UNITED &lt;UIL> PACT MAY LOWER NONCASH INCOME

  United Illuminating Co said
  that if the Department of Utility Controls approves an earnings
  stipulation agreement submitted March 18, it will reduce
  through accounting procedures its 1987 noncash earnings by 16
  mln dlrs or 1.15 dlr per share.
      For the two month period ended February 28, 1987, it said
  the amount of the reduction would amount to 19 cts per share.
  Earlier, it reported net income for the two-month period of
  23.1 mln dlrs of 1.51 dlr a share.
      United said the approval would lead it to an equity return
  level comparable with the electric utility industry average.
  

