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SOUTHEASTERN MICHIGAN GAS ENTERPRISES, INC. REPORTS 1992 EARNINGS

 PORT HURON, Mich., Feb. 10 /PRNewswire/ -- Robert J. Thomson, chairman, president and chief executive officer of Southeastern Michigan Gas Enterprises, Inc. (NASDAQ-NMS: SMGS), reported that net income available for common shareholders was $8,310,000 for the year ended 1992, compared to $7,301,000 for 1991. Earnings per share were $0.94 for 1992, compared to $0.85 in 1991.
 Net income for 1992 increased in spite of an extraordinary charge of $901,000, or $0.10 per share, for the early extinguishment of debt. In the second quarter of 1992, the company redeemed $15 million of 11 1/2 percent debentures with the proceeds of a new issuance at 8 5/8 percent, thereby reducing future interest expense.
 The growth in earnings primarily results from increases in natural gas volumes sold by the company's distribution subsidiaries. Temperatures during 1992 were 9.7-percent colder than 1991 and 3.7-percent colder than normal. With the colder temperatures and an increase in the average number of customers served of over 4,800, natural gas volumes sold increased by 6 percent compared to 1991.
 The following is a summary of the results for the quarter and year ended Dec. 31.
 SOUTHEASTERN MICHIGAN GAS ENTERPRISES, INC.
 Quarter Ended Dec. 31 1992 1991
 Operating Revenue $83,415,000 $71,883,000
 Net income (loss) for Common $ 4,297,000 $ 4,377,000
 Earnings per share (a) $ .48 $ .51
 Dividends per share (a) $ .20 $ .19
 Average Common shares outstanding (a) 8,922,000 8,682,000
 Year Ended Dec. 31
 Operating Revenue $251,526,000 $231,522,000
 Net income available for Common
 before extraordinary item $ 9,211,000 $ 7,301,000
 Extraordinary item -- Loss on
 early extinguishment
 of debt, net of tax $ (901,000) ---
 Net Income available for Common $ 8,310,000 $ 7,301,000
 Earnings per share before
 extraordinary item (a) $ 1.04 $ .85
 Earnings per share (a) $ .94 $ .85
 Dividends per share (a) $ .78 $ .74
 Average Common shares
 outstanding 8,833,000 8,609,000
 (a) Adjusted to give retroactive effect to 5-percent stock dividends in May 1991 and May 1992.
 Enterprises is the parent company of six wholly owned subsidiaries: Southeastern Michigan Gas Company (Port Huron); Battle Creek Gas Company (Battle Creek, Mich.); Michigan Gas Company (Three Rivers, Mich.); Southeastern Development Company (Port Huron); Southeastern Financial Services, Inc. (Port Huron); and SEMCO Energy Services, Inc. (Port Huron).
 Enterprises serves natural gas to approximately 204,000 customers in 23 counties in Michigan through its subsidiaries Southeastern Michigan Gas Company, Battle Creek Gas Company and Michigan Gas Company.
 -0- 2/10/93
 /CONTACT: Allan E. Peattie, manager-investor relations, Southeastern Michigan Gas Enterprises, Inc., 313-987-2200/
 (SMGS)


CO: Southeastern Michigan Gas Enterprises, Inc. ST: Michigan IN: UTI SU: ERN

DH -- DE005 -- 5022 02/10/93 09:17 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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