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CP&L REPORTS THIRD-QUARTER EARNINGS

 RALEIGH, N.C., Oct. 21 /PRNewswire/ -- Carolina Power & Light (NYSE: CPL) today reported earnings of 72 cents per share for the third quarter compared to earnings per share of 90 cents for the same period in 1992. Net income for the quarter totaled $118.6 million compared to net income of $145.4 million for the third quarter of 1992. Lower earnings per share for the third quarter of 1993 were primarily due to a number of one-time write-offs.
 Earnings for the 12 months ending Sept. 30, 1993, were $2.17 per share compared to $2.25 for the same period in 1992. Net income for the current 12-month period was $353.5 million compared to $367.9 million for the prior 12-month period.
 Net income and earnings per share for the third quarter and 12 months ending Sept. 30, 1993, were negatively affected by previously announced fuel settlement agreements and by other litigation and settlement agreements. The fuel settlements, approved by North Carolina and South Carolina regulators, resolved issues related to outages at CP&L's Brunswick Nuclear Plant. The effect of these charges on third-quarter earnings was partially offset by a positive adjustment to operating and maintenance expenses.
 Operating revenues for the quarter totaled $854.8 million, an increase of 3.7 percent compared to the third quarter of 1992. The increase in revenues for the quarter reflects higher energy sales as a result of warmer weather. Operating revenues for the current 12-month period were $2.9 billion, up 6.3 percent over the same period last year.
 Total energy sales increased 6.0 percent for the third quarter of 1993 compared to the third quarter of 1992 and 7.2 percent for the 12 months ending Sept. 30, 1993, compared to the same period a year ago.
 CP&L serves approximately 1 million customers in central and eastern North Carolina, an area around Asheville in western North Carolina, and northeastern South Carolina.
 CAROLINA POWER & LIGHT CO. (CPL)
 EARNINGS RELEASE FOR PERIOD ENDING 9/30/93
 (000's except for EPS)
 Three Months Ended Twelve Months Ended
 September 30 September 30
 1993 1992 1993 1992
 Revenue $854,750 $824,318 $2,899,850 $2,728,730
 Net Income $118,642 $145,404 $353,473 $367,926
 Earnings Per
 Share of
 Common Stock $0.72 $0.90(A) $2.17 $2.25(A)
 Average Common
 Stock
 Outstanding 160,737 160,737(A) 160,737 160,737(A)
 Footnote (A): 1992 per share data reflect the February 1993
 two-for-one stock split.
 -0- 10/21/93
 /CONTACT: Wade Pridgen of CP&L, 919-546-6189, 24-hour Media Contact Line/
 (CPL)


CO: Carolina Power & Light Co. ST: North Carolina IN: UTI SU: ERN

SB-JM -- CH012 -- 5299 10/21/93 13:47 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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