-----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, Tzy0/8jsHiy6B01trMumXVw+HsSpjvTFEKORHi2lYLYJstCDMb1IBLkDZNGkXuTs gLiG43fiyQY6Mqb1Dzojmw== 0000357261-98-000072.txt : 19980603 0000357261-98-000072.hdr.sgml : 19980603 ACCESSION NUMBER: 0000357261-98-000072 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980602 ITEM INFORMATION: FILED AS OF DATE: 19980602 SROS: NYSE SROS: PCX 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: SEC FILE NUMBER: 001-08349 FILM NUMBER: 98640966 BUSINESS ADDRESS: STREET 1: ONE PROGRESS PLZ STREET 2: SUITE 2600 CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 8138246400 MAIL ADDRESS: STREET 1: ONE PROGRESS PLZ STREET 2: SUITE 2600 CITY: ST PETERSBURG STATE: FL ZIP: 33701 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: SEC FILE NUMBER: 001-03274 FILM NUMBER: 98640967 BUSINESS ADDRESS: STREET 1: 3201 34TH ST SOUTH CITY: ST PETERSBURG STATE: FL ZIP: 33711 BUSINESS PHONE: 8138665151 8-K 1 FLORIDA PROGRESS/POWER FORM 8-K DATED 6/2/98 As filed with the Securities and Exchange Commission on June 2, 1998 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): June 2, 1998
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. 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 June 30, 1998: As previously reported in the combined Florida Progress and Florida Power Form 10-Q for the quarter ended March 31, 1998, Florida Power was involved in discussions with the Securities and Exchange Commission ("SEC") regarding Florida Power's accrual of nuclear outage operation and maintenance costs. In connection with the extended outage at Crystal River 3, Florida Power accrued in June 1997 a $72 million liability for nuclear outage costs to be incurred to achieve a Nuclear Regulatory Commission approved restart of Crystal River 3 by year end 1997. The SEC believes the nuclear outage costs should have been expensed as incurred throughout 1997. Total results for the fiscal year ended December 31, 1997, would be unchanged. Florida Power and the SEC now have concluded their discussions, and Florida Power has agreed to record nuclear outage costs as incurred. As a result, simultaneously herewith, Florida Progress and Florida Power are filing amended combined Florida Progress and Florida Power Form 10-Qs for the quarters ended June 30, 1997 and September 30, 1997, and an amendment to the Form 10-K for the year ended December 31, 1997. The filings include revised financial statements and other changes that reflect restated quarterly financial data for the second, third and fourth quarters of 1997. Because all previously accrued nuclear outage costs were incurred by the end of 1997, total results for the fiscal year ended December 31, 1997 were unchanged. The amendment to the 1997 Form 10-K being filed simultaneously herewith includes only changes to the Quarterly Financial Data table that appears at the end of the notes to the financial statements therein. The following chart provides a summary of the quarterly and annual results for 1997 as originally reported and as amended: 2 Florida Progress Corporation Selected Financial Data (In millions, except per share amounts)
Three Months Three Months Three Months Three Months Twelve Months Ended Ended Ended Ended Ended March 31, 1997 June 30, 1997 Sept. 30, 1997 Dec. 31, 1997 Dec. 31, 1997 1997 as amended: Florida Power: Net income $ 41.2 $ 0.9 $ 76.0 $ 16.3 $ 134.4 Florida Progress: Net income (loss) 42.0 6.3 81.6 (75.6) 54.3 Earnings (loss) per share-basic & fully diluted 0.43 0.07 0.84 (0.78) 0.56 1997 as originally reported: Florida Power: Net income (loss) $ 41.2 $ (43.6) $ 96.4 $ 40.4 $ 134.4 Florida Progress: Net income (loss) 42.0 (38.2) 102.0 (51.5) 54.3 Earnings (loss) per share-basic & fully diluted 0.43 (0.39) 1.05 (0.53) 0.56 3
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/ Pamela A. Saari By:____________________________ Pamela A. Saari Assistant Treasurer of each Registrant Date: June 2, 1998 P:\SECRpts\Restate.8-K 4 -----END PRIVACY-ENHANCED MESSAGE-----