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FLORIDA PROGRESS CORPORATION ANNOUNCES INCREASED EARNINGS OF 2.1 PERCENT FOR 1992

 ST. PETERSBURG, Fla., Jan. 25 /PRNewswire/ -- Florida Progress Corporation (NYSE: FPC), parent of St. Petersburg-based Florida Power Corporation, today reported 1992 consolidated earnings of $175.7 million, an increase of 2.1 percent from the $172.1 million earned a year ago. Revenues for 1992 totaled $2.095 billion, compared with $2.075 billion in 1991.
 Earnings per share in 1992 were $2.06, compared with $2.13 a share in 1991. On a comparative basis, stock dilution caused a 7-cents decline in earnings per share. Florida Progress issued 4.6 million new common shares during 1992. All share figures have been adjusted to reflect the company's 3-for-2 common stock split, effective June 30, 1992.
 Florida Power earned $170.2 million, or $1.99 per share, on revenues of $1.774 billion in 1992, compared with earnings of $164.1 million, or $2.03 a share, on revenues of $1.719 billion in 1991. A retail rate increase and higher electric sales to Florida Power's 1.2 million customers, along with customer growth, increased the utility's annual earnings.
 Florida Power began collecting higher revenues in April 1992 from an interim retail rate increase of $31 million authorized by the Florida Public Service Commission. In September 1992, the commission approved an $86-million permanent retail base rate increase that is being phased in beginning in November 1992 and continuing in April and November 1993.
 In 1992, Florida Power filed a request with the Federal Energy Regulatory Commission to increase base rates for wholesale and transmission customers consistent with the new rates for retail customers. As a result of its wholesale settlement agreement, Florida Power recorded a one-time, retroactive depreciation expense reduction that increased 1992 earnings by $5.6 million.
 Earnings from continuing diversified operations in 1992 were $5.5 million, or 7 cents per share, compared with $10.4 million, or 13 cents a share, in 1991. A depressed Florida real estate market continues to hurt Florida Progress' ability to market and sell its real estate properties. As a result, the real estate unit decided it would be prudent to recognize a loss reserve in 1992, which reduced earnings by $7.4 million.
 Higher earnings at Electric Fuels Corporation, the coal and transportation subsidiary, and Mid-Continent Life Insurance Company, the life insurance subsidiary, partially offset the lower results from the real estate operations.
 Florida Progress is a diversified utility holding company with assets of $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
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues from
 Continuing
 Operations $493,500,000 $500,600,000 $2,095,300,000 $2,074,700,000
 Net Income:
 Continuing
 Operations $36,100,000 $26,900,000 $175,700,000 $174,500,000
 Discontinued
 Operations --- (2,400,000) --- (2,400,000)
 Consolidated 36,100,000 $24,500,000 $175,700,000 $172,100,000
 Earnings Per
 Share (EPS):
 Florida Power
 Corporation $.41 $.33 $1.99 $2.03
 Diversified --- --- .07 .13
 Continuing
 Operations .41 .33 2.06 2.16
 Discontinued
 Operations --- (.03) --- (.03)
 Consolidated $.41 $.30 $2.06 $2.13
 Average Common
 Shares
 Outstanding 87,216,897 82,736,144 85,422,236 80,796,299
 -0- 1/25/93
 /CONTACT: Sally Everett of Florida Progress Corporation, 813-824-6440/
 (FPC)


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

AW-JB -- FL008 -- 8647 01/25/93 15:11 EST
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Date:Jan 25, 1993
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