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SOUTHEASTERN PUBLIC SERVICE COMPANY ANNOUNCES RESULTS

 MIAMI, July 20 /PRNewswire/ -- Southeastern Public Service Company (PSE) today announced results for the first quarter ended May 31, 1993.
 For the three months ended May 31, 1993, the company reported revenues of $57.5 million, an operating loss of $12.5 million and a net loss of $2.8 million (a loss of $.24 per share), compared to revenues of $56.4 million, an operating profit of $1.2 million and a net loss of $4.2 million (a loss of $.36 per share) in the prior year's comparable period. Included in the operating loss for the first quarter of fiscal 1994 are one-time charges of an $8.0 million write-down of certain unprofitable properties and $5.5 million of adjustments related to estimated cost allocated to the company by the company's parent, DWG Corporation (AMEX: DWG), for termination of a lease for its existing corporate facilities ($2.8 million), estimated cost allocated to the company by DWG for relocation of DWG's corporate headquarters, personnel relocation and employee severance ($0.8 million), cost allocated to the company by DWG related to a five-year consulting agreement between DWG and the former vice chairman of DWG ($1.4 million) and other expenses ($0.5 million). In addition to the items affecting the operating loss, the net loss for the first quarter of fiscal 1994 was net of a benefit for the cumulative effect of changes in accounting principles ($7.5 million or $.64 per share) principally income taxes. The net loss for the first quarter of fiscal 1993 included a charge for the cumulative effect of changes in accounting principles ($6.0 million or $.51 per share), principally income tax, of an equity investment.
 SOUTHEASTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
 Summary Operating Results
 For the three months
 ended May 31,
 1993 1992
 (In thousands except per share amounts)
 Operating revenues $ 57,479 $ 56,381
 Operating profit (loss) (12,497) 1,183
 Earnings (loss) before cumulative
 effect of changes in accounting
 principles (10,316) 1,745
 Cumulative effect of changes in
 accounting principles, net of taxes 7,515 (5,954)
 Net loss $ (2,801) $ (4,209)
 Earnings (loss) per share:
 Earnings (loss) before cumulative
 effect of changes in accounting
 principles $(.88) $.15
 From cumulative effect of changes
 in accounting principles .64 (.51)
 Net loss $(.24) $(.36)
 Average shares outstanding 11,655 11,655
 -0- 7/20/93
 /CONTACT: William R. Pollert, senior vice president of Southeastern Public Service Company, 305-866-7771/
 (DWG)


CO: Southeastern Public Service Company ST: Florida IN: SU: ERN

AW-RC -- FL017 -- 3635 07/20/93 17:54 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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