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SCEcorp DECLARES SECOND QUARTER EARNINGS

 ROSEMEAD, Calif., July 15 /PRNewswire/ -- SCEcorp reported second quarter earnings of 32 cents per share, three cents lower than the same period last year. Higher utility earnings were more than offset by charges at the Mission companies.
 Mission Energy's earnings for the quarter were four cents per share, unchanged from the comparable period. Higher earnings from project revenues and gas sales were offset by higher administrative, general, and project development and start-up costs. These higher costs, along with delays in the financial closing of the Carbon II project in Mexico, may cause Mission Energy earnings to fall below 1992 levels.
 Mission First Financial reported earnings of one cent per share for the second quarter, down from two cents in 1992. The higher 1992 earnings benefited from the refinancing of lease investments.
 Our discontinued Mission Power Engineering subsidiary recorded a final charge to income of three cents per SCEcorp share, after settling all remaining litigation involving the construction of the Coso Geothermal Project. Mission Land's second quarter earnings were dow two cents per share, because of operating losses and one cent of additional reserves taken to recognize reduced value in specific real estate projects.
 Southern California Edison's second quarter earnings were 32 cents per share, three cents higher than 1992, despite a lower authorized return on equity. The higher earnings were primarily from aggressive cost management and changes in the timing of expenditures when compared to 1992.
 SCEcorp's year-to-date earnings were 65 cents per share, six cents less than a year ago, because of lower earnings and nonrecurring charges at the Mission companies. Edison's year-to-date earnings were 62 cents per share, unchanged from 1992.
 Three Months Ended
 June 30,
 1993 1992
 Mission Energy .04 .04
 Mission First Financial .01 .02
 Mission Land (.01) .00
 Mission Companies .04 .06
 Edison .32 .29
 SCEcorp - Operating .36 .35
 Nonrecurring charges .04 .00
 SCEcorp Reported $0.32 $0.35
 -0- 7/15/93
 /CONTACT: Cathy Sedlik of SCE Corp., 818-302-2255/


CO: SCEcorp ST: California IN: UTI SU: ERN

EH-JB -- LA031 -- 2095 07/15/93 14:55 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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