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FLORIDA PROGRESS CORPORATION ANNOUNCES INCREASE IN SECOND-QUARTER EARNINGS OF 23.2 PERCENT

 ST. PETERSBURG, Fla., July 15 /PRNewswire/ -- Florida Progress Corporation (NYSE: FPC), parent of St. Petersburg-based Florida Power Corporation, today reported second-quarter earnings of $43 million, up 23.2 percent, compared with $34.9 million a year ago.
 Revenues for the second quarter of 1993 totaled $553.3 million, compared with $511.7 million for the same period in 1992. Earnings per share for the quarter ended June 30, 1993, were 49 cents, compared with 41 cents a share a year ago. Earnings per share for the quarter were affected by an increase of 3.4 million shares in the average number of common shares outstanding. Nearly all the new equity capital was used to support Florida Power's construction program.
 Increased revenues and higher earnings from Florida Power -- the largest subsidiary of Florida Progress -- were the main reasons for the improved results in the second quarter of 1993. Florida Power earned $39.1 million, or 44 cents per share, on revenues of $461.9 million in this year's second quarter, compared with earnings of $32.8 million, or 39 cents a share, on revenues of $433.4 million in 1992.
 Retail kilowatt-hour sales at the utility increased by 4.5 percent during the quarter, compared with the same period in 1992. Customer growth of about 3 percent, compared with 1.9 percent a year ago, contributed to the increase in energy sales. The largest part of this customer increase occurred in April when Florida Power completed the purchase of the city of Sebring's electrical distribution system, including its 12,500 customers.
 Also in April, Florida Power began collecting the second increment, or about $10 million in estimated annual revenues, of an $86-million base rate increase granted by state regulators last year. The third, and final, phase of the increase is scheduled to go into effect in November of this year.
 Earnings from diversified operations for the quarter increased to $3.9 million, up from the $2.1 million earned in the second quarter of 1992. Several positive factors contributed to the improved diversified results: higher earnings from Florida Progress' life insurance unit, lower expenses for corporate overhead and reduced costs at the company's real estate operations. Earnings per share from diversified operations for the second quarter were 5 cents a share, compared with 2 cents a share in 1992.
 Florida Progress is a diversified utility holding company with assets of more than $5.5 billion. Its principal subsidiary is Florida Power, the state's second-largest electric utility. Diversified operations include coal mining and transportation, life insurance, real estate and lending and leasing.
 FLORIDA PROGRESS CORPORATION
 Three Months Ended 12 Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues from
 Continuing
 Opera-
 tions $553,300,000 $511,700,000 $2,166,700,000 $2,065,200,000
 Net Income:
 Continuing
 Opera-
 tions $43,000,000 $ 34,900,000 $ 187,300,000 $ 163,400,000
 Discontinued
 Operations &
 SFAS 109 --
 Deferred
 Taxes --- --- 800,000 (2,400,000)
 Consoli-
 dated $43,000,000 $ 34,900,000 $ 188,100,000 $ 161,000,000
 Earnings Per Share (EPS):
 Florida Power
 Corporation $.44 $.39 $2.05 $1.88
 Diversified .05 .02 .09 .08
 Continuing
 Operations .49 .41 2.14 1.96
 Discontinued
 Operations &
 SFAS 109 --
 Deferred Taxes --- --- .01 (.03)
 Consolidated $.49 $.41 $2.15 $1.93
 Average common
 shares
 out-
 standing 88,120,361 84,728,852 87,436,794 83,237,736
 -0- 7/15/93
 /CONTACT: Sally Everett of Florida Progress Corporation, 813-824-6440/
 (FPC)


CO: Florida Progress Corporation ST: Florida IN: UTI SU: ERN

AW-DF -- FL014 -- 2074 07/15/93 14:34 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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