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FPL GROUP REPORTS THIRD QUARTER RESULTS

 FPL GROUP REPORTS THIRD QUARTER RESULTS
 JUNO BEACH, Fla., Oct. 29 /PRNewswire/ -- FPL Group, Inc.


(NYSE: FPL) today reported net income of $188 million, or $1.05 per share, for the third quarter of 1992 compared with $188 million, or $1.15 per share, in the third quarter a year ago. The lower per share earnings is due to a 10 percent increase in average shares outstanding. The flat net income performance reflects a lower net income contribution from utility operations offset by improved non-utility results. Florida Power & Light o?mpany's net income contribution was $191 million, or $1.07 per share, compared with $194 million, or $1.20 per share, in the third quarter a year ago. Non-utility operations reported a loss of $0.02 per share in the current period, compared with a loss of $0.05 per share in the prior period.
 "Energy sales in the third quarter were up 2.4 percent due to a 1.8 percent increase in the number of customer accounts and warmer weather in July," said James L. Broadhead, chairman and chief executive officer of FPL Group. "However, sales would have been higher had it not been for Hurricane Andrew. The increase in sales was offset by higher expenses, primarily depreciation and taxes."
 For the nine months ended Sept. 30, 1992, income was $366 million, or $2.09 per share. This compares with $390 million, or $2.41 per share, in the prior period before a loss of $136 million, or $0.84 per share, associated with the sale of Colonial Penn Insurance Co. and an after-tax charge of $56 million, or $0.35 per share, for the restructuring of FPL's operations. Net income as reported in the prior period was $198 million, or $1.22 per share.
 For the 12 months ended Sept. 30, 1992, FPL Group's income was $408 million, or $2.36 per share, compared with $421 million, or $2.69 per share, excluding the loss associated with the sale of Colonial Penn and the FPL restructuring charge. Net income as reported in the 1991 period was $240 million, or $1.53 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,
 1992 1991
 Revenues:
 Utility $1,556,083 $1,503,706
 Non-utility $ 13,070 $ 14,593
 Total Revenues $1,569,153 $1,518,299
 Net income $ 187,773 $ 187,664
 Earnings per share . $ 1.05 $ 1.15
 Average shares outstanding 178,647 162,652
 Nine Months Ended Sept. 30,
 1992 1991
 Revenues:
 Utility $3,853,190 $ 3,998,699
 Non-utility $ 68,914 $ 69,491
 Total Revenues $3,922,104 $ 4,068,190
 Income from continuing
 operations excluding
 charge . . . . . . . $ 365,669 $ 389,923
 Restructuring
 charge (after-tax) $ -- $ (56,138)
 Income from continuing
 operations $ 365,669 $ 333,785
 Discontinued operations $ -- $ (135,570)(A)
 Net income $ 365,669 $ 198,215
 Income from continuing
 operations excluding
 charge per share $ 2.09 $ 2.41
 Restructuring charge
 per share $ -- $ (0.35)
 Income from continuing
 operations per share $ 2.09 $ 2.06
 Discontinued operations
 per share $ -- $ (0.84)(A)
 Earnings per share $ 2.09 $ 1.22
 Average shares outstanding 174,608 161,884
 Twelve Months Ended Sept. 30,
 1992 1991
 Revenues:
 Utility $5,013,257 $ 5,228,857
 Non-utility $ 90,093 $ 101,075
 Total Revenues $5,103,350 $ 5,329,932
 Income from continuing
 operations excluding
 charge $ 408,032 $ 420,882
 Restructuring charge
 (after-tax) $ -- $ (56,138)
 Income from continuing
 operations $ 408,032 $ 364,744
 Discontinued operations $ -- $ (125,122)(A)
 Net income $ 408,032 $ 239,622
 Income from continuing
 operations excluding
 charge per share $ 2.36 $ 2.69
 Restructuring charge
 per share $ -- $ (0.36)
 Income from continuing
 operations per share $ 2.36 $ 2.33
 Discontinued operations
 per share $ -- $ (0.80)(A)
 Earnings per share $ 2.36 $ 1.53
 Average shares outstanding 172,623 156,757
 (A) -- after-tax loss associated with Colonial Penn, a discontinued subsidiary.
 -0- 10/29/92
 /CONTACT: Kathy Scott of Florida Power & Light, 305-552-3894, or 305-552-3895/
 (FPL) CO: FPL Group, Inc. ST: Florida IN: UTI SU:


JB-SS -- FL013 -- 6723 10/29/92 15:34 EST
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Date:Oct 29, 1992
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