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UPPER PENINSULA ENERGY CORPORATION REPORTS RESULTS

 HOUGHTON, Mich., May 3 /PRNewswire/ -- Upper Peninsula Energy Corporation (NASDAQ-NMS: UPEN) reported consolidated net income of $3,589,000 or $1.18 per average common share for the 12 months ended March 31, 1993. Twelve-month earnings for the same period a year ago were $4,273,000 or $1.42 per share.
 For the first quarter of 1993, earnings were $1,361,000 or $0.45 per share compared to $1,439,000 or $0.48 per share for the same period in 1992. 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 for the 12 months ended March 31, 1993, due primarily to higher overall labor-related costs, the expenses associated with an early retirement option offered in the last quarter of 1992 and costs associated with additions to plant such as depreciation, ad valorem taxes and interest. While energy sales remained flat, a 2.1-percent increase in retail rates effective Jan. 1, 1992, had a positive impact on earnings.
 Earnings decreased for the first quarter of 1993 due to lower retail sales and higher overall labor-related costs offset partially by lower interest costs.
 Argentati also stated that Upper Peninsula Energy may repurchase some of its common stock on the open market if and when market price conditions would have a favorable impact on the company.
 UPPER PENINSULA ENERGY CORPORATION
 12 Months Ended Three Months Ended
 March 31 March 31
 1993 1992 1993 1992
 Revenues $61,210,000 $60,739,000 $16,053,000 $16,294,000
 Net income $3,589,000 $4,273,000 $1,361,000 $1,439,000
 Average shares
 outstanding 3,039,197 3,017,371 3,047,615 3,027,064
 Earnings
 per share(a) $1.18 $1.42 $0.45 $0.48
 (a) -- Restated to reflect 2-for-1 common stock split in September 1992.
 -0- 5/3/93
 /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: UTI OIL SU: ERN

JG -- DE009 -- 3703 05/03/93 10:44 EDT
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Date:May 3, 1993
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