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TECO ENERGY'S SECOND QUARTER EARNINGS UP 8 PERCENT

 TAMPA, Fla., July 15 /PRNewswire/ -- TECO Energy, Inc. (NYSE: TE), today reported that earnings per share for the quarter ended June 30, 1993 increased 8 percent to 66 cents, up from 61 cents for the second quarter last year. Operating income from the company's diversified businesses increased 49 percent.
 Chairman and CEO Timothy L. Guzzle credited the excellent results to outstanding efforts by people throughout the corporation. "Our people in Tampa Electric continued to offset increasing expenses by operating the business more efficiently. And the operating performance of our diversified businesses was, again, truly exceptional."
 Guzzle reported that increased gas production and higher prices more than doubled coalbed methane earnings for the quarter, and noted the company earlier this week signed an agreement to expand its gas holdings in Alabama's Black Warrior Basin. He also said the water transportation and independent power businesses contributed significantly to earnings improvement during the quarter.
 Consolidated net income for 1993's second quarter was $38.3 million on revenues of $314.6 million. This compared to $34.7 million on revenues of $283.6 million for the second quarter of 1992.
 Second quarter operating income for the diversified companies increased to $19.5 million on revenues of $116.3 million, up from $13.1 million on revenues of $89.7 million in the same quarter in 1992. The improvement was due principally to higher gas prices and production at TECO Coalbed Methane, an important contribution from TECO Power Services' Hardee Power Station, which began commercial operation in January, and higher third-party business at TECO Transport & Trade. Operating income for the diversified companies includes a tax credit on coalbed methane production and is net of interest costs on the none- recourse debt related to independent power operations.
 Tampa Electric's second quarter operating income was $51.3 million on revenues of $259.3 million compared to $51.9 million on revenues of $243.8 million for the same period last year. The increased revenue resulted mainly from various cost recovery clauses which do not contribute to operating income.
 TECO Energy's earnings per share for the six months ended June 30 were $1.29 compared to $1.07 for the same period in 1992. Two non- recurring items were included in 1993's reported results, an 11 cent per share charge associated with a coal pricing settlement and a 20 cent per share increase resulting from the adoption of Financial Accounting Standard No. 109 on accounting for income taxes. Consolidated net income, including the two non-recurring items, was $74.3 million on revenues of $596.9 million. This compared to $61.1 million on revenues of $546.2 million for the same period last year.
 Year-to-date operating income from the diversified businesses increased to $37 million on revenues of $225.6 million in 1993, up 49 percent from $24.8 million on revenues of $175.9 million for the first six months of 1992. This improvement in operating income was due to the same factors that impacted the second quarter.
 Tampa Electric earned operating income of $93.6 million on revenues of $487.1 million compared to $93.4 million on $470.4 million for the first six months of last year. Higher profits on sales to other utilities offset the effects of higher operating expenses and depreciation.
 TECO Energy is a diversified energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, TECO Transport & Trade, TECO Coal, TECO Coalbed Methane and TECO Power Services.
 TECO ENERGY, INC.
 Summary information:
 Quarter ended Six Months ended
 June 30 June 30
 1993 1992 1993 1992
 Revenues (millions) $314.6 $283.6 $ 596.9 $ 546.2
 Income before
 cumulative effect of
 change in accounting
 principle (millions) $ 38.3 $ 34.7 $ 63.1 $ 61.1
 Cumulative effect on
 income of adopting
 FAS 109 (millions) --- --- 11.2 ---
 Net income (millions) $ 38.3 $ 34.7 $ 74.3 $ 61.1
 Earnings per share
 before cumulative
 effect of change
 in accounting
 principle $ 0.66 $ 0.61 $ 1.09 $ 1.07
 Cumulative effect on
 earnings per share of
 adopting FAS 109 --- --- .20 ---
 Earnings per share $ .66 $ .61 $ 1.29 $ 1.07
 Average common
 shares outstanding
 (thousands) 57,641 57,261 57,588 57,207
 12-Months ended
 June 30,
 1993 1992
 Revenues (millions) $1,223.8 $1,156.9
 Income before
 cumulative effect of
 change in accounting
 principle (millions) $ 151.0 $ 142.3
 Cumulative effect on
 income of adopting
 FAS 109 (millions) 11.2 ---
 Net income (millions) $ 162.2 $ 142.3
 Earnings per share
 before cumulative
 effect of change
 in accounting
 principle $ 2.62 $ 2.49
 Cumulative effect on
 earnings per share of
 adopting FAS 109 .20 ---
 Earnings per share $ 2.82 $ 2.49
 Average common
 shares outstanding
 (thousands) 57,497 57,121
 -0- 7/15/93
 /CONTACT: Mike Mahoney of TECO Energy, 813-228-4271, or home, 813-961-9456/
 (TE)


CO: TECO Energy, Inc. ST: Florida IN: UTI SU: ERN

JB-MM -- FL015 -- 2100 07/15/93 15:03 EDT
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Date:Jul 15, 1993
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