-----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, EfcDIV7UGJbz6+MOFvEEBZ2oWTuQoj/u9hgHhTnE8LtayliDncbDfSXhvqVUZ3P2 JYmZhhi5gOn8tbjUwFVcCA== 0000754737-05-000044.txt : 20050211 0000754737-05-000044.hdr.sgml : 20050211 20050211085225 ACCESSION NUMBER: 0000754737-05-000044 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050211 DATE AS OF CHANGE: 20050211 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: 05595098 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 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: 05595099 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: 05595100 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 8-K 1 yearend.txt FORM 8-K UNITED STATES 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): February 11, 2005 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): / / Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) / / Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) / / Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) / / Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 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 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On February 11, 2005, SCANA Corporation (the Company) issued the press release attached hereto as Exhibit 99.1. The press release discloses a non-GAAP measure, GAAP-adjusted net earnings from operations, which excludes from net income the effects of sales of, and impairment charges related to, certain investments and the effects of a charge related to pending litigation. The Company's management believes that GAAP-adjusted net earnings from operations provides a meaningful representation of the Company's fundamental earnings power and can aid in performing period-over-period financial analysis and comparison with peer group data. In management's opinion, GAAP-adjusted net earnings from operations is a useful indicator of the financial results of the Company's primary businesses. This measure is also a basis for management's provision of earnings guidance and growth projections, and it is used by management in making resource allocation and other budgetary and operational decisions. This non-GAAP performance measure is not intended to replace the GAAP measure of net earnings, but is offered as a supplement to it. Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Exhibit 99.1 Press release dated February 11, 2005 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) February 11, 2005 By: s/James E. Swan, IV ----------------------------------------- James E. Swan, IV Controller EXHIBIT INDEX Number 99.1 Press release dated February 11, 2005. EX-99 2 yearendexh99.txt EXHIBIT 99.1 Exhibit 99.1 PRESS RELEASE DATED FEBRUARY 11, 2005 For Immediate Release Media Contact: Investor Contact: Eric Boomhower John Winn (803) 217-7701 (803) 217-9240 eboomhower@scana.com jwinn@scana.com SCANA Reports Results for Fourth Quarter and Full Year 2004, Announces 2005 Earnings Guidance Columbia, SC, February 11, 2005...SCANA Corporation (NYSE: SCG) today reported financial results for the fourth quarter and full year 2004 and announced earnings guidance for 2005. FULL YEAR RESULTS For the year ended December 31, 2004, SCANA's reported earnings were $257 million, or $2.30 per share, compared to $282 million, or $2.54 per share, for 2003. Excluding certain items listed in the table below, SCANA's GAAP-adjusted net earnings from operations for 2004 were $298 million, or $2.67 per share, compared to $278 million, or $2.50 per share, in 2003. SCANA's reported earnings are prepared in accordance with Generally Accepted Accounting Principles (GAAP). SCANA's management believes that, in addition to reported earnings under GAAP, the GAAP-adjusted net earnings from operations provides a meaningful representation of the Company's fundamental earnings power and can aid in performing period-over-period financial analysis and comparison with peer group data. In management's opinion, the GAAP-adjusted net earnings from operations is a useful indicator of the financial results of the Company's primary businesses. This measure is also a basis for management's provision of earnings guidance and growth projections, and it is used by management in making resource allocation and other budgetary and operational decisions. This non-GAAP performance measure is not intended to replace the GAAP measure of net earnings, but is offered as a supplement to it. A reconciliation of reported (GAAP) earnings per share to GAAP-adjusted net earnings from operations per share for the three months and twelve months ended December 31, 2004 and 2003 is provided in the following table:
3 Months Ended 12 Months Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- Reported (GAAP) Earnings per Share $.37 $.36 $2.30 $2.54 Add: Impairment Charge on Knology Investment -- .27 .13 .31 Loss on Sale of Knology Investment .08 -- .08 - Loss on Sale of ITC^DeltaCom Investment .06 -- .06 -- Charge Related to Pending Litigation -- -- .10 -- Deduct:: Gain on Sale of ITC Holding Company Investment -- -- -- .35 GAAP-Adjusted Net Earnings From Operations per Share $.51 $.63 $2.67 $2.50
"We are pleased with the financial results we achieved in 2004," said Kevin Marsh, senior vice president and chief financial officer. "The Company's 2004 GAAP-adjusted net earnings from operations of $2.67 per share were up 6.8 percent from $2.50 per share in 2003 and in-line with our expectations." The improvement in SCANA's 2004 GAAP-adjusted net earnings from operations per share was attributable to higher margins on sales of electricity and natural gas, which more than offset increases in operation and maintenance expenses, depreciation and property taxes. The higher electric margin was primarily attributable to an increase in kilowatt-hour sales of electricity driven by off-system sales, more favorable weather and solid customer growth. The higher natural gas margin was primarily attributable to improved results in SCANA's retail natural gas marketing business in Georgia. Total kilowatt-hour (KWH) sales of electricity in 2004 were up about 11 percent compared to 2003. Residential sales were up 6.6 percent, commercial sales increased 4.4 percent and industrial sales were up about 3.5 percent. Wholesale, or off-system, sales were up nearly 81 percent, principally reflecting sales under long-term contracts that began in January 2004. The Company's electric customer base totaled approximately 585,000 at December 31, 2004, a 2.5 percent increase compared to year-end 2003. Total dekatherm sales of natural gas in 2004 were up about 15 percent compared to 2003. Residential and commercial sales were each up 1.4 percent while industrial sales rose 11 percent. Transportation volumes were up about 77 percent, reflecting increased throughput at the Company's two transmission pipeline companies. The number of natural gas customers in the Company's three-state service area increased 7.1 percent to approximately 1.2 million at year-end 2004. That growth reflected the acquisition of 47,000 new customers from Energy America in Georgia in the first quarter of 2004. "Financially, we continued to grow our businesses profitably, improve our overall financial position and to increase our annual common dividend in 2004," said Marsh. "These factors contributed to a solid total return to our shareholders." With the sale of its ITC^DeltaCom and Knology investments late in the year, the Company has monetized substantially all of its remaining telecommunications investments. "After-tax cash proceeds from these sales and related tax benefits totaling approximately $121 million will be used to repay outstanding debt, improving the Company's overall financial strength," said Marsh. Marsh noted that SCANA also achieved a number of significant operational milestones in 2004. "Our generation facilities performed safely and efficiently and we continued to provide nationally-recognized service to our customers. With completion of the 875-megawatt Jasper Generating Station, which began commercial operation on May 1, and the Nuclear Regulatory Commission's approval in April of a 20-year license extension for the V.C. Summer Nuclear Station, we have helped ensure the availability of reliable, economically-priced power for our customers for many years to come. We also completed pipeline expansion projects in South Carolina and North Carolina that will bring additional supplies of natural gas to support future growth in both states. As a result of the outstanding efforts of our employees, we were able to respond in a timely manner to power outages following a major ice storm in January of 2004 and an unprecedented four hurricanes and one tropical storm during the summer hurricane season. Substantially all of the costs associated with power restoration following these storms was covered by our storm damage reserve mechanism." In December 2004, the Public Service Commission of South Carolina approved a $41.4 million, or 2.89 percent, increase in the Company's retail electric base rates, effective on January 6, 2005. That order included full recovery of the capital and operating costs related to the Jasper Plant and authorized a return on common equity of 10.7 percent within an approved range of 10.4 percent to 11.4 percent. "In 2005, we will continue to focus our efforts on those activities that have made us successful, including providing safe, reliable supplies of electricity and natural gas, outstanding customer service and increased value for our shareholders," said Marsh. FOURTH QUARTER RESULTS For the fourth quarter of 2004, SCANA's reported earnings were $42 million, or $.37 per share, compared to $40 million, or $.36 per share, for the fourth quarter of 2003. GAAP-adjusted net earnings from operations for the fourth quarter of 2004 were $57 million, or $.51 per share, compared to $70 million, or $.63 per share, in 2003. "The $.12 per share decrease in GAAP-adjusted net earnings per share from operations was primarily attributable to increases in operation and maintenance expenses and depreciation expense, including costs associated with operations at our new Jasper Plant," said Marsh. "The higher expenses more than offset improved margins on sales of electricity and natural gas." Despite milder weather, retail sales of electricity were up 2.4 percent compared to the fourth quarter of 2003. Residential sales were up 1.9 percent while commercial and industrial sales each rose 2.7 percent. Driven by the long-term, off-system contract sales that began in January 2004, total sales of electricity for the quarter were up 9.8 percent. Retail dekatherm sales of natural gas to ultimate consumers in the fourth quarter of 2004 were relatively unchanged compared to the same quarter last year. Lower residential and commercial sales principally reflecting the milder weather offset higher industrial sales. As a result of improved sales for resale and transportation volumes, total dekatherm sales of natural gas in the fourth quarter of 2004 were up about 12 percent compared to the same quarter in 2003. RESULTS BY MAJOR LINES OF BUSINESS South Carolina Electric & Gas Company SCANA's principal subsidiary reported 2004 earnings of $235 million, or $2.11 per share, compared to $221 million, or $1.99 per share, in 2003. The improvement was due primarily to the higher electric margin, which more than offset higher expenses. For the fourth quarter of 2004, SCE&G reported earnings of $40 million, or $.36 per share, compared to $46 million, or $.42 per share in the same quarter of 2003. Higher expenses and a lower margin on natural gas sales more than offset an improved electric margin. PSNC Energy SCANA's North Carolina-based natural gas distribution business reported earnings in 2004 of $24 million, or $.21 per share, compared to $31 million, or $.28 per share, in 2003. Reported earnings in the fourth quarter of 2004 were $11 million, or $.10 per share, compared to $15 million, or $.14 per share, in the fourth quarter of 2003. The earnings decline in both periods was primarily attributable to increased expenses and a lower natural gas sales margin reflecting milder weather. South Carolina Pipeline Corporation The Company's intrastate natural gas transmission business reported earnings in 2004 of $10 million, or $.09 per share, compared to $7 million, or $.06 per share in 2003. That improvement was due primarily to higher margins from increased transportation volumes. Reported earnings for the fourth quarter of 2004 were $2 million, or $.02 per share, unchanged compared to the fourth quarter of 2003. SCANA Energy - Georgia In 2004, SCANA's retail natural gas business in Georgia reported earnings of $29 million, or $.26 per share, compared to $20 million, or $.18 per share, in 2003. Earnings in the fourth quarter of 2004 were $6 million, or $.05 per share, compared to $3 million, or $.03 per share in 2003. The earnings improvement in both periods was driven by a higher sales margin reflecting more favorable market conditions and customer growth for the year of nearly 14 percent. Corporate and Other SCANA's corporate and other businesses, which include Primesouth, SCANA Communications, ServiceCare, SCANA Energy Marketing, SCG Pipeline, SCANA Services and the holding company, recorded a combined loss of $41 million, or $.37 per share, in 2004 compared to earnings of $3 million, or $.03 per share, in 2003. Excluding from reported earnings the impact of the monetization and valuation of the Company's telecommunications investments in both periods and the charge in 2004 related to pending litigation associated with the sale of the Company's propane assets in 1999, these companies recorded breakeven results in 2004 compared to a GAAP-adjusted net loss from operations of $1 million, or $.01 per share, in 2003. For the fourth quarter of 2003, these businesses reported a loss of $18 million, or $.16 per share, compared to a reported loss of $27 million, or $.25 per share, in the same quarter in 2003. Excluding from reported earnings the impact of the monetization and valuation of the Company's telecommunications investments in both periods, this group recorded a GAAP-adjusted net loss from operations in the fourth quarter of 2004 of $3 million, or $.02 per share, compared to earnings of $3 million, or $.02 per share, in 2003. That $.04 per share decline reflected less favorable results in the Company's energy marketing business and higher expenses at the holding company. EXPLANATION OF ITEMS INCLUDED IN REPORTED (GAAP) EARNINGS BUT EXCLUDED FROM GAAP-ADJUSTED NET EARNINGS FROM OPERATIONS In the third quarter of 2004, the Company recorded an after-tax, non-cash impairment of approximately $15 million, or 13 cents per share, related to the valuation of its investment in Knology, a regional telecommunications provider headquartered in West Point, Georgia, and an after-tax charge of $11 million, or 10 cents per share, related to pending litigation associated with the sale of the Company's propane assets in 1999. In the fourth quarter of 2004, the Company recorded a loss of approximately $9 million, or $.08 cents per share, on the sale of its investment in Knology, and a loss of approximately $6 million, or $.06 cents per share, from the sale of its investment in ITC^DeltaCom, a provider of telecommunications services in the Southeast. During 2003, the Company recorded after-tax, non-cash impairments totaling $35 million, or $.31 per share, on its investment in Knology, and an after-tax gain of $39 million, or $.35 per share, from the sale of the Company's investment in ITC Holding Company. 2005 EARNINGS OUTLOOK For 2005, the Company estimates that earnings will be in the range of $2.65 - $2.85 per share. This guidance assumes normal weather in the Company's electric and natural gas service areas and excludes any potential gains or losses from litigation or sales of certain assets. Other factors that may impact future earnings are discussed in the Company's Securities and Exchange Commission filings. The Company's goal is to achieve average annual earnings growth of 4-6 percent over the next 3-5 years. 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 1-800-884-5695 (US/Canada) and 1-617-786-2960 (International). The event code is 55963920. Participants should call in 5 to 10 minutes prior to the scheduled start time. A tape recording of the conference call will be available approximately 2 hours after conclusion of the call through February 25, 2005. The telephone replay numbers are 1-888-286-8010 (US/Canada) and 1-617-801-6888 (International). The event code for the telephone replay is 82509137. All interested persons, including investors, media and the general public, may listen to a live web cast of the conference call at the Company's web site at www.scana.com . Participants should go to the web site at least 5 to 10 minutes prior to the call start time and follow the instructions. A replay of the web cast will be available on the Company's web site approximately 2 hours after conclusion of the call through February 25, 2004. 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 and other energy-related businesses. The Company serves approximately 585,000 electric customers in South Carolina and more than one million natural gas customers in South Carolina, North Carolina and Georgia. Information about SCANA and its businesses is available on the Company's website at www.scana.com. SAFE HARBOR STATEMENT Statements included in this press release which are not statements of historical fact are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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) regulatory actions or changes in the utility and non-utility regulatory environment, (3) current and future litigation, (4) changes in the economy, especially in areas served by the Company's subsidiaries, (5) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial interruptible markets, (6) growth opportunities for the Company's regulated and diversified subsidiaries, (7) the results of financing efforts, (8) changes in the Company's accounting policies, (9) weather conditions, especially in areas served by the Company's subsidiaries, (10) performance of the Company'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 the Company's periodic reports filed with the United States Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements. ###
FINANCIAL AND OPERATING INFORMATION Consolidated Statements of Operations (Millions, except per share amounts) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- Operating Revenues: Electric $381 $345 $1,688 $1,466 Gas-Regulated 350 311 1,126 1,086 Gas-Non-regulated 322 214 1,071 864 --- --- ----- --- Total Operating Revenues 1,053 870 3,885 3,416 ----- --- ----- ----- Operating Expenses: Fuel and purchased power 120 101 518 398 Gas purchased for resale 548 404 1,753 1,532 Other operation and maintenance 167 138 608 558 Depreciation and amortization 67 58 265 238 Other taxes 33 36 145 139 -- -- --- --- Total Operating Expenses 935 737 3,289 2,865 --- --- ----- ----- Operating Income 118 133 596 551 --- --- --- --- Other Income (Expense), Net (9) (26) (7) 75 Interest Charges, Net 51 50 202 200 Income Tax Expense 14 15 123 135 Preferred Dividend Requirement of SCE&G - Mandatorily Redeemable Preferred Securities - - - (2) Preferred Stock Cash Dividends of SCE&G (2) (2) (7) (7) --- --- --- --- -- --- Net Income $42 $40 $257 $282 --- --- ---- ---- Common Stock Data: Wgt. Avg. Common Shares Outstanding 112.4 110.8 111.6 110.8 Basic & Diluted Reported Earnings Per Share $.37 $.36 $2.30 $2.54
Consolidated Condensed Balance Sheets (Millions) (Unaudited) December 31, 2004 2003 ASSETS: Utility Plant, Net $6,762 $6,417 Other Property and Investments 216 318 Current Assets 1,149 893 Regulatory Assets and Deferred Debits 869 830 --- --- Total Assets $8,996 $8,458 ------ ----- CAPITALIZATION AND LIABILITIES Capitalization: Common Equity $2,451 $2,306 Preferred Stock 115 115 Long-term Debt, Net 3,186 3,225 ----- ----- Total Capitalization 5,752 5,646 ----- -- ----- Current Liabilities: Short-Term Borrowings 211 195 Current Portion of Long-Term Debt 204 202 Other Current Liabilities 775 626 --- --- Total Current Liabilities 1,190 1,023 ----- ----- Regulatory Liabilities and Deferred Credits 2,054 1,789 ----- ----- Total Capitalization and Liabilities $8,996 $8,458 ------ -----
Reported (GAAP) Earnings (Loss) per Share by Company: (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- SC Electric & Gas $.36 $.42 $2.11 $1.99 PSNC Energy .10 .14 .21 .28 SC Pipeline .02 .02 .09 .06 SCANA Energy-Georgia .05 .03 .26 .18 Corporate and Other, Net (.16) (.25) (.37) .03 ----- ---- ----- - --- Reported (GAAP) Earnings per Share $.37 $.36 $2.30 $2.54 ---- ---- ----- ----
GAAP-Adjusted Net Earnings (Loss) per Share From Operations by Company: (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- SC Electric & Gas .36 $.42 $2.11 $1.99 PSNC Energy .10 .14 .21 .28 SC Pipeline .02 .02 .09 .06 SCANA Energy-Georgia .05 .03 .26 .18 Corporate and Other, Net (.02) .02 .00 (.01) ----- --- --- - ----- GAAP-Adjusted Net Earnings from Operations per Share $.51 $.63 $2.67 $2.50 ---- ---- ----- -----
Variances in Reported (GAAP) Earnings (Loss) per Share: (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2003 Basic & Diluted Reported (GAAP) Earnings Per Share .36 2.54 Variances: Electric Margin .10 .56 Gas Margin .03 .15 O&M Expense (.16) (.27) Depreciation Expense (.05) (.15) Property Taxes .01 (.04) Interest Expense (net of AFUDC) (.01) (.01) Additional Shares Outstanding (Dilution) (.01) (.01) Other, Net (.03) (.06) ----- ----- Variance in GAAP-Adjusted Net Earnings From Operations per Share (.12) .17 Gain on Sale of ITC Holding Company Investment .00 (.35) Impairment Charge on Knology Investment .27 .18 Loss on Sale of Knology Investment (.08) (.08) Loss on Sale of ITC^DeltaCom Investment (.06) (.06) Charge Related to Pending Litigation .00 (.10) --- ----- Variance in Reported (GAAP) Earnings per Share .01 (.24) --- ----- 2004 Basic & Diluted Reported (GAAP) Earnings Per Share .37 2.30 --- ----
Consolidated Operating Statistics: Three Months Ended December 31, Twelve Months Ended December 31, 2004 2003 % Change 2004 2003 % Change Electric Operations: Sales (Million KWH): Residential 1,645 1,615 1.9 7,460 6,998 6.6 Commercial 1,616 1,574 2.7 6,900 6,607 4.4 Industrial 1,653 1,610 2.7 6,775 6,548 3.5 Other 123 118 4.2 526 500 5.2 --- --- --- --- --- Total Retail 5,037 4,917 2.4 21,661 20,653 4.9 Wholesale 801 399 100.8 3,370 1,863 80.9 --- --- --- ----- ----- Total Sales 5,838 5,316 9.8 25,031 22,516 11.2 ----- ----- ------ ------ Customers (Period-End) 585,264 570,940 2.5 Natural Gas Operations: Sales (Thousand Dekatherms): Residential 21,045 21,520 (2.2) 66,452 65,515 1.4 Commercial 12,115 12,428 (2.5) 40,855 40,274 1.4 Industrial 27,323 26,137 4.5 122,358 110,183 11.0 ------ ------ ------- ------- Sales to Ultimate Consumers 60,483 60,085 0.7 229,665 215,972 6.3 Sales for Resale 5,141 2,355 118.3 12,519 13,817 (9.4) Transportation Volumes 16,334 10,793 51.3 64,023 36,214 76.8 ------ ------ ------ ------ Total Sales 81,958 73,233 11.9 306,207 266,003 15.1 ------ ------ ------- ------- Customers (Period-End) 1,164,492 1,087,255 7.1
Weather Data - Electric Service Territory: Three Months Ended December 31, Twelve Months Ended December 31, Actual Percent Change Actual Percent Change 2004 vs 2003 vs Normal 2004 vs 2003 vs Normal Heating Degree Days 816 (5.7) (0.9) 2,284 1.3 6.0 Cooling Degree Days 183 52.1 20.8 2,414 14.7 3.5
Security Credit Ratings (as of 02/11/05): Standard & Poor's Moody's Fitch Rating Outlook Rating Outlook Rating Outlook SCANA Corporation: Corporate / Issuer Rating A- Stable A3 Negative - - Senior Unsecured BBB+ Stable A3 Negative A- Stable South Carolina Electric & Gas Company: Corporate / Issuer Rating A- Stable A2 Negative - - Senior Secured A- Stable A1 Negative A+ Stable Senior Unsecured BBB+ Stable A2 Negative A Stable Commercial Paper A-2 Stable P-1 Negative F1 Stable PSNC Energy: Senior Unsecured A- Stable A2 Stable NR - Commercial Paper A-2 Stable P-1 Stable NR - NR = Not Rated
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