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UNITED THERMAL CORPORATION REPORTS 1992 RESULTS

 NEW YORK, March 22 /PRNewswire/ -- United Thermal Corporation (NASDAQ: UNTH) reported 1992 net income of $5,728,000 or $.40 per share on revenues of $107,032,000, compared with a net loss of $6,339,000 or ($.44) per share on revenues of $118,503,000 in 1991. The 1991 results include one time after-tax charges of $10,200,000 or $.71 per share representing losses on the sales of the company's Cleveland and Youngstown steam systems. Excluding these 1991 nonrecurring charges, net income increased $1,867,000 or 48 percent from 1991. The decrease in revenue is principally due to the sold operations.
 In the fourth quarter of 1992, United Thermal recorded net income of $4,161,000 or $.29 per share on revenues of $34,190,000, compared with net income of $3,392,000 or $.23 per share on revenues of $31,587,000 in the fourth quarter of 1991.
 The weighted average number of shares outstanding for the 12 months ended Dec. 31, 1992 and 1991 were 14,400,000.
 Richard E. Kessel, managing director and chief executive officer, stated: "1992 was an excellent year for United Thermal. We improved our net income 48 percent from 1991 while achieving a record year for steam service reliability. The fourth quarter of 1992 is the sixth consecutive quarter that earnings have exceeded the prior year. We remain optimistic that profits will continue to improve during 1993. Additionally, we made great progress during 1992 in establishing United Thermal Development Corporation, which will concentrate on developing total energy projects for major institutions and industries. We believe this will be a valuable business expansion for United Thermal in the future, resulting in increased shareholder value."
 United Thermal Corporation, the nation's second-largest supplier of district steam energy, owns and operates the district steam systems in Philadelphia, Boston, Baltimore and St. Louis. The steam is produced in central plants fired by fossil fuels or municipal solid waste for distribution through pressurized underground pipeline networks to buildings in the downtown commercial districts. United Thermal's customers include universities, hospitals, commercial and government buildings, schools and public housing complexes.
 UNITED THERMAL CORPORATION
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 For the periods ended Fourth quarter Year
 Dec. 31, 1992 1991 1992 1991(A)
 Steam sales $ 34,190 $ 31,587 $107,032 $118,503
 Operating income 8,635 6,819 15,314 11,178
 Inc. (loss) bef. taxes 7,040 5,892 9,858 (5,539)
 Net income (loss) 4,161 3,392 5,728 (6,339)
 Net inc. (loss)
 per share $ 0.29 $ 0.23 $ 0.40 $ ( 0.44)
 Wtd. avg. no. of shares
 outstanding 14,400 14,400 14,400 14,400
 (A) The 1991 balances include one time after-tax charges of $10.2 million relating to the sale of the company's Cleveland and Youngstown facilities.
 -0- 3/22/93
 /CONTACT: Richard E. Kessel of United Thermal Corporation, 212-750-3400/
 (UNTH)


CO: United Thermal Corporation ST: New York IN: UTI SU: ERN

SH -- NY021 -- 8087 03/22/93 09:22 EST
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Publication:PR Newswire
Date:Mar 22, 1993
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