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UNITED CITIES ANNOUNCES FIRST QUARTER RESULTS EARNINGS UP FROM FIRST QUARTER LAST YEAR

 UNITED CITIES ANNOUNCES FIRST QUARTER RESULTS
 EARNINGS UP FROM FIRST QUARTER LAST YEAR
 BRENTWOOD, Tenn., April 24 /PRNewswire/ -- United Cities Gas Co., (NASDAQ-NMS: UCIT), the Nashville-area based natural and propane gas distributor, today reported first quarter earnings of $10,642,000 or $1.25 per share, compared to $9,048,000 or $1.24 per share in 1991.
 "We were pleased to see our first quarter earnings up $1.6 million over the same period last year," said Gene C. Koonce, United Cities' president and chief executive officer. "Our improved earnings translated into only a slight increase in earnings per share due to the issuance of 1,116,000 shares made through a public offering in May of 1991, which diluted earnings on a per share basis."
 Koonce said rate increases that went into effect in both Missouri and
Kansas in late 1991 were partly responsible for the improved earnings. Koonce added that the company's weather normalization adjustments in Georgia and Tennessee helped to stabilize earnings overall, however warm weather continued to have a negative impact on the company's midwest operations. Temperatures in the Kansas service territory averaged 27 percent warmer than normal for the period, with systemwide temperatures averaging approximately 18 percent warmer than normal.
 "If we had experienced normal weather throughout our service area during the first quarter, earnings per share would have approximated $1.42 per share rather than $1.25," said Koonce.
 For the twelve months ended March 31, 1992, United Cities reported earnings of $9,334,000 or $1.12 per share compared with $6,677,000 or $.92 per share for the same period in 1991. United Cities' non-regulated subsidiaries contributed $3,315,000 to the company's earnings, a substantial improvement over the prior year when the subsidiaries accounted for $2,380,000 in earnings.
 United Cities Gas Company distributes natural and propane gas to approximately 295,000 customers in nine states. The company is also engaged in other energy-related businesses.
 FINANCIAL HIGHLIGHTS TABLE
 3 Months Ended 12 Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Total Operating
 Revenues $97,479,000 $95,856,000 $240,778,000 $236,129,000
 Net Income $10,674,000 $ 9,085,000 $ 9,464,000 $ 6,827,000
 Preferred and
 Preference
 Stock Dividends $32,000 $37,000 $130,000 $150,000
 Common Stock
 Earnings $10,642,000 $ 9,048,000 $ 9,334,000 $ 6,677,000
 Common Stock
 Earnings
 Per Share $1.25 $1.24 $1.12 $.92
 Average Common
 Shares
 Outstanding 8,523,000 7,297,000 8,303,000 7,261,000
 Weather Data -
 percent colder
 (warmer) than
 normal (17.7) (14.9) (14.3) (12.7)
 Average Number of
 Customers Served 297,997 302,030 290,989 292,687
 -0- 4/24/92
 /CONTACT: Linda Kelley, United Cities Gas Co., 615-373-0104/
 (UCIT) CO: United Cities Gas Co. ST: Tennessee IN: UTI SU: ERN


DF -- CH001 -- 2284 04/24/92 08:40 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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