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UNITED WATER RESOURCES REPORTS LOWER THIRD QUARTER EARNINGS

 UNITED WATER RESOURCES REPORTS LOWER THIRD QUARTER EARNINGS
 HARRINGTON PARK, N.J., Oct. 23 /PRNewswire/ -- United Water Resources (NYSE: UWR) today reported net income of $6.2 million for the third quarter of 1992, a decrease of 24 percent from the comparable period in 1991. Net income per common share for the quarter was 34 cents compared with 47 cents a year ago. The company attributed lower earnings to cool weather which discouraged typical summer water use.
 Operating revenues for the third quarter of 1992 were $44.7 million, versus $48.6 million for the third quarter of 1991. United Water's earnings for the nine months ending Sept. 30, 1992 were $11.8 million, a 12 percent drop from the same period a year ago. Net income per common share for the nine months ending Sept. 30 was 65 cents, compared to 79 cents for the same period a year earlier.
 Operating revenues for the nine months ending Sept. 30 were $123.8 million versus $122.5 million for the same period a year ago. "Customer water use this year was almost 13 percent below third quarter 1991, when we set new daily pumping records during a dry summer," said Donald L. Correll, United Water's president and chief executive officer. "Cooler summer temperatures and frequent weekend showers curtailed seasonal lawn sprinkling in the residential communities served by our utilities. With reservoirs at 84 percent of capacity we began the fourth quarter in a strong position to meet anticipated customer demand."
 A second quarter real estate sale contributed to higher year-to-date revenues, Correll said. He noted that nine-month financial performance reflects increased carrying charges associated with a preferred stock issue, the redemption of high-interest-rate utility first mortgage bonds as well as costs associated with the real estate sale.
 United Water Resources is a holding company engaged in water-related businesses and real estate. Its utility subsidiaries, Hackensack and Spring Valley water companies, serve over one million people in New
Jersey and New York. United Water's real estate subsidiary, Rivervale


Realty Company, owns developable land and several office buildings in the metropolitan area. Other subsidiaries provide environmental testing, automatic meter reading services, and construct and operate small water and sewer utilities.
 United Water has paid continuous cash dividends on common stock since 1886.
 UNITED WATER RESOURCES AND SUBSIDIARIES
 (Unaudited)
 (Amounts in thousands, except per-share data)
 Three months ended Sept. 30 1992 1991
 Operating revenues $44,703 $48,616
 Operating expenses 29,408 30,926
 Net income 6,156 8,129
 Net income per common share .34 .47
 Dividends paid per share .23 .23
 Average number of common
 shares outstanding 18,348 17,121
 Nine months ended Sept. 30 1992 1991
 Operating revenues $123,811 $122,497
 Operating expenses 88,646 87,483
 Net income 11,800 13,364
 Net income per common share .65 .79
 Dividends paid per share .69 .68
 Average number of common
 shares outstanding 18,024 16,977
 Twelve months ended Sept. 30 1992 1991
 Operating revenues $163,064 $181,847
 Operating expenses 117,248 127,960
 Net income 14,878 21,714
 Net income per common share .83 1.28
 Dividends paid per share .92 .90
 Average number of common
 shares outstanding 17,849 16,916
 -0- 10/23/92
 /CONTACT: Carolyn M. Iglesias of United Water Resources, 201-784-9434, or evenings and weekends, 201-487-0011/
 (UWR) CO: United Water Resources ST: New Jersey IN: UTI SU: ERN


PS -- NY019 -- 4059 10/23/92 10:27 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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