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PUGET SOUND POWER & LIGHT REPORTS THIRD-QUARTER RESULTS

 PUGET SOUND POWER & LIGHT REPORTS THIRD-QUARTER RESULTS
 BELLEVUE, Wash., Oct. 13 /PRNewswire/ -- Puget Sound Power & Light Co. (NYSE: PSD) today reported earnings of 25 cents per share of common stock for the three-month period ending Sept. 30, 1992, compared with 35 cents per share for the same three months a year ago.
 The difference in comparative earnings is principally attributable to very strong third quarter 1991 earnings benefiting from favorable hydroelectric conditions and the absence of the periodic rate adjustment mechanism (PRAM) which allowed higher electric sales to other utilities and lower power costs to flow through to earnings. Under the PRAM, revenues are no longer significantly influenced -- up or down -- by sales of surplus electricity to other utilities or by weather or hydro conditions.
 Operating revenues for the quarter were $219.2 million, up from $208.9 million a year ago. The company reported income available for common stock of $13.7 million, compared with $19.3 million for the third quarter a year ago.
 For the 12 months ending Sept. 30, 1992, Puget Power reported earnings of $2.04 per share, compared with $2.32 the previous year. Income available for common stock was $113.3 million on operating revenues of $995 million, compared with $129.2 million and $969.3 million, respectively, the previous year. Plant maintenance expense was concentrated toward the end of the year in 1991, whereas, in 1992, plant maintenance expense is being incurred more evenly over the year.
 A summary of financial results follows.
 PUGET SOUND POWER & LIGHT CO.
 For Three Months Ending Sept. 30: 1992 1991
 Operating revenues (000) $219,221 $208,926
 Net income (000) $ 17,987 $ 21,833
 Income for common stock (000) $ 13,710 $ 19,257
 Earnings per share $ 0.25 $ 0.35
 Average common shares outstanding 55,738,817 55,561,647
 For 12 Months Ending Sept. 30: 1992 1991
 Operating revenues (000) $994,978 $969,267
 Net income (000) $125,154 $139,982
 Income for common stock (000) $113,262 $129,169
 Earnings per share $ 2.04 $ 2.32
 Average common shares outstanding 55,616,161 55,561,647
 -0- 10/13/92
 /CONTACT: U. Earl Dunn of Puget Sound Power & Light, 206-462-3808/
 (PSD) CO: Puget Sound Power & Light Co. ST: Washington IN: UTI SU: ERN


SW-LM -- SE011 -- 9494 10/13/92 16:27 EDT
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Publication:PR Newswire
Date:Oct 13, 1992
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