-----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, NjXdNN4ZkuAGwjalFMKrY/5L+hcyNeVGSkcEpK+R56KmzAF/9eMjtsjmhWcJUb3g +yLFre0qkzKvGfFq1KSilQ== 0000950144-99-011947.txt : 19991019 0000950144-99-011947.hdr.sgml : 19991019 ACCESSION NUMBER: 0000950144-99-011947 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991014 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991018 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: 99730198 BUSINESS ADDRESS: STREET 1: ONE PROGRESS PLAZA STREET 2: SUITE 2600 CITY: ST. PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 727-820-5151 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: 99730199 BUSINESS ADDRESS: STREET 1: 3201 34TH ST SOUTH STREET 2: ONE PROGRESS PLAZA CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 7278205151 8-K 1 FLORIDA PROGRESS CORP./ FLORIDA POWER CORP. 1 As filed with the Securities and Exchange Commission on October 18, 1999 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 14, 1999
Exact name of Registrant as specified Commission in its charter, address of principal State of I.R.S. Employer File No. executive offices, telephone number 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) 820-5151
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. 2 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, 1999: Florida Progress issued an Investor News report dated October 14, 1999 reporting third quarter 1999 earnings. A copy of the Investor News report is being filed herewith as Exhibit 99. In addition, Edward Moneypenny, Florida Progress' Senior Vice President and Chief Financial Officer, has indicated that he was reasonably comfortable that Florida Progress' financial results could range from $3.10 to $3.15 earnings per share for 1999 on an operating basis, or an increase of about 8.4% to 10% over 1998, excluding the impact of a one-time $.04 per share gain related to the buyout of a purchase power contract associated with a cogeneration facility. He also indicated that, assuming a base range of $3.10 to $3.15 for 1999, and assuming Florida Progress can achieve its earnings growth rate target of 5% per year, earnings per share for 2000 would be approximately $3.30. Florida Progress also would like to report the following additional information: Litigation Updates 1. STATE OF OKLAHOMA, EX REL. JOHN P. CRAWFORD, INSURANCE COMMISSIONER V. MID- CONTINENT LIFE INSURANCE COMPANY, DISTRICT COURT OF OKLAHOMA COUNTY, STATE OF OKLAHOMA, CASE NO. CJ-97-2518-62 STATE OF OKLAHOMA, EX REL, JOHN P. CRAWFORD, INSURANCE COMMISSIONER AS RECEIVER FOR MID-CONTINENT LIFE INSURANCE COMPANY V. FLORIDA PROGRESS CORPORATION, A FLORIDA CORPORATION, JACK BARRON CRITCHFIELD, GEORGE RUPPEL, THOMAS STEVEN KRZESINSKI, RICHARD KORPAN, RICHARD DONALD KELLER, JAMES LACY HARLAN, GERALD WILLIAM MCRAE, THOMAS RICHARD DLOUHY, ANDREW JOSEPH BEAL AND ROBERT TERRY STUART, JR., DISTRICT COURT OF OKLAHOMA COUNTY, STATE OF OKLAHOMA, CASE NO. CJ-97- 2518-62 (PART OF THE SAME CASE NOTED ABOVE). MICHAEL FARRIMOND, PAMELA S. FARRIMOND, ANGELA FRY, JOWHNA HILL, AND BARBARA HODGES, FOR THEMSELVES AND ALL OTHERS SIMILARLY SITUATED V. FLORIDA PROGRESS CORPORATION, A FLORIDA CORPORATION, JACK BARRON CRITCHFIELD, GEORGE RUPPEL, THOMAS STEVEN KRZESINSKI, RICHARD KORPAN, RICHARD DONALD KELLER, JAMES LACY HARLAN, GERALD WILLIAM MCRAE, THOMAS RICHARD DLOUHY, ANDREW JOSEPH BEAL AND ROBERT TERRY STUART, JR., DISTRICT COURT OF OKLAHOMA COUNTY, STATE OF OKLAHOMA, CASE NO. CJ-99-130-65. 2 3 See prior discussion of this matter in the 1998 Form 10-K, Item 3, paragraph 6; the First Quarter Form 10-Q, Part II, Item 1, paragraph 3; and the Second Quarter Form 10-Q, Part II, Item 1, paragraph 3. In the rehabilitation proceeding, in October 1999, Oklahoma Insurance Commissioner Fisher signed a Letter of Intent with Iowa-based Life Investors Insurance Company of America, a wholly owned subsidiary of AEGON USA, Inc., concerning the assumption of all policies of Mid-Continent Life Insurance Company ("MCL"). Pursuant to a second Letter of Intent between the Commissioner and Florida Progress, Florida Progress would assign all of MCL's stock to the receiver, and contribute $10 million to help offset future premium rate increases or coverage reductions. The $10 million would be held in escrow and invested for the benefit of the policyholders, and is expected to yield approximately $20 million. Any proposed premium increases would be offset by this fund until it is exhausted. The receiver in turn would seek to obtain court approval to release Florida Progress from the receivership court and the dismissal with prejudice of currently pending litigation by policyholders, and would cooperate in obtaining the dismissal of any other currently pending or future litigation. The MCL plan is scheduled to be considered by the Oklahoma County District Court in December 1999. In the related Farrimond case, the Defendants' motion to dismiss was granted on October 12, 1999. 2. LISA FRUCHTER, ON BEHALF OF HERSELF AND ALL OTHERS SIMILARLY SITUATED V. FLORIDA PROGRESS CORPORATION; RICHARD KORPAN; CLARENCE V. MCKEE; RICHARD A. NUNIS; JEAN GILES WITTNER; MICHAEL P. GRANEY; JOAN D. RUFFIER; ROBERT T. STUART, JR.; W.D. FREDERICK; AND VINCENT J. NAIMOLI. CIRCUIT COURT OF THE 6TH JUDICIAL CIRCUIT IN AND FOR PINELLAS COUNTY, FLORIDA. CASE NO. 99-6167CI-20 In August 1999, Florida Progress announced that it entered into an Agreement and Plan of Exchange with Carolina Power & Light Company ("CP&L") and CP&L Holdings, Inc., a wholly owned subsidiary of CP&L ("Holdco"). Under the terms of the Agreement, all of the outstanding shares of common stock of Florida Progress would be acquired by Holdco in a statutory share exchange. On September 27, 1999, Florida Progress and its directors were served with the above-referenced lawsuit, that was filed on September 14, 1999, seeking class action status and injunctive relief (1) declaring that the Agreement and Plan of Exchange was entered into in breach of the fiduciary duties of the Florida Progress board of directors, (2) enjoining Florida Progress from proceeding with the share exchange, (3) rescinding the Agreement and Plan of Exchange, (4) enjoining any other business combination until an auction is conducted to obtain the highest price possible for Florida Progress, (5) directing the Florida Progress board of directors to commence such an auction, and (6) awarding the class appropriate damages. The complaint also seeks an award of costs and attorneys' fees. Florida Progress believes this suit is without merit, and intends to vigorously defend against this action. 3 4 A caution about forward looking statements This report contains certain forward looking statements, including projections regarding Florida Progress' earnings per share and the yield on amounts to be escrowed for the benefit of MCL policyholders. These statements, and any other statements contained herein that are not historical facts, are forward-looking statements that are based on a series of projections and estimates regarding the economy, the electric utility business and Florida Progress' other businesses in general. Key factors that have a direct impact on the ability to attain these projections include escrow investment results, continued annual growth in customers, successful cost containment efforts and the efficient operation of Florida Power's existing and future generating units. If these projections and estimates regarding the economy, the electric utility business and other factors differ materially from what actually occurs, or if various legal or regulatory proceedings have unfavorable outcomes, then actual results could vary significantly from the performance projected in the forward-looking statements. Item 7. Financial Statements and Exhibits (c) Exhibits:
Exhibit Number (by reference to Item 601 of Regulation S-K) Description of Exhibit 99 Florida Progress Corporation Investor News report dated October 14, 1999.
4 5 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 By: /s/ Pamela A. Saari -------------------------------- Pamela A. Saari Treasurer of each Registrant Date: October 14, 1999 5 6 EXHIBIT INDEX
Exhibit No. Description of Exhibit 99 Florida Progress Corporation Investor News report dated October 14, 1999.
6 EX-99 2 FLORIDA PROGRESS CORPORATION INVESTOR NEWS REPORT 1 FLORIDA ------------------------------------- [LOGO] PROGRESS INVESTOR CORPORATION NEWS Analyst Contacts: Greg Beuris (727) 820-5734 Lauran Willoughby (727) 820-5737 FLORIDA PROGRESS REPORTS THIRD-QUARTER EARNINGS ST. PETERSBURG, FLORIDA, OCTOBER 14, 1999 - Florida Progress Corporation (NYSE:FPC) reported third-quarter 1999 earnings of $137.3 million, or $1.40 per share, compared with 1998 earnings of $117.3 million, or $1.21 per share. The substantial earnings growth for the quarter resulted from strong customer and non-weather usage growth at Florida Power Corporation, the company's electric utility and largest subsidiary, along with significant growth at Electric Fuels Corporation, lead company for its diversified operations. For the nine months ended September 30, 1999, Florida Progress reported earnings of $281.5 million, or $2.87 per share, a 14.6-percent increase over the nine months ended September 30, 1998 earnings of $245.6 million, or $2.53 per share. A RECONCILIATION OF FLORIDA PROGRESS' 1999 THIRD-QUARTER EARNINGS PER SHARE IS AS FOLLOWS: 1998 FLORIDA PROGRESS 3RD QTR EPS $ 1.21 FLORIDA POWER Customer & non-weather usage growth 0.13 Estimated weather impact on sales (0.05) 1998 Accelerated amortization 0.04 Depreciation & amortization (0.03) Interest, AFUDC & other 0.02 ------ 0.11 ELECTRIC FUELS 0.13 CORPORATE & OTHER (0.05) ------ 1999 FLORIDA PROGRESS 3RD QTR EPS $ 1.40 ======
FLORIDA POWER CORPORATION Florida Power reported earnings of $120.5 million, or $1.23 per share, for the third quarter of 1999, compared with 1998 results of $108.8 million, or $1.12 per share. Florida Power's total kilowatt-hour sales during the third quarter of 1999, increased 5.1 percent over the same period in 1998. Increased retail sales of 3.3 percent accounted for almost half of the improvement, despite a return to more normal weather conditions when compared with the third quarter of 1998. -- more -- 2 Page 2 Florida Progress Corporation Investor News - Third-Quarter Earnings Florida Power served approximately 27,000 new retail customers during the third quarter compared with last year, as it continued to benefit from strong residential and commercial customer growth of 1.9 percent and 3.2 percent, respectively. Florida's strong economy, with unemployment well below the national average, is another factor contributing to Florida Power's retail sales growth. Wholesale kilowatt-hour sales were up 18.3 percent in the third quarter of 1999, compared with the same period in 1998. The increase was primarily due to additional kilowatt-hour sales to Florida Power's largest wholesale customer, Seminole Electric Cooperative. Most of the 1999 sales to Seminole Electric were billed under a new, restructured contract that became effective in January 1999. As a result, non-fuel revenues from sales to Seminole Electric were essentially unchanged from last year. Depreciation and amortization expense decreased $2.7 million in the third quarter of 1999, compared with last year. Excluding $7 million of accelerated Tiger Bay amortization in the third quarter of 1998, depreciation and amortization expense increased $4.3 million. The increase was largely attributable to the 500-megawatt Hines plant, which was placed in service during the second quarter of 1999. ELECTRIC FUELS CORPORATION Electric Fuels earned $23.4 million, or $.24 per share, in the third quarter of 1999, compared with $10.5 million, or $.11 per share, in 1998. The substantial increase in earnings per share was primarily due to synthetic fuel sales by the Energy and Related Services group and an income tax true-up related to synfuel sales. Earnings at the Energy and Related Services group were up $6.5 million before an income tax adjustment, compared with the same period last year. Sales of a coal-based synthetic fuel and the related tax credits accounted for most of the increase. Due primarily to the rapid growth of the synfuel operations and the resulting increase in expected synfuel tax credits available for 1999, the Company reduced the estimate of its expected 1999 effective tax rate. The lower effective tax rate reduced income tax expense by $6 million compared with the tax expense that would have been recorded using the effective tax rate that was utilized in prior 1999 quarters. The only effect of the true-up is on the timing of recognizing the tax credits this year. Earnings from the Inland Marine Transportation group were essentially unchanged from the third quarter of 1998. The benefits of a larger barge fleet were offset by higher diesel fuel costs and low-water conditions that limited barge tonnage on the Ohio River. Results at the Rail Services group increased $1.7 million, compared with 1998. The 44-percent increase was due to higher earnings from the mechanical and trackwork divisions and sales of railcars from the lease portfolio. -- more -- 3 Page 3 Florida Progress Corporation Investor News - Third-Quarter Earnings CORPORATE AND OTHER Corporate and other expenses increased $.05 per share, resulting in a $.07 loss in the third quarter of 1999, compared with a $.02 loss in 1998. On August 23, Florida Progress and Carolina Power & Light announced that the two companies had agreed to combine. Transaction costs incurred by Florida Progress associated with this combination reduced third-quarter results by $.05 a share. Florida Progress (NYSE:FPC) is a Fortune 500 diversified utility holding company with assets of $6.4 billion. Its principal subsidiary is Florida Power, one of the nation's leading electric utilities committed to serving its 1.4 million customers in Florida with competitively priced energy, excellent reliability, and outstanding customer service. Diversified operations include rail services, marine operations and coal mining. ### 4 FLORIDA PROGRESS CORPORATION CONSOLIDATED STATEMENTS OF INCOME PAGE 4
(UNAUDITED) (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED NINE MONTHS ENDED TWELVE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 ----------------------- ----------------------- ----------------------- 1999 1998 1999 1998 1999 1998 --------- --------- --------- --------- --------- --------- REVENUES: Electric utility $ 794.9 $ 795.6 $ 2,037.3 $ 2,024.6 $ 2,660.9 $ 2,615.1 Diversified 312.4 235.9 866.7 697.5 1,141.3 956.1 - --------------------------------------------------------------------------------------------------------------------------------- 1,107.3 1,031.5 2,904.0 2,722.1 3,802.2 3,571.2 - --------------------------------------------------------------------------------------------------------------------------------- EXPENSES: Electric utility: Fuel 191.5 188.9 448.7 434.0 610.4 548.9 Purchased power 106.7 122.3 305.4 332.1 407.1 445.0 Energy conservation cost 25.4 24.5 61.9 60.1 81.4 77.8 Operations and maintenance 108.0 108.3 325.9 326.9 470.6 430.7 Extended nuclear outage - O&M and replacement power costs 0.0 0.0 0.0 5.1 0.0 47.4 Depreciation and amortization 86.8 89.5 260.8 260.9 347.0 359.5 Taxes other than income taxes 56.9 57.5 159.9 158.4 205.1 202.1 - --------------------------------------------------------------------------------------------------------------------------------- 575.3 591.0 1,562.6 1,577.5 2,121.6 2,111.4 - --------------------------------------------------------------------------------------------------------------------------------- Diversified: Cost of sales 273.6 201.0 768.4 587.6 1,008.0 813.6 Loss related to life insurance subsidiary -- -- -- 0.0 0.0 96.3 Other 30.3 11.4 60.7 43.0 74.0 61.1 - --------------------------------------------------------------------------------------------------------------------------------- 303.9 212.4 829.1 630.6 1,082.0 971.0 - --------------------------------------------------------------------------------------------------------------------------------- INCOME FROM OPERATIONS 228.1 228.1 512.3 514.0 598.6 488.8 - --------------------------------------------------------------------------------------------------------------------------------- INTEREST EXPENSE AND OTHER: Interest expense 42.3 46.2 131.2 141.2 177.1 187.5 Allowance for funds used during construction (0.4) (4.4) (6.7) (12.4) (11.2) (15.2) Distributions on subsidiary-obligated mandatorily redeemable preferred securities 5.3 0.0 9.9 0.0 9.9 0.0 Other expense/(income), net (7.5) 1.9 (10.8) 3.0 (14.0) 7.7 - --------------------------------------------------------------------------------------------------------------------------------- 39.7 43.7 123.6 131.8 161.8 180.0 - --------------------------------------------------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 188.4 184.4 388.7 382.2 436.8 308.8 Income taxes 51.1 67.1 107.2 136.6 119.2 138.9 - --------------------------------------------------------------------------------------------------------------------------------- NET INCOME $ 137.3 $ 117.3 $ 281.5 $ 245.6 $ 317.6 $ 169.9 - --------------------------------------------------------------------------------------------------------------------------------- AVERAGE SHARES OF COMMON STOCK OUTSTANDING 98.3 97.0 97.9 97.0 97.7 97.1 ================================================================================================================================= EARNINGS PER AVERAGE COMMON SHARE (BASIC and DILUTED) $ 1.40 $ 1.21 $ 2.87 $ 2.53 $ 3.25 $ 1.75 =================================================================================================================================
REGARDING THESE FINANCIAL STATEMENTS: IN JUNE 1998, FLORIDA POWER RESTATED ITS FINANCIAL RESULTS FOR THE SECOND, THIRD AND FOURTH QUARTERS OF 1997 TO REFLECT RECOGNITION OF THE EXTENDED NUCLEAR OUTAGE COSTS AS INCURRED. THE CHANGE AFFECTED THE FINANCIAL RESULTS FOR THE INTERIM REPORTING PERIODS BUT DID NOT HAVE ANY AFFECT ON THE RESULTS FOR THE FISCAL YEAR ENDED 1997. EFFECTIVE DECEMBER 31, 1997, THE COMPANY DECONSOLIDATED THE ACCOUNTS OF MID-CONTINENT LIFE INSURANCE COMPANY AND ESTABLISHED A PROVISION FOR LOSS FOR THE FULL AMOUNT OF ITS INVESTMENT. THE DECONSOLIDATION HAS NOT BEEN REFLECTED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF PRIOR PERIODS. THESE ARE INTERIM STATEMENTS. REFERENCE SHOULD BE MADE TO FLORIDA PROGRESS CORPORATION'S 1998 ANNUAL REPORT TO SHAREHOLDERS. THIS REPORT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. 5 Florida Progress Corporation Selected Financial Information (Unaudited) Page 5
Three Months Ended Percent Nine Months Ended Percent Twelve Months Ended Percent September 30 Positive September 30 Positive September 30 Positive 1999 1998 (Negative) 1999 1998 (Negative) 1999 1998 (Negative) ------- ------- ---------- ------- ------- ---------- ------- ------- --------- Earnings (Loss) Per Share: Florida Power Corporation $ 1.23 $ 1.12 9.8 $ 2.54 $ 2.29 10.9 $ 2.82 $ 2.73 3.3 ------- ------- ------- ------- ------- ------- Electric Fuels Corporation 0.24 0.11 118.2 0.48 0.30 60.0 0.61 0.41 48.8 Corporate and other (0.07) (0.02) n/m* (0.15) (0.06) n/m* (0.18) (0.16) (12.5) ------- ------- ------- ------- ------- ------- Diversified continuing before non-recurring 0.17 0.09 88.9 0.33 0.24 37.5 0.43 0.25 72.0 ------- ------- ------- ------- ------- ------- Continuing operations before non-recurring 1.40 1.21 15.7 2.87 2.53 13.4 3.25 2.98 9.1 Impact of nuclear outage 0 0 -- 0 0 -- 0 -0.27 -- Loss related to life insurance subsidiary 0 0 -- 0 0 -- 0 0.96 -- ------- ------- ------- ------- ------- ------- Total $ 1.40 $ 1.21 15.7 $ 2.87 $ 2.53 13.4 $ 3.25 $ 1.75 85.7 ======= ======= ======= ======= ======= ======= Avg. shares outstanding (millions) 98.3 97.0 1.3 97.9 97.0 0.9 97.7 97.1 0.6 Dividends per share $ 0.545 $ 0.535 1.9 $ 1.635 $ 1.605 1.9 $ 2.170 $ 2.130 1.9 Book value per share: Florida Power Corporation $ 19.49 $ 18.99 2.6 Consolidated $ 20.61 $ 19.22 7.2
September 30 September 30 September 30 1999 1998 1999 1998 Amount Percent Amount Percent ------- ------- -------------------------------------------- Equity investments (percent): Capitalization (in millions): Florida Power Corporation 85.00 89.00 Common stock $2,029.3 43.2 $1,865.1 41.4 Electric Fuels Corporation 13.00 11.00 Preferred securities 333.5 7.1 33.5 0.7 Other subsidiaries 2.00 0 Long-term debt 2,177.5 46.4 2,348.1 52.2 ------- ------- Total 100 100.00 Short-term debt 152.8 3.3 254.6 5.7 ------- ------- ------------------------------------------- Total $4,693.1 100.0 $4,501.3 100.0 -------------------------------------------
Note: In June 1998, Florida Power restated its financial results for the second, third and fourth quarters of 1997 to reflect recognition of the extended nuclear outage costs as incurred. The change affected the financial results for the interim reporting periods but did not have any affect on results for the fiscal year ended 1997. * not meaningful 6 Florida Power Corporation Selected Statistical Data (Unaudited) (In millions, except billing degree days) Page 6
Three Months Ended Nine Months Ended Twelve Months Ended September 30 Percent September 30 Percent September 30 Percent 1999 1998 Change 1999 1998 Change 1999 1998 Change ---------- ---------- ------- ---------- ---------- ------- ---------- ---------- ------- Revenues: Residential $ 446.9 $ 445.0 0.4 $ 1,072.5 $ 1,089.2 (1.5) $ 1,407.9 $ 1,410.5 (0.2) Commercial 180.0 174.4 3.2 464.7 451.8 2.9 621.8 593.9 4.7 Industrial 54.8 55.5 (1.3) 155.8 158.5 (1.7) 211.7 208.4 1.6 Other retail sales 39.2 39.1 0.3 105.2 104.1 1.1 143.4 138.7 3.4 ---------- ---------- ---------- ---------- ---------- ---------- 720.9 714.0 1.0 1,798.2 1,803.6 (0.3) 2,384.8 2,351.5 1.4 Wholesale sales 72.1 74.3 (3.0) 164.7 155.0 6.3 215.5 200.6 7.4 ---------- ---------- ---------- ---------- ---------- ---------- 793.0 788.3 0.6 1,962.9 1,958.6 0.2 2,600.3 2,552.1 1.9 Other electric revenues (1) 26.2 18.1 44.8 97.4 87.4 11.4 77.0 87.7 (12.2) Deferred fuel (2) (24.3) (10.8) n/m* (23.0) (21.4) n/m* (16.4) (24.7) n/m* ---------- ---------- ---------- ---------- ---------- ---------- Total $ 794.9 $ 795.6 (0.1) $ 2,037.3 $ 2,024.6 0.6 $ 2,660.9 $ 2,615.1 1.8 ========== ========== ========== ========== ========== ========== Kilowatt-hour sales billed: Residential 5,331.0 5,260.1 1.3 12,530.6 12,675.6 (1.1) 16,381.3 16,294.0 0.5 Commercial 3,046.0 2,880.9 5.7 7,769.5 7,409.5 4.9 10,359.3 9,751.8 6.2 Industrial 1,141.2 1,129.3 1.1 3,251.3 3,232.4 0.6 4,394.3 4,237.7 3.7 Other retail sales 704.9 682.6 3.3 1,883.3 1,820.5 3.4 2,548.4 2,428.8 4.9 ---------- ---------- ---------- ---------- ---------- ---------- 10,223.1 9,952.9 2.7 25,434.7 25,138.0 1.2 33,683.3 32,712.3 3.0 Wholesale sales 1,488.8 1,390.1 7.1 3,458.7 2,779.1 24.5 4,544.1 3,679.3 23.5 ---------- ---------- ---------- ---------- ---------- ---------- Total electric sales 11,711.9 11,343.0 3.3 28,893.4 27,917.1 3.5 38,227.4 36,391.6 5.0 ========== ========== ========== ========== ========== ========== System Requirements (KWH) 12,131.00 11,403.00 6.4 30,115.00 29,193.00 3.2 38,684.00 37,126.00 4.2 KWH Sales (Billed & Unbilled): Retail 10,194.00 9,873.00 3.3 25,882.00 25,738.00 0.6 33,595.00 32,862.00 2.2 Wholesale 1,621.00 1,370.00 18.3 3,781.00 3,051.00 23.9 4,553.00 3,728.00 22.1 ---------- ---------- ---------- ---------- ---------- ---------- 11,815.00 11,243.00 5.1 29,663.00 28,789.00 3.0 38,148.00 36,590.00 4.3 ========== ========== ========== ========== ========== ========== Billing Degree Days: Cooling 2,227.00 2,454.00 (9.3) 2,722.00 3,297.00 (17.4) 3,584.00 4,016.00 (10.8) Heating -- -- -- 378.70 532.00 (28.8) 404.00 666.00 (39.3)
Note: (1) In the 4th quarter of 1998, the FPSC approved the establishment of a regulatory liability for 1998 deferred earnings, which resulted in a $10 million charge to Other electric revenues. In the second quarter of 1999, Florida Power recognized the $10 million in revenues and applied it to the amortization of the Tiger Bay regulatory asset, which resulted in no earnings impact. Other electric revenues include unbilled revenues. (2) Revenues include amounts resulting from fuel, purchased power, and energy conservation clauses which are designed to permit full recovery of these costs. * not meaningful -----END PRIVACY-ENHANCED MESSAGE-----