-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OGQqTBXLwTjqHiTet6ZblWGiMCKlNqypq/pqMHrQ5lEw/VJ0GVFs73FOTnpPVG+i tVjuZX4FbsvhWC5BCWzkBw== 0000357261-95-000013.txt : 19951025 0000357261-95-000013.hdr.sgml : 19951025 ACCESSION NUMBER: 0000357261-95-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951019 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951024 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLORIDA PROGRESS CORP / CENTRAL INDEX KEY: 0000357261 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 592147112 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08349 FILM NUMBER: 95583408 BUSINESS ADDRESS: STREET 1: ONE PROGRESS PLZ CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 8138246400 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLORIDA POWER CORP / CENTRAL INDEX KEY: 0000037637 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 590247770 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03274 FILM NUMBER: 95583409 BUSINESS ADDRESS: STREET 1: 3201 34TH ST SOUTH CITY: ST PETERSBURG STATE: FL ZIP: 33711 BUSINESS PHONE: 8138665151 8-K 1 FLORIDA PROGRESS/FLORIDA POWER 10/19/95 FORM 8-K As filed with the Securities and Exchange Commission on October 24, 1995 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 _____________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 19, 1995
Exact name of Registrant as Commission specified in its charter, address State of I.R.S. Employer File No. of principal executive offices, telephone Incorporation Identification No. 1-8349 FLORIDA PROGRESS CORPORATION Florida 59-2147112 One Progress Plaza St. Petersburg, Florida 33701 Telephone (813) 824-6400 1-3274 FLORIDA POWER CORPORATION Florida 59-0247770 3201 34th Street South St. Petersburg, Florida 33711 Telephone (813) 866-5151
The address of neither registrant has changed since the last report. This combined Form 8-K represents separate filings by Florida Progress Corporation and Florida Power Corporation. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Florida Power makes no representations as to the information relating to Florida Progress' diversified operations. Item 5. Other Events In light of ongoing securities offerings by Florida Progress Corporation ("Florida Progress") and its subsidiaries, including Florida Power Corporation ("Florida Power") and Progress Capital Holdings, Inc., the following information is being presented pending distribution of the combined Florida Progress and Florida Power Quarterly Report on Form 10-Q for the quarter ended September 30, 1995: 1. Third quarter earnings. Florida Progress issued a news release dated October 19, 1995 and a related Investor Information report of even date therewith reporting third quarter 1995 earnings. Copies of the news release and report are being filed herewith as Exhibits 99.(a) and 99.(b), respectively. 2. Change of Trustees. Effective October 6, 1995, NationsBank of Florida, N.A. resigned as Trustee, Paying Agent and Security Registrar, and NationsBank of Georgia, N.A. resigned as Co-Paying Agent, under the Indentures dated as of May 1, 1988 and August 15, 1992, pursuant to which Florida Power has issued its Medium-Term Notes Series A and B, respectively; and The First National Bank of Chicago ("First Chicago") has accepted the appointment as Successor Trustee, Paying Agent and Security Registrar under each Indenture. The principal corporate trust office of First Chicago is One First National Plaza, Chicago, IL 60670-0126, or c/o First Chicago Trust Company of New York, 14 Wall Street, 8th Floor, Window 2, New York, NY 10005. Item 7. Financial Statements and Exhibits (c) Exhibits: Exhibit Number (by reference to Item 601 of Regulation S-K) Description of Exhibit 99.(a) Florida Progress Corporation News Release dated October 19, 1995 regarding third quarter earnings. 99.(b) Florida Progress Corporation Investor Information Report dated October 19, 1995. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FLORIDA PROGRESS CORPORATION FLORIDA POWER CORPORATION /s/ James V. Smallwood By:____________________________ James V. Smallwood Treasurer of each Registrant Date: October 19, 1995 EXHIBIT INDEX Exhibit No. Description of Exhibit 99.(a) Florida Progress Corporation News Release dated October 19, 1995 regarding third quarter earnings. 99.(b) Florida Progress Corporation Investor Information Report dated October 19, 1995. EX-99.(A) 2 EX-99.(A) FLORIDA PROGRESS/POWER 10/19/95 FORM 8-K 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 increase in third-quarter earnings ST. PETERSBURG, Fla. (October 19, 1995) -- Florida Progress Corporation, parent of St. Petersburg-based Florida Power Corporation, today reported a third-quarter earnings increase of 20 percent due to stronger retail kilowatt-hour sales at the utility. This was the result of warmer weather, customer growth and an improved economy in 1995. The increase in earnings also was impacted by nonrecurring charges recognized during last year's third quarter. Third-quarter results for 1995 were $91.1 million, or 95 cents per share, compared with $75.8 million, or 80 cents a share, earned a year ago. Revenues for the quarter totaled $862.6 million, compared with $756.2 million for the same three-month period in 1994. Florida Power, the largest subsidiary of Florida Progress, earned $84.7 million, or 88 cents per share, on revenues of $671.8 million in this year's third quarter, compared with earnings of $69.4 million, or 73 cents a share, on revenues of $586.5 million for the same three-month period a year ago. Retail kilowatt-hour sales at the utility increased by 11.1 percent in the third quarter of 1995, compared with the prior-year quarter. The increase was helped by a 2-percent customer growth rate and warmer weather when compared to the prior year. Florida Power's cost-control initiatives have allowed the company to hold the line on operation and maintenance expenses over the past year. This has been achieved even with the addition of more than 25,000 new customers since this time last year. Partially offsetting higher energy sales and cost-reduction efforts during the quarter were increased expenses for nuclear decommissioning and depreciation. Also, in the third quarter of 1995, Florida Power began recognizing charges related to a Florida Public Service Commission-approved amortization of transmission facilities' costs. In the prior-year quarter, Florida Power recognized restructuring costs that reduced after-tax earnings by $4.4 million, or 5 cents a share. Also, in 1994, Florida Power subsidiaries withdrew as equity partners from a gas pipeline project. The write-off of the utility's pipeline investment lowered 1994 third-quarter earnings by $3.9 million, or 4 cents per share. Earnings from the diversified operations this quarter were comparable to operating results during the same period in 1994. Florida Progress (NYSE: FPC) is a Fortune 500 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 Three Months Ended September 30 September 30 1995 1994 1995 1994 ------------ --------------- -------------- -------------- Revenues $862,600,000 $756,200,000 $2,991,600,000 $2,722,100,000 Net Income $ 91,100,000 $ 75,800,000 $ 238,900,000 $ 203,200,000 ============ ============ ============== ============== Earnings Per Share (EPS): Florida Power Corporation $ .88 $ .73 $2.28 $1.95 Diversified Operations .07 .07 .22 .27 ----- ----- ----- ----- Consolidated $ .95 $ .80 $2.50 $2.22 ===== ===== ===== ===== Average Common Shares Outstanding 95,904,857 94,570,194 95,422,794 91,485,841
EX-99.(B) 3 EX-99.(B) FLORIDA PROGRESS/POWER 10/19/95 FORM 8-K FLORIDA PROGRESS CORPORATION INVESTOR INFORMATION - -------------------------------------------------------------------------- Analysts' Contacts: Mark A. Myers, Manager, Investor Relations (813) 866-4245 John A. Serba, Senior Investor Communications Analyst (813) 866-4247 October 19, 1995 Florida Progress Corporation reports increase in third-quarter earnings Florida Progress Corporation, parent of St. Petersburg-based Florida Power Corporation, today reported a third-quarter earnings increase of 20 percent. Results for the quarter were $91.1 million, or 95 cents per share, compared with $75.8 million, or 80 cents a share, earned a year ago. In the prior-year quarter, Florida Power recognized two nonrecurring charges that lowered after-tax earnings by $8.3 million, or 9 cents a share. Revenues for the quarter totaled $862.6 million, compared with $756.2 million for the same three-month period in 1994. Prior-year amounts have been restated to include the 1994 results for FM Industries, Inc., to reflect the pooling of interests accounting. Significant items influencing third-quarter operating results: o Higher energy sales at Florida Power in 1995 due to warmer weather and a stronger economy. o Continued customer growth of 2 percent. o Impact of cost-cutting measures implemented by the utility. Florida Power, the largest subsidiary of Florida Progress, earned $84.7 million, or 88 cents per share, on revenues of $671.8 million in this year's third quarter, compared with earnings of $69.4 million, or 73 cents a share, on revenues of $586.5 million for the same three-month period a year ago. Retail kilowatt-hour sales at Florida Power increased by 11.1 percent in the third quarter of 1995, compared with the prior-year quarter. Warmer weather in 1995, customer growth of about 2 percent and a stronger economy contributed to the improved energy sales. Florida Power's cost-control initiatives have allowed the company to hold the line on operation and maintenance expenses over the past year. This has occurred even with the addition of more than 25,000 new customers since this time last year. Partially offsetting higher energy sales and cost-reduction efforts during the quarter were increased expenses for nuclear decommissioning and depreciation, as well as after-tax charges of $3.4 million, or 3 cents per share, related to the Florida Public Service Commission-approved amortization of costs for the canceled Lake Tarpon to Kathleen transmission line. A year ago, quarterly earnings at Florida Power were lower due to recognition of restructuring costs ($4.4 million or 5 cents a share) and a write-off of a gas pipeline investment ($3.9 million or 4 cents a share). NINE-MONTH SUMMARY OF OPERATING RESULTS Florida Progress' earnings for the first nine months of 1995 were $192.9 million, or $2.02 per share, compared with $166 million, or $1.80 a share, earned for the same nine-month period in 1994. Revenues in 1995 were $2.31 billion, compared with $2.09 billion for the first nine months a year ago. The increased earnings resulted from higher energy sales and continuing cost-control efforts at Florida Power as well as improved results at Electric Fuels' inland marine division, which has operations on the Mississippi and Ohio rivers. Florida Power's earnings for the first nine months of this year were $176.1 million, or $1.84 per share, on revenues of $1.74 billion. During the same nine-month period in 1994, utility earnings were $148.8 million, or $1.61 a share, on revenues of $1.59 billion. In the nine-month period of 1994, Florida Power recognized restructuring costs that lowered after-tax earnings by $13.9 million, or 15 cents per share, and wrote off its pipeline investment, which reduced 1994 net income by $3.9 million, or 4 cents a share. In January 1995, the Florida Public Service Commission ordered Florida Power to begin a three-year test of a revenue decoupling plan for its residential sales. The plan separates, or decouples, revenues from energy sales. Decoupling is designed to reconcile the revenues to an authorized target level. In the 1995 nine-month period, Florida Power's revenues were reduced by about $18 million for the residential revenue decoupling adjustment. Florida Progress (NYSE: FPC) is a Fortune 500 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. FLORIDA PROGRESS CORPORATION CONSOLIDATED STATEMENTS OF INCOME Page 3 (In millions, except per share amounts)
Three Months Ended Nine Months Ended Twelve Months Ended September 30 September 30 September 30 ------------------ ------------------ ------------------ (UNAUDITED) 1995 1994 1995 1994 1995 1994 -------- -------- -------- -------- -------- -------- REVENUES: Electric utility $671.8 $586.5 $1,738.2 $1,587.0 $2,231.7 $2,066.7 Diversified 190.8 169.7 570.5 501.6 759.9 655.4 --------- --------- --------- --------- --------- --------- 862.6 756.2 2,308.7 2,088.6 2,991.6 2,722.1 EXPENSES: --------- --------- --------- --------- --------- --------- Electric utility: Fuel used in generation 144.1 127.6 335.8 346.2 421.5 436.4 Purchased power 120.1 80.2 330.9 216.9 408.6 277.1 Deferred fuel 1.8 (0.3) 0.6 (19.7) 18.8 (4.5) Other operation 95.2 99.1 268.3 307.5 349.6 410.3 --------- --------- --------- --------- --------- --------- Operation 361.2 306.6 935.6 850.9 1,198.5 1,119.3 Maintenance 23.8 27.5 84.9 90.9 116.9 132.1 Depreciation 75.8 65.5 217.3 194.9 283.9 257.3 Taxes other than income taxes 48.4 43.2 136.2 124.2 174.8 160.1 --------- --------- --------- --------- --------- --------- 509.2 442.8 1,374.0 1,260.9 1,774.1 1,668.8 --------- --------- --------- --------- --------- --------- Diversified: Cost of sales 155.1 139.8 467.6 413.5 625.3 536.6 Other 17.4 18.4 52.3 45.9 69.7 62.3 --------- --------- --------- --------- --------- --------- 172.5 158.2 519.9 459.4 695.0 598.9 --------- --------- --------- --------- --------- --------- INCOME FROM OPERATIONS 180.9 155.2 414.8 368.3 522.5 454.4 --------- --------- --------- --------- --------- --------- INTEREST EXPENSE AND OTHER: Interest expense 34.9 36.1 107.5 108.9 143.4 143.2 Allowance for funds used during construction (1.8) (2.8) (5.6) (8.3) (8.2) (11.0) Preferred dividend requirements of Florida Power 2.4 2.6 7.3 7.6 9.8 10.7 Other expense, net 0.8 6.0 2.1 7.6 4.8 5.9 --------- --------- --------- --------- --------- --------- 36.3 41.9 111.3 115.8 149.8 148.8 --------- --------- --------- --------- --------- --------- INCOME BEFORE INCOME TAXES 144.6 113.3 303.5 252.5 372.7 305.6 Income Taxes 53.5 37.5 110.6 86.5 133.8 102.4 --------- --------- --------- --------- --------- --------- NET INCOME $91.1 $75.8 $192.9 $166.0 $238.9 $203.2 ========= ========= ========= ========= ========= ========= AVERAGE SHARES OF COMMON STOCK OUTSTANDING 95.9 94.6 95.6 92.3 95.4 91.5 ========= ========= ========= ========= ========= ========= EARNINGS PER AVERAGE COMMON SHARE $0.95 $0.80 $2.02 $1.80 $2.50 $2.22 ========= ========= ========= ========= ========= ========= Regarding these financial statements: Prior-year amounts have been restated to include the 1994 results for FM Industries to reflect the pooling of interests accounting. These are interim statements. Reference should be made to Florida Progress Corporation's 1994 Annual Report to shareholders. Neither this report nor any statement contained herein is intended to constitute an offer of or solicitation of an offer to buy any securities or is furnished for the purpose of promoting or influencing the sale or purchase of securities.
FLORIDA PROGRESS CORPORATION CONSOLIDATED BALANCE SHEETS Page 4 (In millions)
September 30 ------------------------ (UNAUDITED) 1995 1994 ----------- ----------- ASSETS PROPERTY, PLANT AND EQUIPMENT: Electric utility plant in service and held for for future use $5,794.9 $5,503.7 Less - Accumulated depreciation 2,138.2 1,950.4 Accumulated decommissioning for nuclear plant 155.5 129.1 Accumulated dismantlement for fossil plants 100.2 86.4 ---------- ---------- 3,401.0 3,337.8 Construction work in progress 150.7 242.1 Nuclear fuel, net of amortization of $342.2 in 1995 and $316.3 in 1994 37.0 59.3 ---------- ---------- Net electric utility plant 3,588.7 3,639.2 Other property, net of depreciation of $182.1 in 1995 and $158.6 in 1994 427.5 409.5 ---------- ---------- 4,016.2 4,048.7 ---------- ---------- CURRENT ASSETS: Cash and equivalents 9.4 8.3 Accounts receivable, net 338.6 287.6 Current portion of leases and loans receivable 16.2 23.5 Inventories, primarily at average cost: Fuel 58.5 68.5 Utility materials and supplies 108.7 115.8 Diversified materials 83.7 63.5 Underrecovery of fuel cost 8.5 31.8 Other 44.9 30.4 ---------- ---------- 668.5 629.4 ---------- ---------- OTHER ASSETS: Investments: Leases and loans receivable, net 384.2 459.3 Marketable securities 172.6 156.1 Nuclear plant decommissioning fund 148.5 120.9 Joint ventures and partnerships 75.7 79.5 Deferred insurance policy acquisition costs 103.6 93.3 Other 180.1 161.3 ---------- ---------- 1,064.7 1,070.4 ---------- ---------- $5,749.4 $5,748.5 ========== ========== CAPITAL AND LIABILITIES CAPITAL: Common stock equity $2,068.2 $1,980.0 Cumulative preferred stock of Florida Power 138.5 148.5 Long-term debt 1,579.2 1,872.9 ---------- ---------- 3,785.9 4,001.4 ---------- ---------- CURRENT LIABILITIES: Accounts payable 165.1 129.0 Customers' deposits 82.5 75.4 Income taxes payable 56.3 45.3 Accrued other taxes 71.4 59.2 Accrued interest 44.0 43.0 Other 93.6 73.0 ---------- ---------- 512.9 424.9 Notes payable - 26.7 Current portion of long-term debt and preferred stock 196.7 57.9 ---------- ---------- 709.6 509.5 ---------- ---------- DEFERRED CREDITS AND OTHER LIABILITIES: Deferred income taxes 687.8 723.8 Unamortized investment tax credits 103.7 112.4 Insurance policy benefit reserves 253.9 217.0 Other postretirement benefit costs 80.7 65.1 Other 127.8 119.3 ---------- ---------- 1,253.9 1,237.6 ---------- ---------- $5,749.4 $5,748.5 ========== ==========
FLORIDA PROGRESS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Page 5 (In millions)
Three Months Ended Nine Months Ended Twelve Months Ended September 30 September 30 September 30 ------------------ ------------------ ------------------ (UNAUDITED) 1995 1994 1995 1994 1995 1994 -------- -------- -------- -------- -------- -------- OPERATING ACTIVITIES: Net income $91.1 $75.8 $192.9 $166.0 $238.9 $203.2 Adjustments for noncash items: Depreciation and amortization 92.6 81.2 265.9 238.0 349.6 317.0 Deferred income taxes and investment tax credits, net (22.6) (30.2) (73.2) (40.5) (65.0) (74.6) Increase in accrued other postretirement benefit costs 4.5 6.9 12.9 17.6 15.7 27.6 Net change in deferred insurance policy acquisition costs (3.1) (3.8) (11.7) (11.7) (10.4) (14.6) Net change in insurance policy benefit reserves 11.1 10.1 31.4 30.5 36.9 38.2 Changes in working capital, net of effects from acquisition or sale of businesses: Accounts receivable (43.1) (23.2) (74.3) (41.8) (49.9) (16.6) Inventories 18.6 9.8 - (4.3) (5.8) (21.4) Overrecovery (underrecovery)of fuel cost (0.1) 0.1 (6.7) (24.7) 23.3 (2.1) Accounts payable 8.4 (30.5) 16.0 (22.0) 33.8 4.2 Income taxes payable 13.5 31.2 44.1 3.0 11.5 (17.5) Accrued other taxes 22.5 15.3 56.4 48.3 11.9 3.1 Other 11.8 15.5 23.2 9.5 28.0 18.5 Other operating activities 9.1 11.0 20.8 28.4 15.4 31.9 --------- --------- --------- --------- --------- --------- 214.3 169.2 497.7 396.3 633.9 496.9 --------- --------- --------- --------- --------- --------- INVESTING ACTIVITIES: Property additions (including allowance for borrowed funds used during construction) (65.7) (87.7) (214.2) (246.2) (336.1) (413.1) Proceeds from sales of properties and businesses 3.7 2.0 10.3 14.3 12.3 23.8 Purchase of leases, loans and securities (21.6) (11.6) (36.1) (69.0) (41.2) (92.5) Proceeds from sale or collection of leases, loans and securities 21.8 18.8 70.5 67.7 105.0 134.5 Acquisition of businesses (0.1) (0.3) (5.9) (17.1) (5.9) (18.5) Distributions from (investments in) joint ventures and partnerships, net (0.8) (3.1) (3.2) (4.7) 0.2 (2.9) Other investing activities (2.8) (2.7) (8.3) (8.2) (10.9) (10.9) --------- --------- --------- --------- --------- --------- (65.5) (84.6) (186.9) (263.2) (276.6) (379.6) --------- --------- --------- --------- --------- --------- FINANCING ACTIVITIES: Issuance of long-term debt - 3.2 - 103.6 - 202.2 Repayment of long-term debt (10.0) (38.5) (39.2) (55.6) (70.2) (111.5) Increase (decrease) in commercial paper with long-term support (59.6) 19.2 (105.0) (68.6) (97.6) (92.7) Redemption of preferred stock - - - - (5.0) (35.3) Sale of common stock 9.8 10.4 28.8 128.4 38.4 142.1 Dividends paid on common stock (48.4) (47.5) (144.8) (138.0) (192.7) (182.0) Decrease in short-term debt (41.1) (42.0) (55.3) (103.0) (27.9) (40.6) Other financing activities (0.3) - (0.3) (0.7) (1.2) (1.5) --------- --------- --------- --------- --------- --------- (149.6) (95.2) (315.8) (133.9) (356.2) (119.3) --------- --------- --------- --------- --------- --------- NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS (0.8) (10.6) (5.0) (0.8) 1.1 (2.0) Beginning cash and equivalents 10.2 18.9 14.4 9.1 8.3 10.3 --------- --------- --------- --------- --------- --------- ENDING CASH AND EQUIVALENTS $9.4 $8.3 $9.4 $8.3 $9.4 $8.3 ========= ========= ========= ========= ========= ========= /TABLE Florida Progress Corporation Selected Financial Information (Unaudited) Page 6
Three Months Ended Percent Nine Months Ended Percent Twelve Months Ended Percent September 30 Positive September 30 Positive September 30 Positive 1995 1994 (Negative) 1995 1994 (Negative) 1995 1994 (Negative) -------- --------- --------- --------- --------- --------- --------- --------- --------- Earnings Per Share: Florida Power Corporation $0.88 $0.73 20.5 $1.84 $1.61 14.3 $2.28 $1.95 16.9 --------- --------- --------- --------- --------- --------- Electric Fuels Corporation 0.07 0.07 - 0.19 0.18 5.6 0.24 0.24 - Mid-Continent Life Insurance Co. 0.01 0.01 - 0.06 0.06 - 0.08 0.08 - Progress Credit Corporation: Lending and leasing 0.01 - - 0.02 0.02 - 0.02 0.04 (50.0) Real estate (0.02) (0.01) (100.0) (0.06) (0.05) (20.0) (0.07) (0.06) (16.7) Corporate and other - - - (0.03) (0.02) (50.0) (0.05) (0.03) (66.7) --------- --------- --------- --------- --------- --------- Diversified 0.07 0.07 - 0.18 0.19 (5.3) 0.22 0.27 (18.5) --------- --------- --------- --------- --------- --------- Consolidated $0.95 $0.80 18.8 $2.02 $1.80 12.2 $2.50 $2.22 12.6 ========= ========= ========= ========= ========= ========= Avg. shares outstanding (millions) 95.9 94.6 1.4 95.6 92.3 3.6 95.4 91.5 4.3 Dividends per share $0.505 $0.495 2.0 $1.515 $1.485 2.0 $2.020 $1.980 2.0 Book value per share: Florida Power Corporation $18.03 $17.46 3.3 Consolidated $21.51 $20.87 3.1 September 30 September 30 September 30 1995 1994 1995 1994 Amount Percent Amount Percent --------- --------- ---------------------------------------- Equity investments (percent): Capitalization (in millions): Florida Power Corporation 84 84 Common stock $2,068.2 51.9 $1,980.0 48.5 Electric Fuels Corporation 9 8 Preferred stock 138.5 3.5 148.5 3.6 Mid-Continent Life Insurance Co. 4 4 Long-term debt 1,579.2 39.7 1,872.9 45.8 Progress Credit Corporation 3 4 Short-term capital 196.7 4.9 84.6 2.1 --------- --------- ---------------------------------------- Total 100 100 Total $3,982.6 100.0 $4,086.0 100.0 ========= ========= ======================================== Note: Prior-year amounts have been restated to include the 1994 results for FM Industries to reflect the pooling of interests accounting.
Florida Power Corporation Selected Statistical Data (Unaudited) Page 7 (In millions, except billing degree days)
Three Months Ended Nine Months Ended Twelve Months Ended September 30 Percent September 30 Percent September 30 Percent 1995 1994 Change 1995 1994 Change 1995 1994 Change ------- ------- ------- ------- ------- ------- ------- ------- ------- Revenues: Residential $374.8 $336.6 11.3 $959.7 $876.9 9.4 $1,225.5 $1,138.8 7.6 Commercial 147.2 133.4 10.3 386.7 358.6 7.8 512.0 475.3 7.7 Industrial 48.8 44.5 9.7 140.3 128.2 9.4 185.2 169.2 9.5 Other retail sales 31.4 28.6 9.8 86.5 79.2 9.2 115.6 106.2 8.9 ------------------ -------------------- -------------------- 602.2 543.1 10.9 1,573.2 1,442.9 9.0 2,038.3 1,889.5 7.9 Sales for resale 56.0 38.7 44.7 110.8 96.2 15.2 143.3 131.1 9.3 ------------------ -------------------- -------------------- 658.2 581.8 13.1 1,684.0 1,539.1 9.4 2,181.6 2,020.6 8.0 Other electric revenues 12.4 7.3 69.9 47.7 45.0 6.0 53.3 50.6 5.3 Deferred fuel 1.2 (2.6) - 6.5 2.9 - (3.2) (4.5) - ------------------ -------------------- -------------------- Total $671.8 $586.5 14.5 $1,738.2 $1,587.0 9.5 $2,231.7 $2,066.7 8.0 ================== ==================== ==================== Kilowatt-hour sales billed: Residential 4,571.1 4,207.2 8.6 11,480.7 10,772.6 6.6 14,571.5 13,968.9 4.3 Commercial 2,483.5 2,335.9 6.3 6,465.6 6,184.6 4.5 8,533.1 8,179.8 4.3 Industrial 990.1 933.7 6.0 2,852.1 2,692.9 5.9 3,738.8 3,539.5 5.6 Other retail sales 567.0 537.4 5.5 1,549.7 1,468.5 5.5 2,061.3 1,967.8 4.8 ------------------ -------------------- -------------------- 8,611.7 8,014.2 7.5 22,348.1 21,118.6 5.8 28,904.7 27,656.0 4.5 Sales for resale 1,141.8 781.0 46.2 2,021.0 1,721.8 17.4 2,638.6 2,403.8 9.8 ------------------ -------------------- -------------------- Total electric sales 9,753.5 8,795.2 10.9 24,369.1 22,840.4 6.7 31,543.3 30,059.8 4.9 ================== ==================== ==================== System Requirements (KWH) 9,973 8,934 11.6 25,771 24,101 6.9 32,844 31,132 5.5 Retail KWH Sales (Billed & Unbilled) 8,708 7,835 11.1 22,677 21,218 6.9 29,056 27,544 5.5 Billing Degree Days: Cooling 2,153 2,024 6.4 3,037 2,790 8.9 3,593 3,418 5.1 Heating - - - 480 483 (0.6) 512 594 (13.8) Note: Total revenues include billed revenues and unbilled revenues that are accrued for accounting purposes. Statistics for total kilowatt-hour sales include only billed kilowatt-hour sales. The statistic for retail KWH sales includes both billed and unbilled sales. Beginning in 1995, Florida Power was ordered by state regulators to conduct a three-year test for residential revenue decoupling. Under the plan, abnormal weather variances will no longer impact earnings with respect to residential revenues.
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