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PUBLIC SERVICE COMPANY REPORTS THIRD QUARTER RESULTS

 GASTONIA, N.C., July 22 /PRNewswire/ -- Public Service Company of North Carolina, Inc. (PSNC) (NASDAQ-NMS: PSNC), a natural gas utility, today reported operating results for the quarter ended June 30, 1993, the third quarter of fiscal 1993. All per share data shown below is restated for PSNC's 3-for-2 common stock split effected in the form of a 50 percent common stock dividend paid Jan. 4, 1993.
 Gross margin for the quarter ended June 30, 1993 was $22,489,000, a $497,000 or 2 percent increase as compared to $21,992,000 for the quarter ended June 30, 1992. This resulted from operating revenues which increased $10,158,000 over the same quarter the prior year, while cost of gas increased $9,661,000. Other operating expenses and taxes increased $1,088,000 to $18,572,000. This increase, combined with small decreases in other income and interest expense, produced net income for the current quarter of $16,000, a $775,000 decrease when compared to the same quarter in fiscal 1992. The quarterly earnings per share of $.00 were based on 15,869,000 average common shares outstanding, as compared to $.05 for the same quarter in fiscal 1992, based on 15,443,000 average common shares then outstanding.
 The increase in gross margin was due mainly to a 2 percent increase in quantities of natural gas sold and transported to large commercial and industrial customers. Quantities sold to the higher-margin residential and small commercial customers decreased 5 percent and 2 percent respectively, although the related number of customers increased 4 percent and 2 percent as compared to the prior year. The decreases were due to weather during the month of May which was warmer than in May 1992. The resulting effect on gross margin was not offset by PSNC's weather normalization mechanism which is discontinued in each year after April.
 Gross margin for the twelve months ended June 30, 1993 was $113,128,000, compared to $109,238,000 for the twelve months ended June 30, 1992. Other operating expenses and taxes increased $6,423,000 to $83,919,000. Net income for the period ended June 30, 1993 decreased to $14,956,000 as compared to $17,962,000 for the same period the prior year. The earnings per average common share of $.95 were based on 15,703,000 average common shares outstanding. This compares to $1.17 for the prior twelve-month period, based on 15,257,000 average common shares then outstanding.
 PSNC distributes natural gas to over 257,000 customers in 87 cities, towns and communities in a 26-county service territory ranging from the Raleigh, Durham and Chapel Hill areas in the northeast; the Concord, Statesville, Gastonia and Forest City areas in the Piedmont; to the Asheville, Hendersonville and Brevard areas in the western part of the state. PSNC, through its subsidiaries, also participates in oil and gas exploration and production, and retails propane gas.
 COMPARATIVE RESULTS
 (Amounts in Thousands, Except Raleigh/Durham
 Degree Day and Per Share Data)
 Three Months Nine Months Twelve Months
 Periods
 Ended
 June 30: 1993 1992 1993 1992 1993 1992
 Normal degree
 days 255 255 3,338 3,356(A) 3,356 3,374(A)
 Actual degree
 days 263 348 3,452 3,165(A) 3,468 3,189(A)
 Percent of
 normal 103 136 103 94 103 95
 (A) Reflects an additional day for leap year
 Total volume
 throughput
 (DT) 11,882 11,968 48,946 46,551 57,253 55,050
 Revenues $55,262 $45,104 $249,505 $210,042 $279,866 $234,486
 Gross
 margin $22,489 $21,992 $99,471 $96,346 $113,128 $109,238
 Operating
 income $ 3,917 $ 4,508 $ 29,783 $ 31,221 $ 29,209 $ 31,742
 Net income $ 16 $ 791 $ 19,305 $ 21,099 $ 14,956 $ 17,962
 Earnings for
 common $ 16 $ 767 $ 19,269 $ 21,026 $ 14,897 $ 17,862
 Average common
 shares(A) 15,869 15,443 15,758 15,318 15,703 15,257
 Earnings per
 share(A) $ .00 $ .05 $ 1.22 $ 1.37 $ .95 $ 1.17
 Cash dividends
 declared per
 share(A) $.1975 $ .19 $.5775 $ .557 $.7675 $ .74
 (A) Restated for PSNC's 3-for-2 common stock split effected in the form of a 50 percent common stock dividend paid Jan. 4, 1993.
 -0- 7/22/93
 /CONTACT: Robert D. Voigt, Senior Vice President-Finance and Treasurer, Chief Financial Officer, Public Service Company of North Carolina, Inc., 704-834-6494/
 (PSNC)


CO: Public Service Company of North Carolina, Inc. ST: North Carolina IN: UTI SU: ERN

CM-MM -- CH011 -- 4587 07/22/93 13:14 EDT
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Date:Jul 22, 1993
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