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SDG&E REPORTS SECOND QUARTER EARNINGS

 SDG&E REPORTS SECOND QUARTER EARNINGS
 SAN DIEGO, July 27 /PRNewswire/ -- Unaudited earnings per common


share for the 12 months ended June 30, 1992, were down 6.7 percent to $1.66, compared to $1.78 for the prior 12 months, Thomas A. Page, San Diego Gas & Electric (NYSE: SDO) chairman and chief executive officer, reported today.
 Earnings per common share for the second quarter were down 26.1 percent to 34 cents, compared to 46 cents for the same period last year.
 The 12-cent decrease in earnings for both the second quarter and 12 months was due primarily to the termination of the Southern California Edison merger agreement. In accordance with the agreement, Edison remitted a one-time $15 million termination fee which contributed 14 cents to earnings per common share in the second quarter of 1991. Adjusting current earnings for that one-time fee shows a net gain of 2 cents per share over second quarter 1991 and over the 12 months ended June 30, 1991, with several minor factors contributing to the gain.
 Second quarter earnings applicable to common shares decreased 23.6 percent, at $39.0 million, compared to $51.0 million for the same quarter last year.
 Consolidated operating revenues were $436.6 million, compared to $406.8 million for the same period last year, representing a 7.3 percent increase. Consolidated operating expenses were up 7.5 percent at $367.7 million, compared to last year's second quarter operating expenses of $342.1 million.
 SAN DIEGO GAS & ELECTRIC
 (Unaudited)
 (In thousands except for per share amounts)
 Second Quarter Second Quarter Percent
 1992 1991(A) Change
 Operating Revenues $436,556 $406,829 7.3
 Operating Expenses $367,713 $342,109 7.5
 Net Income (before
 Preferred Dividends) $41,535 $53,631 (22.6)
 Earnings Applicable
 to Common Shares $38,953 $50,983 (23.6)
 Average Common Shares
 Outstanding 113,476 111,883 1.4
 Earnings per Common Share $0.34 $0.46 (26.1)
 Utility Only Operating
 Revenues $415,249 $385,368 7.8
 Year-to-Date Year-to-Date Percent
 June 30, 1992 June 30, 1991(A) Change
 Operating Revenues $907,889 $854,824 6.2
 Operating Expenses $760,634 $709,269 7.2
 Net Income (before
 Preferred Dividends) $95,879 $106,981 (10.4)
 Earnings Applicable
 to Common Shares $90,690 $101,660 (10.8)
 Average Common Shares
 Outstanding 113,138 111,886 1.1
 Earnings per Common Share $0.80 $0.91 (12.1)
 Utility Only Operating
 Revenues $863,443 $816,573 5.7
 12 Months Ended 12 Months Ended Percent
 June 30, 1992 June 30, 1991(A) Change
 Operating Revenues $1,842,077 $1,777,658 3.6
 Operating Expenses $1,524,863 $1,475,867 3.3
 Net Income (before
 Preferred Dividends) $196,958 $209,693 (6.1)
 Earnings Applicable
 to Common Shares $186,555 $199,026 (6.3)
 Average Common Shares
 Outstanding 112,611 111,866 0.7
 Earnings per Common Share $1.66 $1.78 (6.7)
 Utility Only Operating
 Revenues $1,742,585 $1,706,100 2.1
 (A) Figures are restated to reflect the two-for-one stock split effective May 11, 1992.
 -0- 7/27/92
 /EDITOR'S NOTE: 1991 per share figures are restated to reflect the May 11, 1992, stock split./
 /CONTACT: Gretchen Griswold of San Diego Gas & Electric, 619-696-4309/
 (SDO) CO: San Diego Gas & Electric Co. ST: California IN: UTI SU: ERN


KJ-JL -- SD006 -- 3727 07/27/92 17:47 EDT
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Date:Jul 27, 1992
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