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UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS

 UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS
 HOUGHTON, Mich., Nov. 2 /PRNewswire/ -- Upper Peninsula Energy


Corporation (NASDAQ-NMS: UPEN) reports unaudited consolidated net income of $4,102,000 or $1.35 per average common share for the 12 months ended Sept. 30, 1992. All previous financial information has been adjusted for the 2-for-1 stock split of Sept. 1, 1992.
 Twelve-month earnings for the same period a year ago were $4,285,000 or $1.43 per share. For the nine months ended Sept. 30, 1992, earnings were $3,036,000 or $1 per share compared to $3,388,000 or $1.13 per share for the nine months ended Sept. 30, 1991. For the third quarter ending Sept. 30, 1992, earnings were $830,000 or $0.27 per share compared to $848,000 or $0.28 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, nine and three months ended Sept. 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 Nine Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Revenues $61,673,000 $59,383,000 $46,210,000 $45,013,000
 Net income $4,102,000 $4,285,000 $3,036,000 $3,388,000
 Average shares
 outstanding 3,028,664 3,005,172 3,031,790 3,008,996
 Earnings per
 share $1.35 $1.43 $1.00 $1.13
 Third Quarter Ended
 Sept. 30
 1992 1991
 Revenues $15,048,000 $14,832,000
 Net income $830,000 $848,000
 Average shares
 outstanding 3,037,676 3,015,434
 Earnings per
 share $.27 $.28
 -0- 11/2/92
 /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 SU: ERN


ML -- DE013 -- 1608 11/02/92 12:22 EST
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Date:Nov 2, 1992
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