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 20, 1995
<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, 1994.
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)
FPC Del, Inc. (Delaware) Delaware, Holder of account
receivables
Subsidiaries of Florida Power Corporation
Power Energy Services Florida, Inactive
Corporation (Florida)
Power Interstate Energy Florida, Inactive
Services Corporation (Florida)
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
FM Industries, Inc. (Texas) Texas, Manufacture & Repair
of Railcar Parts
Progress Energy Corporation Florida and Alabama,
(Florida) Development of 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, N. Carolina and
(Florida) Wisconsin, 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
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, Texas,
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
Kentucky Mineral Processing, Florida and Kentucky,
Inc. (Florida) Partner in Kentucky Processing
Company
Subsidiary of Hatfield Terminals, Inc.
Kanawha River Terminals, Inc. West Virginia, Sale and
(Florida) Terminalling of Coal
Subsidiaries of Kentucky Mineral Processing, Inc.
Kentucky Processing Company Kentucky, Coal Processing
(partnership)(Kentucky) and Transportation Facility
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, Kentucky and
(Louisiana) W. Virginia, Fleeting,
Washing and Repair of Barges;
Ownership interest in Inter-
national Marine Terminals
Partnership
Marine Equipment Towing Missouri, Ownership of
Corporation (Missouri) Towboats
Subsidiary of Elmwood Marine Services, 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
PCC Del, Inc. (Delaware) Delaware, Holder of
loan receivables
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, Leveraged Leasing
(Florida)
Progress-Potomac Capital Florida and Washington, D.C.,
Ventures (joint venture) Equipment Leasing
(Delaware)
Talquin Development Company Florida, Development,
(Florida) 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 and California,
(Florida) 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 1,243,891 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, 1994, Power's total net winter generating
capability was 7,337 megawatts. This capability is generated by
thirteen steam units with a capability of 4661 megawatts and
forty-four combustion turbine peaking units with a capability of
2,676 megawatts. Approximately 55% 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 344 substations having an aggregate transformer
capacity of 38,877,600 KVA. The transmission system consists of
approximately 4,497 circuit miles of high voltage transmission
lines, of which 2580 circuit miles are operated at 500, 230 or
115 KV and the balance at 69KV. Power has numerous intercon-
nection 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 22,917 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, 1994:
(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 30,014,615,937
(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 26,179,000
(d) Number of kwh of electric
energy purchased outside the
State of Florida or at the
state line 1,016,025,000
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
<PAGE>
EXHIBIT A
FINANCIAL STATEMENTS
Exhibit
Number Description of Exhibit
99.(A) Consolidating statements of income and retained
earnings for the calendar year 1994 together
with the consolidating balance sheet as of
December 31, 1994 for Florida Progress Corpora-
tion and its first-tier subsidiaries, Progress
Capital Holdings, Inc., FPC Del, Inc., and Florida
Power Corporation
99.(B) Consolidating statements of income and retained
earnings for the calendar year 1994, together
with the consolidating balance sheet as of
December 31, 1994 for Progress Capital Holdings,
Inc. and its first-tier subsidiaries
99.(C) Statements of income and retained earnings for
the calendar year 1994, together with the
consolidating balance sheet as of December 31,
1994, for Florida Power Corporation and its
first-tier subsidiaries
99.(D) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for COMCO of America, Inc., a wholly
owned third-tier subsidiary of Florida
Progress Corporation
99.(E) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Homeland Coal Company, Inc., a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(F) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 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
1994 and a balance sheet as of December 31,
1994 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
1994 and a balance sheet as of December 31,
1994 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
1994 and a balance sheet as of December 31,
1994 for Marine Equipment Management Company,
a wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(J) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Progress Land Corporation, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(K) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Progress Materials, Inc., a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(L) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Progress Rail Services Corporation,
a wholly owned third-tier subsidiary of
Florida Progress Corporation
99.(M) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for PEC Fort Drum, Inc., a wholly owned
third-tier subsidiary of Florida Progress
Corporation
99.(N) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Talquin Development Company, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(O) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Progress Leasing Corporation, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(P) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for PCC Del, Inc., a wholly owned third-tier
subsidiary of Florida Progress Corporation
<PAGE>
EXHIBIT B
FINANCIAL DATA SCHEDULE
Exhibit No.
27 Financial Data Schedule for Florida Progress
Corporation
EXHIBIT C
None
<PAGE>
SIGNATURES
The above claimant has caused this statement to be duly
executed on its behalf by its authorized officer on the 20th day
of February, 1995.
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
Description of Exhibit
Exhibit
Number
27 Financial Data Schedule for Florida Progress
Corporation
99.(A) Consolidating statements of income and retained
earnings for the calendar year 1994 together
with the consolidating balance sheet as of
December 31, 1994 for Florida Progress Corpora-
tion and its first-tier subsidiaries, Progress
Capital Holdings, Inc., FPC Del, Inc., and Florida
Power Corporation
99.(B) Consolidating statements of income and retained
earnings for the calendar year 1994, together
with the consolidating balance sheet as of
December 31, 1994 for Progress Capital Holdings,
Inc. and its first-tier subsidiaries
99.(C) Statements of income and retained earnings for
the calendar year 1994, together with the
consolidating balance sheet as of December 31,
1994, for Florida Power Corporation and its
first-tier subsidiaries
99.(D) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for COMCO of America, Inc., a wholly
owned third-tier subsidiary of Florida
Progress Corporation
99.(E) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Homeland Coal Company, Inc., a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(F) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 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
1994 and a balance sheet as of December 31,
1994 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
1994 and a balance sheet as of December 31,
1994 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
1994 and a balance sheet as of December 31,
1994 for Marine Equipment Management Company,
a wholly owned third-tier subsidiary of Florida
Progress Corporation
99.(J) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Progress Land Corporation, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(K) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Progress Materials, Inc., a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(L) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Progress Rail Services Corporation,
a wholly owned third-tier subsidiary of
Florida Progress Corporation
99.(M) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for PEC Fort Drum, Inc., a wholly owned
third-tier subsidiary of Florida Progress
Corporation
99.(N) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Talquin Development Company, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(O) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for Progress Leasing Corporation, a wholly
owned third-tier subsidiary of Florida Progress
Corporation
99.(P) Statements of income for the calendar year
1994 and a balance sheet as of December 31,
1994 for PCC Del, Inc., a wholly owned third-tier
subsidiary of Florida Progress Corporation
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0000357261
<NAME> FLORIDA PROGRESS CORPORATION
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 5,719
<TOTAL-OPERATING-REVENUES> 2,772
<NET-INCOME> 212
</TABLE>
<TABLE>
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1994
(In millions)
<CAPTION>
Florida Florida Progress Florida
Progress Power Capital FPC Progress
Corp. Corp. Holdings Del,Inc. Elim. Consol.
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric utility $0.0 $2,080.5 $0.0 $0.0 $0.0 $2,080.5
Diversified 214.9 0.0 945.5 0.0 (469.4) 691.0
---------- ---------- ---------- ---------- ---------- ----------
214.9 2,080.5 945.5 0.0 (469.4) 2,771.5
EXPENSES: ---------- ---------- ---------- ---------- ---------- ----------
Electric utility:
Fuel used in generation 0.0 431.9 0.0 0.0 0.0 431.9
Purchased power 0.0 294.6 0.0 0.0 0.0 294.6
Deferred fuel 0.0 (1.5) 0.0 0.0 0.0 (1.5)
Other operation 0.0 388.8 0.0 0.0 0.0 388.8
---------- ---------- ---------- ---------- ---------- ----------
Operation 0.0 1,113.8 0.0 0.0 0.0 1,113.8
Maintenance 0.0 122.9 0.0 0.0 0.0 122.9
Depreciation 0.0 261.5 0.0 0.0 0.0 261.5
Taxes other than income taxes 0.0 162.8 0.0 0.0 0.0 162.8
---------- ---------- ---------- ---------- ---------- ----------
0.0 1,661.0 0.0 0.0 0.0 1,661.0
---------- ---------- ---------- ---------- ---------- ----------
Diversified:
Cost of sales 0.0 0.0 818.9 0.0 (247.7) 571.2
Other 10.9 0.0 59.2 0.0 (6.8) 63.3
---------- ---------- ---------- ---------- ---------- ----------
10.9 0.0 878.1 0.0 (254.5) 634.5
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 204.0 419.5 67.4 0.0 (214.9) 476.0
---------- ---------- ---------- ---------- ---------- ----------
INTEREST EXPENSE AND OTHER:
Interest expense 1.3 108.4 38.0 0.0 (2.9) 144.8
Allowance for funds used 0.0
during construction 0.0 (10.9) 0.0 0.0 0.0 (10.9)
Preferred dividend requirements 0.0
of Florida Power 0.0 10.1 0.0 0.0 0.0 10.1
Other expense (income), net (2.7) 9.7 0.5 0.0 2.8 10.3
---------- ---------- ---------- ---------- ---------- ----------
(1.4) 117.3 38.5 0.0 (0.1) 154.3
---------- ---------- ---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 205.4 302.2 28.9 0.0 (214.8) 321.7
---------- ---------- ---------- ---------- ---------- ----------
INCOME TAXES:
Payable currently (4.3) 112.4 33.8 0.0 0.0 141.9
Deferred (2.3) 7.6 (27.9) 0.0 0.0 (22.6)
Investment tax credits, net 0.0 (8.5) (1.1) 0.0 0.0 (9.6)
---------- ---------- ---------- ---------- ---------- ----------
(6.6) 111.5 4.8 0.0 0.0 109.7
---------- ---------- ---------- ---------- ---------- ----------
NET INCOME $212.0 $190.7 $24.1 $0.0 ($214.8) $212.0
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1994
(In millions)
<CAPTION>
Florida Florida Progress Florida
Progress Power Capital FPC Progress
Corp. Corp. Holdings Del,Inc. Elim. Consol.
ASSETS ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service
and held for for future use $0.0 $5,603.4 $0.0 $0.0 0.0 $5,603.4
Less: Accumulated depreciation 0.0 1,981.6 0.0 0.0 0.0 1,981.6
Accumulated decommissioning
for nuclear plant 0.0 135.2 0.0 0.0 0.0 135.2
Accumulated dismantlement
for fossil plants 0.0 92.4 0.0 0.0 0.0 92.4
---------- ---------- ---------- ---------- ---------- ----------
0.0 3,394.2 0.0 0.0 0.0 3,394.2
Construction work in progress 0.0 222.1 0.0 0.0 0.0 222.1
Nuclear fuel, net of amortization 0.0 52.9 0.0 0.0 0.0 52.9
---------- ---------- ---------- ---------- ---------- ----------
Net electric utility plant 0.0 3,669.2 0.0 0.0 0.0 3,669.2
Other property, net of depr. 6.2 24.2 390.5 0.0 0.0 420.9
---------- ---------- ---------- ---------- ---------- ----------
6.2 3,693.4 390.5 0.0 0.0 4,090.1
---------- ---------- ---------- ---------- ---------- ----------
CURRENT ASSETS:
Cash and equivalents (1.6) 0.0 16.0 0.0 0.0 14.4
Accounts receivable, net 0.6 166.8 94.8 136.0 (136.0) 262.2
Intercompany receivables 45.0 0.5 21.4 0.0 (66.9) 0.0
Current portion of leases & loans 0.0 0.0 15.3 0.0 0.0 15.3
Inventories, primarily at average
cost:
Fuel 0.0 52.6 22.6 0.0 0.0 75.2
Utility materials and supplies 0.0 110.4 0.0 0.0 0.0 110.4
Diversified materials 0.0 0.0 68.1 0.0 0.0 68.1
Underrecovery of fuel cost 0.0 1.8 0.0 0.0 0.0 1.8
Other 0.3 34.6 6.1 0.0 0.0 41.0
---------- ---------- ---------- ---------- ---------- ----------
44.3 366.7 244.3 136.0 (202.9) 588.4
---------- ---------- ---------- ---------- ---------- ----------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 0.0 0.0 438.0 0.0 0.0 438.0
Marketable securities 0.0 0.0 148.3 0.0 0.0 148.3
Joint ventures and partnerships 0.0 0.0 74.5 0.0 0.0 74.5
Invest in consol affiliates 1,956.2 0.0 0.0 0.0 (1,956.2) 0.0
Nuclear plt decommissioning fnd 0.0 123.6 0.0 0.0 0.0 123.6
Def ins policy acquisition costs 0.0 0.0 91.9 0.0 0.0 91.9
Other 0.3 100.8 62.8 0.0 0.0 163.9
---------- ---------- ---------- ---------- ---------- ----------
1,956.5 224.4 815.5 0.0 (1,956.2) 1,040.2
---------- ---------- ---------- ---------- ---------- ----------
$2,007.0 $4,284.5 $1,450.3 $136.0 (2,159.1) $5,718.7
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1994
(In millions)
<CAPTION>
Florida Florida Progress Florida
Progress Power Capital FPC Progress
Corp. Corp. Holdings Del,Inc. Elim. Consol.
CAPITAL AND LIABILITIES ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCK EQUITY:
Common stock $1,148.1 $942.9 $163.7 $0.0 (1,106.6) $1,148.1
Retained earnings 842.9 724.5 131.6 0.0 (856.1) 842.9
Unrealized loss on securities
available for sale (6.6) 0.0 (6.6) 0.0 6.6 (6.6)
---------- ---------- ---------- ---------- ---------- ----------
1,984.4 1,667.4 288.7 0.0 (1,956.1) 1,984.4
CUMULATIVE PREFERRED STOCK OF
FLORIDA POWER:
Without sinking funds 0.0 113.5 0.0 0.0 0.0 113.5
With sinking funds 0.0 30.0 0.0 0.0 0.0 30.0
LONG-TERM DEBT 0.0 1,363.8 495.8 0.0 0.0 1,859.6
---------- ---------- ---------- ---------- ---------- ----------
TOTAL CAPITAL 1,984.4 3,174.7 784.5 0.0 (1,956.1) 3,987.5
---------- ---------- ---------- ---------- ---------- ----------
CURRENT LIABILITIES:
Accounts payable 0.4 85.0 61.7 0.0 0.0 147.1
Intercompany payables 0.4 21.4 44.8 136.0 (202.6) 0.0
Customers' deposits 0.0 76.9 0.0 0.0 76.9
Income taxes payable 6.4 7.1 (0.8) 0.0 0.0 12.7
Accrued interest 4.2 32.6 10.5 0.0 0.0 47.3
Other 2.6 47.5 34.4 0.0 (0.4) 84.1
---------- ---------- ---------- ---------- ---------- ----------
14.0 270.5 150.6 136.0 (203.0) 368.1
Notes payable 0.0 55.3 0.0 0.0 0.0 55.3
Current portion of long-term debt 0.0 35.4 17.5 0.0 0.0 52.9
---------- ---------- ---------- ---------- ---------- ----------
14.0 361.2 168.1 136.0 (203.0) 476.3
---------- ---------- ---------- ---------- ---------- ----------
DEFERRED CREDITS AND OTHER
LIABILITIES:
Deferred income taxes (4.0) 488.0 260.1 0.0 0.0 744.1
Unamortized investment tax credit 0.0 109.3 0.7 0.0 0.0 110.0
Insurance policy benefit reserves 0.0 0.0 222.5 0.0 0.0 222.5
Other 12.6 151.3 14.4 0.0 0.0 178.3
---------- ---------- ---------- ---------- ---------- ----------
8.6 748.6 497.7 0.0 0.0 1,254.9
---------- ---------- ---------- ---------- ---------- ----------
$2,007.0 $4,284.5 $1,450.3 $136.0 (2,159.1) $5,718.7
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1994
(In millions)
<CAPTION>
Florida Florida Progress Florida
Progress Power Capital FPC Progress
Corp. Corp. Holdings Del,Inc. Elim. Consol.
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE AT BEGINNING OF YEAR $812.2 $709.5 $116.7 $0.0 ($826.2) $812.2
Net Income (loss) 212.0 190.7 24.1 0.0 (214.8) 212.0
Cash dividends at $1.99 per share (185.4) (175.7) (9.2) 0.0 184.9 (185.4)
FM Industries Inc. pooling 4.1 0.0 0.0 0.0 0.0 4.1
---------- ---------- ---------- ---------- ---------- ----------
BALANCE AT END OF YEAR $842.9 $724.5 $131.6 $0.0 ($856.1) $842.9
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1994
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric FM Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Industries Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Inc. Elim. Consol.
------ ------- ------- --------- ------- --------- ------- --------- ------- -------
<S> <C> <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 $0.0
Diversified 25.7 48.8 0.7 13.3 96.6 0.0 741.3 44.8 (25.7) 945.5
------- ------- ------- --------- ------- --------- ------- ------- ------- ------
25.7 48.8 0.7 13.3 96.6 0.0 741.3 44.8 (25.7) 945.5
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 0.0
Purchased power 0.0 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 0.0
Other operation 0.0 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 0.0
Maintenance 0.0 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 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 0.0 0.0
------- ------- ------- --------- ------- --------- ------- ------- ------- ------
Diversified:
Cost of sales 0.0 19.1 0.0 9.8 70.4 0.0 685.3 34.3 (0.0) 818.9
Other 1.3 14.8 0.3 2.0 15.3 0.6 19.1 5.8 0.0 59.2
------- ------- ------- --------- ------- --------- ------- ------- ------- ------
1.3 33.9 0.3 11.8 85.7 0.6 704.4 40.1 (0.0) 878.1
------- ------- ------- --------- ------- --------- ------- ------- ------- ------
INCOME FROM OPERATIONS 24.4 14.9 0.4 1.5 10.9 (0.6) 36.9 4.7 (25.7) 67.4
------- ------- ------- --------- ------- --------- ------- ------- ------- ------
INTEREST EXPENSE AND OTHER:
Interest expense 32.3 23.8 0.0 0.0 0.0 0.0 11.9 0.9 (30.9) 38.0
Allowance for funds used
during construction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Preferred dividend requirements
of Florida Power 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other expense (income), net (30.6) 0.3 0.0 0.0 0.0 0.0 (0.4) 0.0 31.2 0.5
------- ------- ------- -------- ------- --------- ------- ------- ------- -------
1.7 24.1 0.0 0.0 0.0 0.0 11.5 0.9 0.3 38.5
------- ------- ------- -------- ------- --------- ------- ------- ------- -------
INCOME BEFORE INCOME TAXES 22.7 (9.2) 0.4 1.5 10.9 (0.6) 25.4 3.8 (26.0) 28.9
Income taxes (1.4) (4.2) 0.1 0.2 3.6 0.0 5.1 1.4 0.0 4.8
------- ------- ------- -------- ------- --------- ------- ------- ------- -------
NET INCOME $24.1 ($5.0) $0.3 $1.3 $7.3 ($0.6) $20.3 $2.4 ($26.0) $24.1
======= ======= ======= ========== ======= ========== ======= ======= ======= =======
</TABLE>
<TABLE>
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1994
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric FM Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Industries Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Inc. Elim. Consol.
ASSETS ------- ------- ------- --------- ------- --------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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 $0.0
Less: Accumulated depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accumulated decommissioning
for nuclear plant 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
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 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 0.0
Nuclear fuel, net of amortization 0.0 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 0.0
Other property, net of depr. 0.0 141.3 0.0 0.9 3.4 0.0 239.7 5.2 0.0 390.5
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
0.0 141.3 0.0 0.9 3.4 0.0 239.7 5.2 0.0 390.5
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
CURRENT ASSETS:
Cash and equivalents 0.3 0.6 0.0 0.0 10.4 1.9 2.8 0.0 0.0 16.0
Accounts receivable, net 0.0 2.4 0.0 3.7 2.7 0.0 80.2 5.8 0.0 94.8
Intercompany receivables 209.2 0.0 0.0 1.0 0.0 0.0 23.9 0.0 (212.7) 21.4
Current portion of leases & loans 0.0 14.8 0.0 0.0 0.0 0.0 0.5 0.0 0.0 15.3
Inventories, primarily @ avg cost:
Fuel 0.0 0.0 0.0 0.0 0.0 0.0 22.6 0.0 0.0 22.6
Utility materials and supplies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Diversified materials 0.0 1.5 0.0 0.7 0.0 0.0 53.6 12.3 0.0 68.1
Underrecovery of fuel cost 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other 1.6 2.7 0.0 0.1 0.0 0.1 5.1 0.2 (3.7) 6.1
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
211.1 22.0 0.0 5.5 13.1 2.0 188.7 18.3 (216.4) 244.3
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 0.0 408.9 0.0 0.0 17.8 0.0 11.3 0.0 0.0 438.0
Marketable securities 0.0 0.0 0.0 0.0 148.3 0.0 0.0 0.0 0.0 148.3
Joint ventures and partnerships 0.0 43.9 6.9 0.0 0.0 0.0 23.7 0.0 0.0 74.5
Invest in consol affiliates 600.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (600.8) 0.0
Nuclear plt decommissioning fnd 0.0 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 91.9 0.0 0.0 0.0 0.0 91.9
Other 0.0 8.8 0.0 0.3 29.4 0.0 24.0 0.3 0.0 62.8
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
600.8 461.6 6.9 0.3 287.4 0.0 59.0 0.3 (600.8) 815.5
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
$811.9 $624.9 $6.9 $6.7 $303.9 $2.0 $487.4 $23.8 ($817.2) $1,450.3
======= ======= ======= ========== ======= ========== ======= ======= ======= =======
</TABLE>
<TABLE>
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1994
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric FM Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Industries Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Inc. Elim. Consol.
CAPITAL AND LIABILITIES ------- ------- ------- --------- ------- --------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COMMON STOCK EQUITY:
Common stock $163.7 $111.3 $7.4 $10.1 $6.2 $2.8 $79.3 $1.0 ($218.1) $163.7
Retained earnings 131.6 (42.3) (0.8) (4.7) 74.5 (3.2) 78.8 6.0 (108.3) 131.6
Unrealized loss on securities
available for sale (6.6) 0.0 0.0 0.0 (6.6) 0.0 0.0 0.0 6.6 (6.6)
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
288.7 69.0 6.6 5.4 74.1 (0.4) 158.1 7.0 (319.8) 288.7
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 0.0
With sinking funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LONG-TERM DEBT 459.8 24.4 0.0 0.0 0.0 0.0 11.5 0.1 0.0 495.8
------- ------- ------- --------- ------- --------- ------- ------- ------- --------
TOTAL CAPITAL 748.5 93.4 6.6 5.4 74.1 (0.4) 169.6 7.1 (319.8) 784.5
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
CURRENT LIABILITIES:
Accounts payable 0.0 0.2 0.0 0.7 0.0 0.0 59.1 1.7 0.0 61.7
Intercompany payables 47.4 290.4 0.2 0.0 0.0 0.0 189.2 12.3 (494.7) 44.8
Customers' deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income taxes payable 0.0 1.6 0.0 0.1 1.2 0.0 0.0 0.0 (3.7) (0.8)
Accrued interest 9.2 0.7 0.0 0.0 0.0 0.0 0.6 0.0 0.0 10.5
Other 0.4 4.1 0.1 0.4 13.1 0.0 14.2 2.1 0.0 34.4
------- ------- ------- --------- ------- --------- ------- ------- ------ -------
57.0 297.0 0.3 1.2 14.3 0.0 263.1 16.1 (498.4) 150.6
Notes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current portion of long-term debt 6.0 8.3 0.0 0.0 0.0 0.0 3.1 0.1 0.0 17.5
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
63.0 305.3 0.3 1.2 14.3 0.0 266.2 16.2 (498.4) 168.1
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
DEFERRED CREDITS AND OTHER
LIABILITIES:
Deferred income taxes (2.2) 224.2 0.0 0.0 (7.7) 0.0 45.3 0.5 0.0 260.1
Unamortized investment tax credit 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.0 0.0 0.7
Insurance policy benefit reserves 0.0 0.0 0.0 0.0 222.5 0.0 0.0 0.0 0.0 222.5
Other postretirement benefit
reserves 0.0 0.1 0.0 0.1 0.7 0.0 1.0 0.0 0.0 1.9
Other 2.6 1.9 0.0 0.0 0.0 2.4 4.6 0.0 1.0 12.5
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
0.4 226.2 0.0 0.1 215.5 2.4 51.6 0.5 1.0 497.7
------- ------- ------- --------- ------- --------- ------- ------- ------- -------
$811.9 $624.9 $6.9 $6.7 $303.9 $2.0 $487.4 $23.8 ($817.2) $1,450.3
======= ======= ======= ========== ======= ========== ======= ======= ======= =======
</TABLE>
<TABLE>
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1994
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric FM Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Industries Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Inc. Elim. Consol.
------- ------- ------- --------- ------- --------- ------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE AT BEGINNING OF YEAR $116.7 ($34.1) ($1.1) ($6.0) $68.2 ($2.6) $63.5 $0.0 ($87.9) $116.7
Net Income (loss) 24.1 (5.0) 0.3 1.3 7.3 (0.6) 20.3 2.4 (26.0) 24.1
Cash dividends (9.2) (3.2) 0.0 0.0 (1.0) 0.0 (5.0) (0.5) 9.7 (9.2)
FM Industries Inc. pooling 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.1 (4.1) 0.0
------- ------- ------- --------- ------- --------- ------- -------- ------- -------
BALANCE AT END OF YEAR $131.6 ($42.3) ($0.8) ($4.7) $74.5 ($3.2) $78.8 $6.0 ($108.3) $131.6
======= ======= ======= ========== ======= ========= ======= ======== ======== =======
</TABLE>
FLORIDA POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1994
(In millions)
Power
Interstat Power
Florida Energy Energy Florida
Power Services Services Power
Corp. Corp. Corp. Elim. Consol.
------- ------- ------- ------- -------
REVENUES:
Electric utility $2,080.5 $0.0 $0.0 $0.0 $2,080.5
Diversified (3.9) 0.0 0.0 3.9 0.0
------- ------- ------- ------- -------
2,076.6 0.0 0.0 3.9 2,080.5
EXPENSES: ------- ------- ------- ------- -------
Electric utility: 0.0
Fuel used in generation 431.9 0.0 0.0 0.0 431.9
Purchased power 294.6 0.0 0.0 0.0 294.6
Deferred fuel (1.5) 0.0 0.0 0.0 (1.5
Other operation 388.8 0.0 0.0 0.0 388.8
------- ------- ------- ------- -------
Operation 1,113.8 0.0 0.0 0.0 1,113.8
Maintenance 122.9 0.0 0.0 0.0 122.9
Depreciation 261.5 0.0 0.0 0.0 261.5
Taxes other than income taxes 162.8 0.0 0.0 0.0 162.8
------- ------- ------- ------- -------
1,661.0 0.0 0.0 0.0 1,661.0
------- ------- ------- ------- -------
Diversified:
Cost of sales 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 0.0
------- ------- ------- ------- -------
INCOME FROM OPERATIONS 415.6 0.0 0.0 3.9 419.5
------- ------- ------- ------- -------
INTEREST EXPENSE AND OTHER:
Interest expense 108.4 0.0 0.0 0.0 108.4
Allowance for funds used 0.0 0.0
during construction (10.9) 0.0 0.0 0.0 (10.9
Preferred dividend requirements 0.0 0.0
of Florida Power 10.1 0.0 0.0 0.0 10.1
Other expense (income), net 3.4 1.9 4.4 0.0 9.7
------- ------- ------- ------- -------
111.0 1.9 4.4 0.0 117.3
------- ------- ------- ------- -------
INCOME BEFORE INCOME TAXES 304.6 (1.9) (4.4) 3.9 302.2
Income taxes 113.9 (0.7) (1.7) 0.0 111.5
------- ------- ------- ------- -------
NET INCOME $190.7 ($1.2) ($2.7) $3.9 $190.7
======== ======== ======== ======== =======
FLORIDA POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1994
(In millions)
Power
Interstat Power
Florida Energy Energy Florida
Power Services Services Power
Corp. Corp. Corp. Elim. Consol.
ASSETS ------- ------- ------- ------- -------
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service
and held for for future use 5,603.4 $0.0 $0.0 0.0 5,603.4
Less: Accumulated depreciation 1,981.6 0.0 0.0 0.0 1,981.6
Accumulated decommissioning
for nuclear plant 135.2 0.0 0.0 0.0 135.2
Accumulated dismantlement
for fossil plants 92.4 0.0 0.0 0.0 92.4
------- ------- ------- ------- -------
3,394.2 0.0 0.0 0.0 3,394.2
Construction work in progress 222.1 0.0 0.0 0.0 222.1
Nuclear fuel, net of amortization 52.9 0.0 0.0 0.0 52.9
------- ------- ------- ------- -------
Net electric utility plant 3,669.2 0.0 0.0 0.0 3,669.2
Other property, net of depr. 24.2 0.0 0.0 0.0 24.2
------- ------- ------- ------- -------
3,693.4 0.0 0.0 0.0 3,693.4
------- ------- ------- ------- -------
CURRENT ASSETS:
Cash and equivalents - 0.0 0.0 0.0 -
Accounts receivable, net 57.9 0.0 0.0 108.9 166.8
Intercompany receivables 0.5 0.0 0.0 0.0 0.5
Current portion of leases & loans 0.0 0.0 0.0 0.0 0.0
Inventories, primarily at average cost: 0.0
Fuel 52.6 0.0 0.0 0.0 52.6
Utility materials and supplies 110.4 0.0 0.0 0.0 110.4
Diversified materials 0.0 0.0 0.0 0.0 0.0
Underrecovery of fuel cost 1.8 0.0 0.0 0.0 1.8
Other 34.6 0.0 0.0 0.0 34.6
------- ------- ------- ------- -------
257.8 0.0 0.0 108.9 366.7
------- ------- ------- ------- -------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 0.0 0.0 0.0 0.0 0.0
Marketable securities 0.0 0.0 0.0 0.0 0.0
Joint ventures and partnerships 0.0 0.0 0.0 0.0 0.0
Invest in consol affiliates 108.9 0.0 0.0 (108.9) 0.0
Nuclear plt decommissioning fnd 123.6 0.0 0.0 0.0 123.6
Def ins policy acquisition costs 0.0 0.0 0.0 0.0 0.0
Other 100.8 0.0 0.0 0.0 100.8
------- ------- ------- ------- -------
333.3 0.0 0.0 (108.9) 224.4
------- ------- ------- ------- -------
$4,284.5 $0.0 $0.0 0.0 $4,284.5
======= ======= ======= ======= =======
FLORIDA POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1994
(In millions)
Power
Interstat Power
Florida Energy Energy Florida
Power Services Services Power
Corp. Corp. Corp. Elim. Consol.
CAPITAL AND LIABILITIES ------- ------- ------- ------- -------
COMMON STOCK EQUITY:
Common stock $942.9 $0.0 $0.0 0.0 $942.9
Retained earnings 724.5 0.0 0.0 0.0 724.5
Unrealized loss on securities
available for sale 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ------- -------
1,667.4 0.0 0.0 0.0 1,667.4
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 113.5 0.0 0.0 0.0 113.5
With sinking funds 30.0 0.0 0.0 0.0 30.0
LONG-TERM DEBT 1,363.8 0.0 0.0 0.0 1,363.8
------- ------- ------- ------- -------
TOTAL CAPITAL 3,174.7 0.0 0.0 0.0 3,174.7
------- ------- ------- ------- -------
CURRENT LIABILITIES:
Accounts payable 85.0 0.0 0.0 0.0 85.0
Intercompany payables 21.4 0.0 0.0 0.0 21.4
Customers' deposits 76.9 0.0 0.0 76.9
Income taxes payable 7.1 0.0 0.0 0.0 7.1
Accrued interest 32.6 0.0 0.0 0.0 32.6
Other 47.5 0.0 0.0 0.0 47.5
------- ------- ------- ------- -------
270.5 0.0 0.0 0.0 270.5
Notes payable 55.3 0.0 0.0 0.0 55.3
Current portion of long-term debt 35.4 0.0 0.0 0.0 35.4
------- ------- ------- ------- -------
361.2 0.0 0.0 0.0 361.2
------- ------- ------- ------- -------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 488.0 0.0 0.0 0.0 488.0
Unamortized investment tax credit 109.3 0.0 0.0 0.0 109.3
Insurance policy benefit reserves 0.0 0.0 0.0 0.0 0.0
Other postretirement benefit
reserves 65.4 0.0 0.0 0.0 65.4
Other 85.9 0.0 0.0 0.0 85.9
------- ------- ------- ------- -------
748.6 0.0 0.0 0.0 748.6
------- ------- ------- ------- -------
$4,284.5 $0.0 $0.0 0.0 $4,284.5
======= ======= ======= ======= =======
FLORIDA POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1994
(In millions)
Power
Interstat Power
Florida Energy Energy Florida
Power Services Services Power
Corp. Corp. Corp. Elim. Consol.
------- ------- ------- ------- -------
BALANCE AT BEGINNING OF YEAR $709.5 $0.0 $0.0 $0.0 $709.5
Net Income (loss) 190.7 (1.2) (2.7) $3.9 $190.7
Cash dividends (175.7) 0.0 0.0 $0.0 (175.7)
Changes due to liquidation 1.2 2.7 (3.9) 0.0
------- ------- ------- ------- -------
BALANCE AT END OF YEAR $724.5 - - - $724.5
======= ======= ======= ======= =======
COMCO OF AMERICA
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
COMCO OF AMERICA
CURRENT
MONTH
-----------------
CASH $283.91
ACCOUNTS RECEIVABLE 2,031.00
INCOME TAXES (PAY) RECEIVABLE 27,997.00
-----------------
TOTAL CURRENT ASSETS 30,311.91
-----------------
INVESTMENTS
PROPERTY, PLANT & EQUIPMENT -
TOTAL ASSETS $30,311.91
=================
COMCO OF AMERICA
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
COMCO OF AMERICA
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
OTHER CURRENT LIABILITIES 5,444.82
-----------------
TOTAL CURRENT LIABILITIES 5,444.82
-----------------
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES (238,355.00)
OTHER LIABILITIES 500,000.00
-----------------
TOTAL OTHER LIABILITES 261,645.00
-----------------
SHAREHOLDER'S EQUITY
COMMON STOCK 5,000.00
PAID IN CAPITAL 5,758,707.89
RETAINED EARNINGS -
BEGINNING BALANCE (6,000,485.80)
-----------------
ENDING BALANCE (6,000,485.80)
-----------------
TOTAL SHAREHOLDER'S EQUITY (236,777.91)
-----------------
TOTAL LIABILITIES
& SHAREHOLDER'S EQUITY $30,311.91
=================
COMCO OF AMERICA
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
COMCO OF AMERICA
YEAR-TO
DATE
---------------
I N C O M E -
OTHER INCOME 26,893.00
--------------
26,893.00
--------------
E X P E N S E S -
COST OF GOODS SOLD 77,724.40
GENERAL & ADMINISTRATIVE 21,742.92
--------------
99,467.32
--------------
INCOME BEFORE INCOME TAXES (72,574.32)
--------------
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENT TAX EXPENSE (27,999.00)
--------------
(27,999.00)
--------------
INCOME BEFORE EXTR. ITEM (44,575.32)
EXTRORDINARY ITEM -
NET INCOME AFTER EXTRA. ITEM $(44,575.32)
==============
HOMELAND COAL COMPANY, INC.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
HOMELAND COAL COMPANY
CURRENT
MONTH
-----------------
CASH $4,000.00
ACCOUNTS RECEIVABLE -
INCOME TAXES (PAY) REC. 184,095.67
INVENTORY -
CURRENT ASSETS -
-----------------
TOTAL CURRENT ASSETS 188,095.67
-----------------
INVESTMENTS -
INVESTMENT IN CONSOL AFFILIATE -
INVEST IN UNCONSOL AFFILIATES 12,815,692.37
-----------------
TOTAL INVESTMENTS 12,815,692.37
-----------------
PROPERTY, PLANT & EQUIPMENT
FURNITURE AND FIXTURES 56,010.42
-----------------
TOTAL PROPERTY, PLANT & EQ 56,010.42
ACCUMULATED DEPRECIATION (49,107.34)
-----------------
NET PROPERTY & EQUIP. 6,903.08
-----------------
TOTAL ASSETS $13,010,691.12
=================
HOMELAND COAL COMPANY, INC.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
HOMELAND COAL COMPANY
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $840.00
NOTES PAYABLE -
ACCRUED INTEREST -
ADVANCES FROM PARENT 1,347,185.73
CURRENT PORTION OF L/T DEBT -
OTHER CURRENT LIABILITIES 12,980.64
-----------------
TOTAL CURRENT LIABILITIES 1,361,006.37
-----------------
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES 3,464,277.00
DEFERRED ITC -
DEFERRED REVENUES -
OTHER LIABILITIES -
-----------------
TOTAL OTHER LIABILITES 3,464,277.00
-----------------
SHAREHOLDER'S EQUITY
COMMON STOCK 251,000.00
PAID IN CAPITAL (20,362,956.08)
RETAINED EARNINGS 28,297,363.83
-----------------
TOTAL SHAREHOLDER'S EQUITY 8,185,407.75
-----------------
TOTAL LIABILIAITES
& SHAREHOLDER'S EQUITY $13,010,691.12
=================
HOMELAND COAL COMPANY, INC.
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
HOMELAND COAL COMPANY
YEAR-TO
DATE
--------------
COST OF GOODS SOLD 32,102.70
--------------
GROSS PROFIT (32,102.70)
--------------
OPERATING EXPENSES -
PAYROLL EXPENSES 52,660.63
INTEREST EXPENSE 2,220.00
G & A DEPRECIATION 3,358.94
PROFESSIONAL FEES 40,247.18
OTHER GENERAL & ADMINISTRATIVE 9,805.54
--------------
TOTAL OPERATING EXPENSES 108,292.29
--------------
TOTAL OPERATING INCOME (140,394.99)
--------------
OTHER INCOME -
EQUITY EARNINGS UNCNSLDTD AFFI 3,135,048.00
MISCELLANEOUS INCOME 206.00
--------------
TOTAL OTHER INCOME 3,135,254.00
--------------
INCOME BEFORE INCOME TAXES 2,994,859.01
INCOME TAXES -
CURRENT TAX EXPENSE 1,491,114.00
DEFERRED TAX EXPENSE (895,607.00)
--------------
TOTAL INCOME TAXES 595,507.00
--------------
NET INCOME $2,399,352.01
==============
CONSOLIDATED KENTUCKY MAY COAL CO.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
KENTUCKY MAY COAL COMPANY
CURRENT
MONTH
-----------------
CASH $ 83,826.58
ACCOUNTS RECEIVABLE 38,183,809.26
INCOME TAXES (PAY) REC. 471,178.00
INVENTORY 13,746,211.03
CURRENT ASSETS 3,014,610.42
-----------------
TOTAL CURRENT ASSETS 55,499,635.29
-----------------
INVESTMENTS -
INVEST IN UNCONSOL AFFILIATES (612,783.51)
PROPERTY, PLANT & EQUIPMENT -
LAND AND RIGHTS 14,266,625.47
RAIL CARS, & OTHER EQUIMPMENT 48,080,375.34
BUILDINGS 10,551,126.75
FURNITURE AND FIXTURES 573,727.09
-----------------
TOTAL PROPERTY, PLANT & EQ 73,471,854.65
ACCUMULATED DEPRECIATION
AND DEPLETION (17,270,125.47)
-----------------
NET PROPERTY & EQUIP. 56,201,729.18
-----------------
OTHER ASSETS 18,000,455.90
-----------------
TOTAL ASSETS $129,089,036.86
=================
CONSOLIDATED KENTUCKY MAY COAL CO.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
KENTUCKY MAY COAL COMPANY
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $10,878,407.00
ACCRUED INTEREST 102,409.03
ADVANCES FROM AFFILIATE 53,593,359.41
CURRENT PORTION OF L/T DEBT 167,358.97
OTHER CURRENT LIABILITIES 3,299,016.56
-----------------
TOTAL CURRENT LIABILITIES 68,040,550.97
-----------------
LONG TERM DEBT 1,321,804.35
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES 8,663,599.00
OTHER LIABILITIES 388,763.58
-----------------
TOTAL OTHER LIABILITES 9,052,362.58
-----------------
SHAREHOLDER'S EQUITY
PAID IN CAPITAL 61,446,564.30
RETAINED EARNINGS (10,772,245.34)
-----------------
TOTAL SHAREHOLDER'S EQUITY 50,674,318.96
-----------------
TOTAL LIABILIAITES
& SHAREHOLDER'S EQUITY $129,089,036.86
=================
CONSOLIDATED KENTUCKY MAY COAL CO.
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
CONSOLIDATED KENTUCKY MAY
YEAR-TO
DATE
--------------
INCOME -
OPERATING REVENUE $196,219,949.26
EQUITY EARNINGS IN
UNCONSOLIDATRD AFFILIATES (612,783.51)
MISCELLANEOUS INCOME 536,445.79
--------------
TOTAL OTHER INCOME 196,143,611.54
--------------
COST OF GOODS SOLD 182,848,435.10
GENERAL & ADMINISTRATIVE 3,199,936.06
DEPRECIATION 6,850,608.57
INTEREST 162,631.29
--------------
TOTAL OPERATING EXPENSES 193,061,611.02
--------------
INCOME BEFORE INCOME TAXES 3,082,000.52
--------------
INCOME TAXES -
CURRENT TAX EXPENSE (441,901.82)
DEFERRED TAX EXPENSE 2,277,908.00
--------------
TOTAL INCOME TAXES 1,836,006.18
--------------
NET INCOME $1,245,994.34
==============
LITTLE BLACK MOUNTAIN COAL RESERVES
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
LBM COAL RESERVES
CURRENT
MONTH
-----------------
ACCOUNTS RECEIVABLE 184,336.93
INCOME TAXES (PAY) REC. 2,848.00
INVENTORY -
CURRENT ASSETS -
-----------------
TOTAL CURRENT ASSETS 187,184.93
-----------------
INVESTMENTS -
INVESTMENT IN CONSOL AFFILIATE -
INVEST IN UNCONSOL AFFILIATES 148,991.80
-----------------
TOTAL INVESTMENTS 148,991.80
-----------------
TOTAL ASSETS $336,176.73
=================
LITTLE BLACK MOUNTAIN COAL RESERVES
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
LBM COAL RESERVES
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
NOTES PAYABLE -
ACCRUED INTEREST -
ADVANCES FROM PARENT -
CURRENT PORTION OF L/T DEBT -
OTHER CURRENT LIABILITIES 3,226.68
-----------------
TOTAL CURRENT LIABILITIES 3,226.68
-----------------
LONG TERM DEBT -
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES 6,144.00
DEFERRED ITC -
DEFERRED REVENUES -
OTHER LIABILITIES -
-----------------
TOTAL OTHER LIABILITES 6,144.00
-----------------
SHAREHOLDER'S EQUITY
COMMON STOCK 1,000.00
PAID IN CAPITAL (99,713.96)
RETAINED EARNINGS 425,520.01
-----------------
TOTAL SHAREHOLDER'S EQUITY 326,806.05
-----------------
TOTAL LIABILIAITES
& SHAREHOLDER'S EQUITY $336,176.73
=================
LITTLE BLACK MOUNTAIN COAL RESERVES
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
LBM COAL RESERVES
YEAR-TO
DATE
--------------
OPERATING EXPENSES -
PAYROLL EXPENSES 16,931.58
INTEREST EXPENSE 373.66
PROFESSIONAL FEES 19,182.87
OTHER GENERAL & ADMINISTRATIVE 565.00
--------------
TOTAL OPERATING EXPENSES 37,053.11
--------------
TOTAL OPERATING INCOME (37,053.11)
--------------
OTHER INCOME -
EQUITY EARNINGS UNCNSLDTD AFFI 422,229.10
--------------
TOTAL OTHER INCOME 422,229.10
--------------
INCOME BEFORE INCOME TAXES 385,175.99
INCOME TAXES -
CURRENT TAX EXPENSE 121,077.00
DEFERRED TAX EXPENSE 10,201.00
--------------
TOTAL INCOME TAXES 131,278.00
--------------
NET INCOME $253,897.99
==============
LITTLE BLACK MOUNTAIN LAND COMPANY
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
LITTLE BLACK MOUNTAIN LAND
CURRENT
MONTH
-----------------
CASH $ -
ACCOUNTS RECEIVABLE 564,447.62
INCOME TAXES (PAY) REC. 78,335.00
INVENTORY -
OTHER -
-----------------
TOTAL CURRENT ASSETS 477,613.03
-----------------
PROPERTY, PLANT & EQUIPMENT
LAND AND RIGHTS 27,213,403.74
ACCUMULATED DEPRECIATION
AND DEPLETION 3,604,033.55)
------------------
NET PROPERTY & EQUIP. 23,609,370.69
-----------------
TOTAL ASSETS $24,086,983.72
=================
LITTLE BLACK MOUNTAIN LAND COMPANY
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
LITTLE BLACK MOUNTAIN LAND
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ -
ADVANCES FROM PARENT 7,388,675.50
OTHER CURRENT LIABILITIES 15,900.94
-----------------
TOTAL CURRENT LIABILITIES 7,404,576.44
-----------------
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES 2,399,728.00
OTHER LIABILITIES -
-----------------
TOTAL OTHER LIABILITES 2,399,728.00
-----------------
SHAREHOLDER'S EQUITY
COMMON STOCK 1,000.00
PAID IN CAPITAL 13,638,306.69
RETAINED EARNINGS 643,372.59
-----------------
TOTAL SHAREHOLDER'S EQUITY 14,282,679.28
-----------------
TOTAL LIABILIATIES
& SHAREHOLDER'S EQUITY $24,086,983.72
=================
LITTLE BLACK MOUNTAIN LAND COMPANY
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
LITTLE BLACK MOUNTAIN LAND
YEAR-TO
DATE
--------------
OPERATING REVENUES $2,408,187.15
COST OF GOODS SOLD 265,637.99
--------------
GROSS PROFIT 2,142,549.16
--------------
OPERATING EXPENSES -
PAYROLL EXPENSES 10,240.60
INTEREST EXPENSE 532,000.00
PROFESSIONAL FEES 11,404.02
OTHER GENERAL & ADMINISTRATIVE 26,596.52
--------------
TOTAL OPERATING EXPENSES 580,241.14
--------------
TOTAL OPERATING INCOME 1,562,308.02
--------------
OTHER INCOME -
INTEREST INCOME 3,283.60
MISCELLANEOUS INCOME 64,320.38
--------------
TOTAL OTHER INCOME 67,320.98
--------------
INCOME BEFORE INCOME TAXES 1,629,629.00
INCOME TAXES -
CURRENT TAX EXPENSE 171,248.00
DEFERRED TAX EXPENSE 14,053.00
--------------
TOTAL INCOME TAXES 185,301.00
--------------
NET INCOME $1,444,328.00
==============
CONSOLIDATED MARINE EQUIPMENT MGMT CO.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
MARINE EQUIPMENT MANAGEMENT CO
CURRENT
MONTH
-----------------
ACCOUNTS RECEIVABLE 10,795,744.47
INCOME TAXES (PAY) RECEIVABLE (781,776.31)
INVENTORY 799,071.76
CURRENT ASSETS 1,159,141.47
-----------------
TOTAL CURRENT ASSETS 11,972,181.39
-----------------
PROPERTY, PLANT & EQUIPMENT 46,846,202.12
ACCUMULATED DEPRECIATION (7,767,257.25)
-----------------
NET PROPERTY & EQUIP. 39,078,944.87
-----------------
OTHER ASSETS 522,792.88
-----------------
TOTAL ASSETS $51,573,919.14
=================
CONSOLIDATED MARINE EQUIPMENT MGMT CO.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
MARINE EQUIPMENT MANAGEMENT CO
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 3,264,732.41
ADVANCES FROM PARENT 22,401,165.76
OTHER CURRENT LIABILITIES 1,426,861.75
-----------------
TOTAL CURRENT LIABILITIES 27,092,759.92
-----------------
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES 4,057,318.00
OTHER LIABILITIES 738,793.00
-----------------
TOTAL OTHER LIABILITES 4,796,111.00
-----------------
SHAREHOLDER'S EQUITY
COMMON STOCK 3,000.00
PAID IN CAPITAL 9,274,174.28
RETAINED EARNINGS 10,407,873.94
-----------------
TOTAL SHAREHOLDER'S EQUITY 19,685,048.22
-----------------
TOTAL LIABILITIES
& SHAREHOLDER'S EQUITY $51,573,919.14
=================
CONSOLIDATED MARINE EQUIPMENT MGMT CO.
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
MARINE EQUIPMENT MANAGEMENT CO
YEAR-TO
DATE
---------------
I N C O M E -
OPERATING REVENUES $61,791,073.54
OTHER INCOME 203,370.08
-----------------
61,994,443.62
-----------------
E X P E N S E S -
OPERATING 50,898,789.35
GENERAL & ADMINISTRATIVE 3,557,784.36
DEPRECIATION EXPENSES 2,471,404.26
INTEREST EXPENSE 105,295.70
-----------------
57,033,273.67
-----------------
INCOME BEFORE INCOME TAXES 4,961,169.95
-----------------
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENT TAX EXPENSE 1,124,632.58
DEFERRED TAX EXPENSE 757,233.00
-----------------
1,881,865.58
-----------------
INCOME BEFORE EXTR. ITEM 3,079,304.37
EXTRAORDINARY ITEM -
NET INCOME AFTER EXTRA. ITEM $3,079,304.37
=================
PROGRESS LAND CORPORATION
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS LAND CORPORATION
CURRENT
MONTH
-----------------
CASH $ 1,681.89
ACCOUNTS RECEIVABLE 564,447.62
INCOME TAXES (PAY) REC. (103,438.00)
INVENTORY 1,368,348.91
CURRENT ASSETS 3,108,308.96
-----------------
TOTAL CURRENT ASSETS 4,939,349.38
-----------------
PROPERTY, PLANT & EQUIPMENT
LAND AND RIGHTS 47,334,819.34
BUILDINGS 242,476.75
EQUIPMENT 180,000.00
FURNITURE AND FIXTURES 3,621.94
-----------------
TOTAL PROPERTY, PLANT & EQ 47,760,918.03
ACCUMULATED DEPRECIATION (5,611,328.55)
-----------------
NET PROPERTY & EQUIP. 42,149,589.48
-----------------
OTHER ASSETS 1,152,162.68
-----------------
TOTAL ASSETS $48,241,101.54
=================
PROGRESS LAND CORPORATION
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS LAND CORPORATION
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 3,114,823.46
NOTES PAYABLE -
ACCRUED INTEREST -
ADVANCES FROM PARENT 13,370,244.32
CURRENT PORTION OF L/T DEBT -
OTHER CURRENT LIABILITIES 14,115.84
-----------------
TOTAL CURRENT LIABILITIES 16,499,183.62
-----------------
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES 4,916,027.00
DEFERRED ITC -
DEFERRED REVENUES -
OTHER LIABILITIES 466,437.98
-----------------
TOTAL OTHER LIABILITES 5,382,464.98
-----------------
SHAREHOLDER'S EQUITY
COMMON STOCK -
PAID IN CAPITAL 25,073,856.80
RETAINED EARNINGS 1,285,596.14
-----------------
TOTAL SHAREHOLDER'S EQUITY 26,359,452.94
-----------------
TOTAL LIABILIAITES
& SHAREHOLDER'S EQUITY $48,241,101.54
=================
PROGRESS LAND CORPORATION
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS LAND CORPORATION
YEAR-TO
DATE
--------------
OPERATING REVENUES $2,685,714.36
COST OF GOODS SOLD 1,731,260.52
--------------
GROSS PROFIT 954,453.84
--------------
OPERATING EXPENSES -
PAYROLL EXPENSES 74,246.29
INTEREST EXPENSE 18,932.88
G & A DEPRECIATION 2,751.16
PROFESSIONAL FEES 52,834.70
BUILDING & OFFICE EXPENSE (333.20)
OTHER GENERAL & ADMINISTRATIVE 7,739.95
--------------
TOTAL OPERATING EXPENSES 155,871.78
--------------
TOTAL OPERATING INCOME 798,582.06
--------------
OTHER INCOME -
INTEREST INCOME 266.94
MISCELLANEOUS INCOME 23,848.18
--------------
TOTAL OTHER INCOME 24,107.12
--------------
INCOME BEFORE INCOME TAXES 822,689.18
INCOME TAXES -
CURRENT TAX EXPENSE 819,799.70
DEFERRED TAX EXPENSE (60,811.00)
--------------
TOTAL INCOME TAXES 758,988.70
--------------
NET INCOME $ 63,700.48
==============
PROGRESS MATERIALS, INC.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS MATERIALS INC
CURRENT
MONTH
-----------------
CASH $9,272.08
ACCOUNTS RECEIVABLE 1,544,851.99
INCOME TAXES (PAY) RECEIVABLE (14,910.00)
INVENTORY 85,648.72
CURRENT ASSETS 12,035.99
-----------------
TOTAL CURRENT ASSETS 1,636,898.78
-----------------
PROPERTY, PLANT & EQUIPMENT
BUILDINGS 58,022.55
EQUIPMENT 4,518,267.98
FURNITURE AND FIXTURES 519,615.58
-----------------
TOTAL PROP. PLANT & EQUIP. 5,095,906.11
ACCUMULATED DEPRECIATION (2,735,988.37)
-----------------
NET PROPERTY & EQUIP. 2,359,917.74
-----------------
OTHER ASSETS 130,379.78
-----------------
TOTAL ASSETS $4,127,196.30
=================
PROGRESS MATERIALS, INC.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS MATERIALS INC
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $269,392.82
ADVANCES FROM PARENT 566,716.93
OTHER CURRENT LIABILITIES 412,351.22
-----------------
TOTAL CURRENT LIABILITIES 1,248,460.97
-----------------
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES 298,377.00
-----------------
TOTAL OTHER LIABILITES 298,377.00
-----------------
SHAREHOLDER'S EQUITY
COMMON STOCK 100.00
PAID IN CAPITAL 2,553,386.54
RETAINED EARNINGS 26,871.79
-----------------
TOTAL SHAREHOLDER'S EQUITY 2,580,358.33
-----------------
TOTAL LIABILITIES
& SHAREHOLDER'S EQUITY $4,127,196.30
=================
PROGRESS MATERIALS, INC.
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS MATERIALS INC
YEAR-TO
DATE
---------------
I N C O M E -
OPERATING REVENUES $6,650,717.95
OTHER INCOME 1,949.41
--------------
6,652,667.36
--------------
E X P E N S E S -
COST OF GOODS SOLD 4,722,252.63
GENERAL & ADMINISTRATIVE 758,156.08
DEPRECIATION EXPENSES 332,736.67
--------------
5,813,145.38
--------------
INCOME BEFORE INCOME TAXES 839,521.98
--------------
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENT TAX EXPENSE 274,790.00
DEFERRED TAX EXPENSE 51,764.00
--------------
326,554.00
--------------
INCOME BEFORE EXTR. ITEM 512,967.98
EXTRORDINARY ITEM -
NET INCOME AFTER EXTRA. ITEM $512,967.98
==============
PROGRESS RAIL SERVICES CORP.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS RAIL SERVICES CORP
CURRENT
MONTH
-----------------
ACCOUNTS RECEIVABLE 27,977,552.99
INCOME TAXES (PAY) RECEIVABLE (839,257.50)
INVENTORY 48,403,229.28
CURRENT ASSETS 330,623.07
-----------------
TOTAL CURRENT ASSETS 75,872,147.84
-----------------
INVESTMENTS -
INVEST IN UNCONSOL AFFILIATES 59,000.00
-----------------
TOTAL INVESTMENTS 59,000.00
-----------------
PROPERTY, PLANT & EQUIPMENT
LAND AND RIGHTS 7,054,998.30
BUILDINGS 6,645,417.87
EQUIPMENT 24,233,714.55
FURNITURE AND FIXTURES 1,261,671.51
-----------------
TOTAL PROP. PLANT & EQUIP. 39,195,802.23
ACCUMULATED DEPRECIATION (7,123,581.98)
-----------------
NET PROPERTY & EQUIP. 32,072,220.25
-----------------
OTHER ASSETS 2,985,339.69
-----------------
TOTAL ASSETS $110,988,707.78
=================
PROGRESS RAIL SERVICES CORP.
BALANCE SHEET SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS RAIL SERVICES CORP
CURRENT
MONTH
-----------------
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $20,323,303.55
ADVANCES FROM PARENT 40,064,497.86
CURRENT PORTION OF L/T DEBT 101,506.34
OTHER CURRENT LIABILITIES 5,886,503.81
-----------------
TOTAL CURRENT LIABILITIES 66,375,811.56
-----------------
DEFERRED CREDITS & OTHER LIABILITIES
DEFERRED TAXES 339,314.09
-----------------
TOTAL OTHER LIABILITES 339,314.09
-----------------
SHAREHOLDER'S EQUITY
COMMON STOCK 100.00
PAID IN CAPITAL 33,211,635.82
RETAINED EARNINGS 11,061,846.31
-----------------
TOTAL SHAREHOLDER'S EQUITY 44,273,582.13
-----------------
TOTAL LIABILITIES
& SHAREHOLDER'S EQUITY $110,988,707.78
=================
PROGRESS RAIL SERVICES CORP.
INCOME STATEMENT SUMMARY
FOR THE PERIOD ENDED December 31, 1994
PROGRESS RAIL SERVICES CORP
YEAR-TO
DATE
---------------
I N C O M E -
OPERATING REVENUES $231,205,963.57
EQUIITY EARNINGS UNCON AFFIL. 1,000,000.00
OTHER INCOME 380,473.71
-----------------
232,586,437.28
-----------------
E X P E N S E S -
COST OF GOODS SOLD 216,291,350.24
GENERAL & ADMINISTRATIVE 1,079,037.99
DEPRECIATION EXPENSES 3,042,814.37
INTEREST EXPENSE 4,679.76
-----------------
220,417,882.36
-----------------
INCOME BEFORE INCOME TAXES 12,168,554.92
-----------------
PROVISION (BENEFIT) FOR
INCOME TAXES -
CURRENT TAX EXPENSE 5,423,856.83
DEFERRED TAX EXPENSE (574,078.00)
-----------------
4,849,778.83
-----------------
INCOME BEFORE EXTR. ITEM 7,318,776.09
EXTRORDINARY ITEM -
NET INCOME AFTER EXTRA. ITEM $7,318,776.09
=================
PEC FORT DRUM, INC.
Statement of Income
For the year ended December 31, 1994
(In millions)
REVENUES:
Electric utility $0.0
Diversified 0.7
-------
0.7
EXPENSES: -------
Electric utility:
Fuel used in generation 0.0
Purchased power 0.0
Deferred fuel 0.0
Other operation 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 0.3
-------
0.3
-------
INCOME FROM OPERATIONS 0.4
-------
INTEREST EXPENSE AND OTHER:
Interest expense 0.0
Allowance for funds used
during construction 0.0
Preferred dividend requirements
of Florida Power 0.0
Other expense (income), net 0.0
-------
0.0
-------
INCOME BEFORE INCOME TAXES 0.4
Income taxes 0.1
-------
NET INCOME $0.3
=======
PEC FORT DRUM, INC.
Balance Sheet
For the year ended December 31, 1994
(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
Accumulated decommissioning
for nuclear plant
Accumulated dismantlement
for fossil plants
-------
0.0
Construction work in progress
0.0
Nuclear fuel, net of amortization
-------
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 0.0
Inventories, primarily at average cost:
Fuel 0.0
Utility materials and supplies 0.0
Diversified materials 0.0
Underrecovery of fuel cost 0.0
Other 0.0
-------
0.0
-------
OTHER ASSETS:
Investments:
Leases & loans receivable, net
Marketable securities 0.0
Joint ventures and partnerships 6.8
Invest in consol affiliates 0.0
Nuclear plt decommissioning fnd 0.0
Def ins policy acquisition costs 0.0
Other 0.0
-------
6.8
-------
$6.8
=======
PEC FORT DRUM, INC.
Balance Sheet
For the year ended December 31, 1994
(In millions)
CAPITAL AND LIABILITIES
COMMON STOCK EQUITY:
Common stock $7.4
Retained earnings (0.8)
Unrealized loss on securities
available for sale 0.0
-------
6.6
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 0.0
With sinking funds 0.0
LONG-TERM DEBT 0.0
-------
TOTAL CAPITAL 6.6
-------
CURRENT LIABILITIES:
Accounts payable 0.0
Intercompany payables 0.2
Customers' deposits 0.0
Taxes payable 0.0
Accrued interest 0.0
Other 0.0
-------
0.2
Notes payable 0.0
Current portion of long-term debt 0.0
-------
0.2
-------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 0.0
Unamortized investment tax credits 0.0
Insurance policy benefit reserves
Other postretirement benefit costs 0.0
Other 0.0
-------
0.0
-------
$6.8
=======
TALQUIN DEVELOPMENT COMPANY
Statement of Income
For the year ended December 31, 1994
(In millions)
REVENUES:
Electric utility $0.0
Diversified 18.8
-------
18.8
EXPENSES: -------
Electric utility:
Fuel used in generation 0.0
Purchased power 0.0
Deferred fuel 0.0
Other operation 0.0
-------
Operation 0.0
Maintenance 0.0
Depreciation 0.0
Taxes other than income taxes 0.0
-------
0.0
-------
Diversified:
Cost of sales 17.4
Other 3.5
-------
20.9
-------
INCOME FROM OPERATIONS (2.1)
-------
INTEREST EXPENSE AND OTHER:
Interest expense 8.2
Allowance for funds used
during construction 0.0
Preferred dividend requirements
of Florida Power 0.0
Other expense (income), net 0.0
-------
8.2
-------
INCOME BEFORE INCOME TAXES (10.3)
Income taxes (3.8)
-------
NET INCOME ($6.5)
=======
TALQUIN DEVELOPMENT COMPANY
Balance Sheet For the year ended December 31, 1994
(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
Accumulated decommissioning
for nuclear plant
Accumulated dismantlement
for fossil plants
-------
0.0
Construction work in progress
0.0
Nuclear fuel, net of amortization
-------
Net electric utility plant 0.0
Other property, net of depr. 133.5
-------
133.5
-------
CURRENT ASSETS:
Cash and equivalents 0.1
Accounts receivable, net 0.4
Intercompany receivables 0.0
Current portion of leases & loans 0.0
Inventories, primarily at average cost:
Fuel 0.0
Utility materials and supplies 0.0
Diversified materials 1.5
Underrecovery of fuel cost 0.0
Other 2.7
-------
4.7
-------
OTHER ASSETS:
Investments:
Leases & loans receivable, net
Marketable securities 0.0
Joint ventures and partnerships 2.4
Invest in consol affiliates (0.2)
Nuclear plt decommissioning fnd 0.0
Def ins policy acquisition costs 0.0
Other 2.5
-------
4.7
-------
$142.9
=======
TALQUIN DEVELOPMENT COMPANY
Balance Sheet
For the year ended December 31, 1994
(In millions)
CAPITAL AND LIABILITIES
COMMON STOCK EQUITY:
Common stock $83.7
Retained earnings (54.4)
Unrealized loss on securities
available for sale 0.0
-------
29.3
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 0.0
With sinking funds 0.0
LONG-TERM DEBT 0.0
-------
TOTAL CAPITAL 29.3
-------
CURRENT LIABILITIES:
Accounts payable 0.2
Intercompany payables 103.7
Customers' deposits 0.0
Taxes payable 0.1
Accrued interest 0.3
Other 2.2
-------
106.5
Notes payable 0.0
Current portion of long-term debt 6.8
-------
113.3
-------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 0.1
Unamortized investment tax credits 0.0
Insurance policy benefit reserves 0.0
Other postretirement benefit costs 0.2
Other 0.0
-------
0.3
-------
$142.9
=======
PROGRESS LEASING CORPORATION
Statement of Income
For the year ended December 31, 1994
(In millions)
REVENUES:
Electric utility $0.0
Diversified 4.4
-------
4.4
EXPENSES: -------
Electric utility:
Fuel used in generation 0.0
Purchased power 0.0
Deferred fuel 0.0
Other operation 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 0.5
-------
0.5
-------
INCOME FROM OPERATIONS 3.9
-------
INTEREST EXPENSE AND OTHER:
Interest expense 2.7
Allowance for funds used
during construction 0.0
Preferred dividend requirements
of Florida Power 0.0
Other expense (income), net (0.2)
-------
2.5
-------
INCOME BEFORE INCOME TAXES 1.4
Income taxes (0.4)
-------
NET INCOME $1.8
=======
PROGRESS LEASING CORPORATION
Balance Sheet
For the year ended December 31, 1994
(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
Accumulated decommissioning
for nuclear plant
Accumulated dismantlement
for fossil plants
-------
0.0
Construction work in progress
0.0
Nuclear fuel, net of amortization
-------
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 10.4
Inventories, primarily at average cost:
Fuel 0.0
Utility materials and supplies 0.0
Diversified materials 0.0
Underrecovery of fuel cost 0.0
Other 0.0
-------
10.4
-------
OTHER ASSETS:
Investments:
Leases & loans receivable, net
Marketable securities 247.2
Joint ventures and partnerships 3.9
Invest in consol affiliates 0.0
Nuclear plt decommissioning fnd 0.0
Def ins policy acquisition costs 0.0
Other 0.0
-------
251.1
-------
$261.5
=======
PROGRESS LEASING CORPORATION
Balance Sheet
For the year ended December 31, 1994
(In millions)
CAPITAL AND LIABILITIES
COMMON STOCK EQUITY:
Common stock $2.3
Retained earnings 6.8
Unrealized loss on securities
available for sale 0.0
-------
9.1
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 0.0
With sinking funds 0.0
LONG-TERM DEBT 21.9
-------
TOTAL CAPITAL 31.0
-------
CURRENT LIABILITIES:
Accounts payable 0.0
Intercompany payables 1.0
Customers' deposits 0.0
Taxes payable 1.2
Accrued interest 0.0
Other 0.9
-------
3.1
Notes payable 0.0
Current portion of long-term debt 1.4
-------
4.5
-------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 226.0
Unamortized investment tax credits 0.0
Insurance policy benefit reserves 0.0
Other postretirement benefit costs 0.0
Other 0.0
-------
226.0
-------
$261.5
=======
PCC DEL, INC.
Statement of Income
For the year ended December 31, 1994
(In millions)
REVENUES:
Electric utility $0.0
Diversified 0.0
-------
0.0
EXPENSES: -------
Electric utility:
Fuel used in generation 0.0
Purchased power 0.0
Deferred fuel 0.0
Other operation 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 0.0
-------
0.0
-------
INCOME FROM OPERATIONS 0.0
-------
INTEREST EXPENSE AND OTHER:
Interest expense 0.0
Allowance for funds used
during construction 0.0
Preferred dividend requirements
of Florida Power 0.0
Other expense (income), net 0.0
-------
0.0
-------
INCOME BEFORE INCOME TAXES 0.0
Income taxes 0.0
-------
NET INCOME $0.0
=======
PCC DEL, INC.
Balance Sheet
For the year ended December 31, 1994
(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
Accumulated decommissioning
for nuclear plant
Accumulated dismantlement
for fossil plants
-------
0.0
Construction work in progress
0.0
Nuclear fuel, net of amortization
-------
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 0.7
Intercompany receivables 0.0
Current portion of leases & loans 0.0
Inventories, primarily at average cost:
Fuel 0.0
Utility materials and supplies 0.0
Diversified materials 0.0
Underrecovery of fuel cost 0.0
Other 0.0
-------
0.7
-------
OTHER ASSETS:
Investments:
Leases & loans receivable, net
Marketable securities 58.3
Joint ventures and partnerships 0.0
Invest in consol affiliates 0.0
Nuclear plt decommissioning fnd 0.0
Def ins policy acquisition costs 0.0
Other 0.0
-------
58.3
-------
$59.0
=======
PCC DEL, INC.
Balance Sheet
For the year ended December 31, 1994
(In millions)
CAPITAL AND LIABILITIES
COMMON STOCK EQUITY:
Common stock $0.0
Retained earnings 0.0
Unrealized loss on securities
available for sale 0.0
-------
0.0
CUMULATIVE PREFERRED STOCK OF FLORIDA POWER:
Without sinking funds 0.0
With sinking funds 0.0
LONG-TERM DEBT 0.0
-------
TOTAL CAPITAL 0.0
-------
CURRENT LIABILITIES:
Accounts payable 0.0
Intercompany payables 59.0
Customers' deposits 0.0
Taxes payable 0.0
Accrued interest 0.0
Other 0.0
-------
59.0
Notes payable 0.0
Current portion of long-term debt 0.0
-------
59.0
-------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 0.0
Unamortized investment tax credits 0.0
Insurance policy benefit reserves 0.0
Other postretirement benefit costs 0.0
Other 0.0
-------
0.0
-------
$59.0
=======
