LILCO &lt;LIL> REVISES 1986 NET TO INCLUDE LOSS

  Long Island Lighting Co said
  it revised its preliminary 1986 net income to include a 16 mln
  dlrs after tax provision for its investment in the Jamesport
  Nuclear units.
      Due to the provision, it said its revised 1986 net income
  was 316.7 mln dlrs or 2.13 dlrs per share after deducting for
  preferred stock dividend requirements, which were not paid in
  either 1986 or 1985.
      It had earlier reported 1986 income of 332.7 mln dlrs or
  2.28 dlrs per share.
      LILCO also said its board authorized contracts for its 
  corporate officers calling for payment of one year's salary,
  and continuation of insurance and retirement benefits if the
  company changes hands and these officers lose their jobs.
      LILCO said none of these contracts will result in
  additional costs to its customers.
      Lilco said the downward revision in its 1986 earnings is a
  reserve established to reflect a settlement agreement with the
  staff of New York State's Public Service Commission respecting
  the utility's spending on a nuclear power station planned for,
  but never built at, Jamestown, N.Y.
      The company declined to detail the settlement, explaining
  the settlement has not been approved by the commission. Lilco
  was seeking to include costs totaling 118 mln dlrs for the
  abandoned nuclear power plant project in its rate base, a
  spokeswoman said.
  

