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FPL GROUP REPORTS SECOND QUARTER EARNINGS OF $0.60 PER SHARE

 FPL GROUP REPORTS SECOND QUARTER EARNINGS OF $0.60 PER SHARE
 JUNO BEACH, Fla., July 22 /PRNewswire/ -- FPL Group, Inc. (NYSE: FPL), today reported income of $103 million, or $0.60 per share, for the second quarter of 1992. This compares with $131 million, or $0.81 per share, in the second quarter a year ago, before giving effect to an after-tax charge of $56 million, or $0.35 per share, for the restructuring of FPL's operations. Net income as reported for the second quarter of 1991 was $75 million, or $0.46 per share. Earnings per share in the current period were reduced by $0.04 due to an increase in shares outstanding.
 Florida Power & Light Company's contribution to FPL Group's net income was $102 million, or $0.59 per share, compared with $127 million, or $0.79 per share, excluding the restructuring charge. With the restructuring charge, the utility's contribution in 1991 was $71 million, or $0.44 per share.
 "Although we experienced a 1.7 percent increase in the number of customers, second quarter earnings were adversely affected by lower electric sales due to mild weather this year, compared with unusually warm weather in 1991," said James L. Broadhead, chairman and chief executive officer of FPL Group. "The lower sales were partially offset by a reduction in operations and maintenance expenses resulting from our ongoing cost control efforts and the restructuring of FPL."
 For the six months ended June 30, 1992, FPL Group's income was $178 million, or $1.03 per share. This compares with $202 million, or $1.26 per share, in the prior period before the FPL restructuring charge and a loss of $136 million, or $0.84 per share, associated with the sale of Colonial Penn. Net income as reported in the prior period was $11 million, or $0.07 per share. Earnings per share in the current period were reduced by $0.07 due to an increase in shares outstanding.
 FPL Group's income for the 12 month period was $408 million, or $2.42 per share, compared with $424 million, or $2.83 per share, in the prior year period, excluding the FPL restructuring charge and after-tax charges associated with the disposition of non-utility subsidiaries. FPL Group reported a loss of $517 million, or $3.44 per share, in the prior year period. An increase in shares outstanding reduced earnings per share in the current period by $0.30.
 FPL Group, Inc. is a holding company, the principal subsidiary of which 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 June 30
 1992 1991
 Revenues:
 Utility $ 1,232,414 $ 1,358,372
 Non-utility $ 29,568 $ 28,374
 Total Revenues $ 1,261,982 $ 1,386,746
 Net Income:
 Income before
 restructuring charge $ 103,491 $ 130,870
 Restructuring charge,
 after tax $ --- $ (56,138)
 Net income $ 103,491 $ 74,732
 Per Share:
 Income before
 restructuring charge $ 0.60 $ 0.81
 Restructuring charge,
 after tax $ --- $ (0.35)
 Earnings per share $ 0.60 $ 0.46
 Average shares
 outstanding 173,584 161,752
 Six Months Ended June 30
 1992 1991
 Revenues:
 Utility $ 2,297,107 $ 2,494,993
 Non-utility $ 58,245 $ 54,898
 Total Revenues $ 2,355,352 $ 2,549,891
 Net Income:
 Income before
 restructuring charge $ 177,896 $ 202,259
 Restructuring charge,
 after tax $ --- $ (56,138)
 Income from
 continuing operations $ 177,896 $ 146,121
 Discontinued
 operations (A) $ --- $ (135,570)
 Net income $ 177,896 $ 10,551
 Per Share:
 Income before
 restructuring charge $ 1.03 $ 1.26
 Restructuring charge,
 after tax $ --- $ (0.35)
 Income from
 continuing operations $ 1.03 $ 0.91
 Discontinued
 operations (A) $ --- $ (0.84)
 Earnings per share $ 1.03 $ 0.07
 Average shares
 outstanding . 172,567 161,494
 (A) -- After-tax loss on the sale of Colonial Penn.
 Twelve Months Ended June 30
 1992 1991
 Revenues:
 Utility $ 4,960,881 $ 5,190,563
 Non-utility $ 94,015 $ 104,543
 Total Revenues $ 5,054,896 $ 5,295,106
 Net Income:
 Income from
 continuing operations
 before special
 charges $ 407,923 $ 424,119
 Restructuring charge,
 after tax $ --- $ (56,138)
 Non-utility write-down,
 after tax $ --- $ (62,899)
 Income from
 continuing operations $ 407,923 $ 305,082
 Discontinued
 operations (A) $ --- $ (821,671)
 Net income (loss) $ 407,923 $ (516,589)
 Per Share:
 Income from
 continuing operations
 before special
 charges $ 2.42 $ 2.83
 Restructuring charge,
 after tax $ --- $ (0.37)
 Non-utility write-down,
 after tax $ --- $ (0.42)
 Income from
 continuing operations $ 2.42 $ 2.04
 Discontinued
 operations (A) $ --- $ (5.48)
 Earnings (loss)
 per share $ 2.42 $ (3.44)
 Average shares
 outstanding 168,603 149,998
 (A) -- After-tax losses related to the disposition of Colonial Penn.
 -0- 7/22/92
 CONTACT: Dale Thomas of Florida Power & Light, 305-552-3894 or 305-552-3895/
 (FPL) CO: FPL Group, Inc. ST: Florida IN: UTI SU: ERN


JB-JJ -- FL007 -- 1922 07/22/92 12:43 EDT
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Date:Jul 22, 1992
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