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KILLEARN PROPERTIES REPORTS RESULTS

 KILLEARN PROPERTIES REPORTS RESULTS
 TALLAHASSEE, Fla., Dec. 16 /PRNewswire/ -- Killearn Properties,


Inc. (AMEX: KPI) today announced its financial information for the six months ended Oct. 31.
 The company reorted a profit of $32,946 ($.02 per share) for the six months ended Oct. 31, compared to $836,753 ($.58 per share) for the six months ended Oct. 31, 1990. For the three months ended Oct. 31, the company reported a loss of $(173,185) ($(.12) per share), compared to a profit of $504,374 ($.35 per share) for the three months ended Oct. 31, 1990.
 Earnings per share are calculated based upon fully diluted shares of 1,438,733 for the six months ended Oct. 31; 1,437,807 for the six months ended Oct. 31, 1990; 1,438,733 for the three months ended Oct. 31; and 1,436,581 for the three months ended Oct. 31, 1990.
 On Aug. 28, the Division of Administrative Hearings, State of Florida, issued its recommendations, the effect of which was that the company is not in violation of its development permission. The Department of Community Affairs can accept or reject the findings. The company has had no response to date from the Department of Community Affairs; however, a response is expected by early 1992.
 The impact of this finding 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. The company does, however, remain confident of the long-range future of the company due to its outstanding inventory and its capacity to develop it to its full potential.
 The income for the quarter is not necessarily indicative of the results expected for the year.
 -0- 12/16/91
 /CONTACT: J.T. Williams Jr. of Killearn Properties, 404-389-2020/
 (KPI) CO: Killearn Properties, Inc. ST: Florida IN: SU: ERN


BN -- AT002 -- 2378 12/16/91 09:08 EST
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Date:Dec 16, 1991
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