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SCEcorp REPORTS 1991 EARNINGS, CHARGES

 SCEcorp REPORTS 1991 EARNINGS, CHARGES
 ROSEMEAD, Calif., Jan. 16 /PRNewswire/ -- SCEcorp's 1991 earnings


were $3.21 per share, 39 cents lower than 1990. The decline was the result of 43 cents per share of nonrecurring charges recorded by Southern California Edison in 1991, which were partially offset by increased earnings at The Mission Group. Without the charges, SCEcorp's earnings would have been $3.64, or 4 cents per share above 1990's record level.
 "These steps were necessary to place several significant issues behind us, and to allow personnel reductions which will be necessary for strong future performance," SCEcorp Chairman and Chief Executive Officer John E. Bryson said.
 Southern California Edison contributed $2.68 per share in 1991, 49 cents less than in 1990. In addition to the 43 cents per share in nonrecurring charges, utility earnings were reduced by higher costs for property damage litigation, workers' compensation, and health care.
 The nonrecurring charges Edison recorded in 1991 include:
 -- A 20 cents per share addition to reserves to reflect the cost of
 a previously announced agreement with the California Public
 Utilities Commission's (CPUC) Division of Ratepayer Advocates
 (DRA) to settle a dispute concerning purchases of power from
 nonutility projects partly owned by Edison's affiliate, Mission
 Energy Co.
 -- A 22 cents per share addition to reserves in the fourth quarter
 for pending legal and regulatory matters, a canceled
 hydroelectric project, and a corporate restructuring program to
 be implemented in 1992 to reduce operating costs.
 -- A 1 cent per share charge in the fourth quarter relating to an
 agreement in principle with the DRA to shut down San Onofre
 Nuclear Generating Station Unit 1, as discussed in a separate
 press release issued jointly with DRA.
 SCEcorp's Mission Group companies contributed 53 cents per share in 1991, 10 cents more than in 1990. The largest part of the increase was due to the continuing strong performance of Mission Energy Co. and Mission First Financial, which increased earnings by a total of 7 cents per share.
 SCEcorp's net income for 1991 was $702.6 million, compared with $786.4 million in 1990. Total revenues for 1991 were $7.5 billion, compared with $7.2 billion in 1990.
 SCEcorp's net income for the fourth quarter of 1991 was $115 million, compared with $182.4 million in the fourth quarter of 1990. Total revenues for the quarter were $1.9 billion compared with $1.8 billion in 1990.
 -0- 1/16/92
 CONTACT: Lew Phelps, of Southern California Edison, 818-302-7966/ CO: Southern California Edison ST: California IN: UTI SU: ERN


AL -- LA033 -- 0790 01/16/92 19:50 EST
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Date:Jan 16, 1992
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