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PUBLIC SERVICE CO. OF COLORADO REPORTS FOURTH QUARTER RESULTS

 PUBLIC SERVICE CO. OF COLORADO REPORTS FOURTH QUARTER RESULTS
 DENVER, Jan. 23 /PRNewswire/ -- Public Service Co. of Colorado (NYSE: PSR) Thursday reported net income of $58 million, or 99 cents per share, on revenues of $473.6 million for the fourth quarter ended Dec. 31, 1991. Net income for the like period in 1990 was $39.4 million, or 67 cents per share, on revenues of $437.6 million.
 The positive impact of higher electricity sales and natural gas deliveries, coupled with lower operating and maintenance expenses, served to enhance current period earnings.
 The decline in expenses is primarily attributable to the company's cost containment efforts instituted in mid-1991, as well as the recognition in the 1990 fourth quarter of approximately $5 million for impaired nuclear materials and supplies inventory at the Fort St. Vrain nuclear generating station. A similar expense associated with Fort St. Vrain was not recorded in the fourth quarter of 1991.
 In addition, the recognition of a $3 million incentive award associated with the company's efforts in securing a $67 million gas refund for its customers from one of its major gas suppliers also favorably impacted current period earnings.
 Net income for the 12 months ended Dec. 31, 1991 was $149.7 million, or $2.48 per share, on revenues of $1.8 billion. This compares to net income of $146.1 million, or $2.49 per share, on revenues of $1.7 billion for the like 12-month period a year ago.
 PUBLIC SERVICE CO. OF COLORADO
 Financial Results
 Dec. 31, 1991
 (Thousands of dollars)
 Three Months Ended
 Dec. 31, Increase or (Decrease)
 1991 1990 Amount Percent
 Operating revenues $473,645 $437,568 $36,077 8.2
 Operating income $80,254 $62,473 $17,781 28.5
 Net income $58,048 $39,408 $18,640 47.3
 Average shares
 outstanding 56,152 54,188 1,964 3.6
 (Thousands)
 Earnings per share $0.99 $0.67 $0.32 47.8
 Twelve Months Ended
 Dec. 31, Increase or (Decrease)
 1991 1990 Amount Percent
 Operating revenues $1,794,904 $1,733,939 $60,965 3.5
 Operating income $243,578 $238,406 $5,172 2.2
 Net income $149,693 $146,144 $3,549 2.4
 Average shares
 outstanding 55,471 53,626 1,845 3.4
 (Thousands)
 Earnings per share $2.48 $2.49 $(0.01) (0.4)
 -0- 1/23/92
 /CONTACT: Media Relations at Public Service Co. of Colorado, 303-294-8900/
 (PSR) CO: Public Service Co. of Colorado ST: Colorado IN: UTI SU: ERN


MC -- DV004 -- 2785 01/23/92 12:01 EST
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Date:Jan 23, 1992
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