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SOUTHWEST GAS ANNOUNCES SECOND QUARTER RESULTS

 LAS VEGAS, Aug. 12 /PRNewswire/ -- Southwest Gas Corp. (NYSE: SWX) recorded a 1993 second quarter net loss of $0.64 per share, compared to a net loss of $0.52 per share for the same quarter in 1992. The company's second quarter 1993 net loss applicable to common stock was $13,275,000, compared to a deficit of $10,718,000 in the second quarter of 1992.
 The natural gas operations segment experienced a net loss of $7,106,000 during the second quarter of 1993, compared to a deficit of $5,423,000 recorded in the same quarter of 1992. According to Michael O. Maffie, president and chief executive officer, the decrease was principally the result of higher operations and maintenance, depreciation, and general tax expenses partially offset by higher operating margin. The increase in expenses was a result of the expansion of company facilities to accommodate continued growth throughout its service areas. An increase in net interest deductions also contributed to the higher net loss.
 PriMerit Bank, the company's financial services subsidiary, incurred a second quarter 1993 net loss of $4,717,000 (resulting in a net loss from the company's financial services segment of $5,966,000 after deducting tax-effected carrying costs associated with the bank's acquisition by Southwest), compared to a net loss of $3,890,000 (resulting in a net loss from the company's financial services segment of $5,024,000 after deducting tax-effected carrying costs) in the second quarter of 1992.
 During the second quarter of 1993, the bank recorded a loss of $6,160,000 related to the sale of its Arizona operations to World Savings and Loan Association of Oakland, Calif. (World). The loss included a write-off of $5,900,000 in goodwill created through the bank's acquisition of its Arizona facilities. The bank intends to sell mortgage-backed securities in order to fund the transfer of its Arizona deposits to World. The sale of these securities is anticipated to result in an after-tax gain in excess of $4,000,000, which is expected to be recorded during the third quarter of 1993.
 According to Maffie, the sale of the bank's Arizona operations is expected to strengthen capital ratios, reduce operating expenses and enhance the profitability of core operations.
 Consolidated operating revenues for the second quarter of 1993 were $137,971,000, compared to $144,291,000 for the same quarter a year ago. Average outstanding common shares increased to 20,630,000 during 1993 from 20,598,000 in 1992.
 Consolidated net income for the 12 months ended June 30, 1993, was $17,355,000, compared to $12,859,000 for the same period ended in 1992. Net income applicable to common stock was $16,438,000, revenues were $692,078,000, and earnings per share were $0.80 (based on 20,606,000 average common shares outstanding) for the 12 months ended June 30, 1993. This compared to consolidated net income applicable to common stock of $11,671,000, revenues of $751,798,000 and earnings per share of $0.57 (based on 20,568,000 average common shares outstanding) for the 12 months ended June 30, 1992.
 Southwest Gas is a diversified natural gas utility and financial services organization. It provides natural gas to over 900,000 customers in Nevada, Arizona and California. PriMerit Bank, a federally chartered savings bank, markets a wide variety of consumer financial products and services through branches in Nevada.
 SOUTHWEST GAS EARNINGS DIGEST
 Quarter Ended June 30: 1993 1992
 Revenues $137,971,000 $144,291,000
 Net loss $13,072,000 $10,447,000
 Net loss applicable
 to common stock $13,275,000 $10,718,000
 Average number of common
 shares outstanding 20,630,000 20,598,000
 Loss per share of common stock $0.64 $0.52
 6 Months Ended June 30:
 Revenues $358,532,000 $384,937,000
 Net income $4,054,000 $4,361,000
 Net income applicable
 to common stock $3,645,000 $3,816,000
 Average number of common
 shares outstanding 20,614,000 20,598,000
 Earnings per share of common stock $0.18 $0.19
 12 Months Ended June 30:
 Revenues $692,078,000 $751,798,000
 Net income $17,355,000 $12,859,000
 Net income applicable
 to common stock $16,438,000 $11,671,000
 Average number of common
 shares outstanding 20,606,000 20,568,000
 Earnings per share of common stock $0.80 $0.57
 -0- 8/12/93
 /CONTACT: Dante Pistone, (media) 702-876-7253, or Laura Hobbs, (shareholders), 702-876-7237, both of Southwest Gas/
 (SWX)


CO: Southwest Gas Corp. ST: Nevada IN: UTI FIN SU: ERN

BP-JL -- SD004 -- 2365 08/12/93 19:32 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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