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UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS

 HOUGHTON, Mich., Feb. 18 /PRNewswire/ -- Upper Peninsula Energy Corporation (NASDAQ-NMS: UPEN) reports consolidated net income of $3,668,000 or $1.21 per average common share for the year 1992. 1991 earnings were $4,454,000 or $1.48 per share.
 For the fourth quarter ended Dec. 31, 1992, earnings were $632,000 or $0.21 per share compared to $1,066,000 or $0.35 per share for the same period in 1991. All per-share data have been restated to reflect the 2-for-1 split of common stock on Sept. 1, 1992.
 Elio Argentati, chairman of the board, said that earnings applicable to common stock decreased in 1992 as a result of electric sales increasing less than 1 percent, while overall costs and expenses rose at a much higher pace. Significant expense increases were in health care costs and a one-time expense associated with an early retirement program for downsizing purposes.
 UPPER PENINSULA ENERGY CORPORATION
 12 Months Ended Three Months Ended
 Dec. 31 Dec. 31
 1992 1991 1992 1991
 Revenues $61,452,000 $60,475,000 $15,242,000 $15,462,000
 Net income $3,668,000 $4,454,000 $632,000 $1,066,000
 Avg. shares
 outstanding 3,034,111 3,011,608 3,041,025 3,019,352
 Earnings
 per share(a) $1.21 $1.48 $0.21 $0.35
 (a) -- Restated to reflect 2-for-1 common stock split in September 1992.
 -0- 2/18/93
 /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: OIL UTI SU: ERN

JG -- DE013 -- 7899 02/18/93 12:30 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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