-----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, Urea2dWJ2C1Bc8fkk/uSwIXJzRKsWAlrwjoHY2crb+FgpoEFTmriIF4MI3U3LlIu 66zNgny7rlHKnT+rQuYPTQ== 0000357261-98-000113.txt : 19981123 0000357261-98-000113.hdr.sgml : 19981123 ACCESSION NUMBER: 0000357261-98-000113 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19981118 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981120 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: 98756064 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: 98756065 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 11/18/98 As filed with the Securities and Exchange Commission on November 20, 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): November 18, 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 (727) 824-6400 1-3274 FLORIDA POWER CORPORATION Florida 59-0247770 One Progress Plaza St. Petersburg, Florida 33701 Telephone (727) 866-5151
The address of Florida Progress Corporation has not changed since the last report. The address of Florida Power Corporation has changed since the last report. The former address of Florida Power Corporation was: 3201 34th Street South, St. Petersburg, FL 33711. 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 Annual Report on Form 10-K for the year ended December 31, 1998: Florida Progress issued an Investor News report dated November 18, 1998, to report an update on regulatory matters at Florida Power Corporation. A copy of the Investor News report is being filed herewith as Exhibit 99.(a). Florida Progress also issued an Investor News report dated November 19, 1998, to report the formation of a fiber-optic telecommunications business. A copy of that Investor News report is being filed herewith as Exhibit 99.(b). 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 Investor News report dated November 18, 1998 reporting an update on regulatory matters at Florida Power Corporation. 99.(b) Florida Progress Investor News report dated November 19, 1998 reporting formation of a fiber-optic telecommunications business. 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. The signature of the undersigned on behalf of each listed company shall be deemed to relate only to matters having reference to such company. FLORIDA PROGRESS CORPORATION FLORIDA POWER CORPORATION /s/ Pamela A. Saari By:____________________________ Pamela A. Saari Treasurer of each Registrant Date: November 18, 1998 EXHIBIT INDEX Exhibit No. Description of Exhibit 99.(a) Florida Progress Investor News report dated November 18, 1998 reporting an update on regulatory matters at Florida Power Corporation. 99.(b) Florida Progress Investor News report dated November 19, 1998 reporting formation of a fiber-optic telecommunications business. EX-99.(A) 2 EX-99.(A) TO FLORIDA PROGRESS/POWER FORM 8-K Florida Progress Corporation Investor News Analyst Contacts: Greg Beuris (727) 820-5734 Lauran Willoughby (727) 820-5737 [LOGO OMITTED] Update on regulatory matters at Florida Power Corporation St. Petersburg, Florida, November 18, 1998 - Florida Progress Corporation (NYSE:FPC), parent of St. Petersburg-based Florida Power Corporation has received numerous inquiries from financial analysts concerning the possibility that the Florida Public Service Commission's staff would initiate a review of Florida Power's capital structure similar to the review currently underway with Florida Power & Light Co. (FPL), another investor-owned utility in Florida. In response to those inquiries, Florida Progress has stated that the Commission's staff has not expressed any intention to review Florida Power's capital structure. Inquiries from the financial community were triggered largely from an October 22, 1998, memorandum from the Commission's staff in which it was recommended that the Commission hold a limited proceeding hearing to determine the appropriate equity ratio and return on equity for FPL. The Commission subsequently delayed its decision until December 1 and encouraged interested parties to work out a settlement. As noted in the staff's October 22 memorandum, Florida Power's common equity ratio, before adjusting for the effect of purchased power contracts, was 47.2 percent as of March 31, 1998. This compared with 64.1 percent for FPL. After adjusting for the effect of purchased power contracts, Florida Power's equity ratio is 42.1 percent, compared with FPL's ratio of 54.1 percent. For these reasons, Florida Progress believes the Commission's staff does not share the same concern regarding these issues as they apply to Florida Power Corporation and that the staff's inquiry is limited to FPL. Florida Progress (NYSE:FPC) is a Fortune 500 diversified utility holding company with assets of $6.0 billion. Its principal subsidiary is Florida Power, the state's second largest electric utility serving about 1.3 million customers. Diversified operations include coal mining, marine operations and rail services. ### EX-99.(B) 3 EX-99.(B) TO FLORIDA PROGRESS/POWER FORM 8-K Florida Progress Corporation Investor News Analyst Contacts: Greg Beuris (727) 820-5734 Lauran Willoughby (727) 820-5737 [LOGO OMITTED] Florida Progress forms fiber-optic telecommunications business St. Petersburg, Florida, November 19, 1998 - Florida Progress Corporation (NYSE:FPC), parent of St. Petersburg-based Florida Power Corporation, has formed a new subsidiary to take advantage of market opportunities in Florida's fast-growing fiber-telecommunications business. Florida's strong economy, combined with the rapid growth of the Internet, is driving a high demand for telecommunications capacity in Florida. The new subsidiary, Progress Telecommunications Corporation, will sell wholesale fiber-optic-based capacity service in Florida to long-distance carriers, Internet service providers, and other telecommunications companies. Progress Telecom also will lease attachment space on communications towers to wireless telecommunications companies and governmental agencies. This type of business is called a "carrier's carrier" in the industry, because its service is not sold directly to consumers. Progress Telecom also plans to sell fiber-optic-based capacity to large industrial, commercial and governmental entities. Florida Progress subsidiaries own and operate one of the largest telecommunications networks in the state. The current network includes major Florida markets such as Tallahassee, Orlando, and the Tampa Bay area, as well as many other fast-growing cities. Progress Telecom's network will eventually spread across 1,500 miles in Florida and contain approximately 100,000 miles of fiber strands. Nationally, Internet capacity demand is growing at a rate of 1,000 percent each year. Like the national market for Internet services and high-bandwidth data services, Florida's telecommunications market is experiencing similar growth. Progress Telecom's broad presence in many key Florida markets (see attached map) combined with its latest technology positions the company well to compete in one of the fastest growing regional markets in the U.S. The company plans to initially invest approximately $50 million to expand this business over the next three years. Ron Mudry has been named vice president and general manager of Progress Telecom. He has an extensive background in telecommunications, working the past 15 years for GTE Corporation. There, he held various management positions before being named assistant vice president of Corporate Development in 1997. Mudry will report to Florida Progress Group Vice President Joe Richardson, who is also president & CEO of Florida Power. -- more -- Initially, Progress Telecom will be staffed with 50 to 70 employees. The company's principal offices will be located in the St. Petersburg area. Florida Progress (NYSE: FPC) is a Fortune 500 diversified utility holding company with assets of $6 billion. Its principle subsidiary is Florida Power, one of the nation's leading electric utilities committed to serving its 1.3 million customers in Florida with competitively priced energy, excellent reliability and outstanding customer service.Diversified operations include coal mining, marine operations and rail services. ### Progress Telecommunications Corporation FACT SHEET Company: Progress Telecommunications Corporation (Progress Telecom) is a "Competitive Access Provider" and "Carrier's Carrier" providing wholesale telecommunications capacity in the state of Florida. Progress Telecom is a wholly-owned subsidiary of Progress Capital Holdings, Inc., Florida Progress Corporation's holding company for its diversified operations. Employees: Initially 50 - 70 employees in St. Petersburg, FL. Background: In the mid-1980s, Florida Power Corporation, an electric utility serving over 1.3 million customers in central and north Florida, began deploying fiber-optic based networks to support the new digital technologies evolving at the utility. Progress Telecom intends to build upon the utility's existing telecom infrastructure to offer various telecommunications services. Customers: Telecommunications companies, large industrial, commercial and governmental entities. Florida Market: Progress Telecom's current footprint covers major Florida markets such as Tallahassee, Orlando, and the Tampa Bay area. Other cities include Gainesville, Ocala, Apopka, Winter Park, Oviedo, Altamonte, Longwood, Crystal River, Hernando, Deland, Lakeland, Auburndale, Lake Wales, Tarpon Springs, and New Port Richey. PTC will expand to cover additional markets throughout the state of Florida. Product Lines: 1) Broadband or high-capacity circuits (lit fiber service) 2) Dark fiber service 3) Structure attachments 4) Ancillary services 1) Lit fiber service is high-capacity, high-speed circuit "bundles" or "packages". This service is used to transmit broadband digital messages including data, video and voice information. Typical customers would be carriers, as well as medium and large commercial, industrial, and governmental entities. 2) Dark fiber service is the provision and maintenance of fiber-optic transmission capacity between customer premises where the electronics and other equipment necessary to "light" the fiber are provided by the customer. Mostly large capacity customers, such as carriers purchase this product. 3) Structure attachments refer to wireless technologies including, cellular, paging, PCS, radio, and mobile data. PTC will offer attachment space for wireless transmission devices. Customers include wireless carrier providers and some commercial, industrial, and governmental entities. 4) Ancillary services include network and capacity planning, engineering, design, construction, operation, and maintenance will also be offered to many customers. -----END PRIVACY-ENHANCED MESSAGE-----