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FPL GROUP REPORTS EARNINGS OF $0.43 PER SHARE FOR FIRST QUARTER

 FPL GROUP REPORTS EARNINGS OF $0.43 PER SHARE FOR FIRST QUARTER
 JUNO BEACH, FLA. -- FPL Group, Inc. (NYSE: FPL), today reported net income of $74 million, or $0.43 per share, for the first quarter of 1992 compared with a loss of $64 million, or $0.40 per share, in the first quarter a year ago. The loss for the first quarter of 1991 reflects an after-tax charge of $135 million, or $0.84 per share, associated with Colonial Penn Group, a discontinued insurance subsidiary sold in 1991. Excluding the charge, income from continuing operations in the 1991 period was $71 million, or $0.44 per share.
 Florida Power & Light Company's contribution to FPL Group's net income was $75 million, or $0.44 per share, compared with $72 million, or $0.44 per share, in the first quarter last year. The net income contribution in 1992 increased, reflecting a 3 percent increase in kilowatt-hour sales, partially offset by higher depreciation costs. The utility's earnings per share contribution was unchanged as a result of a 6 percent increase in common shares outstanding.
 For the 12 months ended March 31, 1992, FPL Group's net income was $379 million, or $2.29 per share, compared with a net loss of $495 million, or $3.45 per share, for the same period in 1991. The loss in 1991 reflects after-tax losses associated with the sale of Colonial Penn. Excluding the losses, income from continuing operations in the 1991 period was $334 million, or $2.33 per share.
 FPL's earnings contribution to FPL Group for the 12 month period was $380 million, or $2.29 per share, compared with $411 million, or $2.86 per share, in 1991. Excluding an after-tax charge of $56 million taken in the second quarter of 1991 for restructuring the utility operations, FPL's contribution for the 1992 period would have increased to $436 million, or $2.63 per share.
 The average number of common shares outstanding for the 12 month period was 166 million compared with 143 million in the prior period, an increase of 15 percent.
 FPL Group, Inc. is a holding company whose principal subsidiary is Florida Power & Light Company, one of the largest electric utilities in the nation.
 FPL GROUP, INC.
 Financial Summary
 (in thousands, except per share amounts)
 Three Months Ended Mar. 31
 1992 1991
 Revenues:
 Utility $ 1,064,693 $ 1,136,621
 Non-utility $ 28,676 $ 26,524
 Total Revenues $ 1,093,369 $ 1,163,145
 Income from
 continuing operations $ 74,405 $ 71,389
 Discontinued operations $ ---- $ (135,570)
 Net income (loss) $ 74,405 $ (64,181)
 Income from continuing
 operations per share $ 0.43 $ 0.44
 Discontinued operations
 per share $ ---- $ (0.84)
 Earnings (loss) per share $ 0.43 $ (0.40)
 Average shares outstanding 171,550 161,232
 12 Months Ended Mar. 31
 1992 1991
 Revenues:
 Utility $ 5,086,839 $ 5,078,565
 Non-utility $ 92,821 $ 100,530
 Total Revenues $ 5,179,660 $ 5,179,095
 Income from continuing operations
 excluding special charges $ 435,302 $ 396,681
 Special charges $ (56,138)(A)$ (62,900)(A)
 Income from continuing operations $ 379,164 $ 333,781
 Discontinued operations $ ---- $ (828,356)(B)
 Net income (loss) $ 379,164 $ (494,575)
 Income from continuing operations
 excluding special charges
 per share $ 2.63 $ 2.77
 Special charges per share $ (0.34)(A)$ (0.44)(A)
 Income from
 continuing operations per share $ 2.29 $ 2.33
 Discontinued operations per share $ --- $ (5.78)(B)
 Earnings (loss) per share $ 2.29 $ (3.45)
 Average shares outstanding 165,661 143,380
 (A) -- Charge in current period is for restructuring utility operations in second quarter 1991. Charge in prior period is an after-tax write-down of investment in non-utility subsidiaries.
 (B) -- After-tax losses related to the disposition of Colonial Penn, a former subsidiary sold in 1991.
 -0- 4/24/92
 /CONTACT: Dale Thomas of FPL Group, Inc., 305-552-3894 or 305-552-3895/
 (FPL) CO: FPL Group, Inc. ST: Florida IN: UTI SU: ERN


AW -- FL005 -- 2339 04/24/92 10:07 EDT
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Date:Apr 24, 1992
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