<PAGE>   1
                                                                EXHIBIT 99.2


DRAFT                                  Darryl A. LeClair
                                       Echelon International Corporation
                                       President and Chief Executive Officer
                                       813-824-6767

                                       John W. Heilshorn, Jr./Danielle L. Reilly
                                       Lippert/Heilshorn & Assoc., Inc.
                                       212-838-3777
                                       dani@lhai.com

                        ECHELON INTERNATIONAL CORPORATION
                ANNOUNCES THIRD QUARTER AND NINE MONTHS FINANCIAL
                                    RESULTS

ST. PETERSBURG, FLORIDA, NOVEMBER 14, 1997 - ECHELON INTERNATIONAL CORPORATION
(NYSE: EIN), today announced financial results for its third quarter and nine
months ended September 30, 1997.

         Sales and revenues for the three months ended September 30, 1997 were
$9.7 million, compared to $21.0 million for the same year ago period. Net income
for the three month period was $1.3 million, or $0.19 per share, compared to a
net loss of $1.5 million, or $(0.23) per share, for the quarter ended September
30, 1996.

         Sales and revenues for the nine months ended September 30, 1997 were
$28.5 million compared to $48.6 million for the comparable year ago period. Net
income for the first nine months of 1997 was $6.6 million, or $0.97 per share,
compared to a net loss of $21.7 million, or $(3.34) per share, for the nine
months ended September 30, 1996.

         As of September 30, 1997, the Company's long term debt/equity ratio was
27/73 with a cash position, including marketable securities, of $64.2 million.

         The decrease in sales and revenue for the three and nine month periods
ended September 30, 1997 from the previous year was primarily due to a decrease
of $11.1 million and $17.4 million, respectively, in the sale of development
properties and a $1.5 million and $4.6 million, respectively, decrease in
interest income. The decrease in the sale of development properties was due
primarily to fewer sales of land in Carillon in 1997 versus the previous year,
and the decrease in interest income was due to loan receivable payoffs and
sales. 

         Operating expenses for the three and nine month periods ended September
30, 1997 were $8.1 million and $19.7 million, which decreased by $18.4 million
and $67.6 million, compared to the same period the previous year. The decrease
is primarily due to the $34.6


<PAGE>   2


ECHELON INTERNATIONAL CORPORATION 
PAGE 2

million decrease in the provision for lease, loan and real estate losses, the
decline in the sale of development properties and the increase of $2.3 million
and $10.6 million in other income. 

         The Company is continuing to implement its strategy to grow the 
real estate portion of its business and dispose of certain non-strategic
assets. During the third quarter, Echelon received $10.6 million in full 
repayment of two real estate loans receivable and used $6.0 million of the 
proceeds to pay down debt to Salomon Brothers Realty Corporation. As a result 
of the debt repayment, the Company wrote off approximately $0.2 million of 
debt issuance costs, which is reflected as a $0.1 million after-tax 
extraordinary loss.

         Larry J. Newsome, Senior Vice President and Chief Financial Officer,
stated, "We are pleased with the results for the third quarter and the nine
months ended. We are ahead of our original strategic plan projections. We
continue to redeploy our non-strategic assets to reinvest in real estate or to 
pay down debt. This has allowed us to aggressively restructure our balance 
sheet."
         
                                    - MORE -



<PAGE>   3



ECHELON INTERNATIONAL CORPORATION
PAGE 3

Darryl LeClair, President and Chief Executive Officer, stated, "We have begun
constructon of our 369-unit multi-family community, Bay Isle Key, located on
Company-owned land on 9th Street in St. Petersburg, Florida.  In addition, site
work has begun on our 314-unit multi-family community, the Reserve at Carillon,
also located in St. Petersburg. Physical construction is on target to begin in
December.  We are also in discussions to acquire sites in select southwest and
southeast locations for additonal multi-family communities.  In addition, the
Company has continued to evaluate the feasibility for commercial development at
Carillon and our downtown St. Petersburg holdings."
         
Echelon International Corporation is a real estate and financial
services company involved in development, ownership and management of commercial
and multifamily residential real estate. The Company also manages a portfolio of
aircraft and real estate loans and aircraft leases. Echelon plans to gradually
withdraw from the aircraft and real estate lending business and focus on its
core real estate operations.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: CERTAIN STATEMENTS
CONTAINED HEREIN REGARDING MATTERS THAT ARE NOT HISTORICAL FACTS ARE
FORWARD-LOOKING STATEMENTS, INCLUDING STATEMENTS CONCERNING ECHELON'S EXPECTED
SOURCES AND USES OF FUNDS AND CAPITAL EXPENDITURES AND ITS BUSINESS STRATEGY
INCLUDING ITS PLANS TO GRADUALLY WITHDRAW FROM THE AIRCRAFT AND REAL
UNCERTAINTIES, ACTUAL STRATEGIES AND THE TIMING AND EXPECTED RESULTS THEREOF
MAY DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS. FACTORS THAT COULD CAUSE SUCH DIFFERENCES INCLUDE, BUT ARE NOT
LIMITED TO, THOSE SET FORTH IN MATERIALS FILED BY ECHELON WITH THE SECURITIES
AND EXCHANGE COMMISSION.

                              - TABLES TO FOLLOW -


<PAGE>   4


ECHELON INTERNATIONAL CORPORATION
PAGE 4

                        ECHELON INTERNATIONAL CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (UNAUDITED)

                     (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                                   Three Months Ended            Nine Months Ended
                                                                        Sept 30,                      Sept. 30,
                                                                   1997          1996            1997           1996
                                                                   ----          ----            ----           ----
<S>                                                               <C>            <C>             <C>            <C> 
SALES AND REVENUES:
Real estate operations -
  Rental income                                               $    3.5        $   3.0        $    9.6       $    8.9
  Sale of development properties                                    .5           11.6              .8           18.2
  Marina and other revenues                                        2.4            1.5             7.0            5.5
  Equity in losses of partnerships                                 (.2)            --            (1.0)            --
Lending and leasing operations -
  Interest income                                                  1.3            2.8             5.5           10.1
  Earned income on finance leases                                  1.1            1.0             2.6            2.8
  Other                                                            1.1            1.1             4.0            3.1
                                                              --------        -------        --------       --------
                                                                   9.7           21.0            28.5           48.6
OPERATING EXPENSES:
Real estate operations                                             3.7            2.7            10.5            8.6
Cost of development properties sold                                 .5           11.6              .8           18.5
Depreciation                                                       1.1            1.4             3.6            4.3
Provision for lease, loan and real estate losses                    --            2.8             (.7)          33.9
Interest expense:
  Former parent advances                                            --            4.3              --           13.9
  Long-term debt                                                   1.9             .5             7.1            1.7
Allocated administrative expenses of former parent                  --             .9              --            1.3
Marketing and other administrative                                 2.2            1.3             6.8            2.9
Other (income) expenses, net                                      (1.3)           1.0            (8.4)           2.2
                                                              --------        -------        --------       --------
                                                                   8.1           26.5            19.7          87.30
INCOME (LOSS) BEFORE INCOME TAXES AND
  EXTRAORDINARY ITEM                                               1.6           (5.5)            8.8          (38.7)
INCOME TAX EXPENSE (BENEFIT)                                        .2           (1.9)            1.3          (14.9)
                                                              --------        -------        --------       --------
INCOME (LOSS) BEFORE EXTRAORDINARY ITEM                            1.4           (3.6)            7.5          (23.8)
EXTRAORDINARY ITEM:
  Gain (loss) on extinguishment of debt, net of income
    tax effect                                                     (.1)           2.1             (.9)           2.1
                                                              --------        -------        --------       --------
NET INCOME (LOSS)                                             $    1.3        $ ( 1.5)       $    6.6       $  (21.7)
                                                              --------        -------        --------       --------
Average shares of common stock outstanding                         6.8            6.5             6.8            6.5
Per share data:
  Income (loss) before extraordinary item                     $    .20        $ (0.55)       $   1.10       $  (3.66)
  Extraordinary item                                              (.01)           .32            (.13)           .32
                                                              --------        -------        --------       --------
  Net income (loss) per common share                          $    .19        $  (.23)       $    .97       $  (3.34)
</TABLE>


                                    - MORE -


<PAGE>   5


ECHELON INTERNATIONAL CORPORATION
PAGE 5

                        ECHELON INTERNATIONAL CORPORATION
                 SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
                                (IN MILLIONS)

<TABLE>
<CAPTION>
                                                                           Sept. 30,       December 31,
                                                                             1997              1996
                                                                             ----              ----
                                                                           (unaudited)

  <S>                                                                      <C>            <C>   
  Cash And Marketable Securities                                             $ 64.2          $ 63.3
  Total Current Assets                                                         98.6           144.1
  Leases, Loans, Property & Other Investments                                 352.7           353.2
  Total Assets                                                                455.9           531.0
  Total Current Liabilities                                                    25.8            92.2
  Long-Term Debt                                                               61.7            73.8
  Deferred Income Taxes                                                       158.2           163.3
  Total Stockholders' Equity                                                  209.9           201.4
  Total Liabilities And Stockholders' Equity                                  455.9           531.0
</TABLE>



                                      # # #