SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
(Mark One)
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from.........to........
Commission file number 1-8349
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION
3201 34th Street South
St. Petersburg, Florida 33711
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
FLORIDA PROGRESS CORPORATION
One Progress Plaza
St. Petersburg, Florida 33701
<PAGE>
REQUIRED INFORMATION
The following financial statements for the plan are being furnished
herewith:
Report of independent certified public accountant.
Audited statements of net assets available for benefits as of
December 31, 1993 and 1992, prepared in accordance with the
applicable provisions of Article 6A of Regulation S-X.
Audited statements of changes in net assets available for
benefits for the years ended December 31, 1993, 1992 and 1991,
prepared in accordance with the applicable provisions of Article
6A of Regulation S-X.
Notes to financial statements.
Schedules of investments held as of December 31, 1993 and 1992.
Schedules of members' withdrawals for the years ended December
31, 1993, 1992 and 1991.
<PAGE>
Price Waterhouse
Suite 2800
400 North Ashley Street
P.O. Box 2640
Tampa, FL 33601-2640
Telephone: 813 223 7577
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Investment Committee
of the Savings Plan for Employees
of Florida Progress Corporation
In our opinion, the accompanying statements of net assets available for
benefits and the related statements of changes in net assets available for
benefits present fairly, in all material respects, the net assets available
for benefits of the Savings Plan for Employees of Florida Progress Corporation
at December 31, 1993 and 1992, and the changes in net assets available for
benefits for each of the three years in the period ended December 31, 1993, in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of the Investment Committee; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by the Plan's management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for the
opinion expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of
investments held as of December 31, 1993 and 1992, and of members' withdrawals
for the three years ended December 31, 1993 (Schedules I and II) are presented
for purposes of complying with the Securities and Exchange Commission's rules
and regulations under the Securities Exchange Act of 1934 and are not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
PRICE WATERHOUSE
- - ---------------------
/s/ PRICE WATERHOUSE
Tampa, Florida
March 4, 1994
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993 AND 1992
(In thousands)
1993
__________________________________________________________________________________
Indexed Company Stable Aggressive
Equity Stock Value ESOP Balanced Equity
Total Fund Fund Fund Fund Fund Fund
_________ _________ _________ _________ _________ _________ ___________
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at quoted market -
Indexed Equity Fund - (cost -
$21,235 and $19,019 in 1993
and 1992, respectively) $ 25,765 $ 25,765 - - - - -
Company Stock Fund - (cost -
$40,589 and $37,168 in
1993 and 1992, respectively) 63,414 - $ 63,414 - - - -
Stable Value Fund - (cost -
$94,436 and $84,173 in
1993 and 1992, respectively) 94,436 - - $ 94,436 - - -
ESOP Fund - (cost - $57,803
and $57,859 in 1993 and
1992, respectively) 107,935 - - - $ 107,935 - -
Balanced Fund - (cost - $4,090
and $1,109 in 1993 and
1992, respectively) 4,427 - - - - $4,427 -
Aggressive Equity Fund -
(cost - $8,154 and $2,484 in
1993 and 1992, respectively) 9,317 - - - - - $9,317
_________ _________ _________ _________ _________ _________ _________
305,294 25,765 63,414 94,436 107,935 4,427 9,317
Cash -
Administrative working funds 2,273 186 759 885 43 109 291
Investment working funds - - - - - - -
Member and company
contributions receivable 1,298 150 420 519 - 59 150
Accrued interest receivable 599 - - 599 - - -
Interfund receivables (payables) - (24) (1,022) (327) (1,296) 632 2,037
_________ _________ _________ _________ _________ _________ _________
Total assets 309,464 26,077 63,571 96,112 106,682 5,227 11,795
_________ _________ _________ _________ _________ _________ _________
LIABILITIES
Amounts payable to withdrawing members 3,735 261 730 1,400 1,205 51 88
_________ _________ _________ _________ _________ _________ _________
Total liabilities 3,735 261 730 1,400 1,205 51 88
_________ _________ _________ _________ _________ _________ _________
Net assets available for benefits $ 305,729 $ 25,816 $ 62,841 $ 94,712 $ 105,477 $ 5,176 $ 11,707
========= ========= ========= ========= ========= ========= =========
The accompanying Notes to Financial Statements are an integral part of these Financial Statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993 AND 1992
(In thousands)
1992
_________________________________________________________________________________
Indexed Company Stable Aggressive
Equity Stock Value ESOP Balanced Equity
Total Fund Fund Fund Fund Fund Fund
_________ _________ _________ _________ _________ _________ __________
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at quoted market -
Indexed Equity Fund - (cost -
$21,235 and $19,019 in 1993
and 1992, respectively) $ 21,987 $ 21,987 - - - - -
Company Stock Fund - (cost -
$40,589 and $37,168 in
1993 and 1992, respectively) 58,773 - $ 58,773 - - - -
Stable Value Fund - (cost -
$94,436 and $84,173 in
1993 and 1992, respectively) 84,173 - - $ 84,173 - - -
ESOP Fund - (cost - $57,803
and $57,859 in 1993 and
1992, respectively) 110,452 - - - $ 110,452 - -
Balanced Fund - (cost - $4,090
and $1,109 in 1993 and
1992, respectively) 1,147 - - - - $1,147 -
Aggressive Equity Fund -
(cost - $8,154 and $2,484 in
1993 and 1992, respectively) 2,656 - - - - - $2,656
_________ _________ _________ _________ _________ _________ _________
279,188 21,987 58,773 84,173 110,452 1,147 2,656
Cash -
Administrative working funds 1,897 248 707 899 2 16 25
Investment working funds 78 - - - - - 78
Member and company
contributions receivable 1,206 145 405 548 - 36 72
Accrued interest receivable 583 - - 583 - - -
Interfund receivables (payables) - 138 (846) 188 (831) 535 816
_________ _________ _________ _________ _________ _________ _________
Total assets 282,952 22,518 59,039 86,391 109,623 1,734 3,647
_________ _________ _________ _________ _________ _________ _________
LIABILITIES
Amounts payable to withdrawing members 9,329 660 2,161 3,112 3,375 7 14
_________ _________ _________ _________ _________ _________ _________
Total liabilities 9,329 660 2,161 3,112 3,375 7 14
_________ _________ _________ _________ _________ _________ _________
Net assets available for benefits $ 273,623 $ 21,858 $ 56,878 $ 83,279 $ 106,248 $ 1,727 $ 3,633
========= ========= ========= ========= ========= ========= =========
The accompanying Notes to Financial Statements are an integral part of these Financial Statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(In thousands)
1993
__________________________________________________________________________________
Indexed Company Stable Aggressive
Equity Stock Value ESOP Balanced Equity
Total Fund Fund Fund Fund Fund Fund
_________ _________ _________ _________ _________ _________ __________
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income -
Dividends $ 10,433 $ 657 $ 3,503 - $ 6,273 - -
Interest 6,916 14 46 $ 6,848 2 $ 2 $ 4
_________ _________ _________ _________ _________ _________ __________
Total investment income 17,349 671 3,549 6,848 6,275 2 4
_________ _________ _________ _________ _________ _________ __________
Net investment gains (losses) -
Realized gains (losses)
on investments 6,625 65 465 - 5,798 11 286
Unrealized appreciation
(depr.) of investments 1,611 1,562 1,220 - (2,461) 299 991
_________ _________ _________ _________ _________ _________ __________
Total net investment gains
(losses) 8,236 1,627 1,685 - 3,337 310 1,277
_________ _________ _________ _________ _________ _________ __________
Contributions -
Members 26,887 3,230 9,280 10,841 - 1,052 2,484
Company, net of forfeitures 8,568 998 2,909 3,589 - 329 743
Participant directed transfers - (474) (3,371) 1,485 (3,665) 1,975 4,050
_________ _________ _________ _________ _________ _________ __________
Total contributions 35,455 3,754 8,818 15,915 (3,665) 3,356 7,277
_________ _________ _________ _________ _________ _________ __________
Withdrawals and Expenses -
Members' withdrawals
(Schedule II) (28,871) (2,094) (8,089) (11,330) (6,655) (219) (484)
Administrative expenses (63) - - - (63) - -
_________ _________ _________ _________ _________ _________ __________
Total withdrawals and
expenses (28,934) (2,094) (8,089) (11,330) (6,718) (219) (484)
_________ _________ _________ _________ _________ _________ __________
Net change during the year 32,106 3,958 5,963 11,433 (771) 3,449 8,074
Net assets available
for benefits -
Beginning of year 273,623 21,858 56,878 83,279 106,248 1,727 3,633
_________ _________ _________ _________ _________ _________ __________
End of year $305,729 $25,816 $62,841 $94,712 $105,477 $5,176 $11,707
========= ========= ========= ========= ========= ========= ==========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(In thousands)
1992
__________________________________________________________________________________________
Indexed Company Stable IRA IRA Aggressive
Equity Stock Value ESOP Co. Stock Money Mkt. Balanced Equity
Total Fund Fund Fund Fund Fund Fund Fund Fund
_________ _________ _________ _________ _________ _________ _________ _________ _________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income -
Dividends $ 10,285 $ 633 $ 3,177 - $ 6,450 $ 25 - - -
Interest 6,703 17 67 $ 6,594 4 1 $ 15 $ 1 $ 4
_________ _________ _________ _________ _________ _________ _________ _________ _________
Total investment income 16,988 650 3,244 6,594 6,454 26 15 1 4
_________ _________ _________ _________ _________ _________ _________ _________ _________
Net investment gains (losses) -
Realized gains (losses)
on investments 5,190 211 436 - 4,199 344 - - -
Unrealized appreciation
(depr.) of investments 2,545 708 1,849 - 256 (478) - 38 172
_________ _________ _________ _________ _________ _________ _________ _________ _________
Total net investment gains
(losses) 7,735 919 2,285 - 4,455 (134) - 38 172
_________ _________ _________ _________ _________ _________ _________ _________ _________
Contributions -
Members 24,005 3,072 7,850 11,399 - - - 482 1,202
Company, net of forfeitures 7,913 1,016 2,606 3,805 - - - 155 331
Participant directed transfers - (2,001) (623) 1,665 (2,117) - - 1,078 1,998
_________ _________ _________ _________ _________ _________ _________ _________ _________
Total contributions 31,918 2,087 9,833 16,869 (2,117) - - 1,715 3,531
_________ _________ _________ _________ _________ _________ _________ _________ _________
Withdrawals and Expenses -
Members' withdrawals
(Schedule II) (40,133) (3,038) (9,480) (13,765) (10,273) (1,557) (1,919) (27) (74)
Administrative expenses (60) - - - (60) - - - -
_________ _________ _________ _________ _________ _________ _________ _________ _________
Total withdrawals and
expenses (40,193) (3,038) (9,480) (13,765) (10,333) (1,557) (1,919) (27) (74)
_________ _________ _________ _________ _________ _________ _________ _________ _________
Net change during the year 16,448 618 5,882 9,698 (1,541) (1,665) (1,904) 1,727 3,633
Net assets available
for benefits -
Beginning of year 257,175 21,240 50,996 73,581 107,789 1,665 1,904 - -
_________ _________ _________ _________ _________ _________ _________ _________ _________
End of year $273,623 $21,858 $56,878 $83,279 $106,248 - - $1,727 $3,633
========= ========= ========= ========= ========= ========= ========= ========= =========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(In thousands)
1991
_________________________________________________________________________________
Indexed Company Stable IRA IRA
Equity Stock Value ESOP Co. Stock Money Mkt.
Total Fund Fund Fund Fund Fund Fund
_________ _________ _________ _________ _________ _________ _________
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income -
Dividends $ 9,873 $ 668 $ 2,817 - $ 6,291 $ 97 -
Interest 5,923 42 88 $ 5,655 3 4 $ 131
_________ _________ _________ _________ _________ _________ _________
Total investment income 15,796 710 2,905 5,655 6,294 101 131
_________ _________ _________ _________ _________ _________ _________
Net investment gains (losses) -
Realized gains (losses)
on investments 1,187 (1,644) 281 - 2,519 31 -
Unrealized appreciation
(depr.) of investments 33,786 7,080 8,836 - 17,593 277 -
_________ _________ _________ _________ _________ _________ _________
Total net investment gains
(losses) 34,973 5,436 9,117 - 20,112 308 -
_________ _________ _________ _________ _________ _________ _________
Contributions -
Members 19,539 2,973 6,157 10,409 - - -
Company, net of forfeitures 5,956 822 1,892 3,242 - - -
Participant directed transfers - (139) (1,281) 1,420 - 13 (13)
_________ _________ _________ _________ _________ _________ _________
Total contributions 25,495 3,656 6,768 15,071 - 13 (13)
_________ _________ _________ _________ _________ _________ _________
Withdrawals and Expenses -
Members' withdrawals
(Schedule II) (25,197) (2,553) (6,309) (10,026) (6,054) (130) (125)
Administrative expenses (63) - - - (63) - -
_________ _________ _________ _________ _________ _________ _________
Total withdrawals and
expenses (25,260) (2,553) (6,309) (10,026) (6,117) (130) (125)
_________ _________ _________ _________ _________ _________ _________
Net change during the year 51,004 7,249 12,481 10,700 20,289 292 (7)
Net assets available
for benefits -
Beginning of year 206,171 13,991 38,515 62,881 87,500 1,373 1,911
_________ _________ _________ _________ _________ _________ _________
End of year $257,175 $21,240 $50,996 $73,581 $107,789 $1,665 $1,904
========= ========= ========= ========= ========= ========= =========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
/TABLE
<PAGE>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Dollar amounts in thousands)
(1) PLAN DESCRIPTION AND ACCOUNTING POLICIES:
A description of the Savings Plan for Employees of Florida Progress Corporation
(Plan or Savings Plan), which outlines the purpose, vesting and other
provisions, and investment options under the Plan, is available in the Summary
Plan Description/Prospectus, as amended, which is part of the "You & Your
Company: A Strategic Partnership" employee handbook.
The Plan currently offers five investment options as follows:
. Indexed Equity Fund
. Company Stock Fund
. Stable Value Fund
. Balanced Fund
. Aggressive Equity Fund
The following investment options were terminated on March 31, 1992:
. IRA Company Stock Fund
. IRA Money Market Fund
The Plan also contains a frozen ESOP arrangement as a result of the merger of
the Employee Stock Ownership Plan (ESOP) with the Savings Plan. The ESOP Fund
is the fund into which all participants' accounts in the former ESOP were
individually transferred. All former ESOP members became members of the
Savings Plan, and the features and characteristics of the former ESOP continue
to apply to the ESOP Fund accounts in the Savings Plan.
Currently, the valuation of each fund, with the exception of the Stable Value
Fund, is determined at the end of each month based on published prices. The
valuation of the Stable Value Fund is determined at the end of each month based
on invested principal and accumulated interest paid at contracted rates. Each
employee's account reflects the account value as of the most recent valuation.
All participant accounts are maintained in dollars except for the ESOP Fund,
which is maintained in shares. Prior to March 31, 1992, the valuation of the
IRA Money Market Fund was determined at the end of each month based on invested
principal and accumulated interest paid at open market rates, and the valuation
of the ESOP Fund was determined quarterly based on published prices.
The Stable Value Fund includes two structured investment contracts. These
contracts are arrangements whereby a specified rate of return is guaranteed
by an insurance company for a specified period (currently six months). If the
return on the underlying investments is different from the guaranteed rate of
return during the guarantee period, that difference is factored into the
guaranteed rate of return for the subsequent period. The underlying
investments include U.S. Treasury obligations and collateralized mortgage
obligations. The Stable Value Fund also contains other insurance contracts,
which provide for a fixed rate of return over the term of those contracts.
Purchases and sales of investments are recorded on the trade date with gains
and losses determined by using an average cost basis for investments.
Unrealized appreciation or depreciation is recorded based on the market value
of investments on the valuation date. When Florida Progress Corporation common
stock is distributed from the Company Stock Fund, the ESOP Fund, and the IRA
Company Stock Fund (prior to March 31, 1992) to participants in settlement of
their accounts, these funds recognize gains or losses equal to the difference
between average cost and the quoted market value of the shares distributed.
The number of employees participating in the Plan and in each investment fund
of the Plan at December 31, 1993, 1992 and 1991 is as follows:
1993 1992 1991
------ ------ ------
Plan 6,114 6,020 5,907
Each Investment Fund:
Indexed Equity 2,373 2,243 2,035
Company Stock 4,153 3,875 3,431
Stable Value 4,538 4,560 4,372
ESOP 4,319 4,486 4,630
IRA Company Stock - - 167
IRA Money Market - - 243
Balanced 770 403 -
Aggressive Equity 1,280 654 -
(2) CONTRIBUTIONS:
With the exception of the ESOP Fund, which is frozen as to contributions,
employees may elect to contribute up to 16% of their monthly base pay and may
designate these contributions as either Regular Savings after-tax and/or 401(k)
pretax dollars. Each participating corporation is obligated to contribute each
month an amount equal to 65% of the employees' contributions, up to 6% of base
pay. Individual corporations, achieving certain predetermined goals and
participating in the special company contribution portion of the Savings Plan,
may make an additional contribution of 5% for each of two goals achieved, up to
a maximum of 10%, of eligible employee contributions to Regular Savings or
401(k). Prior to January 1, 1992, each participating corporation was obligated
to contribute each month an amount equal to 40% of the employees'
contributions, up to 6% of base pay, with a special company contribution of an
additional 5% for each goal achieved, up to a maximum of 25%, of eligible
employee contributions to Regular Savings or 401(k). All corporations
participating in the special company contribution portion of the Savings Plan
achieved a portion of their individual Savings Plan goals in 1993, 1992 and
1991, resulting in additional special contributions of $629, $584, and $1,939
for each year, respectively.
<PAGE>
(3) UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS:
The changes in unrealized appreciation (depreciation) of investments during the
years ended December 31, 1991, 1992 and 1993 were as follows:
IRA
Indexed Company Company Aggressive
Total Equity Stock ESOP Stock Balanced Equity
------- ------- ------- ------- ------- -------- ---------
Balance, 12/31/90 $41,045 $(4,820) $10,920 $34,744 $ 201 - -
Change - 1991 33,786 7,080 8,836 17,593 277 - -
_______ _______ _______ _______ _______ ________ _________
Balance, 12/31/91 74,831 2,260 19,756 52,337 478 - -
Change - 1992 2,545 708 1,849 256 (478) $ 38 $ 172
_______ _______ _______ _______ _______ ________ _________
Balance, 12/31/92 77,376 2,968 21,605 52,593 - 38 172
Change - 1993 1,611 1,562 1,220 (2,461) - 299 991
_______ _______ _______ _______ _______ ________ _________
Balance, 12/31/93 $78,987 $ 4,530 $22,825 $50,132 - $ 337 $1,163
======= ======= ======= ======= ======= ======== =========
(4) REALIZED GAINS (LOSSES) ON INVESTMENTS SOLD OR DISTRIBUTED:
The following is a summary of the realized gains (losses) on investments sold
or distributed during the years ended December 31, 1993, 1992 and 1991:
Cost Proceeds Gains(Losses)
-------- ---------- --------------
1993
----
Indexed Equity $ 313 $ 378 $ 65
Company Stock 692 1,157 465
ESOP 6,108 11,906 5,798
Balanced 162 173 11
Aggressive Equity 4,026 4,312 286
________ ________ _______
$11,301 $17,926 $6,625
======== ======== =======
1992
----
Indexed Equity $2,046 $ 2,257 $ 211
Company Stock 741 1,177 436
ESOP 4,797 8,996 4,199
Balanced 15 15 -
IRA Company Stock 1,146 1,490 344
________ ________ _______
$8,745 $13,935 $5,190
======== ======== =======
Cost Proceeds Gains(Losses)
-------- ---------- --------------
1991
----
Indexed Equity $19,794 $18,151 $(1,644)
Company Stock 580 861 281
ESOP 3,521 6,040 2,519
IRA Company Stock 109 139 31
________ ________ ________
$24,004 $25,191 $ 1,187
======== ======== ========
(5) EXPENSES OF THE PLAN:
The Company pays all expenses for outside services necessary for the
administration of the Plan, except for the ESOP Fund. The ESOP Fund pays its
own expenses for outside services necessary for the administration of the fund.
Fees for participant loans are borne by the loan recipients.
(6) RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500:
The realized gains and unrealized appreciation of the Plan assets reported in
the financial statements is $6,625 and $1,611, $5,190 and $2,545 and $1,187 and
$33,786 for 1993, 1992 and 1991, respectively. The calculation of these
amounts is based on the historical cost of the assets. However, when the Plan
files its annual return (Form 5500), these amounts are required to be
calculated based on the fair market value of Plan assets as of the previous
year-end. Using this calculation method, the amount of realized gains (losses)
and unrealized appreciation is $489 and $4,533, $(241) and $6,847 and $3,563
and $29,137 for 1993, 1992 and 1991, respectively. The annual returns for
1993, 1992 and 1991 also include net gains in other categories totalling
$3,215, $1,128 and $2,274 for each year, respectively.
(7) FEDERAL INCOME TAXES:
The Plan is a qualified employees' trust under Section 401(a) of the Internal
Revenue Code (Code), and the ESOP Fund is considered a tax credit employee
stock ownership plan within the meaning of Section 409 of the Code. As such,
the Plan is exempt from federal income taxes under Section 501(a). No taxes
are imposed on income, pretax contributions, tax deductible contributions or
Company contributions made to the Plan, pursuant to the provisions of Section
402(a) of the Code, until such time as the employees or the employees'
beneficiaries receive distributions from the Plan.
<PAGE>
<TABLE>
<CAPTION>
Schedule I
Page 1 of 2
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
SCHEDULES OF INVESTMENTS HELD
DECEMBER 31, 1993 AND 1992
(Dollar amounts in thousands)
1993 1992
________________________________________ ________________________________________
Number of Number of
Shares or Shares or
Principal Market Principal Market
Name of Issuer and Title of Issue Amount Cost Value Amount Cost Value
________________________________________ ____________ ____________ ____________ ____________ ____________ ____________
<S> <C> <C> <C> <C> <C> <C>
INDEXED EQUITY FUND
- - -------------------
Commingled Funds -
Wells Fargo Index Fund 247 $20,883 $25,413 233 $18,797 $21,765
Temporary Cash Investments -
Chase Bank -
Domestic Liquidity Fund $352 352 352 $222 222 222
____________ ____________ ____________ ____________
$21,235 $25,765 $19,019 $21,987
============ ============ ============ ============
COMPANY STOCK FUND
- - ------------------
Common Stock of Florida
Progress Corporation 1,870 $40,056 $62,881 1,758 $35,744 $57,349
Temporary Cash Investments -
Barnett Bank -
Repurchase Agreement Account $533 533 533 $1,424 1,424 1,424
____________ ____________ ____________ ____________
$40,589 $63,414 $37,168 $58,773
============ ============ ============ ============
STABLE VALUE FUND
- - -----------------
Benefit Accumulation Contract -
Aetna Life Insurance Co. $6,875 $6,875 $6,875 $6,256 $6,256 $6,256
Guaranteed Interest Contracts -
New York Life $6,580 6,580 6,580 $29,383 29,383 29,383
Prudential $16,625 16,625 16,625 $15,246 15,246 15,246
Structured Investment Contracts -
Peoples Security $32,178 32,178 32,178 $33,288 33,288 33,288
Commonwealth Life $32,178 32,178 32,178 - - -
____________ ____________ ____________ ____________
$94,436 $94,436 $84,173 $84,173
============ ============ ============ ============
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Schedule I
Page 2 of 2
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
SCHEDULES OF INVESTMENTS HELD
DECEMBER 31, 1993 AND 1992
(Dollar amounts in thousands)
1993 1992
________________________________________ ________________________________________
Number of Number of
Shares or Shares or
Principal Market Principal Market
Name of Issuer and Title of Issue Amount Cost Value Amount Cost Value
________________________________________ ____________ ____________ ____________ ____________ ____________ ____________
<S> <C> <C> <C> <C> <C> <C>
ESOP FUND
- - ---------
Common Stock of Florida
Progress Corporation 3,210 $57,790 $107,922 3,384 $57,796 $110,389
Temporary Cash Investments -
Barnett Bank -
Repurchase Agreement Account $13 13 13 $63 63 63
____________ ____________ ____________ ____________
$57,803 $107,935 $57,859 $110,452
============ ============ ============ ============
BALANCED FUND
- - -------------
Fidelity Select Equity Collective 219 $2,455 $2,690 64 $665 $694
Fidelity Broad Market Duration 144 1,635 1,737 42 444 453
____________ ____________ ____________ ____________
$4,090 $4,427 $1,109 $1,147
============ ============ ============ ============
AGGRESSIVE EQUITY FUND
- - ----------------------
Suntrust Corporate Equity Fund - - - 29 $2,484 $2,656
Fidelity Aggressive Equity 68 $8,154 $9,317 - - -
============ ============ ============ ============
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Schedule II
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
SCHEDULES OF MEMBERS' WITHDRAWALS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(In thousands)
Indexed Company Stable IRA IRA Aggressive
Equity Stock Value ESOP Co. Stock Money Mkt. Balanced Equity
Total Fund Fund Fund Fund Fund Fund Fund Fund
________ ________ ________ ________ ________ _________ __________ _________ __________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1993
- - ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 7,809 $ 705 $2,518 $ 4,459 - - - $ 56 $ 71
Company contributions 3,929 330 1,427 2,114 - - - 15 43
Loan withdrawals 10,535 1,069 4,165 4,777 - - - 151 373
ESOP withdrawals 6,655 - - - $6,655 - - - -
________ ________ ________ ________ ________ _________ __________ _________ __________
28,928 2,104 8,110 11,350 6,655 - - 222 487
Less forfeitures applied
against Company contributions 57 10 21 20 - - - 3 3
________ ________ ________ ________ ________ _________ __________ _________ __________
Total members' withdrawals $28,871 $2,094 $8,089 $11,330 $6,655 - - $219 $484
======== ======== ======== ======== ======== ========= ========== ========= ==========
1992
- - ----
Value of Members' Accounts
Withdrawn -
Members' contributions $15,370 $1,250 $4,166 $ 6,454 - $1,557 $1,919 $ 5 $19
Company contributions 5,073 637 1,912 2,522 - - - 1 1
Loan withdrawals 9,450 1,156 3,414 4,805 - - - 21 54
ESOP withdrawals 10,273 - - - $10,273 - - - -
________ ________ ________ ________ ________ _________ __________ _________ __________
40,166 3,043 9,492 13,781 10,273 1,557 1,919 27 74
Less forfeitures applied
against Company contributions 33 5 12 16 - - - - -
________ ________ ________ ________ ________ _________ __________ _________ __________
Total members' withdrawals $40,133 $3,038 $9,480 $13,765 $10,273 $1,557 $1,919 $27 $74
======== ======== ======== ======== ======== ========= ========== ========= ==========
1991
- - ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 8,902 $1,147 $2,706 $ 4,794 - $130 $125 - -
Company contributions 3,499 501 1,151 1,847 - - - - -
Loan withdrawals 6,770 909 2,464 3,397 - - - - -
ESOP withdrawals 6,054 - - - $6,054 - - - -
________ ________ ________ ________ ________ _________ __________ _________ __________
25,225 2,557 6,321 10,038 6,054 130 125 - -
Less forfeitures applied
against Company contributions 28 4 12 12 - - - - -
________ ________ ________ ________ ________ _________ __________ __________ __________
Total members' withdrawals $25,197 $2,553 $6,309 $10,026 $6,054 $130 $125 - -
======== ======== ======== ======== ======== ========= ========== ========== ==========
/TABLE
<PAGE>
EXHIBITS
23 Consent of Price Waterhouse, independent certified public
accountants.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who
administer the Savings Plan for Employees of Florida Progress
Corporation) have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
Date: March 30, 1994 By: /s/ Pamela J. Burmaster
---------------------------
Pamela J. Burmaster
Plan Administrator and
Secretary and Member of
the Investment Committee
for the Savings Plan for
Employees Trust of Florida
Progress Corporation
( By: /s/ Jeffrey R. Heinicka
( ---------------------------
( Jeffrey R. Heinicka
(
(
Members of the Investment ( By: /s/ David R. Kuzma
Committee for the Savings ( ---------------------------
Plan for Employees Trust of ( David R. Kuzma
Florida Progress Corporation (
(
( By: /s/ James A. McClure, III
( ---------------------------
( James A. McClure, III
(
(
( By: /s/ Kenneth E. McDonald
( --------------------------
( Kenneth E. McDonald
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
------- -----------
23 Consent of Price Waterhouse, independent
certified public accountants.
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-54912) of Florida Progress Corporation of our
report dated March 4, 1994 relating to the financial statements of the Savings
Plan for Employees of Florida Progress Corporation which appears in the Form
11-K of Florida Progress Corporation dated March 30, 1994.
PRICE WATERHOUSE
/s/ PRICE WATERHOUSE
- - --------------------
Tampa, Florida
March 30, 1994
