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TECO ENERGY REPORTS 1992 EARNINGS UP 2 PERCENT; FOURTH QUARTER EARNINGS UP 7 PERCENT

 TAMPA, Fla., Jan. 18 /PRNewswire/ -- TECO Energy, Inc. (NYSE: TE) today announced earnings of $2.60 per share for 1992, up 2 percent from the $2.55 per share earned in 1991.
 Chairman and CEO Timothy L. Guzzle said, "Both Tampa Electric and our diversified businesses contributed to earnings growth, particularly in the fourth quarter, despite generally weak economic conditions. The performance of our businesses was actually better than the numbers reflect since 1991 earnings were improved 10 cents per share by favorable income tax adjustments."
 Consolidated net income for 1992 was $149.0 million on revenues of $1,183.2 million, up from net income of $145.3 million on revenues of $1,154.1 million for 1991.
 Tampa Electric's operating income increased 2 percent to $215.0 million on revenues of $1.006 billion for 1992, compared to $210.3 million on revenues of $987.5 million for 1991. The increase was due principally to higher energy sales to other utilities and higher base revenues associated with retail Customer growth of 1.5 percent, and was partially offset by higher operating expenses.
 Operating income for the diversified companies, which includes the federal tax credit on coalbed methane production, increased 15 percent in 1992 to $61.5 million on revenues of $375.8 million, up from $53.5 million on revenues of $366.8 million in 1991. The contribution from the natural gas business more than doubled as a result of higher prices along with a nearly 50 percent increase in production to 12.2 billion cubic feet. Sales of coal from the reserve properties acquired in late 1991 also contributed to the improvement in the diversified businesses' profitability.
 "We are pleased with the performance and growth of our diversified companies again in 1992, and we continue to work toward the objective of expanding our family of energy-related businesses," Guzzle said.
 TECO Energy's earnings per share for the three months ended Dec. 31, 1992 increased to 60 cents per share, up 7 percent from the 56 cents per share in 1991. Both Tampa Electric and the diversified businesses contributed to the improved results.
 Consolidated net income for 1992's fourth quarter was $34.5 million on revenues of $295.8 million, up from $31.9 million on $286.4 million for 1991.
 Tampa Electric's fourth quarter operating income was $45.6 million on revenues of $241.8 million, up from $43.0 million on revenues of $241.4 million for 1991. The 6 percent increase in operating income was due principally to higher energy sales to other utilities, partially offset by higher operating costs.
 Operating income for the diversified companies for the fourth quarter in 1992 increased 35 percent to $20.3 million on revenues of $100.7 million, up from $15.0 million on revenues of $93.0 million for the same period in 1991. Increased production and better pricing of natural gas, as well as higher volumes and lower operating costs at the water transportation business contributed to this improvement.
 TECO Energy is a diversified energy-related holding company headquartered in Tampa, Fla. Its principal businesses are Tampa Electric, TECO Transport & Trade, TECO Coal, TECO Coalbed Methane and TECO Power Services.
 TECO ENERGY, INC.
 Quarter ended 12 Months ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues (millions) $295.8 $286.4 $1,183.2 $1,154.1
 Net income
 (millions) $ 34.5 $ 31.9 $ 149.0 $ 145.3
 Earnings per share $ 0.60 $ 0.56 $ 2.60 $ 2.55
 Average shares
 outstanding
 (thousands) 57,448 57,078 57,305 56,961
 -0- 1/18/93
 /CONTACT: Mike Mahoney of TECO Energy, 813-228-4271 or, home, 813-961-9456/
 (TE)


CO: TECO Energy, Inc. ST: Florida IN: UTI OIL SU: ERN

AW-JJ -- FL006 -- 5931 01/18/93 14:08 EST
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Date:Jan 18, 1993
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