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EXHIBIT 20.1
SCEcorp Announces 1995 Fourth Quarter Earnings
ROSEMEAD, CA., January 18, 1996 -- SCEcorp earned $1.66 per share for
1995, up from $1.52 in the prior year. Earnings for both 1994 and 1995
included special charges. SCEcorp's operating earnings, which exclude
special charges, were $1.69 per share for 1995, thirteen cents higher than
1994. Each of SCEcorp's operating subsidiaries reported improved
earnings.
For 1995, Southern California Edison's operating earnings were $1.47, nine
cents more than 1994. The increase is principally due to the utility's
higher 1995 authorized rate of return, partially offset by the financial
effect of the 1995 general rate case settlement, which affected customer
fee revenue. Edison also recorded special charges of three cents per
share during 1995 compared to four cents in 1994 for employee severance
costs.
Earnings at the Mission Companies in 1995 improved four cents per share
over 1994 results. Mission Energy earned 14 cents per share for the year.
This was two cents above 1994's earnings, principally from improved
operating performance at the company's energy projects. Mission First
Financial reported record earnings of nine cents per share for the year,
two cents higher than 1994, due to increased investment activity.
For the fourth quarter of 1995, SCEcorp earned 31 cents per share,
compared to 34 cents per share in 1994, excluding special charges. The
reduction is mainly attributable to the effects of Edison's 1995 general
rate case settlement as noted above.
Quarter Ended Year Ended
December 31, December 31,
1995 1994 1995 1994
Operating Earnings:
Mission Energy $.01 $.01 $.14 $.12
Mission First Financial .04 .04 .09 .07
Mission Companies .05 .05 .23 .19
So Calif Edison .27 .30 1.47 1.38
Holding company (.01) (.01) (.01) (.01)
SCEcorp operating earnings
.31 .34 1.69 1.56
Severance charges
- Edison - (.04) (.03) (.04)
SCEcorp earnings $.31 $.30 $1.66 $1.52