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PUGET POWER REPORTS 1992 FINANCIAL RESULTS

 BELLEVUE, Wash., Feb. 10 /PRNewswire/ -- Puget Sound Power & Light Co. (NYSE: PSD) today reported increased operating revenues for 1992, although earnings per share declined from 1991 levels.
 The company reported 1992 earnings of $2.16 per share, compared with $2.21 per share in 1991. Operating revenues for 1992 were reported at $1.025 billion, compared with 1991 operating revenues of $956.8 million.
 Increased revenues were due primarily to continued customer growth, and the implementation of a Periodic Rate Adjustment Mechanism (PRAM) on Oct. 1, 1991. The PRAM is an annual rate adjustment mechanism that operates between general rate cases under which the Washington Utilities and Transportation Commission changes rates, up or down, to reflect changes in the costs of power and conservation, and to reflect increases or decreases in the number of customers. No rate adjustment mechanism existed to affect revenues during the first nine months of 1991.
 The company added 19,500 customers in 1992, and it expects to grow at an average annual rate of approximately 20,000 new customers for the remainder of the decade. The company reported net income of $135.7 million and income for common stock of $121.8 million in 1992, compared with $132.8 million and $122.7 million respectively in 1991.
 Fourth-quarter earnings in 1992 were 62 cents per share on operating revenues of $284.9 million. This compares to earnings of 49 cents per share and operating revenues of $254.9 million for the same period a year ago.
 A summary of financial results follows:
 PUGET SOUND POWER & LIGHT CO.
 For Three Months Ending Dec. 31: 1992 1991
 Operating revenues (000) $ 284,904 $254,913
 Net income (000) $ 40,163 $ 29,597
 Income for common stock (000) $ 35,833 $ 27,259
 Earnings per share $ 0.62 $ 0.49
 Average common shares outstanding
 (weighted average) 57,820,486 55,561,647
 For Twelve Months Ending Dec. 31: 1992 1991
 Operating revenues (000) $1,024,970 $956,769
 Net income (000) $ 135,720 $132,777
 Income for common stock (000) $ 121,836 $122,738
 Earnings per share $ 2.16 $ 2.21
 Average common shares outstanding
 (weighted average) 56,283,949 55,561,647
 -0- 2/10/93
 /CONTACT: U. Earl Dunn, 206-462-3808, or William Seil, 206-462-3206, both of Puget Sound Power & Light Co./
 (PSD)


CO: Puget Sound Power & Light Co. ST: Washington IN: UTI SU: ERN

SW-LM -- SE006 -- 5200 02/10/93 13:15 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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