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PUBLIC SERVICE CO. REPORTS 1992 YEAR-END EARNINGS

 DENVER, Jan. 25 /PRNewswire/ -- Public Service Co. of Colorado (NYSE: PSR) Monday reported lower quarterly and year-end earnings, primarily due to the effect of two significant charges to earnings recorded in the 1992 fourth quarter, as it was continuing to divest itself from its non-utility investments.
 The company had reported in early December that it was focusing on its core electric and natural gas businesses, and its fourth quarter earnings would reflect losses in its real estate and Synhytech investments.
 Fourth quarter net income was $31.6 million, or 49 cents per share, on revenues of $505.6 million. Net income for the like period in 1991 was $58.0 million, or 99 cents per share, on revenues of $473.6 million.
 For the 12 months ended Dec. 31, 1992, Public Service Co. reported net income of $136.6 million, or $2.16 per share, on revenues of $1.86 billion. This compares to net income of $149.7 million, or $2.48 per share, on revenues of $1.79 billion.
 Public Service Co.'s subsidiary, Bannock Center Corp., sold its downtown Denver-area properties during the fourth quarter, which resulted in an after-tax loss of approximately $8.4 million, or 15 cents per share.
 In addition, Public Service Co. recorded a 29 cent per share loss, or approximately $16.8 million after taxes, related to the discontinuance of its involvement in the Synhytech project. The plant, located near Pueblo, Colo., has been in the start-up phase for the production of clean-burning diesel, high-grade wax and an industrial solvent from landfill gases. The company is aggressively pursuing a buyer for the facility.
 PUBLIC SERVICE CO. OF COLORADO
 FINANCIAL RESULTS
 Dec. 31, 1992
 (Thousands of Dollars)
 Three Months Ended
 Dec. 31, Increase or (Decrease)
 1992 1991 Amount Percent
 Operating revenues $505,584 $473,645 $31,939 6.7
 Operating income $58,518 $80,254 ($21,736) (27.1)
 Net income $31,631 $58,048 ($26,417) (45.5)
 Weighted average
 shares outstanding
 (Thousands) 58,308 56,152 2,156 3.8
 Earnings per share $0.49 $0.99 ($0.50) (50.5)
 Twelve Months Ended
 Dec. 31, Increase or (Decrease)
 1992 1991 Amount Percent
 Operating revenues $1,862,273 $1,794,904 $67,369 3.8
 Operating income $249,627 $243,578 $6,049 2.5
 Net income $136,623 $149,693 ($13,070) (8.7)
 Weighted average
 shares outstanding
 (Thousands) 57,558 55,471 2,087 3.8
 Earnings per share $2.16 $2.48 ($0.32) (12.9)
 -0- 1/25/93
 /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 -- DV005 -- 8566 01/25/93 14:00 EST
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Date:Jan 25, 1993
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