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KILLEARN PROPERTIES ANNOUNCES RESULTS

 KILLEARN PROPERTIES ANNOUNCES RESULTS
 TALLAHASSEE, Fla., March 16 /PRNewswire/ -- Killearn Properties,


Inc. (AMEX: KPI), today announced its financial information for the nine months ended Jan. 31.
 The company reported net earnings of $26,303 ($.02 per share) for the nine months ended Jan. 31, compared to $864,771 ($.60 per share) for the nine months ended Jan. 31, 1991. For the three months ended Jan. 31, the company reported a net loss of ($6,644) ($.00 per share) compared to $28,018 ($.02 per share) for the three months ended Jan. 31, 1991. Pre-tax earnings for the current three months would have been $150,000 higher except for a decision the company made to discontinue a stock option which resulted in a write-off of the $150,000.
 Earnings per share are calculated based upon fully diluted shares of 1,438,733 for all periods reflected.
 Revenues were $13,400,335 for the nine months ended Jan. 31, compared to $15,761,504 for the nine months ended Jan. 31, 1991. Revenues for the three months ended Jan. 31, 1992 were $3,981,604 compared to $5,036,846 for the quarter ended Jan. 31, 1991.
 In June of 1990, the company received a Notice and Order from the State of Florida, Department of Community Affairs (DCA), stating that in the Department's opinion, the company is in violation of certain of its properties in Florida. On Aug. 28, 1991, a Florida Administrative Hearing Officer issued an order that Killearn is not in violation of its development permission. The DCA rejected the Independent Hearing Officer's findings. The company, joined by Leon County, Florida, has filed a Notice of Appeal to the First District Court of Appeals. The impact of this Order and other related aspects of the Florida Growth Management Act presents uncertainty concerning the company's capacity to sell certain of its Florida properties, which could adversely affect cash flow and sales. The reduced net earnings for the current quarter were primarily the result of the impact of said Order. The company's earnings, as reflected above, are not necessarily indicative of the results expected for the year ended April 30, 1992.
 -0- 3/16/92
 /CONTACT: J.T. Williams Jr. of Killearn Properties, 404-389-2020/
 (KPI) CO: Killearn Properties, Inc. ST: Florida IN: SU: ERN


CF-BR -- AT001 -- 8119 03/16/92 08:36 EST
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Date:Mar 16, 1992
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