY)


CO: Piedmont Natural Gas Company ST: North Carolina IN: UTI SU: ERN DIV

CM -- CH002 -- 0210 12/03/93 12:11 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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