Printer Friendly

FPL GROUP REPORTS IMPROVED RESULTS FOR FULL YEAR OF 1992, FOURTH QUARTER

 JUNO BEACH, Fla., Jan. 29 -- FPL Group, Inc. (NYSE: FPL) today reported unaudited operating results for the full year and fourth quarter periods ended Dec. 31, 1992.
 For 1992, income improved to $467 million, or $2.65 per share, compared with $432 million, or $2.65 per share in 1991, before charges associated with discontinued operations and the restructuring of FPL's operations. While income improved, earnings per share remained unchanged due to an 8 percent increase in average shares outstanding in 1992. Net income as reported in 1991 was $241 million, or $1.48 per share.
 "Overall, 1992 was a successful year, reflecting our continuing efforts to control costs," said James L. Broadhead, chairman and chief executive officer of FPL Group. "These efforts enabled us to reduce operating and maintenance expenses by 6 percent and helped us overcome the effects of reduced revenue from Hurricane Andrew and flat energy sales due to milder than normal weather." While customer accounts increased by 1.7 percent, electric sales increased less than 1 percent for the year.
 For the fourth quarter of 1992, FPL Group's net income improved to $101 million, or $0.56 per share, up from $42 million, or $0.25 per share, in the fourth quarter a year ago.
 "Fourth quarter results in 1992 benefited from our success in reducing operating and maintenance expenses by 11 percent, and from an increase in electric sales," added Broadhead. "The favorable comparison reflects the adverse impact of unusually mild weather on electric sales and income in the fourth quarter of 1991."
 FPL Group, Inc. is a holding company whose principal subsidiary is Florida Power & Light Company, one of the largest electric utilities in the nation.
 FPL Group, Inc.
 Financial Summary
 (in thousands, except per share amounts)
 Three Months Ended Dec. 31
 1992 1991
 Revenues:
 Utility $1,247,273 $1,160,067
 Non-utility $ 21,550 $ 21,179
 Total Revenues $1,268,823 $1,181,246
 Net income $ 101,280 $ 42,363
 Earnings per share $ 0.56 $ 0.25
 Average shares outstanding 181,967 166,711
 12 Months Ended Dec. 31
 1992 1991
 Revenues:
 Utility $5,100,463 $ 5,158,766
 Non-utility $ 92,864 $ 90,670
 Total Revenues $5,193,327 $ 5,249,436
 Income from continuing operations
 excluding charge $ 466,949 $ 432,286
 Restructuring charge (after-tax) $ --- $ (56,138)
 Income from continuing operations $ 466,949 $ 376,148
 Discontinued operations (A) $ --- $ (135,570)
 Net income $ 466,949 $ 240,578
 Income from continuing operations
 excluding charge per share $ 2.65 $ 2.65
 Restructuring charge per share $ --- $ (0.34)
 Income from continuing
 operations per share $ 2.65 $ 2.31
 Discontinued operations per share (A) $ --- $ (0.83)
 Earnings per share $ 2.65 $ 1.48
 Average shares outstanding 176,458 163,101
 (A) -- After-tax loss associated with Colonial Penn, a former subsidiary.
 -0- 1/29/93
 /CONTACT: Kathy Scott of FPL Group, 305-552-3894 or 305-552-3895/
 (FPL)


CO: FPL Group, Inc. ST: Florida IN: UTI SU: ERN

AW -- FL002 -- 0655 01/29/93 10:03 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 29, 1993
Words:495
Previous Article:BRITISH CAR DEALER TO VISIT READING NEWS MAKER
Next Article:CYCARE ANNOUNCES EFFORTS TO INCREASE SHAREHOLDER VALUE
Topics:


Related Articles
FPL GROUP REPORTS OPERATING RESULTS FOR FOURTH QUARTER, 12 MONTHS OF 1991
FPL GROUP REPORTS SECOND QUARTER EARNINGS OF $0.60 PER SHARE
FPL GROUP REPORTS THIRD QUARTER RESULTS
FPL GROUP REPORTS IMPROVED FIRST QUARTER RESULTS
FPL GROUP REPORTS THIRD QUARTER RESULTS, RECORDS CHARGE FOR WORKFORCE REDUCTION
FPL GROUP REPORTS OPERATING RESULTS FOR FULL YEAR, FOURTH QUARTER OF 1993
FPL GROUP REPORTS OPERATING RESULTS FOR FULL YEAR, FOURTH QUARTER OF 1994
FPL GROUP REPORTS OPERATING RESULTS FOR FULL YEAR, FOURTH QUARTER OF 1995
FPL Group Reports Operating Results For Full Year, Fourth Quarter Of 1996
FPL Group Reports Operating Results for Full Year, Fourth Quarter of 1997

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters