[LOGO] FLORIDA PROGRESS CORPORATION
NEWS RELEASE
CORPORATE RELATIONS DEPARTMENT, ST. PETERSBURG, FLORIDA
MEDIA CONTACT: KAREN RAIHILL - (813) 866-5023
Florida Progress Corporation reports increase in first quarter earnings
ST. PETERSBURG, Fla. (April 18, 1996) - Florida Progress Corporation,
parent of St. Petersburg-based Florida Power Corporation, today
reported consolidated first-quarter earnings of $48.3 million, compared
with $46.6 million for the same quarter last year.
Revenues for the first quarter totaled $739.5 million, compared with
$703.2 million for the first quarter of 1995. Earnings per share for
the quarter were 50 cents, compared with 49 cents per share for the
first three months of 1995.
Improved operating results at Florida Power and Electric Fuels
Corporation, the energy and transportation subsidiary of Florida
Progress' diversified operations, contributed to the higher earnings
for the quarter.
Florida Power earned $42.9 million, or 44 cents per share, on revenues
of $547.3 million, compared with earnings of $40.8 million, or 43 cents
per share, on revenues of $515.9 million in the first quarter of 1995.
Contributing to Florida Power's improved financial performance were an
increase in sales to commercial, industrial and wholesale customers,
retail customer growth of about 2 percent, higher average customer
usage and continuing cost-control efforts. Sales to industrial
customers increased 16.3 percent as a result of higher energy usage by
phosphate companies. Florida Power's customer growth rate continues to
be nearly twice the industry average.
During the first quarter of 1996, residential customers experienced
much colder weather conditions than during the same period last year.
Extreme weather conditions would normally boost earnings from
residential customer usage. However, Florida Power is in the second
year of a three-year test of a revenue decoupling plan for residential
sales ordered by the Florida Public Service Commission. Since
decoupling is designed to reconcile the revenues to an authorized
target level, earnings are not impacted by weather-related fluctuations
in energy usage by residential customers.
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Florida Progress Corporation
News Release - Florida Progress reports first-quarter earnings
Electric Fuels' earnings for the first quarter were $6.8 million,
compared with $6.1 million a year ago. The earnings growth is
attributed to improved results at both the subsidiary's marine
operations and rail services operations. Progress Rail Services
Corporation has locations in 13 states and, as a result of a number of
key acquisitions in the last few years, is the largest integrated
processor and supplier of railroad materials in the United States.
Florida Progress (NYSE:FPC) is a Fortune 500 diversified utility
holding company with assets of $5.8 billion. Its principal subsidiary
is Florida Power, the state's second-largest electric utility with
about 1.3 million customers. Diversified operations include coal
mining, marine operations, rail services, life insurance, real estate,
and lending and leasing.
Three Months Ended Twelve Months Ended
March 31 March 31
1996 1995 1996 1995
----------------- ----------------- ------------------ ------------------
Revenues $739,500,000 $703,200,000 $3,091,900,000 $2,835,500,000
Net Income $ 48,300,000 $ 46,600,000 $ 240,600,000 $ 222,100,000
================= ================= ================== ==================
Earnings Per Share (EPS):
Florida Power Corporation $ .44 $ .43 $ 2.28 $ 2.12
Diversified Operations .06 .06 .23 .23
------- ------- ------- -------
Consolidated $ .50 $ .49 $ 2.51 $ 2.35
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Average Common
Shares Outstanding 96,500,110 95,262,137 96,052,565 94,268,564