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WICOR ANNOUNCES RESULTS, RAISES DIVIDEND

 MILWAUKEE, July 27 /PRNewswire/ -- The Board of Directors of WICOR, Inc. voted Tuesday to increase the quarterly dividend on common stock from 38 cents per share to 39 cents per share. The new annual rate is $1.56.
 For the first six months of 1993, WICOR's earnings were up 34 percent over the same period a year ago, according to Stuart W. Tisdale, chairman and chief executive officer.
 "The higher dividend and strong year-to-date performances of both subsidiaries underscore WICOR's positive outlook," Tisdale said.
 Dividends at the new rate are payable Aug. 31, 1993 to shareholders of record Aug. 10, 1993.
 At the half-year mark, WICOR posted earnings of $22.7 million, up from $16.9 million before accounting changes in 1992. Tisdale said efforts to improve profitability at both subsidiaries and more favorable weather conditions, particularly in the first quarter, contributed to WICOR's performance.
 Reporting second quarter results, Tisdale said the period typically is a break-even or loss quarter for WICOR because Wisconsin Gas Company's sales decline as the heating season ends.
 As a result, WICOR posted a second quarter loss of $500,000 or 3 cents per share, the same as the period a year ago. WICOR's quarterly operating revenues were $177.3 million versus $143.6 million a year ago.
 Wisconsin Gas reported a second quarter loss of $3.3 million on operating revenues of $112.5 million, compared with a $2.5 million loss on operating revenues of $83.7 million a year ago. Tisdale said natural gas deliveries for the period were down about 2 percent from last year, reflecting slightly warmer weather in the second quarter of 1993. He noted that the higher revenues in 1993 reflect increases in the cost of natural gas, which have no impact on earnings.
 At Sta-Rite Industries, both operating revenues and earnings for the second quarter increased over last year. Earnings of $3.0 million were up $1.0 million or 50 percent from the period a year ago, and operating revenues of $65.4 million were 10 percent higher than the $59.6 million reported in the second quarter of 1992. Tisdale attributed the improvement to strong product demand in Sta-Rite's international markets and increased domestic demand due to wet weather in the United States, as well as cost-cutting measures implemented by the company in 1992.
 WICOR's previously announced acquisition of Carr-Griff, Inc. (commonly known as SHURflo) is proceeding smoothly and is expected to close this week, according to Tisdale. WICOR disclosed plans on July 14 to acquire the California-based, privately-held manufacturer and marketer of pumps for the beverage, recreational vehicle, marine, industrial and water markets.
 Also during the second quarter, WICOR sold its interests in Wexco of Delaware, Inc., an oil and natural gas exploration business, Tisdale said.
 "Wexco represented less than one percent of WICOR's total assets, and no longer fit with the strategic direction of the company," he said. "The divestiture reflects our intention to focus on our primary businesses and direct our attention and resources where we have a competitive advantage."
 WICOR (NYSE: WIC) is a Milwaukee-based holding company. Its primary subsidiaries are Wisconsin Gas Company, the state's largest distributor of natural gas, and Sta-Rite Industries, Inc., a leading manufacturer of pumps and water processing equipment for markets throughout the world.
 WICOR, Inc. and Subsidiaries
 Preliminary
 Unaudited Quarterly Results
 (Figures in millions except for per share amounts)
 QUARTER ENDED YEAR-TO-DATE
 JUNE 30 JUNE 30
Operating Revenues 1993 1992 1993 1992
Wisconsin Gas Co. $ 112.5 $ 83.7 $ 317.9 $ 267.2
Sta-Rite Industries, Inc. 65.4 59.6 121.0 109.1
Other (0.6) 0.3 - 0.7
WICOR $ 177.3 $ 143.6 $ 438.9 $ 377.0
Net Income 1993 1992 1993 1992
Wisconsin Gas Co. $ (3.3) $ (2.5) $ 18.4 $ 14.0
Sta-Rite Industries, Inc. 3.0 2.0 4.7 3.2
Other (0.2) 0.0 (0.4) (0.3)
WICOR $ (0.5) $ (0.5) $ 22.7 $ 16.9


Net Income (after
Accounting Changes) 1993 1992 1993 1992
Wisconsin Gas Co. $ (3.3) $ (2.5) $ 18.4 $ 14.0
Sta-Rite Industries, Inc. 3.0 2.0 4.7 (5.4)
Other (0.2) 0.0 (0.4) 0.3
WICOR $ (0.5) $ (0.5) $ 22.7 $ 8.9


Average Shares Outstanding
 (thousands) 15,111 14,548 15,031 14,524


WICOR Earnings per
Common Share $(0.03) $(0.03) $1.51 $1.16


WICOR Earnings per
Common Share $(0.03) $(0.03) $1.51 $0.62 (after accounting changes)
 -0- 7/27/93
 /CONTACT: (Media) Kathleen Sieja, 414-291-6950, or (Analysts) John Hoy, 414-291-6568, both of WICOR/
 (WIC)


CO: WICOR, Inc. ST: Wisconsin IN: OIL UTI SU: ERN DIV

KE-ML -- DE017 -- 6324 07/27/93 14:35 EDT
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Date:Jul 27, 1993
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