File No. 69-267
FORM U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Statement by Holding Company Claiming
Exemption under Rule U-3A-2 from the
Provisions of the Public Utility Holding
Company Act of 1935
FLORIDA PROGRESS CORPORATION
February 14, 1994
<PAGE>
FORM U-3A-2
File No. 69-267
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Statement by Holding Company Claiming Exemption Under Rule 2 from
the Provisions of the Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
FLORIDA PROGRESS CORPORATION
(Name of Company)
hereby files with the Securities and Exchange Commission,
pursuant to Rule 2, its statement claiming exemption as a holding
company from the provisions of the Public Utility Holding Company
Act of 1935, and submits the following information:
1. NAME, STATE OF ORGANIZATION, LOCATION, AND NATURE OF
BUSINESS OF CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER
THAN ANY EXEMPT WHOLESALE GENERATOR (EWG) OR FOREIGN
UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY
HOLDS AN INTEREST, AS OF DECEMBER 31, 1993.
Name/ Location and
(State of Organization) Nature of Business
Claimant
Florida Progress Corporation St. Petersburg, Florida
(Florida) Holding Company
Subsidiaries of Florida Progress Corporation
Progress Capital Holdings, Inc. St. Petersburg, Florida
(Florida) Downstream Holding Company
Florida Power Corporation Florida, Electric Utility
(Florida)
Subsidiaries of Florida Power Corporation
Power Energy Services Florida, Partner in
Corporation (Florida) Sunshine Pipeline Partners
Power Interstate Energy Florida, Partner in
Services Corporation (Florida) Sunshine Interstate
Pipeline Partners
Subsidiary of Power Energy Services Corporation
Sunshine Pipeline Partners Florida, Construct, Own and
(partnership)(Florida) Operate an Intrastate Natural
Gas Pipeline
SunShine PipeLines, Inc. Florida, Natural Gas
(Florida) Pipeline Service Company
Subsidiaries of Power Interstate Energy Services Corporation
SunShine PipeLines, Inc. Florida, Natural Gas
(Florida) Pipeline Service Company
Sunshine Interstate Pipeline Florida, Construct, Own and
Partners (partnership)(Florida) Operate an Interstate Natural
Gas Pipeline
Subsidiary of Sunshine Interstate Pipeline Partners
Five Flags Holding Company Florida, Ownership of
(Florida) a Natural Gas Pipeline
Subsidiary of Five Flags Holding Company
Five Flags Pipe Line Company Florida, Operation of a
(Florida) Natural Gas Pipeline
Subsidiaries of Progress Capital Holdings, Inc.
Advanced Separation Technologies Florida, Development and
Incorporated (Florida) Commercialization of New
Technologies
Mid-Continent Life Insurance Alabama, Arizona, Arkansas,
Company (Oklahoma) California, Colorado, Florida,
Georgia, Idaho, Illinois,
Indiana, Iowa, Kansas,
Kentucky, Louisiana, Michigan,
Minnesota, Mississippi,
Missouri, Montana, Nebraska,
Nevada, New Mexico, North
Carolina, North Dakota, Ohio,
Oklahoma, Oregon, S. Carolina,
S. Dakota, Tennessee, Texas,
Utah, Virginia, Washington,
W. Virginia, Wisconsin, and
Wyoming, Life Insurance
Progress Reinsurance Company, Grand Cayman,
Ltd. (Cayman Islands) Cayman Islands, B.W.I.,
Captive Insurance Company
Progress Energy Corporation Florida, Development of
(Florida) Independent and Cogeneration
Power Projects
Electric Fuels Corporation Florida, Kentucky, Texas,
(Florida) Virginia, Ohio and West
Virginia, Sale and Mining
of Coal
Progress Credit Corporation Florida, Commercial Equipment
(Florida) Financing and Senior Secured
Lending
Subsidiary of Progress Energy Corporation
PEC Fort Drum, Inc. New York, Holder of Indirect
(Florida) Interest in Cogeneration
Project
Subsidiaries of Electric Fuels Corporation
COMCO of America, Inc. Inactive
(Florida)
Coal Field Leasing Joint Kentucky and Virginia
Venture (partnership) Lease of Mining Equipment
(Virginia)
Dixie Fuels Limited Texas, Owner/Operator of
(partnership) (Texas) Oceangoing Barges and Tugs
Dixie Fuels II, Limited Texas, Owner/Operator of
(partnership) (Texas) Marine Transportation
Equipment, Terminalling and
Transporting Bulk Cargoes
Homeland Coal Company, Inc. Kentucky and Virginia, Partner
(Kentucky) in Powell Mountain Joint
Venture and Stone Mountain
Joint Venture
Kentucky May Coal Kentucky and Ohio, Mining and
Company, Inc. (Virginia) Operation of Coal Facilities
Little Black Mountain Coal Kentucky and Virginia, Partner
Reserves, Inc. (Kentucky) in Dulcimer Land Company
Little Black Mountain Land Kentucky and Virginia, Owner
Company (Kentucky) of Coal Property
Marine Equipment Management Missouri and Louisiana,
Corporation (Delaware) Management and Brokering of
River Barges
Mississippi River Terminals, Louisiana, Partner in
Inc. (Louisiana) International Marine Terminals
Progress Land Corporation Kentucky, Ownership and
(Florida) Management of Coal Reserves
Progress Materials, Inc. Florida, Commercialization and
(Florida) Manufacture of Aardelite
Aggregate
Progress Rail Services Florida, Kentucky, South
Corporation (Florida) Carolina, Alabama, Louisiana,
Tennessee, Mississippi,
Georgia, Nebraska, Illinois,
Indiana, Pennsylvania,
Repair and Service of Railcars
Subsidiaries of Homeland Coal Company, Inc.
Powell Mountain Joint Venture Kentucky and Virginia,
(partnership)(Virginia) Coal Mining
Stone Mountain Joint Venture Kentucky and Virginia, Oil
(partnership)(Virginia) and Gas Exploration
Subsidiaries of Kentucky May Coal Company, Inc.
Diamond May Coal Company Kentucky, Mining and Operation
(Kentucky) of Coal Facilities
Hatfield Terminals, Inc. Ohio and Kentucky, Sale and
(Delaware) Terminalling of Coal
Subsidiary of Hatfield Terminals, Inc.
Kanawha River Terminals, Inc. West Virginia, Sale and
(Florida) Terminalling of Coal
Subsidiary of Little Black Mountain Coal Reserves, Inc.
Dulcimer Land Company Kentucky and Virginia,
(partnership)(Kentucky) Management of Coal Reserves
Subsidiaries of Marine Equipment Management Corporation
Elmwood Marine Services, Inc. Louisiana, Fleeting, Washing
(Louisiana) and Repair of Barges
Marine Equipment Towing Missouri, Ownership of
Corporation (Missouri) Towboats
Subsidiary of Mississippi River Terminals, Inc.
International Marine Terminals Louisiana, Owner/Operator
Partnership (partnership) of Bulk Materials Terminal
(Louisiana)
Subsidiary of International Marine Terminals Partnership
I.M.T. Land Corp. Louisiana, Owner of
(Louisiana) Terminal Land
Subsidiaries of Progress Credit Corporation
Aviation Assets Holding California, Equipment
Company (California) Financing and Senior
Secured Lending
Health Progress Joint Venture Florida and Texas,
(partnership)(Florida) Equipment Leasing
Pacific Aviation Holding California, Equipment
Company (California) Financing and Asset Management
of Commercial Aircraft
Pegasus Capital Corporation California, Equipment
(California) Financing and Asset Management
Premier Investment Management, Florida, Investment Advisor
Inc. (Florida)
Progress Leasing Corporation Florida and Connecticut,
(Florida) Leveraged Leasing
Progress-Potomac Capital Florida and Washington, D.C.,
Ventures (joint venture) Equipment Leasing
(Delaware)
Talquin Development Company Florida, Texas & Virginia,
(Florida) Development, Operation and
Management of Real Estate and
Marina Operations
Subsidiary of Premier Investment Management, Inc.
Progress Investment Management Florida, Private Investment
Equity Fund, Ltd. (partnership) Fund
(Florida)
Subsidiary of Progress Leasing Corporation
PLC Leasing Corporation Florida, Connecticut and
(Florida) California, Leveraged Leasing
and Asset Lending
Subsidiaries of Talquin Development Company
100 Carillon Associates, Ltd. Florida, Development of
(partnership)(Florida) Commercial Real Estate
Carillon Limited Partnership I Florida, Development of
(partnership)(Florida) Real Estate
Colony Place Associates Florida, Inactive
(partnership)
Dean Road Associates Florida, Inactive
(partnership)
Gateway Joint Venture Florida, Development of
(partnership)(Florida) Commercial Real Estate
HEB Partners Florida, Development of
(partnership)(Florida) Commercial Real Estate
Highpoint Center Partners, Florida, Development of
Ltd. (partnership)(Florida) Commercial Real Estate
Polos at Fort Myers Florida, Inactive
(partnership)
Semoran/Summit Limited Florida, Inactive
Partnership (partnership)
Summerset Village Apartments I Florida, Inactive
Associates (partnership)
Summerset Village Apartments II Florida, Inactive
Associates (partnership)
Subsidiaries of Gateway Joint Venture
Carillon Property Owners Florida, Association of
Association, Inc. (Florida) Property Owners
Carillon Property Owners Florida, Association of
Association II, Inc. Property Owners
(Florida)
<PAGE>
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH
OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE
GENERATION, TRANSMISSION, AND DISTRIBUTION OF ELECTRIC
ENERGY FOR SALE, OR FOR THE PRODUCTION, TRANSMISSION, AND
DISTRIBUTION OF NATURAL OR MANUFACTURED GAS, INDICATING THE
LOCATION OF PRINCIPAL GENERATING PLANTS, TRANSMISSION LINES,
PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND ELECTRIC AND
GAS DISTRIBUTION FACILITIES, INCLUDING ALL SUCH PROPERTIES
WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS
SUBSIDIARIES ARE ORGANIZED AND ALL TRANSMISSION OR PIPELINES
WHICH DELIVER OR RECEIVE ELECTRIC ENERGY OR GAS AT THE
BORDERS OF SUCH STATE.
Florida Progress Corporation ("Progress") owns no property
used in the generation, transmission, or distribution of
electricity or for the production, transmission, and distribution
of natural or manufactured gas.
Florida Power Corporation ("Power") renders electric service
to over 1,214,000 customers in Florida. It is the only public
utility subsidiary of Progress that owns properties used for the
generation, transmission, and distribution of electric energy,
and all such property is located within the State of Florida
("the State"). Power provides electric service in 32 of the
State's 67 counties, covering about 20,000 square miles in
Central and Northern Florida and along the West Coast of the
State.
As of December 31, 1993, Power's total net winter generating
capability was 7563 megawatts. This capability is generated by
eighteen steam units at six plant locations with a capability of
4929 megawatts and forty-three combustion turbine peaking units
with a capability of 2634 megawatts. Approximately 54% of
Power's total capability is in two locations. Five steam plants
totaling 3,031 megawatts, including Power's one 755 megawatt
nuclear unit, are located at Crystal River in Citrus County,
Florida. Two steam plants totaling 1034 megawatts are located at
Anclote in Pasco County, Florida. The remaining steam plants and
the combustion turbine peaking units are located in Pinellas,
Volusia, Osceola, Highlands, Gulf, Orange and Suwannee counties.
Power owns 329 substations having an aggregate transformer
capacity of 38,711,485 KVA. The transmission system consists of
approximately 4,454 circuit miles of high voltage transmission
lines, of which 2560 circuit miles are operated at 500,230 or 115
KV and the balance at 69KV. Power has numerous interconnection
points with other generating utilities within the State and seven
interconnections with Georgia Power Company, which permit Power
to receive energy from and deliver it to Georgia. Power has
22,390 circuit miles of distribution lines which operate at
various voltages ranging from 2.4 to 25KV.
3. THE FOLLOWING INFORMATION WITH RESPECT TO CLAIMANT AND
EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES AS OF
DECEMBER 31, 1993:
(A) NUMBER OF KWH OF ELECTRIC ENERGY SOLD (AT
RETAIL OR WHOLESALE), AND MCF. OF NATURAL OR
MANUFACTURED GAS DISTRIBUTED AT RETAIL.
(b) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF
NATURAL OR MANUFACTURED GAS DISTRIBUTED AT
RETAIL OUTSIDE THE STATE IN WHICH EACH SUCH
COMPANY IS ORGANIZED.
(c) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF
NATURAL OR MANUFACTURED GAS SOLD AT WHOLESALE
OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY IS
ORGANIZED, OR AT THE STATE LINE.
(d) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF
NATURAL OR MANUFACTURED GAS PURCHASED OUTSIDE THE
STATE IN WHICH EACH SUCH COMPANY IS ORGANIZED OR
AT THE STATE LINE.
Claimant: None
Florida Power Corporation:
(a) Number of kwh of electric
energy sold 27,647,760,167
(b) Number of kwh of electric
energy distributed at retail
outside the State of Florida None
(c) Number of kwh of electric
energy sold at wholesale
outside the State of Florida or
at the state line 2,042,000
(d) Number of kwh of electric
energy purchased outside the
State of Florida or at the
state line 629,803,000
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH
RESPECT TO CLAIMANT AND EACH INTEREST IT HOLDS DIRECTLY OR
INDIRECTLY IN AN EWG OR A FOREIGN UTILITY COMPANY, STATING
MONETARY AMOUNTS IN UNITED STATES DOLLARS:
(A) NAME, LOCATION, BUSINESS ADDRESS AND DESCRIPTION OF THE
FACILITIES USED BY THE EWG OR FOREIGN UTILITY COMPANY
FOR THE GENERATION, TRANSMISSION AND DISTRIBUTION OF
ELECTRIC ENERGY FOR SALE OR FOR THE DISTRIBUTION AT
RETAIL OF NATURAL OR MANUFACTURED GAS.
(B) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN
SUCH EWG OR FOREIGN UTILITY COMPANY, AND DESCRIPTION OF
THE INTEREST HELD.
(C) TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR
INDIRECTLY, BY THE HOLDING COMPANY CLAIMING EXEMPTION;
ANY DIRECT OR INDIRECT GUARANTEE OF THE SECURITY OF THE
EWG OR FOREIGN UTILITY COMPANY BY THE HOLDING COMPANY
CLAIMING EXEMPTION; AND ANY DEBT OR OTHER FINANCIAL
OBLIGATION FOR WHICH THERE IS RECOURSE, DIRECTLY OR
INDIRECTLY, TO THE HOLDING COMPANY CLAIMING EXEMPTION
OR ANOTHER SYSTEM COMPANY, OTHER THAN THE EWG OR
FOREIGN UTILITY COMPANY.
(D) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN
UTILITY COMPANY DURING THE REPORTING PERIOD.
(E) IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S)
BETWEEN THE EWG OR FOREIGN UTILITY COMPANY AND A SYSTEM
COMPANY, AND DESCRIBE THE SERVICES TO BE RENDERED OR
GOODS SOLD AND FEES OR REVENUES UNDER SUCH
AGREEMENT(S).
Claimant: None
FINANCIAL STATEMENTS AND EXHIBITS
Exhibit
Number
99.(A) Consolidating statements of income and retained
earnings for the calendar year 1993 together
with the consolidating balance sheet as of
December 31, 1993 for Florida Progress Corpora-
tion and its first-tier subsidiaries, Progress
Capital Holdings, Inc. and Florida Power
Corporation
99.(B) Consolidating statements of income and retained
earnings for the calendar year 1993, together
with the consolidating balance sheet as of
December 31, 1993 for Progress Capital Holdings,
Inc. and its first-tier subsidiaries
99.(C) Statements of income and retained earnings for
the calendar year 1993, together with the
consolidating balance sheet as of December 31,
1993, for Florida Power Corporation and its
first-tier subsidiaries
99.(D) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for COMCO of America, Inc., a wholly
owned third-tier subsidiary of Florida
Progress Corporation
99.(E) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Homeland Coal Company, Inc., a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(F) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Kentucky May Coal Company, Inc., a
wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(G) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Little Black Mountain Coal Reserves,
Inc., a wholly owned third-tier subsidiary
of Florida Progress Corporation
99.(H) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Little Black Mountain Land Company,
a wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(I) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Marine Equipment Management Company,
a wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(J) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Mississippi River Terminals, Inc.,
a wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(K) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Progress Land Corporation, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(L) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Progress Materials, Inc., a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(M) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Progress Rail Services Corporation,
a wholly owned third-tier subsidiary of
Florida Progress Corporation
99.(N) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for PEC Fort Drum, Inc., a wholly owned
third-tier subsidiary of Florida Progress
Corporation
99.(O) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Talquin Development Company, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(P) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Progress Leasing Corporation, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
<PAGE>
SIGNATURES
The above claimant has caused this statement to be duly
executed on its behalf by its authorized officer on the 14th day
of February, 1994.
FLORIDA PROGRESS CORPORATION
By: /s/ Jack B. Critchfield
____________________________
Jack B. Critchfield
Chairman of the Board and
Chief Executive Officer
(Corporate Seal)
Attest:
By: /s/ Kenneth E. Armstrong
_________________________________
Kenneth E. Armstrong
Vice President, General Counsel
and Secretary
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
Kenneth E. Armstrong
Vice President, General Counsel and Secretary
Florida Progress Corporation
P.O. Box 33042
St. Petersburg, Florida 33733
813) 824-6508
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
99.(A) Consolidating statements of income and retained
earnings for the calendar year 1993 together
with the consolidating balance sheet as of
December 31, 1993 for Florida Progress Corpora-
tion and its first-tier subsidiaries, Progress
Capital Holdings, Inc. and Florida Power
Corporation
99.(B) Consolidating statements of income and retained
earnings for the calendar year 1993, together
with the consolidating balance sheet as of
December 31, 1993 for Progress Capital Holdings,
Inc. and its first-tier subsidiaries
99.(C) Statements of income and retained earnings for
the calendar year 1993, together with the
consolidating balance sheet as of December 31,
1993, for Florida Power Corporation and its
first-tier subsidiaries
99.(D) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for COMCO of America, Inc., a wholly
owned third-tier subsidiary of Florida
Progress Corporation
99.(E) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Homeland Coal Company, Inc., a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(F) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Kentucky May Coal Company, Inc., a
wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(G) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Little Black Mountain Coal Reserves,
Inc., a wholly owned third-tier subsidiary
of Florida Progress Corporation
99.(H) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Little Black Mountain Land Company,
a wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(I) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Marine Equipment Management Company,
a wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(J) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Mississippi River Terminals, Inc.,
a wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(K) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Progress Land Corporation, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(L) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Progress Materials, Inc., a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(M) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Progress Rail Services Corporation,
a wholly owned third-tier subsidiary of
Florida Progress Corporation
99.(N) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for PEC Fort Drum, Inc., a wholly owned
third-tier subsidiary of Florida Progress
Corporation
99.(O) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Talquin Development Company, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(P) Statements of income for the calendar year
1993 and a balance sheet as of December 31,
1993 for Progress Leasing Corporation, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1993
(In millions)
Florida Florida Progress Florida
Progress Power Capital Progress
Corp. Corp. Holdings Elim. Consol.
------- ------- ------- ------- -------
REVENUES:
Electric utility $0.0 $1,957.6 $0.0 $0.0 $1,957.6
Diversified 199.4 0.0 734.8 (442.8) 491.4
------- ------- ------- ------- -------
199.4 1,957.6 734.8 (442.8) 2,449.0
EXPENSES: ------- ------- ------- ------- -------
Electric utility:
Fuel used in generation 0.0 460.8 0.0 0.0 460.8
Purchased power 0.0 209.5 0.0 0.0 209.5
Deferred fuel 0.0 (11.8) 0.0 0.0 (11.8)
Other 0.0 378.0 0.0 0.0 378.0
------- ------- ------- ------- -------
Operation 0.0 1,036.5 0.0 0.0 1,036.5
Maintenance 0.0 136.8 0.0 0.0 136.8
Depreciation 0.0 240.2 0.0 0.0 240.2
Taxes other than income taxes 0.0 152.6 0.0 0.0 152.6
------- ------- ------- ------- -------
0.0 1,566.1 0.0 0.0 1,566.1
------- ------- ------- ------- -------
Diversified:
Cost of sales 0.0 0.0 628.0 (237.9) 390.1
Other 8.5 0.0 47.5 (5.8) 50.2
------- ------- ------- ------- -------
8.5 0.0 675.5 (243.7) 440.3
------- ------- ------- ------- -------
INCOME FROM OPERATIONS 190.9 391.5 59.3 (199.1) 442.6
------- ------- ------- ------- -------
INTEREST EXPENSE AND OTHER:
Interest expense 0.6 105.8 35.7 (1.0) 141.1
Allowance for funds used 0.0
during construction 0.0 (15.6) 0.0 0.0 (15.6)
Preferred dividend requirements 0.0
of Florida Power 0.0 13.4 0.0 0.0 13.4
Other income (1.6) 2.0 (4.2) 1.3 (2.5)
------- ------- ------- ------- -------
(1.0) 105.6 31.5 0.3 136.4
------- ------- ------- ------- -------
INCOME BEFORE INCOME TAXES 191.9 285.9 27.8 (199.4) 306.2
------- ------- ------- ------- -------
INCOME TAXES:
Payable currently (4.2) 129.4 34.3 0.0 159.5
Deferred (0.4) (16.5) (22.7) 0.0 (39.6)
Investment tax credits, net 0.0 (8.5) (1.0) 0.0 (9.5)
------- ------- ------- ------- -------
(4.6) 104.4 10.6 0.0 110.4
------- ------- ------- ------- -------
INCOME BEFORE CHANGE IN ACCOUNTING 196.5 181.5 17.2 (199.4) 195.8
Cumulative effect of change in method
of accounting for income taxes 0.1 0.0 0.7 0.0 0.8
------- ------- ------- ------- -------
NET INCOME $196.6 $181.5 $17.9 ($199.4) $196.6
======= ======= ======= ======= =======
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1993
(In millions)
Florida Florida Progress Florida
Progress Power Capital Progress
Corp. Corp. Holdings Elim. Consol.
ASSETS ------- ------- ------- ------- -------
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service $0.0 $5,320.3 $0.0 0.0 $5,320.3
and held for for future use
Less - Accumulated depreciation 0.0 1,846.2 0.0 0.0 1,846.2
Less - Accumulated decommissioning
for nuclear plant 0.0 118.3 0.0 0.0 118.3
Less - Accumulated dismantlement
for fossil plant 0.0 68.5 0.0 0.0 68.5
------- ------- ------- ------- -------
0.0 3,287.3 0.0 0.0 3,287.3
Construction work in progress 0.0 285.7 0.0 0.0 285.7
Nuclear fuel, net of amortization 0.0 68.4 0.0 0.0 68.4
------- ------- ------- ------- -------
Net electric utility plant 0.0 3,641.4 0.0 0.0 3,641.4
Other property, net of depr. 7.1 27.7 356.8 0.0 391.6
------- ------- ------- ------- -------
7.1 3,669.1 356.8 0.0 4,033.0
------- ------- ------- ------- -------
CURRENT ASSETS:
Cash and equivalents (1.6) 0.0 10.7 0.0 9.1
Accounts receivable, net 0.4 167.7 74.6 0.0 242.7
Intercompany receivables 32.6 0.5 16.8 (49.9) 0.0
Current portion of leases & loans 0.0 0.0 31.3 0.0 31.3
Inventories, primarily at average cost:
Fuel 0.0 58.9 20.6 0.0 79.5
Utility materials and supplies 0.0 112.2 0.0 0.0 112.2
Diversified mat & finished prod. 0.0 0.0 35.8 0.0 35.8
Deferred income taxes 0.0 29.2 0.0 0.0 29.2
Underrecovery of fuel cost 0.0 7.1 0.0 0.0 7.1
Other 0.3 5.8 6.5 0.0 12.6
------- ------- ------- ------- -------
31.7 381.4 196.3 (49.9) 559.5
------- ------- ------- ------- -------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 0.0 0.0 485.4 0.0 485.4
Marketable securities 0.0 0.0 129.3 0.0 129.3
Jt Ventures, Pships & Unreg Stk 0.0 4.9 83.5 0.0 88.4
Invest in consol affiliates 1,798.3 0.0 0.0 (1,798.3) 0.0
Nuclear plt decommissioning fnd 0.0 107.7 0.0 0.0 107.7
Def ins policy acquisition costs 0.0 0.0 81.5 0.0 81.5
Other 0.3 96.4 57.3 0.0 154.0
------- ------- ------- ------- -------
1,798.6 209.0 837.0 (1,798.3) 1,046.3
------- ------- ------- ------- -------
$1,837.4 $4,259.5 $1,390.1 (1,848.2)$5,638.8
======= ======= ======= ======= =======
<PAGE>
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1993
(In millions)
Florida Florida Progress Florida
Progress Power Capital Progress
Corp. Corp. Holdings Elim. Consol.
CAPITAL AND LIABILITIES ------- ------- ------- ------- -------
COMMON STOCK EQUITY:
Common stock $1,008.3 $812.9 $159.2 (972.1)$1,008.3
Retained earnings 812.2 709.5 116.7 (826.2) 812.2
------- ------- ------- ------- -------
1,820.5 1,522.4 275.9 (1,798.3) 1,820.5
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 0.0 113.5 0.0 0.0 113.5
With sinking funds 0.0 35.0 0.0 0.0 35.0
LONG-TERM DEBT 0.0 1,398.6 468.0 0.0 1,866.6
------- ------- ------- ------- -------
TOTAL CAPITAL 1,820.5 3,069.5 743.9 (1,798.3) 3,835.6
------- ------- ------- ------- -------
CURRENT LIABILITIES:
Accounts payable 0.6 106.2 42.6 0.0 149.4
Intercompany payables 0.3 17.1 32.5 (49.9)
Customers' deposits 0.0 71.5 0.0 71.5
Taxes payable 4.7 33.0 15.6 0.0 53.3
Accrued interest 3.6 33.2 8.4 0.0 45.2
Other 1.8 34.2 30.4 0.0 66.4
------- ------- ------- ------- -------
11.0 295.2 129.5 (49.9) 385.8
Notes payable 0.0 125.0 0.0 0.0 125.0
Current portion of long-term debt
and preferred stock 0.0 45.9 30.7 0.0 76.6
------- ------- ------- ------- -------
11.0 466.1 160.2 (49.9) 587.4
------- ------- ------- ------- -------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes (1.6) 472.7 285.2 0.0 756.3
Unamortized investment tax credit 0.0 117.8 1.8 0.0 119.6
Insurance policy benefit reserves 0.0 0.0 186.5 0.0 186.5
Other 7.5 133.4 12.5 0.0 153.4
------- ------- ------- ------- -------
5.9 723.9 486.0 0.0 1,215.8
------- ------- ------- ------- -------
$1,837.4 $4,259.5 $1,390.1 (1,848.2)$5,638.8
======= ======= ======= ======= =======
<PAGE>
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1993
(In millions)
Florida Florida Progress Florida
Progress Power Capital Progress
Corp. Corp. Holdings Elim. Consol.
------- ------- ------- ------- -------
BALANCE AT BEGINNING OF YEAR $788.4 $692.0 $107.6 ($799.6) $788.4
Net Income (loss) 196.6 181.5 17.9 (199.4) 196.6
Cash dividends at $1.95 per share (172.3) (163.5) (8.8) 172.3 (172.3)
Premium on Pref stock redeemed (0.5) (0.5) 0.0 0.5 (0.5)
------- ------- ------- ------- -------
BALANCE AT END OF YEAR $812.2 $709.5 $116.7 ($826.2) $812.2
======= ======= ======= ======= =======
<TABLE>
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1993
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Elim. Consol.
------- ------- ------- ---------- ------- ---------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric utility $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Diversified 19.0 63.2 0.8 7.1 86.6 0.0 577.1 (19.0) 734.8
------- ------- ------- ---------- ------- ---------- ------- ------- -------
19.0 63.2 0.8 7.1 86.6 0.0 577.1 (19.0) 734.8
EXPENSES: ------- ------- ------- ---------- ------- ---------- ------- ------- -------
Electric utility: 0.0
Fuel used in generation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Purchased power 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred fuel 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
Operation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Maintenance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes other than income taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
Diversified:
Cost of sales 0.0 33.9 0.0 4.8 59.3 0.0 530.0 0.0 628.0
Other 1.2 12.1 0.2 1.7 14.4 0.8 17.1 0.0 47.5
------- ------- ------- ---------- ------- ---------- ------- ------- -------
1.2 46.0 0.2 6.5 73.7 0.8 547.1 0.0 675.5
------- ------- ------- ---------- ------- ---------- ------- ------- -------
INCOME FROM OPERATIONS 17.8 17.2 0.6 0.6 12.9 (0.8) 30.0 (19.0) 59.3
------- ------- ------- ---------- ------- ---------- ------- ------- -------
INTEREST EXPENSE AND OTHER:
Interest expense 28.8 26.9 0.1 0.0 0.0 0.0 8.1 (28.2) 35.7
Allowance for funds used 0.0 0.0
during construction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Preferred dividend requirements 0.0 0.0
of Florida Power 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other income (28.1) (4.0) 0.0 0.0 0.0 0.0 (0.5) 28.4 (4.2)
------- ------- ------- ---------- ------- ---------- ------- ------- -------
0.7 22.9 0.1 0.0 0.0 0.0 7.6 0.2 31.5
------- ------- ------- ---------- ------- ---------- ------- ------- -------
INCOME BEFORE INCOME TAXES 17.1 (5.7) 0.5 0.6 12.9 (0.8) 22.4 (19.2) 27.8
------- ------- ------- ---------- ------- ---------- ------- ------- -------
INCOME TAXES:
Payable currently (0.8) 23.8 0.2 0.0 6.8 0.5 3.8 0.0 34.3
Deferred 0.0 (24.4) 0.0 0.2 (2.5) (0.7) 4.7 0.0 (22.7)
Investment tax credits, net 0.0 0.0 0.0 0.0 0.0 0.0 (1.0) 0.0 (1.0)
------- ------- ------- ---------- ------- ---------- ------- ------- -------
(0.8) (0.6) 0.2 0.2 4.3 (0.2) 7.5 0.0 10.6
------- ------- ------- ---------- ------- ---------- ------- ------- -------
INCOME BEFORE CHANGE IN ACCOUNTING 17.9 (5.1) 0.3 0.4 8.6 (0.6) 14.9 (19.2) 17.2
Cumulative effect of chg in method
of accounting for income taxes 0.0 0.2 0.0 0.3 (0.8) 0.0 1.0 0.0 0.7
------- ------- ------- ---------- ------- ---------- ------- ------- -------
NET INCOME $17.9 ($4.9) $0.3 $0.7 $7.8 ($0.6) $15.9 ($19.2) $17.9
======= ======= ======= ========== ======= ========== ======= ======= =======
</TABLE>
<TABLE>
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1993
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Elim. Consol.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS ------- ------- ------- ---------- ------- ---------- ------- ------- -------
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service
and held for for future use $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less - Accumulated depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less - Accum decommissioning
for nuclear plant 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less - Accumulated dismantlement
for fossil plants 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Construction work in progress 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Nuclear fuel, net of amortiz 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
Net electric utility plant 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other property, net of depr 0.0 144.1 0.0 0.5 3.2 0.0 209.0 0.0 356.8
------- ------- ------- ---------- ------- ---------- ------- ------- -------
0.0 144.1 0.0 0.5 3.2 0.0 209.0 0.0 356.8
------- ------- ------- ---------- ------- ---------- ------- ------- -------
CURRENT ASSETS:
Cash and equivalents 0.0 0.1 0.0 0.0 4.3 1.8 4.5 0.0 10.7
Accounts receivable, net 0.0 3.0 0.0 3.7 2.0 0.0 66.0 (0.1) 74.6
Intercompany receivables 271.1 0.0 0.0 0.7 11.4 0.0 17.5 (283.9) 16.8
Cur portion of leases & loans 0.0 31.0 0.0 0.0 0.0 0.0 0.3 0.0 31.3
Inventories, prim at ave cost:
Fuel 0.0 0.0 0.0 0.0 0.0 0.0 20.6 0.0 20.6
Utility mater and supplies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Divers mat and finished prod 0.0 1.4 0.0 0.6 0.0 0.0 33.8 0.0 35.8
Deferred income taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Underrecovery of fuel cost 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other 1.2 4.5 0.0 0.1 0.0 0.2 4.8 (4.3) 6.5
------- ------- ------- ---------- ------- ---------- ------- ------- -------
272.3 40.0 0.0 5.1 17.7 2.0 147.5 (288.3) 196.3
------- ------- ------- ---------- ------- ---------- ------- ------- -------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 0.0 458.9 0.0 0.0 18.8 0.0 7.7 0.0 485.4
Marketable securities 0.0 0.0 0.0 0.0 129.3 0.0 0.0 0.0 129.3
Jt ventrs, Pships & Unreg Stk 0.0 51.1 6.4 0.0 0.0 0.0 26.0 0.0 83.5
Invest in & adv to consol aff 504.0 0.0 0.0 0.0 0.0 0.0 0.0 (504.0) 0.0
Nuclear plt decommiss fnd 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Def ins policy acquisition costs 0.0 0.0 0.0 0.0 81.5 0.0 0.0 0.0 81.5
Other 0.0 11.6 0.0 0.3 22.0 0.0 23.4 0.0 57.3
------- ------- ------- ---------- ------- ---------- ------- ------- -------
504.0 521.6 6.4 0.3 251.6 0.0 57.1 (504.0) 837.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
$776.3 $705.7 $6.4 $5.9 $272.5 $2.0 $413.6 ($792.3)$1,390.1
======= ======= ======= ========== ======= ========== ======= ======= =======
</TABLE>
<TABLE>
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1993
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Elim. Consol.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITAL AND LIABILITIES ------- ------- ------- ---------- ------- ---------- ------- ------- -------
COMMON STOCK EQUITY:
Common stock $159.2 $111.3 $7.4 $10.1 $6.1 $2.6 $77.1 ($214.6) $159.2
Retained earnings 116.7 (34.1) (1.1) (6.0) 68.2 (2.6) 63.5 (87.9) 116.7
------- ------- ------- ---------- ------- ---------- ------- ------- -------
275.9 77.2 6.3 4.1 74.3 0.0 140.6 (302.5) 275.9
CUMULATIVE PREFERRED STOCK
OF FLORIDA POWER:
Without sinking funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
With sinking funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LONG-TERM DEBT 427.0 26.1 0.0 0.0 0.0 0.0 14.9 0.0 468.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
TOTAL CAPITAL 702.9 103.3 6.3 4.1 74.3 0.0 155.5 (302.5) 743.9
------- ------- ------- ---------- ------- ---------- ------- ------- -------
CURRENT LIABILITIES:
Accounts payable 0.0 0.4 0.0 1.7 0.0 0.0 40.5 0.0 42.6
Intercompany payables 44.7 327.7 0.0 0.0 0.0 0.0 146.4 (486.3) 32.5
Customers' deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes payable 0.0 16.3 0.0 0.1 1.4 0.0 2.1 (4.3) 15.6
Accrued interest 7.4 0.5 0.0 0.0 0.0 0.0 0.5 0.0 8.4
Other 0.3 4.6 0.0 0.2 10.2 0.0 15.1 0.0 30.4
------- ------- ------- ---------- ------- ---------- ------- ------- -------
52.4 349.5 0.0 2.0 11.6 0.0 204.6 (490.6) 129.5
Notes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cur portion of long-term debt
and preferred stock 20.3 6.4 0.0 0.0 0.0 0.0 4.0 0.0 30.7
------- ------- ------- ---------- ------- ---------- ------- ------- -------
72.7 355.9 0.0 2.0 11.6 0.0 208.6 (490.6) 160.2
------- ------- ------- ---------- ------- ---------- ------- ------- -------
DEFERRED CREDITS AND
OTHER LIABILITIES:
Deferred income taxes (2.0) 244.9 0.1 (0.2) (0.3) 0.0 42.7 0.0 285.2
Unamort investment tax credit 0.0 0.0 0.0 0.0 0.0 0.0 1.8 0.0 1.8
Insurance policy benefit reserves 0.0 0.0 0.0 0.0 186.5 0.0 0.0 0.0 186.5
Other 2.7 1.6 0.0 0.0 0.4 2.0 5.0 0.8 12.5
------- ------- ------- ---------- ------- ---------- ------- ------- -------
0.7 246.5 0.1 (0.2) 186.6 2.0 49.5 0.8 486.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
$776.3 $705.7 $6.4 $5.9 $272.5 $2.0 $413.6 ($792.3)$1,390.1
======= ======= ======= ========== ======= ========== ======= ======= =======
</TABLE>
<TABLE>
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1993
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Elim. Consol.
------- ------- ------- ---------- ------- ---------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE AT BEGINNING OF YEAR $107.6 ($26.6) ($1.4) ($6.7) $61.4 ($5.1) $52.2 ($73.8) $107.6
Net Income (loss) 17.9 (4.9) 0.3 0.7 7.8 (0.6) 15.9 (19.2) 17.9
Cash dividends (8.8) (3.2) 0.0 0.0 (1.0) 0.0 (4.6) 8.8 (8.8)
Equity changes due to mergers 0.0 0.6 0.0 0.0 0.0 3.1 0.0 (3.7) 0.0
------- ------- ------- ---------- ------- ---------- ------- ------- -------
BALANCE AT END OF YEAR $116.7 ($34.1) ($1.1) ($6.0) $68.2 ($2.6) $63.5 ($87.9) $116.7
======= ======= ======= ========== ======= ========== ======= ======= =======
</TABLE>
FLORIDA POWER CORPORATION
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1993
(In millions)
Florida Power Power Florida
Power InterstatEnergy Power
(unconsolEnergy SvServices Elim. Consol.
------- ------- ------- ------- -------
REVENUES:
Electric utility $1,957.6 $1,957.6
Diversified
------- ------- ------- ------- -------
1,957.6 1,957.6
EXPENSES: ------- ------- ------- ------- -------
Electric utility:
Fuel used in generation 460.8 460.8
Purchased power 209.5 209.5
Deferred fuel (11.8) (11.8)
Other 378.0 378.0
------- ------- ------- ------- -------
Operation 1,036.5 1,036.5
Maintenance 136.8 136.8
Depreciation 240.2 240.2
Taxes other than income taxes 152.6 152.6
------- ------- ------- ------- -------
1,566.1 1,566.1
------- ------- ------- ------- -------
Diversified:
Cost of sales
Other
------- ------- ------- ------- -------
------- ------- ------- ------- -------
INCOME FROM OPERATIONS 391.5 391.5
------- ------- ------- ------- -------
INTEREST EXPENSE AND OTHER:
Interest expense 105.8 105.8
Allowance for funds used
during construction (15.6) (15.6)
Preferred dividend requirements
of Florida Power 13.4 13.4
Other income 2.0 2.0
------- ------- ------- ------- -------
105.6 105.6
------- ------- ------- ------- -------
INCOME BEFORE INCOME TAXES 285.9 285.9
------- ------- ------- ------- -------
INCOME TAXES:
Payable currently 129.4 129.4
Deferred (16.5) (16.5)
Investment tax credits, net (8.5) (8.5)
------- ------- ------- ------- -------
104.4 104.4
------- ------- ------- ------- -------
INCOME BEFORE CHANGE IN ACCOUNTING 181.5 181.5
Cumulative effect of change in method
of accounting for income taxes
------- ------- ------- ------- -------
NET INCOME $181.5 $181.5
======= ======= ======= ======= =======
FLORIDA POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1993
(In millions)
Florida Power
Power Interstat Power Florida
Corp. Energy Energy Power
(UnconsolServices Svc Elim. Consol.
ASSETS ------- ------- ------- ------- -------
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service $5,320.3 $5,320.3
and held for for future use
Less - Accumulated depreciation 1,846.2 1,846.2
Less - Accumulated decommissioning
for nuclear plant 118.3 118.3
Less - Accumulated dismantlement
for fossil plants 68.5 68.5
------- ------- ------- ------- -------
3,287.3 3,287.3
Construction work in progress 285.7 285.7
Nuclear fuel, net of amortization 68.4 68.4
------- ------- ------- ------- -------
Net electric utility plant 3,641.4 3,641.4
Other property, net of depr 27.7 27.7
------- ------- ------- ------- -------
3,669.1 3,669.1
------- ------- ------- ------- -------
CURRENT ASSETS:
Cash and equivalents
Accounts receivable, net 167.7 167.7
Intercompany receivables 0.5 0.5
Current portion of leases & loans
Inventories, primarily at average cost:
Fuel 58.9 58.9
Utility materials and supplies 112.2 112.2
Diversified materials
Deferred income taxes 29.2 29.2
Underrecovery of fuel cost 7.1 7.1
Other 5.8 5.8
------- ------- ------- ------- -------
381.4 381.4
------- ------- ------- ------- -------
OTHER ASSETS:
Investments:
Leases & loans receivable, net
Marketable securities
Jt Ventures, Pships & Unreg Stk 1.6 3.3 4.9
Invest in consol affiliate 4.9 (4.9)
Nuclear plt decommissioning fnd 107.7 107.7
Other 96.4 96.4
------- ------- ------- ------- -------
209.0 1.6 3.3 (4.9) 209.0
------- ------- ------- ------- -------
$4,259.5 $1.6 $3.3 ($4.9)$4,259.5
======= ======= ======= ======= =======
FLORIDA POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1993
(In millions)
Florida Power Power Florida
Power InterstEnergy Power
Corp. Energy ServiceElim. Consol.
CAPITAL AND LIABILITIES ------- ------ ------ ------ -------
COMMON STOCK EQUITY:
Common stock $812.9 $1.6 $3.3 ($4.9) $812.9
Retained earnings 709.5 709.5
------- ------ ------ ------ -------
1,522.4 1.6 3.3 (4.9) 1,522.4
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 113.5 113.5
With sinking funds 35.0 35.0
LONG-TERM DEBT 1,398.6 1,398.6
------- ------ ------ ------ -------
TOTAL CAPITAL 3,069.5 1.6 3.3 (4.9) 3,069.5
------- ------ ------ ------ -------
CURRENT LIABILITIES:
Accounts payable 106.2 106.2
Intercompany payables 17.1 17.1
Customers' deposits 71.5 71.5
Taxes payable 33.0 33.0
Accrued interest 33.2 33.2
Other 34.2 34.2
------- ------ ------ ------ -------
295.2 295.2
Notes payable 125.0 125.0
Current portion of long-term debt
and preferred stock 45.9 45.9
------- ------ ------ ------ -------
466.1 466.1
------- ------ ------ ------ -------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 472.7 472.7
Unamortized investment tax credit 117.8 117.8
Other 133.4 133.4
------- ------ ------ ------ -------
723.9 723.9
------- ------ ------ ------ -------
$4,259.5 $1.6 $3.3 ($4.9) $4,259.5
======= ====== ====== ====== =======
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
COMCO OF AMERICA, INC.
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES
OTHER INCOME (LOSS) 32,533.95
__________________
32,533.95
__________________
E X P E N S E S -
OPERATING 87,399.83
GENERAL & ADMINISTRATIVE 24,477.70
DEPRECIATION, DEPLETION AND
AMORTIZATION
INTEREST
__________________
111,877.53
__________________
INCOME BEFORE INCOME TAXES (79,343.58)
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE (55,368.00)
DEFERRED 19,426.00
INVESTMENT TAX CREDIT, NET
__________________
(35,942.00)
__________________
INCOME BEFORE MINORITY
INTEREST (43,401.58)
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM (43,401.58)
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM (43,401.58)
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
COMCO OF AMERICA, INC.
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS 5,828.08
SHORT TERM INVESTMENTS
RECEIVABLES 2,031.00
ADVANCES TO AFFILIATE
INCOME TAXES RECEIVABLE 30,605.00
INVENTORIES, AT AVERAGE COST
DEFERRED CHARGES AND
OTHER ASSETS
__________________
TOTAL CURRENT ASSETS 38,464.08
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS
RAIL CARS,VEHICLES,OTHER EQUIP
BUILDING AND MANUFACTURING
FACILITIES
FURNITURE AND FIXTURES
__________________
LESS ACCUMULATED DEPRECIATION
AND DEPLETION
__________________
__________________
OTHER ASSETS
__________________
TOTAL ASSETS 38,464.08
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
COMCO OF AMERICA, INC.
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER
ACCOUNTS PAYABLE
ACCRUED INTEREST
OTHER CURRENT AND ACCRUED
LIABILITIES 358.48
__________________
TOTAL CURRENT LIABILITIES 358.48
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER
__________________
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES (238,355.00)
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER 500,000.00
__________________
261,645.00
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK 5,000.00
PREMIUM ON COMMON STOCK 5,727,371.08
RETAINED EARNINGS (5,955,910.48)
__________________
(223,539.40)
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 38,464.08
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
HOMELAND COAL COMPANY
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES 3,298,091.00
OTHER INCOME (LOSS) 3,437.00
__________________
3,301,528.00
__________________
E X P E N S E S -
OPERATING 94,969.39
GENERAL & ADMINISTRATIVE 88,845.78
DEPRECIATION, DEPLETION AND
AMORTIZATION 12,913.96
INTEREST
__________________
196,729.13
__________________
INCOME BEFORE INCOME TAXES 3,104,798.87
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE 301,343.00
DEFERRED 328,936.00
INVESTMENT TAX CREDIT, NET (16,230.00)
__________________
614,049.00
__________________
INCOME BEFORE MINORITY
INTEREST 2,490,749.87
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 2,490,749.87
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 2,490,749.87
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
HOMELAND COAL COMPANY
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS 4,000.00
SHORT TERM INVESTMENTS
RECEIVABLES
ADVANCES TO AFFILIATE
INCOME TAXES RECEIVABLE (53,252.33)
INVENTORIES, AT AVERAGE COST
DEFERRED CHARGES AND
OTHER ASSETS
__________________
TOTAL CURRENT ASSETS (49,252.33)
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES 14,059,590.37
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS
RAIL CARS,VEHICLES,OTHER EQUIP 20,136.44
BUILDING AND MANUFACTURING
FACILITIES
FURNITURE AND FIXTURES 56,010.42
__________________
76,146.86
LESS ACCUMULATED DEPRECIATION
AND DEPLETION (65,884.84)
__________________
10,262.02
__________________
OTHER ASSETS
__________________
TOTAL ASSETS 14,020,600.06
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
HOMELAND COAL COMPANY
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES 3,856,567.72
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER
ACCOUNTS PAYABLE 987.61
ACCRUED INTEREST
OTHER CURRENT AND ACCRUED
LIABILITIES 17,104.99
__________________
TOTAL CURRENT LIABILITIES 3,874,660.32
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER
__________________
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES 4,359,884.00
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER
__________________
4,359,884.00
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK 251,000.00
PREMIUM ON COMMON STOCK (20,362,956.08)
RETAINED EARNINGS 25,898,011.82
__________________
5,786,055.74
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 14,020,600.06
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
CONSOLIDATED KENTUCKY MAY COAL CO. (KMC)
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE 168,972,437.80
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES
OTHER INCOME (LOSS) 762,577.14
__________________
169,735,014.94
__________________
E X P E N S E S -
OPERATING 155,407,169.39
GENERAL & ADMINISTRATIVE 2,992,812.62
DEPRECIATION, DEPLETION AND
AMORTIZATION 6,043,760.44
INTEREST 110,388.33
__________________
164,554,130.78
__________________
INCOME BEFORE INCOME TAXES 5,180,884.16
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE (330,952.00)
DEFERRED 2,229,890.00
INVESTMENT TAX CREDIT, NET (27,240.74)
__________________
1,871,697.26
__________________
INCOME BEFORE MINORITY
INTEREST 3,309,186.90
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 3,309,186.90
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 3,309,186.90
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
CONSOLIDATED KENTUCKY MAY COAL CO. (KMC)
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS 695,776.99
SHORT TERM INVESTMENTS
RECEIVABLES 35,502,222.28
ADVANCES TO AFFILIATE
INCOME TAXES RECEIVABLE 344,704.29
INVENTORIES, AT AVERAGE COST 7,369,291.88
DEFERRED CHARGES AND
OTHER ASSETS 2,946,768.12
__________________
TOTAL CURRENT ASSETS 46,858,763.56
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS 32,860,463.99
RAIL CARS,VEHICLES,OTHER EQUIP 43,379,398.94
BUILDING AND MANUFACTURING
FACILITIES 10,142,491.47
FURNITURE AND FIXTURES 439,296.05
__________________
86,821,650.45
LESS ACCUMULATED DEPRECIATION
AND DEPLETION (19,473,668.51)
__________________
67,347,981.94
__________________
OTHER ASSETS 18,988,145.71
__________________
TOTAL ASSETS 133,194,891.21
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
CONSOLIDATED KENTUCKY MAY COAL CO. (KMC)
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE 1,143,073.37
ADVANCES FROM AFFILIATES 43,472,579.65
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER 126,962.27
ACCOUNTS PAYABLE 7,067,153.00
ACCRUED INTEREST 67,579.04
OTHER CURRENT AND ACCRUED
LIABILITIES 3,549,145.27
__________________
TOTAL CURRENT LIABILITIES 55,426,492.60
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER 647,162.57
__________________
647,162.57
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES 11,287,422.00
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER 1,038,150.49
__________________
12,325,572.49
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK
PREMIUM ON COMMON STOCK 62,683,681.32
RETAINED EARNINGS 2,111,982.23
__________________
64,795,663.55
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 133,194,891.21
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
LITTLE BLACK MOUNTAIN COAL RESERVES
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES 641,880.79
OTHER INCOME (LOSS)
__________________
641,880.79
__________________
E X P E N S E S -
OPERATING
GENERAL & ADMINISTRATIVE 49,365.50
DEPRECIATION, DEPLETION AND
AMORTIZATION
INTEREST
__________________
49,365.50
__________________
INCOME BEFORE INCOME TAXES 592,515.29
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE 214,605.00
DEFERRED (11,423.00)
INVESTMENT TAX CREDIT, NET (104.00)
__________________
203,078.00
__________________
INCOME BEFORE MINORITY
INTEREST 389,437.29
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 389,437.29
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 389,437.29
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
LITTLE BLACK MOUNTAIN COAL RESERVES
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS
SHORT TERM INVESTMENTS
RECEIVABLES
ADVANCES TO AFFILIATE
INCOME TAXES RECEIVABLE (12,725.00)
INVENTORIES, AT AVERAGE COST
DEFERRED CHARGES AND
OTHER ASSETS
__________________
TOTAL CURRENT ASSETS (12,725.00)
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES 134,602.70
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS
RAIL CARS,VEHICLES,OTHER EQUIP
BUILDING AND MANUFACTURING
FACILITIES
FURNITURE AND FIXTURES
__________________
LESS ACCUMULATED DEPRECIATION
AND DEPLETION
__________________
__________________
OTHER ASSETS
__________________
TOTAL ASSETS 121,877.70
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
LITTLE BLACK MOUNTAIN COAL RESERVES
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES 48,561.79
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER
ACCOUNTS PAYABLE
ACCRUED INTEREST
OTHER CURRENT AND ACCRUED
LIABILITIES 4,464.85
__________________
TOTAL CURRENT LIABILITIES 53,026.64
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER
__________________
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES (4,057.00)
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER
__________________
(4,057.00)
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK 1,000.00
PREMIUM ON COMMON STOCK (99,713.96)
RETAINED EARNINGS 171,622.02
__________________
72,908.06
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 121,877.70
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
LITTLE BLACK MOUNTAIN LAND COMPANY
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE 3,313,653.40
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES
OTHER INCOME (LOSS) 7,643.46
__________________
3,321,296.86
__________________
E X P E N S E S -
OPERATING
GENERAL & ADMINISTRATIVE 75,522.76
DEPRECIATION, DEPLETION AND
AMORTIZATION 449,596.01
INTEREST 855,000.00
__________________
1,380,118.77
__________________
INCOME BEFORE INCOME TAXES 1,941,178.09
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE 819,579.00
DEFERRED 8,055.00
INVESTMENT TAX CREDIT, NET
__________________
827,634.00
__________________
INCOME BEFORE MINORITY
INTEREST 1,113,544.09
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 1,113,544.09
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 1,113,544.09
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
LITTLE BLACK MOUNTAIN LAND COMPANY
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS
SHORT TERM INVESTMENTS
RECEIVABLES 568,450.95
ADVANCES TO AFFILIATE 1,381,592.94
INCOME TAXES RECEIVABLE (106,510.00)
INVENTORIES, AT AVERAGE COST
DEFERRED CHARGES AND
OTHER ASSETS 3,884.16
__________________
TOTAL CURRENT ASSETS 1,847,418.05
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS 27,213,403.74
RAIL CARS,VEHICLES,OTHER EQUIP
BUILDING AND MANUFACTURING
FACILITIES
FURNITURE AND FIXTURES
__________________
27,213,403.74
LESS ACCUMULATED DEPRECIATION
AND DEPLETION (3,371,621.86)
__________________
23,841,781.88
__________________
OTHER ASSETS 7,000.00
__________________
TOTAL ASSETS 25,696,199.93
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
LITTLE BLACK MOUNTAIN LAND COMPANY
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER
ACCOUNTS PAYABLE
ACCRUED INTEREST 356,250.00
OTHER CURRENT AND ACCRUED
LIABILITIES 25,869.43
__________________
TOTAL CURRENT LIABILITIES 382,119.43
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION 10,000,000.00
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER
__________________
10,000,000.00
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES 2,385,675.00
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER
__________________
2,385,675.00
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK 1,000.00
PREMIUM ON COMMON STOCK 15,061,952.53
RETAINED EARNINGS (2,134,547.03)
__________________
12,928,405.50
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 25,696,199.93
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
CONSOLIDATED MARINE EQUIP. MGMT. CO. (MEMCO)
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE 41,564,618.09
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES
OTHER INCOME (LOSS) (31,706.42)
__________________
41,532,911.67
__________________
E X P E N S E S -
OPERATING 31,926,813.74
GENERAL & ADMINISTRATIVE 3,201,758.94
DEPRECIATION, DEPLETION AND
AMORTIZATION 2,059,486.82
INTEREST 15,339.98
__________________
37,203,399.48
__________________
INCOME BEFORE INCOME TAXES 4,329,512.19
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE 1,034,951.98
DEFERRED 677,913.00
INVESTMENT TAX CREDIT, NET
__________________
1,712,864.98
__________________
INCOME BEFORE MINORITY
INTEREST 2,616,647.21
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 2,616,647.21
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 2,616,647.21
=================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
CONSOLIDATED MARINE EQUIPMENT MGMT. CO. (MEMCO)
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS 701,253.25
SHORT TERM INVESTMENTS
RECEIVABLES 6,734,857.35
ADVANCES TO AFFILIATE
INCOME TAXES RECEIVABLE (247,582.54)
INVENTORIES, AT AVERAGE COST 435,089.04
DEFERRED CHARGES AND
OTHER ASSETS 1,120,893.88
__________________
TOTAL CURRENT ASSETS 8,744,510.98
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS
RAIL CARS,VEHICLES,OTHER EQUIP 33,973,739.41
BUILDING AND MANUFACTURING
FACILITIES 538,100.00
FURNITURE AND FIXTURES 771,258.00
__________________
35,283,097.41
LESS ACCUMULATED DEPRECIATION
AND DEPLETION (8,380,847.10)
__________________
26,902,250.31
__________________
OTHER ASSETS 627,997.18
__________________
TOTAL ASSETS 36,274,758.47
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
CONSOLIDATED MARINE EQUIPMENT MGMT. CO. (MEMCO)
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES 11,376,107.81
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER
ACCOUNTS PAYABLE 3,980,945.36
ACCRUED INTEREST
OTHER CURRENT AND ACCRUED
LIABILITIES 1,061,608.45
__________________
TOTAL CURRENT LIABILITIES 16,418,661.62
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER
__________________
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES 3,250,353.00
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER
__________________
3,250,353.00
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK 3,000.00
PREMIUM ON COMMON STOCK 9,874,185.49
RETAINED EARNINGS 6,728,558.36
__________________
16,605,743.85
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 36,274,758.47
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
MISSISSIPPI RIVER TERMINALS, INC.
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES 180,903.00
OTHER INCOME (LOSS)
__________________
180,903.00
__________________
E X P E N S E S -
OPERATING
GENERAL & ADMINISTRATIVE 158,702.86
DEPRECIATION, DEPLETION AND
AMORTIZATION
INTEREST
__________________
158,702.86
__________________
INCOME BEFORE INCOME TAXES 22,200.14
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE 149,348.00
DEFERRED 239,929.00
INVESTMENT TAX CREDIT, NET (650,634.00)
__________________
(261,357.00)
__________________
INCOME BEFORE MINORITY
INTEREST 283,557.14
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 283,557.14
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 283,557.14
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
MISSISSIPPI RIVER TERMINALS, INC.
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS
SHORT TERM INVESTMENTS
RECEIVABLES
ADVANCES TO AFFILIATE 14,665,948.34
INCOME TAXES RECEIVABLE 21,612.00
INVENTORIES, AT AVERAGE COST
DEFERRED CHARGES AND
OTHER ASSETS
__________________
TOTAL CURRENT ASSETS 14,687,560.34
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES 5,053,056.17
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS
RAIL CARS,VEHICLES,OTHER EQUIP
BUILDING AND MANUFACTURING
FACILITIES
FURNITURE AND FIXTURES
__________________
LESS ACCUMULATED DEPRECIATION
AND DEPLETION
__________________
__________________
OTHER ASSETS
__________________
TOTAL ASSETS 19,740,616.51
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
MISSISSIPPI RIVER TERMINALS, INC.
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER
ACCOUNTS PAYABLE
ACCRUED INTEREST
OTHER CURRENT AND ACCRUED
LIABILITIES 13,778.86
__________________
TOTAL CURRENT LIABILITIES 13,778.86
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER
__________________
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES 10,559,151.00
DEFERRED INVESTMENT TAX CREDIT 125,000.00
DEFERRED ROYALTY INCOME
OTHER
__________________
10,684,151.00
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK 100.00
PREMIUM ON COMMON STOCK 7,084,019.17
RETAINED EARNINGS 1,958,567.48
__________________
9,042,686.65
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 19,740,616.51
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
PROGRESS LAND CORP
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE 4,341,826.65
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES
OTHER INCOME (LOSS) 22,723.21
__________________
4,364,549.86
__________________
E X P E N S E S -
OPERATING 2,898,576.03
GENERAL & ADMINISTRATIVE 65,997.56
DEPRECIATION, DEPLETION AND
AMORTIZATION 286,122.88
INTEREST 1,471.23
__________________
3,252,167.70
__________________
INCOME BEFORE INCOME TAXES 1,112,382.16
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE 345,306.00
DEFERRED 57,141.00
INVESTMENT TAX CREDIT, NET
__________________
402,447.00
__________________
INCOME BEFORE MINORITY
INTEREST 709,935.16
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 709,935.16
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 709,935.16
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
PROGRESS LAND CORP
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS 7,647.80
SHORT TERM INVESTMENTS
RECEIVABLES 1,952,122.58
ADVANCES TO AFFILIATE
INCOME TAXES RECEIVABLE (1,263.00)
INVENTORIES, AT AVERAGE COST
DEFERRED CHARGES AND
OTHER ASSETS 205,972.16
__________________
TOTAL CURRENT ASSETS 2,164,479.54
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS 17,284,411.87
RAIL CARS,VEHICLES,OTHER EQUIP 180,000.00
BUILDING AND MANUFACTURING
FACILITIES
FURNITURE AND FIXTURES 3,000.00
__________________
17,467,411.87
LESS ACCUMULATED DEPRECIATION
AND DEPLETION (483,713.20)
__________________
16,983,698.67
__________________
OTHER ASSETS
__________________
TOTAL ASSETS 19,148,178.21
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
PROGRESS LAND CORP
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES 5,791,633.19
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER
ACCOUNTS PAYABLE 662,632.08
ACCRUED INTEREST
OTHER CURRENT AND ACCRUED
LIABILITIES 1,157,203.32
__________________
TOTAL CURRENT LIABILITIES 7,611,468.59
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER
__________________
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES 57,141.00
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER 612,390.78
__________________
669,531.78
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK
PREMIUM ON COMMON STOCK 10,466,847.40
RETAINED EARNINGS 400,330.44
__________________
10,867,177.84
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 19,148,178.21
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
PROGRESS MATERIALS INC
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE 4,189,772.67
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES
OTHER INCOME (LOSS) 72.79
__________________
4,189,845.46
__________________
E X P E N S E S -
OPERATING 2,616,036.92
GENERAL & ADMINISTRATIVE 655,172.09
DEPRECIATION, DEPLETION AND
AMORTIZATION 446,313.40
INTEREST
__________________
3,717,522.41
__________________
INCOME BEFORE INCOME TAXES 472,323.05
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE 184,319.00
DEFERRED 6,523.00
INVESTMENT TAX CREDIT, NET
__________________
190,842.00
__________________
INCOME BEFORE MINORITY
INTEREST 281,481.05
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 281,481.05
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 281,481.05
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
PROGRESS MATERIALS INC
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS 13,374.52
SHORT TERM INVESTMENTS
RECEIVABLES 1,290,947.51
ADVANCES TO AFFILIATE
INCOME TAXES RECEIVABLE (46,092.00)
INVENTORIES, AT AVERAGE COST 74,298.10
DEFERRED CHARGES AND
OTHER ASSETS 7,131.28
__________________
TOTAL CURRENT ASSETS 1,339,659.41
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS
RAIL CARS,VEHICLES,OTHER EQUIP 4,039,653.76
BUILDING AND MANUFACTURING
FACILITIES 193,849.24
FURNITURE AND FIXTURES 111,083.09
__________________
4,344,586.09
LESS ACCUMULATED DEPRECIATION
AND DEPLETION (1,857,418.48)
__________________
2,487,167.61
__________________
OTHER ASSETS 147,378.26
__________________
TOTAL ASSETS 3,974,205.28
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
PROGRESS MATERIALS INC
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES 1,354,346.05
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER
ACCOUNTS PAYABLE 120,317.59
ACCRUED INTEREST
OTHER CURRENT AND ACCRUED
LIABILITIES 185,538.29
__________________
TOTAL CURRENT LIABILITIES 1,660,201.93
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER
__________________
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES 246,613.00
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER
__________________
246,613.00
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK 100.00
PREMIUM ON COMMON STOCK 2,553,386.54
RETAINED EARNINGS (486,096.19)
__________________
2,067,390.35
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 3,974,205.28
==================
01/20/94
160610 INCOME STATEMENT SUMMARY
FOR PERIOD ENDING 12/31/93
PROGRESS RAIL SERVICES CORPORATION
PAGE 1
YEAR
TO DATE
---------------
I N C O M E -
OPERATING REVENUE 112,810,585.11
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES
OTHER INCOME (LOSS) (26,180.31)
__________________
112,784,404.80
__________________
E X P E N S E S -
OPERATING 106,035,263.55
GENERAL & ADMINISTRATIVE 740,036.23
DEPRECIATION, DEPLETION AND
AMORTIZATION 2,101,444.32
INTEREST 100,475.48
__________________
108,977,219.58
__________________
INCOME BEFORE INCOME TAXES 3,807,185.22
__________________
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENTLY PAYABLE 1,241,998.11
DEFERRED 238,739.00
INVESTMENT TAX CREDIT, NET
__________________
1,480,737.11
__________________
INCOME BEFORE MINORITY
INTEREST 2,326,448.11
MINORITY INTEREST
__________________
NET INCOME BEFORE EXTRA. ITEM 2,326,448.11
__________________
EXTRAORDINARY ITEM
INCOME TAX EXPENSE-FAS 109
__________________
NET INCOME AFTER EXTRA. ITEM 2,326,448.11
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
PROGRESS RAIL SERVICES CORPORATION
PAGE 1
CURRENT
MONTH
---------------
ASSETS
CURRENT ASSETS
CASH & CASH EQUIVALENTS 1,643,323.25
SHORT TERM INVESTMENTS
RECEIVABLES 22,684,182.79
ADVANCES TO AFFILIATE
INCOME TAXES RECEIVABLE (184,974.11)
INVENTORIES, AT AVERAGE COST 33,272,293.45
DEFERRED CHARGES AND
OTHER ASSETS 282,286.25
__________________
TOTAL CURRENT ASSETS 57,697,111.63
__________________
INVESTMENT IN UNCONSOLIDATED
AFFILIATES 479,000.00
__________________
PROPERTY AND EQUIPMENT
LAND,COAL PROPERTIES & RIGHTS 3,026,018.23
RAIL CARS,VEHICLES,OTHER EQUIP 17,341,816.20
BUILDING AND MANUFACTURING
FACILITIES 5,665,709.06
FURNITURE AND FIXTURES 1,067,923.49
__________________
27,101,466.98
LESS ACCUMULATED DEPRECIATION
AND DEPLETION (4,353,830.10)
__________________
22,747,636.88
__________________
OTHER ASSETS 2,850,127.19
__________________
TOTAL ASSETS 83,773,875.70
==================
01/20/94
160610 BALANCE SHEET SUMMARY
12/31/93
PROGRESS RAIL SERVICES CORPORATION
PAGE 2
CURRENT
MONTH
---------------
LIABILITIES AND
STOCKHOLDER'S INVESTMENT
CURRENT LIABILITIES
NOTES PAYABLE
ADVANCES FROM AFFILIATES 27,504,914.49
CURRENT PORTION OF L-T DEBT
PAYABLE TO AFFILIATE
PAYABLE TO BANK
EQUIPMENT TRUST
CERTIFICATES
OBLIGATIONS UNDER CAPITAL
LEASE
OTHER 105,000.00
ACCOUNTS PAYABLE 14,428,607.73
ACCRUED INTEREST
OTHER CURRENT AND ACCRUED
LIABILITIES 4,141,287.82
__________________
TOTAL CURRENT LIABILITIES 46,179,810.04
__________________
LONG-TERM DEBT, PAYABLE TO:
BANK, LESS CURRENT PORTION
AFFILIATE,LESS CURRENT PORTION
EQUIPMENT TRUST CERTIFICATES,
LESS CURRENT PORTION
OBLIGATIONS UNDER L-T CAPITAL
LEASE, LESS CURR PORTION
OTHER 114,315.94
__________________
114,315.94
__________________
DEFERRED CREDITS:
DEFERRED INCOME TAXES 920,085.00
DEFERRED INVESTMENT TAX CREDIT
DEFERRED ROYALTY INCOME
OTHER
__________________
920,085.00
__________________
MINORITY INTEREST
__________________
STOCKHOLDER'S INVESTMENT:
COMMON STOCK 100.00
PREMIUM ON COMMON STOCK 32,036,190.03
RETAINED EARNINGS 4,523,374.69
__________________
36,559,664.72
__________________
TOTAL LIABILITIES AND
STOCKHOLDER'S INVESTMENT 83,773,875.70
==================
INCOME STATEMENT SUMMARY
PEC - FORT DRUM INC.
For the year ended December 31, 1993
Page 1
REVENUES:
Equity in Earnings of
Westmoreland - Fort Drum Partnership $843,662
----------
NET INCOME $843,662
==========
BALANCE SHEET SUMMARY
PEC - FORT DRUM INC.
For the year ended December 31, 1993
Page 1
ASSETS:
Investment in Westmoreland-Fort Drum Partnership $6,420,615
===========
LIABILITIES & STOCKHOLDERS' EQUITY:
Common Stock and Paid in Capital $6,420,615
===========
TALQUIN DEVELOPMENT COMPANY
For the year ended December 31, 1993
(In millions)
REVENUES:
Electric utility $0.0
Diversified 31.9
-------
31.9
EXPENSES: -------
Electric utility:
Fuel used in generation 0.0
Purchased power 0.0
Deferred fuel 0.0
Other 0.0
-------
Operation 0.0
Maintenance 0.0
Depreciation 0.0
Taxes other than income taxes 0.0
-------
0.0
-------
Diversified:
Cost of sales 32.5
Other 3.5
-------
36.0
-------
INCOME FROM OPERATIONS (4.1)
-------
INTEREST EXPENSE AND OTHER:
Interest expense 8.7
Allowance for funds used
during construction 0.0
Preferred dividend requirements
of Florida Power 0.0
Other income (0.5)
-------
8.2
-------
INCOME BEFORE INCOME TAXES (12.3)
-------
INCOME TAXES:
Payable currently (3.9)
Deferred (0.8)
Investment tax credits, net 0.0
-------
(4.7)
-------
INCOME BEFORE CHANGE IN ACCOUNTING (7.6)
Cumulative effect of change in method
of accounting for income taxes 0.4
-------
NET INCOME ($7.2)
=======
TALQUIN DEVELOPMENT COMPANY
For the year ended December 31, 1993
(In millions)
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service $0.0
and held for for future use
Less - Accumulated depreciation 0.0
Less - Accumulated decommissioning
for nuclear plant 0.0
Less - Accumulated dismantlement
for fossil plants 0.0
-------
0.0
Construction work in progress 0.0
Nuclear fuel, net of amortization 0.0
-------
Net electric utility plant 0.0
Other property, net of depr 135.6
-------
135.6
-------
CURRENT ASSETS:
Cash and equivalents 0.0
Accounts receivable, net 1.1
Intercompany receivables 0.0
Current portion of leases & loans 0.0
Income taxes receivable 4.1
Inventories, primarily at average cost:
Fuel 0.0
Utility materials and supplies 0.0
Diversified mat & finished prod 1.4
Deferred income taxes 0.0
Underrecovery of fuel cost 0.0
Other 0.4
-------
7.0
-------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 0.0
Marketable securities 0.0
Jt ventures, Pships & Unreg Stk 5.9
Invest in consol affiliates (0.2)
Nuclear plt decommissioning fnd 0.0
Def ins policy acquisition costs 0.0
Other 4.8
-------
10.5
-------
$153.1
=======
TALQUIN DEVELOPMENT COMPANY
For the year ended December 31, 1993
(In millions)
CAPITAL AND LIABILITIES
COMMON STOCK EQUITY:
Common stock $83.7
Retained earnings (48.0)
-------
35.7
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 0.0
With sinking funds 0.0
LONG-TERM DEBT 0.0
Consolidated Affiliates 85.0
-------
TOTAL CAPITAL 120.7
-------
CURRENT LIABILITIES:
Accounts payable 0.3
Intercompany payables 26.1
Customers' deposits 0.0
Taxes payable 0.1
Accrued interest 0.3
Other 2.5
-------
29.3
Notes payable 0.0
Current portion of long-term debt
and preferred stock 0.7
-------
30.0
-------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 2.3
Unamortized investment tax credit 0.0
Insurance policy benefit reserves 0.0
Other 0.1
-------
2.4
-------
$153.1
=======
PROGRESS LEASING CORPORATION
For the year ended December 31, 1993
(In millions)
REVENUES:
Electric utility $0.0
Diversified 7.7
-------
7.7
EXPENSES: -------
Electric utility:
Fuel used in generation 0.0
Purchased power 0.0
Deferred fuel 0.0
Other 0.0
-------
Operation 0.0
Maintenance 0.0
Depreciation 0.0
Taxes other than income taxes 0.0
-------
0.0
-------
Diversified:
Cost of sales 0.0
Other 0.8
-------
0.8
-------
INCOME FROM OPERATIONS 6.9
-------
INTEREST EXPENSE AND OTHER:
Interest expense 5.1
Allowance for funds used
during construction 0.0
Preferred dividend requirements
of Florida Power 0.0
Other income (3.6)
-------
1.5
-------
INCOME BEFORE INCOME TAXES 5.4
-------
INCOME TAXES:
Payable currently 25.7
Deferred (22.1)
Investment tax credits, net 0.0
-------
3.6
-------
INCOME BEFORE CHANGE IN ACCOUNTING 1.8
Cumulative effect of change in method
of accounting for income taxes 0.0
-------
NET INCOME $1.8
=======
PROGRESS LEASING CORPORATION
For the year ended December 31, 1993
(In millions)
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service $0.0
and held for for future use
Less - Accumulated depreciation 0.0
Less - Accumulated decommissioning
for nuclear plant
Less - Accumulated dismantlement
for fossil plants 0.0
-------
0.0
Construction work in progress 0.0
Nuclear fuel, net of amortization 0.0
-------
Net electric utility plant 0.0
Other property, net of depr 0.0
-------
0.0
-------
CURRENT ASSETS:
Cash and equivalents 0.0
Accounts receivable, net 0.0
Intercompany receivables 0.0
Current portion of leases & loans 9.1
Inventories, primarily at average cost:
Fuel 0.0
Utility materials and supplies 0.0
Diversified mat & finished prod 0.0
Deferred income taxes 0.0
Underrecovery of fuel cost 0.0
Other 0.1
-------
9.2
-------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 268.3
Marketable securities 0.0
Jt ventures, Pships & Unreg Stk 4.2
Invest in consol affiliates 0.0
Nuclear plt decommissioning fnd 0.0
Def ins policy acquisition costs 0.0
Other 0.0
-------
272.5
-------
$281.7
=======
BALANCE SHEET SUMMARY
PROGRESS LEASING CORPORATION
For the year ended December 31, 1993
(In millions)
CAPITAL AND LIABILITIES
COMMON STOCK EQUITY:
Common stock $2.3
Retained earnings 5.0
-------
7.3
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 0.0
With sinking funds 0.0
LONG-TERM DEBT 23.7
-------
TOTAL CAPITAL 31.0
-------
CURRENT LIABILITIES:
Accounts payable 0.0
Intercompany payables (14.5)
Customers' deposits 0.0
Taxes payable 15.8
Accrued interest 0.0
Other 1.6
-------
2.9
Notes payable 0.0
Current portion of long-term debt
and preferred stock 5.7
-------
8.6
-------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 242.1
Unamortized investment tax credit 0.0
Insurance policy benefit reserves 0.0
Other 0.0
-------
242.1
-------
$281.7
=======
