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CP&L REPORTS 1991 EARNINGS

 CP&L REPORTS 1991 EARNINGS
 Revenues, Sales, Earnings Increase
 RALEIGH, N.C., Jan. 23 /PRNewswire/ -- Carolina Power & Light (NYSE: CPL) today reported earnings of $4.53 per share of common stock for the year ending Dec. 31, 1991. That compares to earnings of $4.36 per share for 1990.
 The company's energy sales grew three percent in 1991. Operating revenues for the year totaled $2.7 billion, an increase of 2.6 percent compared to the previous year.
 "Our earnings per share increased due to decreases in preferred dividend requirements and a reduction in the number of shares outstanding for 1991 compared to 1990," said Charles Barham Jr., CP&L executive vice president and chief financial officer.
 Earnings per share for the fourth quarter 1991 were 71 cents, compared to 29 cents for the same period in 1990. Earnings for the prior year's fourth quarter were negatively affected by increased maintenance expense resulting from planned outages and by tax-related adjustments.
 CP&L's operating revenues for the fourth quarter 1991 totaled $624.9 million, down about one percent compared to the same period in 1990. The decrease resulted from lower energy requirements by the North Carolina Eastern Municipal Power Agency. Revenues from all other customers rose 1.6 percent.
 During 1991, the company's residential customers used six percent more energy, commercial customers about five percent more energy, and industrial customers about two percent more energy. The average number of common shares decreased from 82.9 million in 1990 to 80.4 million in 1991.
 CAROLINA POWER & LIGHT CO. (CPL)
 EARNINGS RELEASE FOR PERIOD ENDING 12/31/91
 (000's except for EPS)
 Three Months Twelve Months
 Ended Dec. 31 Ended Dec. 31
 1991 1990 1991 1990
 Revenue $624,933 $632,485 $2,685,755 $2,617,107
 Net Income $ 59,140 $ 26,837 $ 376,974 $ 380,358
 Earnings Per Share
 of Common Stock
 (Loss) $ 0.71 $ 0.29 $ 4.53 $ 4.36
 Average Common
 Stock
 Outstanding
 (000's) 80,368 80,368 80,368 82,861
 Footnotes: Earnings per share for the prior year's fourth quarter were negatively impacted by increased maintenance expense resulting from planned outages and by tax-related adjustments. Operating revenues for the fourth quarter 1991 dropped about one percent compared to the same period in 1990. The decline resulted from lower energy requirements by the North Carolina Eastern Municipal Power Agency. CP&L's 1990 earnings were positively impacted by a change in accounting for revenues, which were mostly offset by write-offs related to the regulatory treatment of the Harris plant, and tax-related adjustments.
 -0- 1/23/92
 /CONTACT: Kyle Hampton or Wade Pridgen, Corporate Communications Department, Carolina Power & Light Co., 919-546-6189/
 (CPL) CO: Carolina Power & Light Co. ST: North Carolina IN: UTI SU: ERN


CM -- CH013 -- 3011 01/23/92 16:45 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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