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FLORIDA PROGRESS CORPORATION INCREASES QUARTERLY DIVIDEND

 ST. PETERSBURG, Fla., Nov. 19 ~PRNewswire~ -- The board of directors of Florida Progress Corporation (NYSE: FPC) today declared a quarterly dividend of 48 1~2 cents per share on its outstanding common stock, payable Dec. 20, 1992 to shareholders of record at the close of business Dec. 4, 1992. This action increases the annual dividend rate by 4.7 cents per share, raising it to $1.94 per share. This represents a dividend growth rate of 2.5 percent.
 Senior Vice President and Chief Financial Officer David R. Kuzma, in announcing today's board action, noted that this dividend increase marks the 40th consecutive year that Florida Progress has increased dividends paid per share -- a record that ranks in the top 10 of the more than 1,700 companies listed on the New York Stock Exchange.
 Last month Kuzma cautioned securities analysts that dividend growth rates in the utility industry may begin to be affected by the lowered rates of return allowed by state and federal regulators, and would not grow at rates as high as have been experienced in the past several years. Florida Progress' previous dividend increase, announced in November 1991, was 3.6 percent. The average annual growth rate for the company's dividend for the years 1987 through 1991 was 3.4 percent.
 Florida Progress is a diversified electric utility holding company with assets of $5 billion. It principal subsidiary is Florida Power Corporation, the state's second-largest electric utility. Diversified operations include coal mining and transportation, life insurance, real estate and lending and leasing.
 -0- 11~19~92
 ~CONTACT: Sally Everett of Florida Progress Corp., 813-824-6440~
 (FPC)


CO: Florida Progress Corporation ST: Florida IN: UTI SU: DIV

JJ-SS -- FL010 -- 2854 11~19~92 11:56 EST
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Publication:PR Newswire
Date:Nov 19, 1992
Words:288
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