EXHIBIT 99.(a)
News Release
Florida Progress Corporation
One Progress Plaza
St. Petersburg, Florida 33701
Contact: Karen Raihill - (813) 866-5023
Florida Progress Corporation reports higher first-quarter earnings
ST. PETERSBURG, Fla. (April 20, 1995) -- Florida Progress Corporation, parent
of St. Petersburg-based Florida Power Corporation, today reported first-quarter
earnings of $46.6 million, or 49 cents per share, compared with $36.5 million,
or 41 cents a share, earned a year ago. Revenues for the quarter totaled
$703.2 million, compared with $639.2 million for the same three-month period in
1994. Prior-year amounts have been restated to include the 1994 activity for
the acquisition of FM Industries, Inc.
Florida Power, the largest subsidiary of Florida Progress, earned $40.8
million, or 43 cents per share, on revenues of $515.9 million in this year's
first quarter, compared with earnings of $31.8 million, or 36 cents a share, on
revenues of $483.5 million for the same three-month period a year ago.
Retail kilowatt-hour sales at Florida Power increased by 4.1 percent in the
first quarter of 1995, compared with the prior-year quarter. Customer growth
of about 2 percent and the stronger economy contributed to the higher energy
sales.
Utility earnings improved this year because, a year ago, Florida Power reduced
earnings by $7.9 million for costs associated with a voluntary early retirement
program. In addition, the impact of companywide cost-reduction efforts has
helped to offset higher expenses for insurance, nuclear decommissioning and
depreciation during the quarter.
Diversified earnings were $5.8 million, or 6 cents per share, in the quarter
compared with the $4.7 million, or 5 cents a share, earned last year. Earnings
from Electric Fuels were up over the same period in 1994, largely because of
improved results from its inland marine and coal-mining operations.
Florida Progress (NYSE: FPC) is a diversified utility holding company with
assets of $5.7 billion. Its principal subsidiary is Florida Power, the state's
second-largest electric utility with more than 1.2 million customers.
Diversified operations include coal mining and transportation, life insurance,
real estate and lending and leasing.
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Florida Progress Corporation
News Release - Florida Progress reports higher first-quarter 1995 earnings
Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
------------ ------------ -------------- --------------
Revenues $703,200,000 $639,200,000 $2,835,500,000 $2,594,900,000
Net Income $ 46,600,000 $ 36,500,000 $ 222,100,000 $ 198,700,000
============ ============ ============== ==============
Earnings Per
Share (EPS):
Florida Power
Corporation $ .43 $ .36 $ 2.12 $ 2.04
Diversified Operations .06 .05 .23 .19
------ ------ ------ ------
Consolidated $ .49 $ .41 $ 2.35 $ 2.23
====== ====== ====== ======
Average Common
Shares Outstanding 95,262,137 90,093,052 94,268,564 88,939,886