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UGI PROVIDED SHAREHOLDERS TOTAL RETURN OF 33 PERCENT IN 1991; PLANS $43.5 MILLION IN CAPITAL EXPENDITURES

 UGI PROVIDED SHAREHOLDERS TOTAL RETURN OF 33 PERCENT IN 1991;
 PLANS $43.5 MILLION IN CAPITAL EXPENDITURES
 VALLEY FORGE, Pa., April 1 /PRNewswire/ -- Shareholders of UGI Corp. (NYSE: UGI), a Pennsylvania gas and electric utility and national marketer of propane, realized a total return of 33.1 percent in 1991, even though abnormally warm weather dampened the company's earnings growth, UGI said in its annual report.
 "UGI performed exceptionally well in providing shareholders a superior total return," James A. Sutton, chairman and chief executive officer, reported in the shareholder letter.
 Sutton said UGI's total return for the year, consisting of stock- price appreciation and dividends, exceeded the total return of 30.4 percent by Standard & Poor's 500-Stock index and 22.1 percent by a peer group of gas distribution utilities.
 "Equally impressive is UGI's long-term performance for the five-year period ended December 31, 1991," Sutton pointed out. For this period, UGI's annualized total return was 17.2 percent vs. 15.3 percent for the S&P 500 and 12.8 percent for the peer group.
 As previously reported, UGI's earnings per share in 1991, aided by 17 cents from tax-reserve reversals, increased to $1.01 from 81 cents in 1990.
 Elsewhere in the report, UGI said its capital expenditures in 1992 are expected to be $43.5 million, down from 1991 outlays of $45.9 million. The gas utility plans outlays of $27.8 million; the electric utility has budgeted $6.1 million; and the company's AmeriGas Propane unit plans to spend $9.2 million, excluding investments for acquisitions.
 Sutton said the gas utility capital budget, down from $32.7 million in 1991, "will be adequate to maintain our strategy of significant customer growth in a market temporarily affected by reduced economic activity."
 During 1991, the gas utility added 7,400 new residential, commercial and industrial heating customers.
 In propane, the long-term strategy is unchanged, he said. "It is the continued significant expansion of the business through acquisitions both large and small."
 In 1991, UGI invested $11.7 million to acquire six propane marketers and initiated efforts to restructure and acquire Petrolane Gas Service, one of the nation's two largest marketers.
 Sutton said total operating expenses of UGI's utilities and combined propane operations were lower in 1991 than in 1990 and that the company "will continue to emphasize expense control throughout 1992" in response to continuing unfavorable weather. He said UGI expects to expand its customer base through capital and acquisition investments.
 /delval/
 -0- 4/1/92
 /CONTACT: Vince Testa of UGI, 215-337-1000/
 (UGI) CO: UGI Corporation ST: Pennsylvania IN: UTI SU:


JS-MK -- PH028 -- 3991 04/01/92 15:35 EST
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Publication:PR Newswire
Date:Apr 1, 1992
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