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UNITED THERMAL CORPORATION REPORTS SECOND-QUARTER RESULTS

 UNITED THERMAL CORPORATION REPORTS SECOND-QUARTER RESULTS
 NEW YORK, Aug. 12 /PRNewswire/ -- United Thermal Corporation


(NASDAQ: UNTH) today reported a second-quarter net loss of $1,410,000, or $.10 per share, compared with a net loss of $12,297,000, or $.85 per share, in the previous year. The 1991 results include nonrecurring after-tax charges of $10,200,000, or $.71 per share, relating to the sale of the Cleveland, Ohio, steam system, as well as the writedown and subsequent sale of the Youngstown, Ohio, steam system, during 1991.
 Second-quarter revenues at United Thermal were $18,003,000 in 1992 compared with $19,476,000 in 1991, the reduction a result of the sale of the Cleveland and Youngstown operations.
 For the six months ended June 30, 1992, United Thermal recorded net income of $5,732,000, or $.40 per share, on revenues of $62,223,000. During the comparable 1991 period, the company had a net loss of $5,402,000, or $.38 per share, on revenues of $75,118,000. The 1991 results include the aforementioned nonrecurring charges and volume relating to the Cleveland and Youngstown systems.
 Richard E. Kessel, managing director and chief executive officer, stated: "The second quarter is normally a loss period for United Thermal due to the mild weather, but we have taken significant steps to improve profits. Excluding nonrecurring charges, our second quarter net income is almost $700,000 ahead of last year while our year-to-date results show an improvement of almost $1 million over that of 1991. This is the fourth consecutive quarter that operating earnings have exceeded the previous year's comparable period."
 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
 Condensed Consolidated Statements of Operations
 (In thousands, except per share amounts)
 Second Quarter Six Months
 Periods ended June 30 1992 1991 (A) 1992 1991 (A)
 Steam sales $ 18,003 $ 19,476 $ 62,223 $ 75,118
 Operating income (loss) $ (514) $ (2,573) $ 12,566 $ 10,437
 Income (loss) before taxes $ (2,202) $(16,016) $ 9,876 $ (4,128)
 Net income (loss) $ (1,410) $(12,297) $ 5,732 $ (5,402)
 Net income (loss) per
 share $ (0.10) $ (0.85) $ 0.40 $ (0.38)
 Weighted average number
 of shares outstanding 14,400 14,400 14,400 14,400
 (A) The 1991 balances include the following charges relating to the Cleveland and Youngstown steam systems, which were sold during 1991: loss on sale of Cleveland system of $6.0 million (pre-tax and after-tax) or $.42 per share; and writedown of Youngstown steam system assets by $4.2 million after-tax ($6.4 million pre-tax) or $.29 per share to their estimated net realizable value.
 -0- 8/12/92
 /CONTACT: Richard E. Kessel or Peter J. Fagan both of United Thermal Corporation, 212-750-3400/
 (UNTH) CO: United Thermal Corporation ST: New York IN: UTI SU: ERN


LR -- NY011 -- 9250 08/12/92 09:01 EDT
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Date:Aug 12, 1992
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