EXHIBIT 99.(a)
Florida Progress Corporation
One Progress Plaza
St. Petersburg, Florida 33701
Contact: Karen Raihill - (813) 866-5023
Florida Progress Corporation reports second-quarter earnings of $52.9 million
ST. PETERSBURG, Fla. (July 21, 1994) - Florida Progress Corporation
parent of St. Petersburg-based Florida Power Corporation, today reported
second-quarter earnings of $52.9 million, compared with $43 million earned
during the same period a year ago.
Revenues for the quarter ended June 30 totaled $681.5 million, compared with
$553.3 million for the second quarter of 1993. Earnings per share in the
second quarter of 1994 were 58 cents, compared with 49 cents a share a year
ago.
Florida Power, the largest subsidiary of Florida Progress, earned $47.6 million
or 52 cents per share, on revenues of $517 million in this year's second
quarter, compared with earnings of $39.1 million, or 44 cents a share, on
revenues of $461.9 million for the same period a year ago.
Utility revenues continued to rise in 1994 primarily because of increased
retail kilowatt-hour sales and customer growth. Hot weather across Florida
Power's 32-county service area was the primary reason for the higher customer
usage from April to June.
The average residential customer used 14.4 percent more electricity during this
year's second quarter than during the same three-month period a year ago.
Customer growth of 2.2 percent also contributed to the increase in energy sales
in the second quarter.
Earnings from Florida Progress' diversified operations grew in the second
quarter, largely because of higher revenues and increased earnings from
Electric Fuels Corporation, the company's coal mining and transportation
subsidiary.
Diversified earnings in the quarter ended June 30 were $5.3 million, or 6 cents
per share, compared with the $3.9 million, or 5 cents a share, earned in the
second quarter of 1993. An acquisition last year by Electric Fuels has
continued to boost the company's 1994 operating results.
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.
Three Months Ended Twelve Months Ended
June 30 June 30
1994 1993 1994 1993
------------- ------------- -------------- --------------
Revenues $681,500,000 $553,300,000 $2,713,200,000 $2,166,700,000
Income Before Change in
Accounting $ 52,900,000 $ 43,000,000 $ 207,900,000 $ 187,300,000
Change in Accounting for
Deferred Taxes - - - 800,000
------------- ------------- -------------- --------------
Consolidated $ 52,900,000 $ 43,000,000 $ 207,900,000 $ 188,100,000
============= ============= ============== ==============
Earnings Per Share (EPS):
Florida Power Corporation $ .52 $ .44 $ 2.12 $ 2.05
Diversified Operations .06 .05 .20 .09
Income Before Change in ------- ------- ------ ------
Accounting .58 .49 2.32 2.14
Change in Accounting for
Deferred Taxes - - - .01
------- ------- ------ ------
Consolidated $ .58 $ .49 $ 2.32 $ 2.15
======= ======= ====== ======
Average Common
Shares Outstanding 91,610,976 88,120,361 89,637,539 87,436,794