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WESTERN WATER CO. REPORTS SECOND QUARTER RESULTS

 SAN DIEGO, Oct. 29 /PRNewswire/ -- Western Water Co. (NASDAQ: WWTR) today reported a sharp improvement in earnings for its second quarter ended Sept. 30, 1993. Net income for the quarter was $186,864, or $0.02 per share, vs. a net loss of $254,129, or $0.09 per share, for the same period last year. Revenues for the quarter climbed to $1,048,909 from $72,135 a year ago.
 For the six months ended Sept. 30, 1993, the company sustained a net loss of $170,789, or $0.17 per share, compared with a net loss of $603,776, or $0.24 per share, a year earlier. Revenues for the six- month period rose to $1,454,978 from $103,486 last year.
 Peter L. Jensen, chairman, president and chief executive officer, noted that second quarter results reflect the company's ongoing sale of real estate in Colorado, which commenced during the quarter.
 "The favorable economic environment in Colorado bodes well for Western Water as the company attempts to capitalize on its real estate and water rights in the Cherry Creek Basin of Denver. We believe the company is well positioned in both Colorado and California to meet the increased demand for water in the western region of the country and we look forward to continued growth," Jensen stated.
 Western Water is engaged in the development, packaging and sale of water rights to municipalities and other end users in the western United States and owns real estate and water rights in California and Colorado.
 WESTERN WATER CO.
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended Sept. 30: 1993 1992
 Revenues
 Water rights $38,124 $31,780
 Real estate 984,999 ---
 Other 25,786 40,355
 Total revenues 1,048,909 72,135
 Costs of revenues
 Water rights 9,928 8,458
 Real estate 418,564 ---
 Total costs of revenues 428,492 8,458
 Total 620,417 63,677
 General & administrative 325,189 264,009
 Operating income (loss) 295,228 (200,332)
 Other income (expenses)
 Interest income 16,446 8,294
 Interest expense (67,653) (57,236)
 Loss on disposition of assets (2,340) ---
 Minority interest --- 9,941
 Rental income (expenses), net (7,317) 37,517
 Loss on lawsuit settlement (47,500) ---
 Total (108,364) (1,484)
 Income (loss) from continuing operations 186,864 (201,816)
 Loss from discontinued operations --- (52,313)
 Net income (loss) $186,864 ($254,129)
 Income (loss) per common share
 Continuing operations $0.02 ($0.08)
 Discontinued operations --- (0.01)
 Net income (loss) per common share(a) $0.02 ($0.09)
 Average common shares outstanding 2,699,344 2,510,416
 (a) Net income per share computation for the three months ended Sept. 30, 1993, was adjusted to include preferred stock dividends of $136,584 accrued during the period.
 WESTERN WATER CO.
 Consolidated Statements of Operations
 (Unaudited)
 Six months ended Sept. 30: 1993 1992
 Revenues
 Water rights $82,963 $36,166
 Real estate 1,317,839 ---
 Other 54,176 67,320
 Total revenues 1,454,978 103,486
 Costs of revenues
 Water rights 19,856 16,181
 Real estate 735,639 ---
 Total costs of revenues 755,495 16,181
 Total 699,483 87,305
 General & administrative 709,523 584,839
 Operating loss (10,040) (497,534)
 Other income (expenses)
 Interest income 36,237 25,774
 Interest expense (133,165) (101,981)
 Loss on disposition of assets (1,659) ---
 Minority interest 18,297 9,941
 Rental income (expenses), net (32,959) 37,517
 Loss on lawsuit settlement (47,500) ---
 Total (160,749) (28,749)
 Loss from continuing operations (170,789) (526,283)
 Loss from discontinued operations --- (77,493)
 Net loss ($170,789) ($603,776)
 Loss per common share
 Continuing operations ($0.17) ($0.21)
 Discontinued operations --- (0.03)
 Net (loss) per common share(a) ($0.17) ($0.24)
 Average common shares outstanding 2,637,109 2,498,977
 (a) Net loss per share computation for the six months ended Sept. 30, 1993, was adjusted to include preferred stock dividends of $286,672 accrued during the period.
 -0- 10/29/93
 /CONTACT: Peter L. Jensen of Western Water, 619-535-9282; or Gary S. Maier of Pondel Parsons & Wilkinson, 310-207-9300/
 (WWTR)


CO: Western Water Co. ST: California IN: UTI SU: ERN

JL-LM -- LA017 -- 8345 10/29/93 08:33 EDT
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Date:Oct 29, 1993
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