PP&L Resources, Inc., Wednesday (4/23) reported earnings of $2.04 per share of common stock for the 12-month period ended March 31, 1997, compared with $2.13 per share in earnings reported by the company in the previous 12-month period.

However, if the effects of abnormal weather and one-time adjustments are removed, the company would have had earnings of $2.07 per share for the 12 months ended March 31, 1997, compared with $1.79 per share for the previous 12-month period.

"We're pleased with the improvement in earnings when comparing the periods on a consistent basis," said Ronald E. Hill, senior vice president-Financial.

The increase reflects several factors: growth in electricity sales by Pennsylvania Power & Light, the company's electric utility subsidiary; lower interest expense because of improved cash flow and refinancing and retirement of high-cost securities; and the fact that Power Markets Development Co., the company's subsidiary investing in worldwide energy projects, became profitable in 1996, much earlier than originally anticipated, Hill said.

During the 12 months ended March 31, 1997, Pennsylvania Power & Light's weather-adjusted sales to service-area customers were up in all major categories: residential sales increased 1.8 percent; commercial sales rose 2.7 percent; and industrial sales were up 3.1 percent.

"The continued increase in industrial and commercial sales is a good sign of regional economic health," noted Hill.

Reported earnings for the 12 months ended March 31, 1996, were influenced by the cost of on-going work-force reductions, and by several one-time adjustments related primarily to regulatory decisions by the Pennsylvania Public Utility Commission and the sale of coal reserves.

A reduction in PP&L's contractual bulk power sales to a New Jersey utility reduced earnings by 9 cents per share in the 12 months ended March 31, 1997, as compared with the previous 12-month period. Under the terms of the contract, the amount of bulk power sold will continue to decline over the next several years. PP&L has increased its efforts to sell this energy and capacity on the open market. In the 12 months ended March 1997, sales to other utilities increased 2.8 billion kilowatt-hours — or 27 percent — over the prior 12-month period.

In the first quarter of 1997, PP&L Resources reported earnings of 72 cents per share, compared with earnings of 73 cents per share in the first quarter of 1996. After excluding the effects of weather, first quarter 1997 earnings would have been 76 cents per share, compared with 69 cents per share for the first quarter of 1996.

PP&L RESOURCES, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) March 1997 Thousands of Dollars

3 Months Ended Mar. 31

12 Months Ended Mar. 31

	1997	1996		1997	1996
Operating revenues	$785,769	$789,192		$2,906,820	$2,813,506
Net income	116,772	116,260		329,944	337,593
Earnings per share of common stock (based on average number of shares outstanding)	$0.72	$0.73		$2.04	$2.13
Average number of shares outstanding (thousands)	163,192	159,890		161,879	158,570

SYSTEM SALES COMPARISONS -- ACTUAL Millions of kwh

3 Months Ended Mar. 31

12 Months Ended Mar. 31

	1997	1996	% Change		1997	1996	% Change
Residential	3,654	4,021	-9.1		11,481	11,760	-2.4
Commercial	2,694	2,758	-2.3		10,224	10,144	0.8
Industrial	2,456	2,350	4.5		10,123	9,819	3.1
Other	440	488	-9.8		1,589	1,612	-1.4
Total	9,244	9,617	-3.9		33,417	33,335	0.2

SYSTEM SALES COMPARISONS -- WEATHER-ADJUSTED Millions of kwh

3 Months Ended Mar. 31

12 Months Ended Mar. 31

	1997	1996	% Change		1997	1996	% Change
Residential	3,814	3,867	-1.4		11,567	11,365	1.8
Commercial	2,734	2,719	0.6		10,264	9,997	2.7
Industrial	2,456	2,350	4.5		10,123	9,819	3.1
Other	450	479	-6.1		1,598	1,575	1.5
Total	9,454	9,415	0.4		33,552	32,756	2.4