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UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS

 UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS
 HOUGHTON, Mich., Aug. 3 /PRNewswire/ -- Upper Peninsula Energy


Corporation (UPPCO) (NASDAQ-NMS: UPEN) reported unaudited consolidated net income of $4,120,000 or $2.73 per average common share for the 12 months ended June 30, 1992. Twelve-month earnings for the same period a year ago were $4,219,000 or $2.81 per share.
 For the six months ended June 30, 1992, earnings were $2,206,000 or $1.46 per share compared to $2,540,000 or $1.69 per share for the six months ended June 30, 1991.
 For the second quarter ended June 30, 1992, earnings were $767,000 or $0.51 per share compared to $920,000 or $0.61 per share for the same period in 1991.
 Elio Argentati, chairman of the board, said that earnings applicable to common stock decreased for the 12, six and three months ended June 30, 1992, due to higher overall labor-related costs and expenses associated with additions to plant such as depreciation, ad valorem taxes and interest costs. The effect of UPPCO's two-step Michigan jurisdictional rate relief effective May 1, 1991, and Jan. 1, 1992, had a positive impact on earnings.
 UPPER PENINSULA ENERGY CORPORATION
 12 Months Ended Six Months Ended
 June 30 June 30
 1992 1991 1992 1991
 Revenues $61,456,000 $58,480,000 $31,163,000 $30,181,000
 Net income $4,120,000 $4,219,000 $2,206,000 $2,540,000
 Average shares
 outstanding 1,511,536 1,499,223 1,514,407 1,502,862
 Earnings per share $2.73 $2.81 $1.46 $1.69
 Second Quarter Ended
 June 30
 1992 1991
 Revenues $14,868,000 $14,151,000
 Net income $767,000 $920,000
 Average shares outstanding 1,515,281 1,503,816
 Earnings per share $.51 $.61
 -0- 8/3/92 R
 /CONTACT: E. Argentati, chairman, or B.C. Arola, vice president, treasurer and secretary, Upper Peninsula Energy Corporation, 906-487-5000/
 (UPEN) CO: Upper Peninsula Energy Corporation ST: Michigan IN: UTI OIL SU: ERN


JG-SM -- DE007 -- 6132 08/03/92 11:55 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
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