-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, hMEkuHQJ0M3QFQ1h5JmpY5y4yD8Wraek7k2CFVAR1ApBP60Jitoxc1lCMSmVXRPX VYfYTc0P+BifOcv4ILsujA== 0000037634-95-000005.txt : 19950512 0000037634-95-000005.hdr.sgml : 19950512 ACCESSION NUMBER: 0000037634-95-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950511 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLORIDA POWER & LIGHT CO CENTRAL INDEX KEY: 0000037634 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 590247775 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03545 FILM NUMBER: 95536481 BUSINESS ADDRESS: STREET 1: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408 BUSINESS PHONE: 4076944647 MAIL ADDRESS: STREET 1: P O BOX 14000 CITY: JUNO BEACH STATE: FL ZIP: 33408 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-3545 FLORIDA POWER & LIGHT COMPANY (Exact name of registrant as specified in its charter) Florida 59-0247775 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 700 Universe Boulevard Juno Beach, Florida 33408 (Address of principal executive offices) (Zip Code) (407) 694-4647 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, No Par Value, outstanding at April 30, 1995: 1,000 shares PART I - FINANCIAL INFORMATION Item 1. Financial Statements FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended March 31, 1995 1994 (Thousands of Dollars) OPERATING REVENUES ........................................................... $1,156,269 $1,155,789 OPERATING EXPENSES: Fuel, purchased power and interchange ...................................... 344,872 364,814 Other operations and maintenance ........................................... 231,889 269,752 Depreciation and amortization .............................................. 197,774 164,320 Income taxes ............................................................... 68,190 64,632 Taxes other than income taxes .............................................. 127,928 121,202 Total operating expenses ................................................. 970,653 984,720 OPERATING INCOME ............................................................. 185,616 171,069 OTHER INCOME - NET ........................................................... 3,920 7,020 INTEREST CHARGES - NET ....................................................... 70,094 69,534 NET INCOME ................................................................... 119,442 108,555 PREFERRED STOCK DIVIDEND REQUIREMENTS ........................................ 12,153 9,930 NET INCOME AVAILABLE TO FPL GROUP, INC. ...................................... $ 107,289 $ 98,625
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements on Pages 5 through 7 herein and the Notes to Consolidated Financial Statements appearing in Florida Power & Light Company's (FPL) 1994 Annual Report on Form 10-K (Form 10- K). FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 1995 December 31, (Unaudited) 1994 (Thousands of Dollars) ELECTRIC UTILITY PLANT: At original cost, including nuclear fuel and construction work in progress $16,222,001 $16,138,641 Less accumulated depreciation and amortization ........................... 6,297,348 6,132,488 Electric utility plant - net ........................................... 9,924,653 10,006,153 CURRENT ASSETS: Cash and cash equivalents ................................................ 103,146 535 Customer receivables, net of allowances of $10,110 and $11,518 ........... 383,210 458,047 Materials, supplies and fossil fuel stock - at average cost .............. 289,802 292,601 Other .................................................................... 140,056 81,290 Total current assets ................................................... 916,214 832,473 OTHER ASSETS: Special use funds ........................................................ 466,529 435,117 Unamortized debt reacquisition costs and litigation items ................ 376,233 402,978 Other .................................................................... 150,644 144,731 Total other assets ..................................................... 993,406 982,826 TOTAL ASSETS ............................................................... $11,834,273 $11,821,452 CAPITALIZATION: Common shareholder's equity .............................................. $ 4,197,244 $ 4,185,586 Preferred stock without sinking fund requirements ........................ 451,250 451,250 Preferred stock with sinking fund requirements ........................... 54,000 94,000 Long-term debt ........................................................... 3,296,307 3,581,157 Total capitalization ................................................... 7,998,801 8,311,993 CURRENT LIABILITIES: Accounts payable ......................................................... 239,899 306,616 Debt and preferred stock due within one year ............................. 413,853 111,350 Other .................................................................... 737,439 686,811 Total current liabilities .............................................. 1,391,191 1,104,777 OTHER LIABILITIES AND DEFERRED CREDITS: Accumulated deferred income taxes ........................................ 1,296,513 1,259,822 Unamortized regulatory and investment tax credits ........................ 492,585 498,703 Other .................................................................... 655,183 646,157 Total other liabilities and deferred credits ........................... 2,444,281 2,404,682 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES ....................................... $11,834,273 $11,821,452
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements on Pages 5 through 7 herein and the Notes to Consolidated Financial Statements appearing in FPL's 1994 Form 10-K. FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, 1995 1994 (Thousands of Dollars) CASH FLOWS FROM OPERATING ACTIVITIES: Net income .................................................................... $ 119,442 $ 108,555 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ............................................. 197,774 164,320 Deferred income taxes and unamortized regulatory and investment tax credits 30,573 32,271 Other ..................................................................... 78,628 31,021 Net cash provided by operating activities ................................... 426,417 336,167 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (1) ...................................................... (127,069) (131,365) Other ......................................................................... (7,498) (7,249) Net cash used in investing activities ....................................... (134,567) (138,614) CASH FLOWS FROM FINANCING ACTIVITIES: Issuances of debt ............................................................. 58,630 86,350 Retirement of debt and preferred stock ........................................ (81,225) (126,890) Dividends ..................................................................... (105,484) (91,095) Other ......................................................................... (61,160) (33,796) Net cash used in financing activities ....................................... (189,239) (165,431) Net increase in cash and cash equivalents ....................................... 102,611 32,122 Cash and cash equivalents at beginning of period ................................ 535 7,316 Cash and cash equivalents at end of period ...................................... $ 103,146 $ 39,438 Supplemental disclosures of cash flow information: Cash paid for interest (net of amount capitalized) ............................ $ 84,500 $ 78,785 Cash paid for income taxes .................................................... $ 10,520 $ 15,774 Supplemental schedule of noncash investing and financing activities: Additions to capital lease obligations ........................................ $ 12,114 $ 4,775 (1) Capital expenditures exclude allowance for equity funds used during construction.
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements on Pages 5 through 7 herein and the Notes to Consolidated Financial Statements appearing in FPL's 1994 Form 10-K. FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The accompanying condensed consolidated financial statements should be read in conjunction with FPL's 1994 Form 10-K. In the opinion of FPL, all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position as of March 31, 1995, and the results of operations and cash flows for the three months ended March 31, 1995 and 1994, have been made. Certain amounts included in the prior year's condensed consolidated financial statements have been reclassified to conform to the current year's presentation. The results of operations for an interim period may not give a true indication of results for the year. 1. Capitalization Preferred Stock - In April 1995, FPL redeemed 400,000 shares of its 8.625% Preferred Stock, Series R, $100 Par Value. Long-Term Debt - In March 1995, FPL sold a total of $58.6 million principal amount of Pollution Control Revenue Refunding Bonds, maturing in April 2020 and March 2027, at an initial variable interest rate of 2.9%. The proceeds, placed in trust and included in current assets - other at March 31, 1995, were used to redeem in April 1995 a like principal amount of Pollution Control Revenue Bonds, maturing in 2020 at a 10% interest rate. In April 1995, FPL redeemed $66.2 million principal amount of 9 3/8% First Mortgage Bonds, due July 2019. In addition, through April 1995, FPL purchased on the open market and retired $26 million principal amount of various series of first mortgage bonds. In early May 1995, FPL called for redemption in June 1995, $28.5 million of Pollution Control Revenue Bonds. At March 31, 1995, $200 million of commercial paper, which previously was classified as long-term debt, has been reclassified as a current liability because FPL no longer intends to maintain this level of commercial paper usage for the foreseeable future. During the second quarter of 1995 FPL began liquidating portions of this balance. 2. Commitments and Contingencies Capital Commitments - FPL has made commitments in connection with a portion of its projected capital expenditures. Capital expenditures for the construction or acquisition of additional facilities and equipment to meet customer demand are estimated to be $3.0 billion, including allowance for funds used during construction (AFUDC), for the years 1995 through 1999. Included in this five-year forecast are capital expenditures for 1995 of $712 million, of which $130 million, including AFUDC, had been spent through March 31, 1995. Insurance - Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of the insurance available from private sources and under an industry retrospective payment plan. In accordance with this Act, FPL maintains $200 million of private liability insurance, which is the maximum obtainable, and participates in a secondary financial protection system under which it is subject to retrospective assessments of up to $317 million per incident at any nuclear utility reactor in the United States, payable at a rate not to exceed $40 million per incident per year. FPL participates in insurance pools and other arrangements that provide $2.75 billion of limited insurance coverage for property damage, decontamination and premature decommissioning risks at its nuclear plants. The proceeds from such insurance, however, must first be used for reactor stabilization and site decontamination before they can be used for plant repair. FPL also participates in an insurance program that provides limited coverage for replacement power costs if a plant is out of service because of an accident. In the event of an accident at one of FPL's or another participating insured's nuclear plants, FPL could be assessed up to $77 million in retrospective premiums, and in the event of a subsequent accident at such nuclear plants during the policy period, the maximum aggregate assessment is $93 million under the programs in effect at March 31, 1995. This contingent liability would be partially offset by a portion of FPL's storm and property insurance reserve, which totaled $101 million at March 31, 1995. In the event of a catastrophic loss at one of FPL's nuclear plants, the amount of insurance available may not be adequate to cover property damage and other expenses incurred. Uninsured losses, to the extent not recovered through rates, would be borne by FPL and could have a material adverse effect on FPL's financial condition. FPL self-insures certain of its transmission and distribution (T&D) property due to the high cost and limited coverage available from third-party insurers. Costs incurred under the self-insurance program will be charged against FPL's storm fund. Recovery from ratepayers of any losses in excess of the storm fund will require the approval of the Florida Public Service Commission (FPSC). FPL's available lines of credit include $300 million to provide additional liquidity in the event of a T&D property loss. Contracts - FPL has entered into certain long-term purchased power and fuel contracts. Take-or-pay purchased power contracts with the Jacksonville Electric Authority (JEA) and with subsidiaries of the Southern Company provide approximately 1,300 megawatts (mw) of power through mid-2010 and 374 mw through 2022. FPL also has various firm pay-for-performance contracts to purchase approximately 1,000 mw from certain cogenerators and small power producers (qualifying facilities) with expiration dates ranging from 2002 through 2026. The purchased power contracts provide for capacity and energy payments. Energy payments are based on the actual power taken under these contracts. Capacity payments for the pay-for-performance contracts are subject to the qualifying facilities meeting certain contract obligations. The fuel contracts provide for the transportation and supply of natural gas and the supply and use of Orimulsion. Orimulsion is a new fuel which FPL expects to begin using in 1998, subject to environmental approvals. In no year are the obligations under the fuel contracts expected to exceed usage requirements. The required capacity payments through 1999 under these contracts are estimated to be as follows:
1995 1996 1997 1998 1999 (Millions of Dollars) Capacity payments: JEA .............................................................. $ 80 $ 80 $ 80 $ 80 $ 90 Southern Companies ............................................... $140 $140 $140 $130 $130 Qualifying facilities ............................................ $190 $300 $310 $320 $340 Minimum payments, at projected prices: Natural gas ...................................................... $180 $200 $200 $210 $200 Orimulsion ....................................................... - - - $130 $160
Capacity and energy charges under these contracts were as follows:
Three Months Ended March 31, 1995 Charges 1994 Charges Capacity Energy(1) Capacity Energy(1) (Millions of Dollars) JEA .................................................... $21(2) $11 $21(2) $10 Southern Companies ..................................... $39(3) $21 $57(3) $33 Qualifying facilities .................................. $37(3) $20 $29(3) $15 (1) Recovered through the fuel and purchased power cost recovery clause. (2) Recovered through base rates and the capacity cost recovery clause (capacity clause). (3) Recovered through the capacity clause.
Natural gas payments under the gas contracts, which were recovered through the fuel clause, were $67 million and $46 million for the three months ended March 31, 1995 and 1994, respectively. Litigation - Union Carbide Corporation sued FPL and Florida Power Corporation alleging that, through a territorial agreement approved by the FPSC, they conspired to eliminate competition in violation of federal antitrust laws. Praxair, Inc., an entity that was formerly a unit of Union Carbide, has been substituted as the plaintiff. The suit seeks treble damages of an unspecified amount based on alleged higher prices paid for electricity and product sales lost. Cross motions for summary judgment were denied. Both parties are appealing the denials. A suit brought by the partners in a cogeneration project located in Dade County, Florida, alleges that FPL and certain affiliated companies have engaged in anti-competitive conduct intended to eliminate competition from cogenerators generally, and from their facility in particular, in violation of federal antitrust laws and have wrongfully interfered with the cogeneration project's contractual relationship with Metropolitan Dade County. The suit seeks damages in excess of $100 million, before trebling under antitrust laws, plus other unspecified compensatory and punitive damages. FPL's motion for summary judgment was denied. FPL is appealing the denial. The Florida Municipal Power Agency (FMPA), an organization comprised of municipal electric utilities, has sued FPL for allegedly breaching a "contract" to provide transmission service to the FMPA and its members and for breaching antitrust laws by monopolizing or attempting to monopolize the provision, coordination and transmission of electric power in refusing to provide transmission service, or to permit the FMPA to invest in and use FPL's transmission system, on the FMPA's proposed terms. The FMPA seeks $140 million in damages, before trebling for the antitrust claim, and court orders requiring FPL to permit the FMPA to invest in and use FPL's transmission system on "reasonable terms and conditions" and on a basis equal to FPL. In December 1993, a district court granted summary judgment in favor of FPL. The FMPA has appealed. FPL believes that it has meritorious defenses to all of the litigation described above and is vigorously defending these suits. Accordingly, the liabilities, if any, arising from these proceedings are not anticipated to have a material adverse effect on FPL's financial statements. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This discussion should be read in conjunction with the Notes to the Condensed Consolidated Financial Statements contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in FPL's 1994 Form 10-K. The results of operations for an interim period may not give a true indication of results for the year. In the following discussion, all comparisons are with the corresponding items in the prior year. RESULTS OF OPERATIONS FPL's operating results for the three months ended March 31, 1995 benefitted from customer growth, combined with continued attention to cost control. Partially offsetting these factors were higher depreciation and a reduction in AFUDC. While total operating revenues were essentially unchanged, FPL's revenues from base rates increased to $718 million for the three months ended March 31, 1995 from $695 million for the same period in 1994. The increase was primarily due to higher retail energy sales and the effect on wholesale revenues of a brief period of cold weather in February. Retail energy sales increased 2.2%, primarily attributable to a 2.0% growth in customers. Revenues from cost recovery clauses (including fuel) and franchise fees, which represent a pass-through of costs and do not significantly affect net income, declined due to lower fuel costs. The decrease in other operations and maintenance expenses reflects expenses incurred in the prior year associated with a nuclear refueling outage, as well as management's ongoing efforts to control costs. The placement in service of the Martin Units Nos. 3 and 4 in February and April of 1994 resulted in an increase in depreciation expense and a decrease in AFUDC (included in other income - net). Depreciation expense was further affected by an increase in nuclear decommissioning and fossil dismantlement approved on an interim basis by the FPSC and the amortization in the current period of deferred litigation items. In keeping with management's focus on reducing investment in certain assets used in utility operations, FPL requested and the FPSC approved the amortization of the deferred litigation items over a period not to exceed five years. FPL has also proposed to the FPSC a special amortization of its nuclear units totaling $30 million per year, plus an additional amount based on the level of sales achieved for 1995 and 1996. LIQUIDITY AND CAPITAL RESOURCES Based on available cash flows from operations, FPL has redeemed certain series of its preferred stock and first mortgage bonds and reduced the level of commercial paper, consistent with management's intent to further reduce debt balances. Preferred stock dividends in 1995 include the premium paid on the redemption of 400,000 shares of the 8.625% Preferred Stock, Series R, $100 Par Value. See Note 1. For information concerning capital commitments, see Note 2. PART II - OTHER INFORMATION Item 5. Other Information (1) Reference is made to Item 1. Business - Retail Ratemaking in FPL's 1994 Form 10-K. FPL was required to file historic and projected revenues and cost data with the FPSC by April 30, 1995. FPL has received permission from the FPSC to delay this filing until July 31, 1995, pending consideration by the Florida legislature to eliminate this requirement for Florida electric utilities. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit Number Description *4(a) Mortgage and Deed of Trust dated as of January 1, 1944, and Ninety-five Supplements thereto between FPL and Bankers Trust Company and The Florida National Bank of Jacksonville (now First Union National Bank of Florida) Trustees (as of September 2, 1992, the sole trustee is Bankers Trust Company) (filed as Exhibit B-3, File No. 2-4845; Exhibit 7(a), File No. 2-7126; Exhibit 7(a), File No. 2-7523; Exhibit 7(a), File No. 2-7990; Exhibit 7(a), File No. 2-9217; Exhibit 4(a)-5, File No. 2-10093; Exhibit 4(c), File No. 2-11491; Exhibit 4(b)-1, File No. 2-12900; Exhibit 4(b)-1, File No. 2-13255; Exhibit 4(b)-1, File No. 2-13705; Exhibit 4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File No. 2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit 4(b)-1, File No. 2-20501; Exhibit 4(b)-1, File No. 2-22104; Exhibit 2(c), File No. 2-23142; Exhibit 2(c), File No. 2-24195; Exhibit 4(b)-1, File No. 2-25677; Exhibit 2(c), File No. 2-27612; Exhibit 2(c), File No. 2-29001; Exhibit 2(c), File No. 2-30542; Exhibit 2(c), File No. 2-33038; Exhibit 2(c), File No. 2-37679; Exhibit 2(c), File No. 2-39006; Exhibit 2(c), File No. 2-41312; Exhibit 2(c), File No. 2-44234; Exhibit 2(c), File No. 2-46502; Exhibit 2(c), File No. 2-48679; Exhibit 2(c), File No. 2-49726; Exhibit 2(c), File No. 2-50712; Exhibit 2(c), File No. 2-52826; Exhibit 2(c), File No. 2-53272; Exhibit 2(c), File No. 2-54242; Exhibit 2(c), File No. 2-56228; Exhibits 2(c) and 2(d), File No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701; Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No. 2-67239; Exhibit 4(c), File No. 2-69716; Exhibit 4(c), File No. 2-70767; Exhibit 4(b), File No. 2-71542; Exhibit 4(b), File No. 2-73799; Exhibits 4(c), 4(d) and 4(e), File No. 2-75762; Exhibit 4(c), File No. 2-77629; Exhibit 4(c), File No. 2-79557; Exhibit 99(a) to Post-Effective Amendment No. 5 to Form S-8, File No. 33-18669; Exhibit 99(a) to Post-Effective Amendment No. 1 to Form S-3, File No. 33-46076; Exhibit 4(b) to Form 10-K for the year ended December 31, 1993, File No. 1-3545; and Exhibit 4(i) to Form 10-Q for the quarter ended June 30, 1994, File No. 1-3545) 12 Computation of Ratios 27 Financial Data Schedule * Incorporated herein by reference (b) Reports on Form 8-K None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FLORIDA POWER & LIGHT COMPANY (Registrant) MICHAEL W. YACKIRA Michael W. Yackira Senior Vice President, Finance and Chief Financial Officer (Principal Financial Officer) Date: May 11, 1995 EX-12 2 STATEMENT RE COMPUTATION OF RATIOS EXHIBIT 12 FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS
Three Months Ended March 31, 1995 (Thousands of Dollars) RATIO OF EARNINGS TO FIXED CHARGES Earnings, as defined: Net income ........................................................................ $119,442 Income taxes ...................................................................... 67,554 Fixed charges, as below ........................................................... 77,258 Total earnings, as defined ...................................................... $264,254 Fixed charges, as defined: Interest expense .................................................................. $ 71,918 Rental interest factor ............................................................ 1,730 Fixed charges included in nuclear fuel cost ....................................... 3,610 Total fixed charges, as defined ................................................. $ 77,258 Ratio of earnings to fixed charges .................................................. 3.42 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS Earnings, as defined: Net income ........................................................................ $119,442 Income taxes ...................................................................... 67,554 Fixed charges, as below ........................................................... 77,258 Total earnings, as defined ...................................................... $264,254 Fixed charges, as defined: Interest expense .................................................................. $ 71,918 Rental interest factor ............................................................ 1,730 Fixed charges included in nuclear fuel cost ....................................... 3,610 Total fixed charges, as defined ................................................. 77,258 Non-tax deductible preferred stock dividend requirements ............................ 12,153 Ratio of income before income taxes to net income ................................... 1.57 Preferred stock dividend requirements before income taxes ........................... 19,080 Combined fixed charges and preferred stock dividend requirements .................... $ 96,338 Ratio of earnings to combined fixed charges and preferred stock dividend requirements............................................................ 2.74
EX-27 3 FINANCIAL DATA SCHEDULE
UT This schedule contains summary financial information extracted from FPL's condensed consolidated balance sheet as of March 31, 1995 and condensed consolidated statements of income and cash flows for the three months ended March 31, 1995 and is qualified in its entirety by reference to such financial statements. 1,000 DEC-31-1995 MAR-31-1995 3-MOS PER-BOOK $9,924,653 $466,529 $916,214 $376,233 $150,644 $11,834,273 $0 $0 $0 $4,197,244 $54,000 $451,250 $3,296,307 $0 $0 $0 $0 $0 $0 $0 $3,835,472 $11,834,273 $1,156,269 $68,190 $902,463 $970,653 $185,616 $3,920 $189,536 $0 $119,442 $12,153 $107,289 $0 $0 $426,417 $0 $0
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