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SDG&E REPORTS INCREASE IN FIRST QUARTER EARNINGS

 SAN DIEGO, April 27 /PRNewswire/ -- Unaudited first quarter earnings per share were 49 cents, up 6.5 percent over the same quarter 1992 earnings of 46 cents, Thomas A. Page, chairman and chief executive officer, announced today at the 1993 annual meeting of San Diego Gas & Electric shareholders.
 "This increase in earnings, coupled with the distinction of being the state's lowest-cost provider of electricity for the fifth year in a row among investor-owned utilities, means we've been successful at balancing the interests of our customers and our shareholders," Page said.
 First quarter earnings applicable to common shares were up 9.0 percent, to $56.4 million, compared with $51.7 million for the same quarter last year.
 Consolidated operating revenues were $492.3 million, compared to last year's $471.3 million for the same period, representing a 4.5 percent increase. Consolidated operating expenses were up 5.5 percent to $414.6 million, compared to last year's first quarter operating expenses of $392.9 million.
 For the 12 months ended March 31, 1993, earnings per share were up 1.7 percent to $1.80, compared with $1.77 for the prior 12 months.
 Also at the shareholders meeting, three new directors were elected and six directors were re-elected to the board.
 The new directors are: Douglas O. Allred, chairman, president and chief executive officer of the Douglas Allred Co.; Ann Burr, president of the San Diego Division of Time Warner Cable; and Richard A. Collato, president and chief executive officer of the YMCA of San Diego County.
 Re-elected to the board were: Richard C. Atkinson, chancellor of the University of California, San Diego; Daniel W. Derbes, president of Signal Ventures; Robert H. Goldsmith, former chairman and chief executive officer of Rohr Inc.; Ralph R. Ocampo, M.D., a physician and surgeon; SDG&E Chief Executive Officer Thomas A. Page; and Catherine Fitzgerald Wiggs, senior vice president, human resources development and quality management for Internationale Nederlanden Group, U.S. Life, Health and Insurance Savings Operations.
 Retiring from the board are: Malin Burnham, chairman of the board and a director of John Burnham & Co., after 26 years of service; and Clair W. Burgener, president of Burgener Properties Inc., after 10 years of service.
 Shareholders also approved an amendment to the company's bylaws which increases the minimum number of directors authorized to serve on the board to seven and increases the maximum number of directors to serve on the board to 13.
 SAN DIEGO GAS & ELECTRIC
 Financial Highlights
 (Unaudited)
 (In thousands except for per share amounts)
 First Quarter First Quarter Percent
 1993 1992(a) Change
 Operating revenues $492,343 $471,333 4.5
 Operating expenses $414,557 $392,921 5.5
 Net income (before
 preferred dividends) $58,577 $54,344 7.8
 Earnings applicable to
 common shares $56,395 $51,737 9.0
 Average common shares
 outstanding 115,450 112,800 2.3
 Earnings per common share $0.49 $0.46 6.5
 Utility only operating
 revenues $468,431 $448,194 4.5
 12 Months Ended 12 Months Ended Percent
 March 31, 1993 March 31, 1992(a) Change
 Operating revenues $1,891,910 $1,812,350 4.4
 Operating expenses $1,596,229 $1,499,259 6.5
 Net income (before
 preferred dividends) $214,890 $209,054 2.8
 Earnings applicable
 to common shares $205,715 $198,585 3.6
 Average common shares
 outstanding 114,462 112,216 2.0
 Earnings per common share $1.80 $1.77 1.7
 Utility only operating
 revenues $1,804,348 $1,712,704 5.4
 (a) Figures are restated to reflect the 2-for-1 stock split effective May 11, 1992.
 -0- 4/27/93
 /CONTACT: Gretchen Griswold of SDG&E, 619-696-4309/
 (SDO)


CO: San Diego Gas & Electric ST: California IN: UTI SU: ERN PER

KJ-EH -- SD003 -- 1599 04/27/93 16:40 EDT
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Date:Apr 27, 1993
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