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UNITED CITIES ANNOUNCES QUARTERLY RESULTS AND RAISES DIVIDEND

    UNITED CITIES ANNOUNCES QUARTERLY RESULTS AND RAISES DIVIDEND
    BRENTWOOD, Tenn., Nov. 1 /PRNewswire/ -- United Cities Gas Co., (NASDAQ: UCIT), the Nashville area-based natural and propane gas distributor, announced today that third quarter and year-to-date results show an improvement over the same period in 1990.
    "The seasonal nature of the natural gas business normally results in a loss for the third quarter, however we are pleased to report an improvement over the same period in 1990," said Gene C. Koonce, United Cities' president and chief executive officer,
    The company reported a third quarter loss of $3.4 million compared to a loss of $4.2 million in 1990.  Year-to-date results reflect common stock earnings of $2,208,000 or $.28 per share on revenues of $168,460,000 compared with a loss of $1,067,000 or $.15 per share on revenues of $157,062,000 for the same period in 1990.
    Koonce also announced that the company's board of directors raised the dividend to an annual rate of $.96 per share today at its regular quarterly board meeting.  A quarterly dividend of $.24 per common share will be payable on Dec. 13, 1991 to all sharehodlers of record on Nov. 29, 1991.  "Our board recognized the need for a dividend rate that offsets yearly inflation and rewards our loyal shareholders," said Koonce.  This marks the tenth consecutive year the company has raised the annual dividend on common shares.
    United Cities Gas Company distributes natural and propane gas to approximately 291,000 customers in nine states.  The company is also engaged in other energy-related businesses.
                      UNITED CITIES GAS COMPANY
                     FINANCIAL HIGHLIGHTS TABLE
                         3 Months Ended,         9 Months Ended,
                             Sept. 30,              Sept. 30,
                         1991        1990      1991         1990
    Total Operating
     Revenue         $28,417,000 $28,634,000 $168,460,000 $157,062,000
    Net Income (Loss)($3,359,000)($4,186,000)$  2,310,000 ($  942,000)
     Preferred and
     Preference
     Stock Dividends      32,000      38,000      102,000      125,000
    Common Stock
     Earnings
     (Loss)          ($3,391,000) ($4,224,000) $2,208,000 $(1,067,000)
     Common Stock
     Earnings (Loss)
     Per Share       ($      .40) ($      .58) $      .28 $      (.15)
    Average Common
     Shares Out-
     standing          8,475,000    7,250,000   7,832,000   7,226,000
    Weather Data -
     percent colder
     (warmer) than
     normal                  N/A          N/A    (16.9pct)   (24.8pct)
                                                   12 Months Ended
                                                      Sept. 30,
                                                 1991         1990
    Total Operating Revenues                 $231,794,000 $223,520,000
    Net Income (Loss)                        $  6,625,000 $  6,826,000
     Preferred and Preference
     Stock Dividends                              139,000      177,000
    Common Stock Earnings (Loss)             $  6,486,000 $  6,649,000
     Common Stock Earnings
     (Loss) Per Share                        $        .84 $        .92
    Average Common Shares Outstanding           7,691,000    7,215,000
    Weather Data -- percent
     colder (warmer) than normal                 (16.6pct)    (8.4pct)
    -0-                                 11/1/91
    /CONTACT:  Linda Kelley of United Cities Gas Co., 615-373-0104/
    (UCIT) CO:  United Cities Gas Co. ST:  Tennessee IN:  UTI SU:  ERN CM -- CH014 -- 0292 11/01/91 14:22 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 1, 1991
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