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UGI REDUCES THIRD QUARTER SEASONAL LOSS BY 34 PERCENT; GAS UTILITY AND PROPANE UNITS POST OPERATING GAINS

 UGI REDUCES THIRD QUARTER SEASONAL LOSS BY 34 PERCENT;
 GAS UTILITY AND PROPANE UNITS POST OPERATING GAINS
 VALLEY FORGE, Pa., Oct. 22 /PRNewswire/ -- UGI Corp. (NYSE: UGI), the holding company parent of UGI Utilities, Inc., a Pennsylvania gas and electric utility, and AmeriGas, Inc., a national marketer of propane, trimmed its seasonal third-quarter loss by more than a third on the improved performance of its gas utility and propane units.
 UGI cut its net loss for the three months ended Sept. 30 to $5,439,000 or 20 cents a share, from a net loss of $8,217,000 or 31 cents a share, in last year's third quarter.
 Earnings in the recent period included income of $750,000 or 3 cents a share, from discontinued operations. Reduced corporate general expenses also contributed to the improvement.
 Operating income rose to $1,832,000 from a loss of $2,408,000 in the corresponding period a year ago. Revenues increased to $110,743,000 from $109,291,000.
 James A. Sutton, chairman and chief executive officer, said the combined operating income of the gas and electric utilities for the quarter increased to $3,930,000 from $2,451,000. Propane's operating income improved to $402,000 from a loss of $1,455,000 a year ago.
 "The utilities' gains once again reflect the strong performance of our gas utility," Sutton said.
 It posted operating earnings of $2,632,000 in the quarter, up from $797,000 in the same period last year. The improvement resulted primarily from growth of 5 percent and 8 percent, respectively, in residential and delivery service volumes and continuing customer growth in all markets.
 He noted that the gas utility continues to make substantial new investments and in 1992 it has connected more than 4,800 new residential, commercial and industrial heating customers.
 Electric utility operating income declined to $1,298,000 from $1,654,000 in last year's third quarter, he said, due to the effects of cooler weather on energy sales for air conditioning and higher operating expenses.
 As reported, an annual $4.6 million base-rate electric increase is pending before the Pennsylvania Public Utility Commission. A decision on the rate case is expected in the first quarter of 1993, he said.
 He attributed the turnaround in propane operating income in the quarter principally to reduced operating expenses. Propane volume increased slightly in the period, the result primarily of the acquisitions of five small marketers since last year's third quarter.
 UGI's earnings for the nine months ended Sept. 30, including $1,835,000 from discontinued operations, increased 50 percent to $19,470,000 from $13,005,000 in the same period of 1991. Earnings per share, including 6 cents from the discontinued operations, were up 29 percent to 72 cents on 16 percent more shares outstanding from 56 cents. Revenues declined to $486,845,000 from $497,615,000.
 Earnings for the 12 months ended Sept. 30, including the income from discontinued operations, increased 47 percent to $30,738,000 from $20,949,000. Earnings per share rose 24 percent to $1.15 on 19 percent more shares outstanding from 93 cents. Revenues increased to $698,468,000 from $693,534,000.
 /delval/
 -0- 10/22/92
 /CONTACT: Vince Testa of UGI, 215-337-1000/
 (UGI) CO: UGI Corporation ST: Pennsylvania IN: UTI SU: ERN


MJ-LJ -- PH049 -- 3843 10/22/92 16:41 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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