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PUBLIC SERVICE ENTERPRISE GROUP ANNOUNCES FIRST QUARTER, 1993 EARNINGS: 91 CENTS PER SHARE OF COMMON STOCK

 NEWARK, N.J., April 20 /PRNewswire/ -- Public Service Enterprise Group Incorporated (Enterprise) reported today that consolidated earnings for the first quarter of 1993 were $215.4 million or 91 cents per share of common stock, based on 236.9 million average shares outstanding. Earnings for the corresponding three month period of 1992 were $186.3 million or 81 cents per share, (including about 20 cents per share from the settlement of a lawsuit against Philadelphia Electric Company), based on 229.6 million average shares outstanding.
 First quarter, 1993 earnings for Public Service Electric and Gas Company (PSE&G), Enterprise's primary subsidiary, were $195.6 million or 83 cents per share of Enterprise common stock, compared to $172.5 million or 75 cents per share (including the approximate 20 cents per share from the lawsuit settlement) in the first quarter of 1992. First quarter earnings for Enterprise Diversified Holdings Incorporated (EDHI), parent company of Enterprise's non-utility businesses, were $19.8 million or 8 cents per share of Enterprise common stock, compared to $13. 8 million or 6 cents per share in the same quarter of 1992.
 Enterprise's improved quarterly results stemmed primarily from PSE&G's higher electric and gas base rates that became effective on Jan. 1, 1993. The increased base rates, which were approved by the New Jersey Board of Regulatory Commissioners in December, 1992, are expected to provide PSE&G with additional annual revenues of $295 million. Consolidated results also were favorably affected, on a comparative quarterly basis, by higher electric and gas sales resulting from cooler- than-normal weather during this years heating season.
 The improvement in EDHI's quarterly results, which favorably impacted Enterprise's earnings, stemmed primarily from increased earnings by Energy Development Corporation as a result of higher natural gas prices.
 Enterprise's earnings for the 12 months ended March 31, 1993, were $533.2 million or $2.28 per share, based on 234.1 million average shares outstanding, Consolidated earnings for the 12 months ended March 31, 1992, were $567.1 million or $2.51 per share, based on 226.2 million average shares outstanding.
 PSE&G's earnings for the 12 month period ended March 31, 1993, were $467.1 million or $2.00 per share, compared to $538.1 million or $2.38 for the prior 12 month period. Earnings for EDHI for the 12 months ended March 31, 1993, were $66.1 million or 28 cents per share, compared to $29.0 million or 13 cents per share for the prior 12 month period.
 Enterprise's results for the three and 12 month periods ended March 31, 1992, include $47 million, or about 20 cents per share booked by Enterprise in March, 1992, to reflect net proceeds from the settlement of a lawsuit filed by Enterprise and PSE&G against Philadelphia Electric Company in connection with the March, 1987 shutdown of Peach Bottom Atomic Power Station.
 Consolidated revenues for the first quarter of 1993 were $1.6 billion, compared with $1.5 billion for the first quarter of 1992. Consolidated revenues for the 12 months ended March 31, 1993 were $5.4 billion, compared with $5.1 billion for the 12 month period ended March 31, 1992.
 PSE&G's electric sales this year through March increased 1.9 percent when compared to the first quarter of 1992. Residential and commercial sales were up 2.4 percent and 1.9 percent, respectively, while industrial sales were down 2.4 percent.
 Gas sales through March increased 11.8 percent over sales in the first three months of 1992. Residential and commercial sales increased 7.1 percent and 4.9 percent, respectively. Cogeneration sales were largely responsible for a 44.9 percent increase in industrial sales. Gas transportation service increased 11.7 percent during the period.
 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
 Financial Data
 Three months ended March 31 1993 1992
 Revenues $1,594,708 $1,514,083
 Net income 215,418 186,333
 Earnings per share of common stock $0.91 $0.81
 Average shares 236,918,796 229,566,795
 Twelve months ended March 31 1993 1992
 Revenues $5,437,406 $5,188,859
 Net income 533,202 567,118
 Earnings per share of common stock $2.28 $2.51
 Average shares 234,126,820 226,231,796
 -0- 4/20/93
 /CONTACT: Neil Brown, corporate communications of PSE&G, 201-430-6017/
 (PEG)


CO: Public Service Enterprise Group Incorporated ST: New Jersey IN: UTI SU: ERN

SH-SM -- NY088 -- 8239 04/20/93 15:38 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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