-----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, R8QhRn68uK+u7HK4rAatmxn9jWAQSXxk4tM4uSSIc4D682u4vedN3Dcbs6TJ/XbP A1sHReAy0O/1bXsHBEYLYw== 0000754737-04-000103.txt : 20040423 0000754737-04-000103.hdr.sgml : 20040423 20040423085935 ACCESSION NUMBER: 0000754737-04-000103 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040423 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF NORTH CAROLINA INC CENTRAL INDEX KEY: 0000081025 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 562128483 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11429 FILM NUMBER: 04749411 BUSINESS ADDRESS: STREET 1: 1426 MAIN STREET CITY: COLUMBIA STATE: SC ZIP: 29201 BUSINESS PHONE: 8032179188 MAIL ADDRESS: STREET 1: 1426 MAIN STREET CITY: COLUMBIA STATE: SC ZIP: 29201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTH CAROLINA ELECTRIC & GAS CO CENTRAL INDEX KEY: 0000091882 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 570248695 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03375 FILM NUMBER: 04749412 BUSINESS ADDRESS: STREET 1: 1426 MAIN ST CITY: COLUMBIA STATE: SC ZIP: 29201 BUSINESS PHONE: 8032179000 MAIL ADDRESS: STREET 1: 1426 MAIN ST CITY: COLUMBIA STATE: SC ZIP: 29201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCANA CORP CENTRAL INDEX KEY: 0000754737 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 570784499 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08809 FILM NUMBER: 04749410 BUSINESS ADDRESS: STREET 1: 1426 MAIN ST STREET 2: MAIL CODE - 051 CITY: COLUMBIA STATE: SC ZIP: 29201 BUSINESS PHONE: 8032179000 MAIL ADDRESS: STREET 1: 1426 MAIN STREET STREET 2: MAIL CODE - 051 CITY: COLUMBIA STATE: SC ZIP: 29218 8-K 1 april8-k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 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): April 23, 2004 Commission Registrant, State of Incorporation, I.R.S. Employer File Number Address and Telephone Number Identification No. - ----------- ------------------------------------------------------------------- 1-8809 SCANA Corporation 57-0784499 (a South Carolina Corporation) 1426 Main Street, Columbia, South Carolina 29201 (803) 217-9000 1-3375 South Carolina Electric & Gas Company 57-0248695 (a South Carolina Corporation) 1426 Main Street, Columbia, South Carolina 29201 (803) 217-9000 1-11429 Public Service Company of North Carolina, Incorporated 56-2128483 (a South Carolina Corporation) 1426 Main Street, Columbia, South Carolina 29201 (803) 217-9000 Not applicable - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) This combined Form 8-K is separately furnished by SCANA Corporation, South Carolina Electric & Gas Company and Public Service Company of North Carolina, Incorporated. Information contained herein relating to any individual company is furnished by such company on its own behalf. Each company makes no representation as to information relating to other companies. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits Exhibit 99.1 Press release dated April 23, 2004 Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 23, 2004, SCANA Corporation issued the press release attached hereto as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. The signature of each registrant shall be deemed to relate only to matters having reference to such registrant and any subsidiaries thereof. SCANA Corporation South Carolina Electric & Gas Company Public Service Company of North Carolina, Incorporated (Registrants) April 23, 2004 By: s/James E. Swan, IV James E. Swan, IV Controller EXHIBIT INDEX Number 99.1 Press release dated April 23, 2004. EX-99 3 exh99.txt PRESS RELEASE Exhibit 99.1 PRESS RELEASE DATED APRIL 23, 2004 For Immediate Release Media Contact: Investor Contact: Cathy Love John Winn (803) 217-7777 (803) 217-9240 clove@scana.com jwinn@scana.com SCANA Reports Financial Results for First Quarter 2004 Columbia, SC, April 23, 2004...SCANA Corporation (NYSE: SCG) reported earnings for the three months ended March 31, 2004 of $101 million, or 91 cents per share, compared to $84 million, or 75 cents per share, for the same period in 2003. SCANA's reported earnings are prepared in accordance with Generally Accepted Accounting Principles (GAAP). "We are pleased with our first quarter financial performance," said Kevin Marsh, senior vice president and chief financial officer. "As we look ahead to the remainder of 2004, we will maintain our focus on the fundamentals that have made us successful by executing our business plans to meet our operational and customer service goals for the year." Marsh noted that SCANA's strong first quarter results were attributable primarily to higher sales of electricity and natural gas, which more than offset increased operating and maintenance expenses, depreciation expense, property taxes, and the cost of system restoration following January's ice storm. "The increase in the electric margin was attributable to several factors, including colder weather of 2 cents per share, customer growth of 2 cents per share, and higher off-system sales of 8 cents per share," said Marsh. "Strong sales of natural gas in our retail markets was the principal factor contributing to the higher natural gas margin." The weather across the Company's electric service area during the quarter, as measured by heating degree days, was 6 percent colder than last year and 13 percent colder than normal. This weather, combined with solid customer growth, resulted in an increase in retail kilowatt-hour sales of electricity in the first quarter of 2004 of 5.1 percent compared to the same quarter last year. Residential sales were up 7.3 percent, commercial sales were up 4.9 percent and industrial sales rose 3.0 percent. Wholesale, or off-system, sales were up 76 percent. That increase includes off-system sales under long-term contracts that began in January 2004. Total sales of electricity were up 12 percent compared to the first quarter of 2003. Total consolidated dekatherm sales of natural gas in the first quarter of 2004 were up 3.5 percent compared to the same period last year. Residential and commercial sales were up 3.5 percent and 3.2 percent, respectively, and industrial sales rose 1.4 percent. Retail sales were up 2.7 percent. At March 31, 2004, the Company was serving approximately 1.2 million natural gas customers in South Carolina, North Carolina and Georgia. That represents a 10.0 percent increase over the past year, driven primarily by customer growth in Georgia. REGULATED OPERATIONS: South Carolina Electric & Gas Company South Carolina Electric & Gas Company (SCE&G), SCANA's principal subsidiary, reported earnings in the first quarter of 2004 of $55 million, or 49 cents per share, compared to $47 million, or 42 cents per share, in the same quarter last year. That increase was due mainly to the impact of higher electricity sales, which offset higher expenses. At March 31, 2004, SCE&G was serving approximately 574,000 electric customers and 279,000 natural gas customers, representing increases of 2.2 percent and 1.6 percent, respectively, over the past year. Construction of SCE&G's $450 million Jasper Plant has been completed and the plant is currently undergoing final testing. The 875-megawatt natural gas-fired electric generating facility is scheduled to enter commercial operation on May 1, 2004. Construction of the $275 million back-up dam at Lake Murray near Columbia, SC continues on schedule for completion in 2005. PSNC Energy PSNC Energy, SCANA's retail natural gas subsidiary headquartered in Gastonia, North Carolina, reported earnings of $23 million, or 20 cents per share, in the first quarter of 2004, compared to $24 million, or 21 cents per share, in the first quarter of 2003. Higher operating and maintenance expenses offset a small increase in the natural gas sales margin reflecting higher industrial usage and customer growth. At March 31, 2004 PSNC Energy was serving approximately 398,000 natural gas customers, an increase of 3.2 percent over the past twelve months. South Carolina Pipeline Corporation South Carolina Pipeline Corporation, SCANA's intrastate natural gas transmission subsidiary, reported earnings in the first quarter of $3 million, or 3 cents per share, unchanged compared to the first quarter of 2003. Margins from higher transportation revenues were offset by lower margins on competitive sales of natural gas to industrial interruptible customers. In March 2004, South Carolina Pipeline completed phase one of its South System Loop project, on schedule and under budget. This 38-mile natural gas transmission pipeline will link Pipeline's existing system with the new SCG natural gas pipeline that serves SCE&G's Jasper Plant, bringing a new source of natural gas to support future growth in the southern part of South Carolina. NON-REGULATED OPERATIONS: SCANA Energy - Georgia SCANA Energy, the Company's retail natural gas business in Georgia, reported earnings of $21 million, or 19 cents per share, in the first quarter of 2004, compared to $13 million, or 12 cents per share, in the first quarter of 2003. That improvement was due primarily to higher sales margins resulting from customer growth and more favorable market conditions, which offset higher operating and customer service expenses. On March 1, 2004, SCANA Energy successfully closed its previously announced acquisition of Energy America's natural gas customers in Georgia. With the addition of these 47,000 customers, SCANA Energy is currently serving more than 470,000 customers in Georgia, maintaining its position as the state's second largest marketer with about a 30 percent market share. Financially, this transaction is expected to be earnings neutral in 2004 and accretive thereafter. Also during the first quarter, the Georgia Public Service Commission extended SCANA Energy's two-year term as the state's regulated natural gas provider to low income and credit challenged customers by one year, to August 2005. Corporate and Other SCANA's other businesses collectively reported breakeven results in the first quarter of 2004, compared to a reported loss of $3 million, or 3 cents per share in the same quarter of 2003. Lower interest expense contributed to that improvement. 2004 Outlook The Company reaffirms its previous guidance that GAAP-adjusted net earnings from operations in 2004 are expected to be in the range of $2.55 - $2.75 per share. The 2004 guidance assumes normal weather in the Company's electric and natural gas service areas and excludes any potential gains or losses from investing activities or sales of certain assets. Other factors that may impact future earnings include changes in interest rates, the performance of the Company's pension plan assets, wholesale natural gas prices and other factors discussed in the Company's Securities and Exchange Commission filings. The Company's long-term goal is to achieve average annual earnings growth of 4-6 percent over the next 3-5 years. Profile SCANA Corporation, a Fortune 500 company headquartered in Columbia, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations, telecommunications and other energy-related businesses. Information about SCANA and its businesses is available on the Company's website at www.scana.com. Conference Call Notice SCANA will host its quarterly conference call for security analysts at 10:00 a.m. Eastern Time today. The call-in numbers for the conference call are 1-800-374-2396 (US/Canada) and 1-706-679-5430 (International). Participants should call in 5 to 10 minutes prior to the scheduled start time. There is no password or I.D. number required. A tape recording of the conference call will be available approximately 2 hours after conclusion of the call through May 7, 2004. The telephone replay numbers are 1-800-642-1687 (US/Canada) and 1-706-645-9291 (International). The conference I.D. number for the telephone replay is 6388501. A transcript of the conference call will be available in the Investor Information section of the Company's web site. All interested persons, including investors, media and the general public, may listen to a live web cast of the conference call at either of the following internet web sites: www.scana.com or www.videonewswire.com/SCG/042304. Participants should go to either of these web sites at least 10 minutes prior to the call start time and follow the instructions. A replay of the conference call will be available approximately 2 hours after conclusion of the call through May 7, 2004 on either of these web sites. Safe Harbor Statement This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Although SCANA Corporation believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the following: (1) that the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment, (2) changes in the utility and non-utility regulatory environment, (3) changes in the economy, especially in areas served by the Company's subsidiaries, (4) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial interruptible markets, (5) growth opportunities for SCANA's regulated and diversified subsidiaries, (6) the results of financing efforts, (7) changes in SCANA's accounting policies, (8) weather conditions, especially in areas served by SCANA's subsidiaries, (9) performance and marketability of SCANA's investments in telecommunications companies, (10) performance of SCANA's pension plan assets, (11) inflation, (12) changes in environmental regulations, (13) volatility in commodity natural gas markets and (14) the other risks and uncertainties described from time to time in SCANA's periodic reports filed with the Securities and Exchange Commission. SCANA disclaims any obligation to update any forward-looking statements. # # # FINANCIAL AND OPERATING INFORMATION Condensed Consolidated Statements of Income (Millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2004 2003 ---- ---- Operating Revenues: Electric $380 $336 Gas-Regulated 426 427 Gas-Non-regulated 330 306 --- --- Total Operating Revenues 1,136 1,069 ----- ----- Operating Expenses: Fuel and purchased power 108 91 Gas purchased for resale 577 571 Other operation and maintenance 155 144 Depreciation and amortization 63 60 Other taxes 39 35 -- -- Total Operating Expenses 942 901 --- --- Operating Income 194 168 --- --- Other Income, Net 14 16 Interest Charges, Net 50 51 Income Tax Expense 55 46 Preferred Dividend Requirement of SCE&G - Mandatorily Redeemable Preferred Securities - 1 Preferred Stock Cash Dividends of SCE&G 2 2 -- - Net Income $101 $ 84 --- -- Common Stock Data: Wtg. Avg. Common Shares Outstanding 110.9 110.8 Basic and Diluted Reported Earnings Per Share $ .91 $ .75 Condensed Consolidated Balance Sheets (Millions) (Unaudited) March 31, December 31, 2004 2003 ------ ------ ASSETS Utility Plant, Net $6,482 $6,417 Other Property and Investments 261 274 Current Assets 952 901 Deferred Debits 848 857 -------- -------- Total Assets $8,543 $8,449 ----- ----- CAPITALIZATION AND LIABILITIES Capitalization: Common Equity $2,370 $2,306 Preferred Stock 115 115 Long-term Debt, Net 3,332 3,225 ----- ------- Total Capitalization 5,817 5,646 ----- ------- Current Liabilities: Short-Term Borrowings 191 195 Current Portion of Long-Term Debt 202 202 Other Current Liabilities 500 617 Total --- --- Current Liabilities 893 1,014 --- ----- Deferred Credits 1,833 1,789 ----- ----- Total Capitalization and Liabilities $8,543 $8,449 ----- ----- Reported Earnings (Loss) per Share by Company (GAAP Basis) (unaudited) Three Months Ended March 31, 2004 2003 ----- ----- SC Electric & Gas $.49 $.42 PSNC Energy .20 .21 SC Pipeline .03 .03 SCANA Energy-Georgia .19 .12 Corporate and Other .00 (.03) --- ----- Basic and Diluted Reported Earnings (Loss) per Share $.91 $.75 --- --- Reported Earnings (Loss) per Share Variances (unaudited) Three Months Ended March 31, 2003 Basic and Diluted Reported Earnings Per Share $.75 --- Variances: Electric Margin .15 Gas Margin .09 O&M Expense (.06) Depreciation Expense (.02) Property Taxes (.02) Interest Expense (net of AFC) .01 Other, Net .01 --- Variance in Basic and Diluted Reported Earnings per Share .16 --- 2004 Basic and Diluted Reported Earnings Per Share $.91 --- Consolidated Operating Statistics Three Months Ended March 31, 2004 2003 % Change ---- ---- -------- Electric Operations: Sales (Million KWH): Residential 1,832 1,708 7.3 Commercial 1,547 1,475 4.9 Industrial 1,627 1,580 3.0 Other 124 118 5.1 --- --- --- Total Retail 5,130 4,881 5.1 Wholesale 919 521 76.4 --- --- --- Total Sales 6,049 5,402 12.0 ----- ----- ----- Customers (Period-End, Thousands) 574 562 2.2 Natural Gas Operations: Sales (Thousand Dekatherms): Residential 33,761 32,630 3.5 Commercial 15,962 15,465 3.2 Industrial 28,985 28,571 1.4 ------ ------ ----- Total Retail 78,708 76,666 2.7 Sales for Resale 2,337 7,484 (68.8) Transportation Volumes 13,978 7,690 81.8 ------ ----- ----- Total Sales 95,023 91,840 3.5 ------ ------- ---- Customer (Period-End, Thousands) 1,152 1,047 10.0 Weather Data - Electric Service Territory Three Months Ended March 31, Actual Percent Change 2004 vs 2003 vs Normal Heating Degree Days 1,363 6.1 12.9 Cooling Degree Days 34 21.8 (14.1) Security Credit Ratings (as of 04/23/04): Standard & Poor's Moody's Rating Outlook Rating Outlook SCANA Corporation: Corporate / Issuer Rating A- Stable A3 Stable Senior Unsecured BBB+ Stable A3 Stable South Carolina Electric & Gas Company: Corporate / Issuer Rating A- Stable A2 Stable Senior Secured A- Stable A1 Stable Commercial Paper A-2 Stable P-1 Stable PSNC Energy: Senior Unsecured A- Stable A2 Stable Commercial Paper A-2 Stable P-1 Stable -----END PRIVACY-ENHANCED MESSAGE-----