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FPL GROUP REPORTS THIRD QUARTER RESULTS, RECORDS CHARGE FOR WORKFORCE REDUCTION

 JUNO BEACH, Fla., Oct. 22 /PRNewswire/ -- FPL Group, Inc. (NYSE: FPL) today reported net income of $141 million, or $0.75 per share, for the third quarter of 1993, down from $188 million, or $1.05 per share, in the third quarter a year ago.
 The lower earnings reflect an after-tax charge of $85 million, or $0.45 per share, relating to a program to reduce operating costs at Florida Power & Light Company, FPL Group's largest subsidiary. Excluding the charge, net income would have been $225 million, or $1.20 per share.
 "The charge includes the costs associated with a major cost reduction program implemented in the third quarter to enable the company to maintain stable rates for customers and to compete effectively in the rapidly changing utility industry," said James L. Broadhead, chairman and chief executive officer of FPL Group. "This effort, which includes early retirement and severance programs, is expected to reduce FPL's workforce by approximately 1,700 positions."
 FPL's income contribution before the charge was $217 million, or $1.15 per share, compared with $191 million, or $1.07 per share a year ago. The results reflect a 7.3 percent increase in electric energy sales due to a 2.3 percent increase in customer accounts in the current period and the adverse impact of Hurricane Andrew on sales in the third quarter a year ago.
 Non-utility operations posted net income of $9 million, or $0.05 per share, up from a loss of $3 million, or $(0.02) per share in the third quarter a year ago. The favorable comparison primarily reflects improved operating results for ESI Energy, FPL Group's independent power subsidiary.
 For the nine months ended Sept. 30, 1993, FPL Group's net income was $343 million, or $1.85 per share, compared with $366 million, or $2.09 per share in the prior period. The results for the current year- to-date include the $85 million after-tax charge.
 For the 12 months ended Sept. 30, 1993, FPL Group reported net income of $444 million, or $2.40 per share, after giving effect to the after-tax charge of $85 million, or $0.45 per share. Net income in the prior period was $408 million, or $2.36 per share.
 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 Sept. 30
 1993 1992
 Energy sales (kilowatt-hour
 thousands) 22,189,000 20,687,000
 Revenues:
 Utility $ 1,586,141 $ 1,556,083
 Non-utility $ 16,544 $13,070
 Total Revenues $ 1,602,685 1,569,153
 Income excluding cost
 reduction program charge $225,289 $ 187,773
 Cost reduction
 program charge (after-tax) $ (84,767) $ ---
 Net Income $140,522 $ 187,773
 Earnings per share:
 Excluding cost
 reduction program charge $ 1.20 $ 1.05
 Cost reduction program
 charge (after-tax) $ (0.45) $ ---
 Earnings per share $ 0.75 $ 1.05
 Average shares outstanding 188,133 178,647
 Nine Months Ended Sept. 30
 1993 1992
 Energy sales
 (kilowatt-hour thousands) 55,171,000 52,939,000
 Revenues:
 Utility $ 4,011,181 $3,853,190
 Non-utility $ 73,534 $ 68,914
 Total Revenues $ 4,084,715 $3,922,104
 Income excluding
 cost reduction program charge $ 427,785 $ 365,669
 Cost reduction
 program charge (after-tax) $ (84,767) $ ---
 Net income $343,018 $ 365,669
 Earnings per share:
 Excluding cost
 reduction program charge $ 2.30 $ 2.09
 Cost reduction program
 charge (after-tax) $ (0.45) $ ---
 Earnings per share $ 1.85 $ 2.09
 Average shares outstanding 185,813 174,608


(FPL Group Financial Summary cont'd)
 12 Months Ended Sept. 30
 1993 1992
 Energy sales
 (kilowatt-hour thousands) 71,521,000 68,615,000
 Revenues:
 Utility $ 5,258,454 $ 5,013,257
 Non-utility $ 97,484 $ 90,093
 Total Revenues $ 5,355,938 $ 5,103,350
 Income excluding
 cost reduction program charge $ 529,066 $ 408,032
 Cost reduction
 program charge (after-tax) $ (84,767) $ ---
 Net income $ 444,299 $ 408,032
 Earnings per share:
 Excluding cost
 reduction program charge $ 2.85 $ 2.36
 Cost reduction
 program charge (after-tax) $ (0.45) $ ---
 Earnings per share $ 2.40 $ 2.36
 Average shares outstanding 184,844 172,623
 -0- 10/22/93
 /CONTACT: Dale Thomas of Florida Power & Light, 305-552-3894/
 (FPL)


CO: Florida Power & Light ST: Florida IN: UTI SU: ERN

RK-AW -- FL005 -- 5616 10/22/93 09:32 EDT
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Date:Oct 22, 1993
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