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SDG&E REPORTS THIRD QUARTER EARNINGS

 SDG&E REPORTS THIRD QUARTER EARNINGS
 SAN DIEGO, Oct. 26 /PRNewswire/ -- Unaudited earnings per common


share for the third quarter 1992 were up 2.2 percent to 46 cents compared to 45 cents for the same period last year, Thomas A. Page, San Diego Gas & Electric (NYSE: SDO) chairman and chief executive officer, reported today.
 Earnings per common share for the 12 months ended Sept. 30, 1992, were down 6.2 percent to $1.66 compared to $1.77 for the prior 12 months, primarily because of a one-time merger termination fee of $15 million paid by Southern California Edison to SDG&E in the second quarter 1991.
 Third quarter earnings applicable to common shares increased 2.5 percent, at $52.2 million compared to $50.9 million for the same quarter last year.
 Consolidated operating revenues were $487.8 million compared to $451.7 million for the same period last year, representing an 8.0 percent increase. Consolidated operating expenses were up 10.1 percent at $411.7 million compared to last year's second quarter operating expenses of $374.1 million.
 SAN DIEGO GAS & ELECTRIC
 Financial Highlights
 (Unaudited)
 (In thousands except for per share amounts)
 Third Quarter Third Quarter Percent
 1992 1991(a) Change
 Operating revenues $487,802 $451,715 8.0
 Operating expenses $411,740 $374,114 10.1
 Net income (before
 preferred dividends) $54,692 $53,472 2.3
 Earnings applicable to
 common shares $52,151 $50,865 2.5
 Average common shares
 outstanding 114,134 111,883 2.0
 Earnings per common share $0.46 $0.45 2.2
 Utility only operating
 revenues $464,280 $424,951 9.3
 (a) Figures are restated to reflect the two-for-one stock split effective May 11, 1992.
 SAN DIEGO GAS & ELECTRIC
 Financial Highlights
 (Unaudited)
 (In thousands except for per share amounts)
 Year-to-date Year-to-date Percent
 Sept. 30, 1992 Sept. 30, 1991(a) Change
 Operating revenues $1,395,691 $1,306,539 6.8
 Operating expenses $1,172,374 $1,083,383 8.2
 Net income (before
 preferred dividends) $150,571 $160,453 (6.2)
 Earnings applicable
 to common shares $142,841 $152,525 (6.3)
 Average common shares
 outstanding 113,472 111,885 1.4
 Earnings per common share $1.26 $1.36 (7.4)
 Utility only operating
 revenues $1,327,723 $1,241,524 6.9
 (a) Figures are restated to reflect the two-for-one stock split effective May 11, 1992.
 SAN DIEGO GAS & ELECTRIC
 Financial Highlights
 (Unaudited)
 (In thousands except for per share amounts)
 12 Months Ended 12 Months Ended Percent
 Sept. 30, 1992 Sept. 30, 1991(a) Change
 Operating revenues $1,878,164 $1,777,246 5.7
 Operating expenses $1,562,489 $1,463,750 6.7
 Net income (before
 preferred dividends) $198,178 $208,492 (4.9)
 Earnings applicable to
 common shares $187,841 $197,891 (5.1)
 Average common shares
 outstanding 113,177 111,878 1.2
 Earnings per common share $1.66 $1.77 (6.2)
 Utility only operating
 revenues $1,781,914 $1,694,348 5.2
 (a) Figures are restated to reflect the two-for-one stock split effective May 11, 1992.
 -0- 10/26/92
 /CONTACT: Gretchen Griswold of SDG&E, 619-696-4309/
 (SDO) CO: San Diego Gas & Electric ST: California IN: UTI SU: ERN


JB-LS -- SD009 -- 5105 10/26/92 19:07 EST
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Date:Oct 26, 1992
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