SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
(Mark One)
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from...................to...............
Commission file number 1-8349
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION
3201 34th Street South
St. Petersburg, Florida 33711
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
FLORIDA PROGRESS CORPORATION
One Progress Plaza
St. Petersburg, Florida 33701
<PAGE>
REQUIRED INFORMATION
Index to the financial statements for the plan being furnished herewith:
Report of independent certified public accountant.
Audited statements of net assets available for benefits as of December 31, 1995
and 1994, prepared in accordance with the applicable provisions of Article 6A of
Regulation S-X.
Audited statements of changes in net assets available for benefits for the years
ended December 31, 1995, 1994 and 1993, prepared in accordance with the
applicable provisions of Article 6A of Regulation S-X.
Notes to financial statements.
Schedules of investments held as of December 31, 1995 and 1994.
Schedules of members' withdrawals for the years ended December 31, 1995, 1994
and 1993.
Schedule of reportable 5% transactions for the year ended December 31, 1995.
<PAGE>
Price Waterhouse LLP
Suite 2800
400 North Ashley Street
P.O. Box 2640
Tampa, FL 33601-2640
Telephone: 813 223 7577
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Investment Committee
of the Savings Plan for Employees
of Florida Progress Corporation
In our opinion, the accompanying statements of net assets available for
benefits and the related statements of changes in net assets available for
benefits present fairly, in all material respects, the net assets
available for benefits of the Savings Plan for Employees of Florida
Progress Corporation at December 31, 1995 and 1994, and the changes in net
assets available for benefits for each of the three years in the period
ended December 31, 1995, in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the
Investment Committee; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by the Plan's
management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion
expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included
in Schedules I, II and III is presented for purposes of additional
analysis and is not a required part of the basic financial statements, but
is additional information required by the Department of Labor's Rules and
Regulations for reporting and disclosure under the Employee Retirement
Income Security Act of 1974 and the Securities and Exchange Commission's
rules and regulations under the Securities Exchange Act of 1934. Such
information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
PRICE WATERHOUSE LLP
------------------------
/s/ PRICE WATERHOUSE LLP
Tampa, Florida
March 11, 1996
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
(In thousands)
1995
----------------------------------------------------------------------------
Indexed Company Stable Aggressive
Equity Stock Value ESOP Balanced Equity
Total Fund Fund Fund Fund Fund Fund
--------- --------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at quoted market -
Indexed Equity Fund - (cost -
$24,492 and $21,611 in 1995
and 1994, respectively) $ 37,390 $ 37,390 - - - - -
Company Stock Fund - (cost -
$42,842 and $40,614 in
1995 and 1994, respectively) 67,052 - $ 67,052 - - - -
Stable Value Fund - (cost -
$100,769 and $97,339 in
1995 and 1994, respectively) 100,769 - - $ 100,769 - - -
ESOP Fund - (cost - $50,069
and $52,518 in 1995 and
1994, respectively) 90,947 - - - $ 90,947 - -
Balanced Fund - (cost -
$9,360 and $6,372 in
1995 and 1994, respectively) 11,764 - - - - $ 11,764 -
Aggressive Equity Fund - (cost -
$22,649 and $15,456 in
1995 and 1994, respectively) 34,042 - - - - - $ 34,042
--------- --------- --------- --------- --------- --------- ----------
341,964 37,390 67,052 100,769 90,947 11,764 34,042
Cash -
Administrative working funds 1,783 181 597 405 4 136 460
Member and company
contributions receivable 1,154 150 291 425 - 66 222
Accrued interest receivable 528 - - 528 - - -
Interfund receivables (payables) - 845 (2,190) (103) (1,256) 791 1,913
--------- --------- --------- --------- --------- --------- ----------
Total assets 345,429 38,566 65,750 102,024 89,695 12,757 36,637
--------- --------- --------- --------- --------- --------- ----------
Net assets available for benefits $ 345,429 $ 38,566 $ 65,750 $ 102,024 $ 89,695 $ 12,757 $ 36,637
========= ========= ========= ========= ========= ========= ==========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
(In thousands)
1994
----------------------------------------------------------------------------
Indexed Company Stable Aggressive
Equity Stock Value ESOP Balanced Equity
Total Fund Fund Fund Fund Fund Fund
--------- --------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at quoted market -
Indexed Equity Fund - (cost -
$24,492 and $21,611 in 1995
and 1994, respectively) $ 25,491 $ 25,491 - - - - -
Company Stock Fund - (cost -
$42,842 and $40,614 in
1995 and 1994, respectively) 55,609 - $ 55,609 - - - -
Stable Value Fund - (cost -
$100,769 and $97,339 in
1995 and 1994, respectively) 97,339 - - $ 97,339 - - -
ESOP Fund - (cost - $50,069
and $52,518 in 1995 and
1994, respectively) 84,293 - - - $ 84,293 - -
Balanced Fund - (cost -
$9,360 and $6,372 in
1995 and 1994, respectively) 6,700 - - - - $ 6,700 -
Aggressive Equity Fund - (cost -
$22,649 and $15,456 in
1995 and 1994, respectively) 17,004 - - - - - $ 17,004
--------- --------- --------- --------- --------- --------- ----------
286,436 25,491 55,609 97,339 84,293 6,700 17,004
Cash -
Administrative working funds 2,139 237 608 832 2 117 343
Member and company
contributions receivable 1,742 203 481 707 - 85 266
Accrued interest receivable 564 - - 564 - - -
Interfund receivables (payables) - 250 (126) 853 (1,817) 51 789
--------- --------- --------- --------- --------- --------- ----------
Total assets 290,881 26,181 56,572 100,295 82,478 6,953 18,402
--------- --------- --------- --------- --------- --------- ----------
Net assets available for benefits $ 290,881 $ 26,181 $ 56,572 $ 100,295 $ 82,478 $ 6,953 $ 18,402
========= ========= ========= ========= ========= ========= ==========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(In thousands)
1995
----------------------------------------------------------------------------
Indexed Company Stable Aggressive
Equity Stock Value ESOP Balanced Equity
Total Fund Fund Fund Fund Fund Fund
--------- --------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income -
Dividends $ 9,849 $ 775 $ 3,751 - $ 5,323 - -
Interest 6,532 33 63 $ 6,423 4 $ 3 $ 6
--------- --------- --------- --------- --------- --------- ----------
Total investment income 16,381 808 3,814 6,423 5,327 3 6
--------- --------- --------- --------- --------- --------- ----------
Net investment gains (losses) -
Realized gains
on investments 6,773 - 861 - 4,950 186 776
Unrealized appreciation
(depr.) of investments 39,257 9,018 9,215 - 9,103 2,076 9,845
--------- --------- --------- --------- --------- --------- ----------
Total net investment gains
(losses) 46,030 9,018 10,076 - 14,053 2,262 10,621
--------- --------- --------- --------- --------- --------- ----------
Contributions -
Members 26,772 3,207 7,163 10,059 - 1,514 4,829
Company, net of forfeitures 7,663 927 2,029 3,002 - 408 1,297
Participant directed transfers - 2,050 (4,745) 1,458 (5,397) 2,549 4,085
--------- --------- --------- --------- --------- --------- ----------
Total contributions 34,435 6,184 4,447 14,519 (5,397) 4,471 10,211
--------- --------- --------- --------- --------- --------- ----------
Withdrawals and Expenses -
Members' withdrawals (42,228) (3,625) (9,159) (19,213) (6,696) (932) (2,603)
Administrative expenses (70) - - - (70) - -
--------- --------- --------- --------- --------- --------- ----------
Total withdrawals and
expenses (Schedule II) (42,298) (3,625) (9,159) (19,213) (6,766) (932) (2,603)
--------- --------- --------- --------- --------- --------- ----------
Net change during the year 54,548 12,385 9,178 1,729 7,217 5,804 18,235
Net assets available
for benefits -
Beginning of year 290,881 26,181 56,572 100,295 82,478 6,953 18,402
--------- --------- --------- --------- --------- --------- ----------
End of year $ 345,429 $ 38,566 $ 65,750 $ 102,024 $ 89,695 $ 12,757 $ 36,637
========= ========= ========= ========= ========= ========= ==========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(In thousands)
1994
----------------------------------------------------------------------------
Indexed Company Stable Aggressive
Equity Stock Value ESOP Balanced Equity
Total Fund Fund Fund Fund Fund Fund
--------- --------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income -
Dividends $ 10,167 $ 721 $ 3,626 - $ 5,820 - -
Interest 6,546 28 44 $ 6,462 4 $ 3 $ 5
--------- --------- --------- --------- --------- --------- ----------
Total investment income 16,713 749 3,670 6,462 5,824 3 5
--------- --------- --------- --------- --------- --------- ----------
Net investment gains (losses) -
Realized gains
on investments 8,136 258 1,058 - 6,638 40 142
Unrealized appreciation
(depr.) of investments (26,461) (650) (7,830) - (18,357) (9) 385
--------- --------- --------- --------- --------- --------- ----------
Total net investment gains
(losses) (18,325) (392) (6,772) - (11,719) 31 527
--------- --------- --------- --------- --------- --------- ----------
Contributions -
Members 27,423 3,231 8,094 10,369 - 1,454 4,275
Company, net of forfeitures 8,708 998 2,546 3,436 - 432 1,296
Participant directed transfers - 725 (4,643) 5,322 (5,161) 803 2,954
--------- --------- --------- --------- --------- --------- ----------
Total contributions 36,131 4,954 5,997 19,127 (5,161) 2,689 8,525
--------- --------- --------- --------- --------- --------- ----------
Withdrawals and Expenses -
Members' withdrawals (53,039) (5,207) (9,894) (21,406) (13,085) (997) (2,450)
Administrative expenses (63) - - - (63) - -
--------- --------- --------- --------- --------- --------- ----------
Total withdrawals and
expenses (Schedule II) (53,102) (5,207) (9,894) (21,406) (13,148) (997) (2,450)
--------- --------- --------- --------- --------- --------- ----------
Net change during the year (18,583) 104 (6,999) 4,183 (24,204) 1,726 6,607
Net assets available
for benefits -
Beginning of year 309,464 26,077 63,571 96,112 106,682 5,227 11,795
--------- --------- --------- --------- --------- --------- ----------
End of year $ 290,881 $ 26,181 $ 56,572 $ 100,295 $ 82,478 $ 6,953 $ 18,402
========= ========= ========= ========= ========= ========= ==========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(In thousands)
1993
----------------------------------------------------------------------------
Indexed Company Stable Aggressive
Equity Stock Value ESOP Balanced Equity
Total Fund Fund Fund Fund Fund Fund
--------- --------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income -
Dividends $ 10,433 $ 657 $ 3,503 - $ 6,273 - -
Interest 6,916 14 46 $ 6,848 2 $ 2 $ 4
--------- --------- --------- --------- --------- --------- ----------
Total investment income 17,349 671 3,549 6,848 6,275 2 4
--------- --------- --------- --------- --------- --------- ----------
Net investment gains (losses) -
Realized gains
on investments 6,625 65 465 - 5,798 11 286
Unrealized appreciation
(depr.) of investments 1,611 1,562 1,220 - (2,461) 299 991
--------- --------- --------- --------- --------- --------- ----------
Total net investment gains
(losses) 8,236 1,627 1,685 - 3,337 310 1,277
--------- --------- --------- --------- --------- --------- ----------
Contributions -
Members 26,887 3,230 9,280 10,841 - 1,052 2,484
Company, net of forfeitures 8,568 998 2,909 3,589 - 329 743
Participant directed transfers - (474) (3,371) 1,485 (3,665) 1,975 4,050
--------- --------- --------- --------- --------- --------- ----------
Total contributions 35,455 3,754 8,818 15,915 (3,665) 3,356 7,277
--------- --------- --------- --------- --------- --------- ----------
Withdrawals and Expenses -
Members' withdrawals (34,465) (2,493) (9,520) (13,042) (8,825) (175) (410)
Administrative expenses (63) - - - (63) - -
--------- --------- --------- --------- --------- --------- ----------
Total withdrawals and
expenses (Schedule II) (34,528) (2,493) (9,520) (13,042) (8,888) (175) (410)
--------- --------- --------- --------- --------- --------- ----------
Net change during the year 26,512 3,559 4,532 9,721 (2,941) 3,493 8,148
Net assets available
for benefits -
Beginning of year 282,952 22,518 59,039 86,391 109,623 1,734 3,647
--------- --------- --------- --------- --------- --------- ----------
End of year $ 309,464 $ 26,077 $ 63,571 $ 96,112 $ 106,682 $ 5,227 $ 11,795
========= ========= ========= ========= ========= ========= ==========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Dollar amounts in thousands)
(1) DESCRIPTION OF PLAN AND SUMMARY OF ACCOUNTING POLICIES:
The following description of the Savings Plan for Employees of Florida
Progress Corporation (Plan or Savings Plan) provides only general
information. Participants should refer to the Savings Plan Summary Plan
Description/Prospectus, as amended, which is part of the "You & Your
Company: A Strategic Partnership" employee handbook for a more complete
description of the Plan's provisions.
The Plan is a defined contribution plan subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan was
qualified under Section 401(a) of the Internal Revenue Code on December
28, 1988. An employee of the Participating Companies (as defined below)
is eligible to participate in the Plan if he or she has completed at
least six months of employment or worked at least 1,000 hours in a
twelve-month period. Participation in the Plan is voluntary. The
following companies participated in the Plan during the year ended
December 31, 1995:
Florida Progress Corporation
Florida Power Corporation
Electric Fuels Corporation
Talquin Development Company
Progress Energy Corporation
Advanced Separation Technologies Incorporated
Contributions
-------------
With the exception of the ESOP Fund, which is frozen as to contributions,
eligible employees may elect to contribute up to 16% of their monthly
base pay and may designate these contributions as either Regular Savings
after-tax and/or 401(k) pretax dollars. Each participating company
contributes each month an amount equal to 65% of the employees'
contributions, up to 6% of base pay. Individual corporations, achieving
certain predetermined goals and participating in the special company
contribution portion of the Savings Plan, may make an additional
contribution of 5% for each of two goals achieved, up to a maximum of
10%, of eligible employee contributions to Regular Savings or 401(k). All
corporations participating in the special company contribution portion of
the Savings Plan achieved a portion of their individual Savings Plan
goals in 1995, 1994, and 1993, resulting in additional special
contributions of $572, $1,162, and $629 for each year, respectively.
<PAGE>
Participant Accounts
--------------------
A separate account is maintained for each investment option of a
participant by type of contribution. Plan earnings are allocated and
credited to the account monthly, based on the adjusted balance of each
participant's account. Forfeitures of non-vested employer contributions
by terminated participants may be used to reduce employer matching
contributions. The Plan permits terminated or retired employees with
vested Plan balances greater than $3,500 to continue to maintain active
investment accounts. Although no further employee contributions are
allowed, terminated or retired employees may continue to transfer amounts
among the investment options, with the exception of the Employee Stock
Ownership Plan (ESOP) Fund, which is frozen and only permits outgoing
transfers. The amounts of deferred vested benefits payable to these
terminated or retired participants as of December 31, 1995, 1994 and 1993
were $53,644, $46,281 and $25,625, respectively.
Vesting
-------
Participants are immediately vested in their Regular and 401(k)
contributions and earnings thereon. The percentage of vesting in the
employer contributions and earnings thereon is based on a schedule of
Years of Continuous Service as follows:
Years of Continuous Service Vested Percentage
--------------------------- -----------------
Less than 2 0%
2 but less than 3 25%
3 but less than 4 50%
4 but less than 5 75%
5 or more 100%
A year of Continuous Service is earned when a participant works at least
1,000 hours in a calendar year. A participant will also become fully
vested in the employer contributions and earnings thereon upon death,
disability, attainment of normal retirement, or termination of the Plan.
Loans to Participants
---------------------
All actively employed Savings Plan participants with available account
balances may apply for a loan from their own Plan account. No loan shall
exceed the lesser of $50,000 or one-half of the participant's vested
Savings Plan account balance. The amount of each individual loan will be
collateralized with an equivalent portion of the participant's Savings
Plan account balance. This amount will be withdrawn from the
participant's account and placed in a separate Loan Account. A
participant is permitted a maximum of four outstanding loans at any one
time. Each loan shall bear interest at a reasonable rate, as determined
by the Investment Committee for the Savings Plan for Employees' Trust of
Florida Progress Corporation ("Investment Committee"). Effective October
1991, the loan interest rate is determined on a quarterly basis, using
the Florida Savings Certificate of Deposit rate as published in the Wall
Street Journal, as its primary factor. Interest charged on employee loans
is credited to the individual participant accounts.
<PAGE>
A participant can choose repayment terms on a new loan ranging from 6 to
48 months. Repayments are made via payroll deduction for active employees
and by direct payment to the Savings Plan for inactive participants.
Additionally, participants can elect to prepay all or a portion of their
outstanding loan balance at any time during the term of the loan.
Repayments are returned to each participant account (reducing the
outstanding loan account balance). Loan repayment activity is shown on
the Statements of Changes in Net Assets Available For Benefits as part of
Member Contributions. Loan repayments were $10,209, $9,831, and $8,522
for the years ended December 31, 1995, 1994, and 1993, respectively. New
loan activity is also included on the Statements of Changes in Net Assets
Available For Benefits as part of Member Withdrawals. Loan withdrawals
were $10,698, $9,991 and $11,134 for the years ended December 31, 1995,
1994 and 1993, respectively.
The number and total value of outstanding loans at December 31, 1995,
1994 and 1993, are as follows:
Number of
Plan Year Loans Outstanding Outstanding Loan Balance
--------- ----------------- ------------------------
1995 5,201 $18,125
1994 5,197 $17,329
1993 5,231 $17,608
Basis of Accounting
-------------------
The accounts of the Plan are maintained on the accrual basis.
Reclassifications
-----------------
Certain amounts in the prior year financial statements have been
reclassified to conform to the current year manner of presentation. These
amounts do not have a material impact on the financial statements taken
as a whole.
(2) INVESTMENTS:
Investment Options
------------------
The Plan currently offers five investment options as follows:
Indexed Equity Fund
Company Stock Fund
Stable Value Fund
Balanced Fund
Aggressive Equity Fund
The Plan also contains a frozen ESOP arrangement as a result of the
merger of the Employee Stock Ownership Plan (ESOP) with the Savings Plan.
The ESOP Fund is the fund into which all participants' accounts in the
former ESOP were individually
<PAGE>
transferred. All former ESOP members became members of the Savings Plan,
and the features and characteristics of the former ESOP continue to
apply to the ESOP Fund accounts in the Savings Plan.
Currently, the valuation of each fund, with the exception of the Stable
Value Fund, is determined at the end of each month based on published
prices. The valuation of the Stable Value Fund is determined at the end
of each month based on invested principal and accumulated interest paid
at contracted rates. Each employee's account reflects the account value
as of the most recent valuation. All participant accounts are maintained
in dollars except for the ESOP Fund, which is maintained in shares.
The Stable Value Fund includes two structured investment contracts. These
contracts are arrangements whereby a specified rate of return is
guaranteed by an insurance company for a specified period (currently six
months). If the return on the underlying investments is different from
the guaranteed rate of return during the guarantee period, that
difference is factored into the guaranteed rate of return for the
subsequent period. The underlying investments include U.S. Treasury
obligations and collateralized mortgage obligations. The Stable Value
Fund also contains other insurance contracts, which provide for a fixed
rate of return over the term of those contracts.
Purchases and sales of investments are recorded on the trade date with
gains and losses determined by using an average cost basis for
investments. Unrealized appreciation or depreciation is recorded based on
the market value of investments on the valuation date. When Florida
Progress Corporation common stock is distributed from the Company Stock
Fund and the ESOP Fund to participants in settlement of their accounts,
these funds recognize gains or losses equal to the difference between
average cost and the quoted market value of the shares distributed.
The number of employees participating in the Plan and in each investment
fund of the Plan at December 31, 1995, 1994 and 1993 is as follows:
1995 1994 1993
----- ----- -----
Plan 5,346 5,612 6,114
Each Investment Fund:
Indexed Equity 2,266 2,280 2,373
Company Stock 3,506 3,729 4,153
Stable Value 3,938 4,221 4,538
ESOP 3,416 3,824 4,319
Balanced 1,011 946 770
Aggressive Equity 1,882 1,715 1,280
<PAGE>
Unrealized Appreciation (Depreciation) of Investments
-----------------------------------------------------
The changes in unrealized appreciation (depreciation) of investments
during the years ended December 31, 1995, 1994, and 1993 were as follows
(see Note 4):
<TABLE>
<CAPTION>
Indexed Company Aggressive
Total Equity Stock ESOP Balanced Equity
------- ------- ------- ------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balance, 12/31/92 $77,376 $ 2,968 $21,605 $52,593 $ 38 $ 172
Change - 1993 1,611 1,562 1,220 (2,461) 299 991
------- ------- ------- ------- -------- ----------
Balance, 12/31/93 78,987 4,530 22,825 50,132 337 1,163
Change - 1994 (26,461) (650) (7,830) (18,357) (9) 385
------- ------- ------- ------- -------- ----------
Balance, 12/31/94 52,526 3,880 14,995 31,775 328 1,548
Change - 1995 39,257 9,018 9,215 9,103 2,076 9,845
------- ------- ------- ------- -------- ----------
Balance, 12/31/95 $91,783 $12,898 $24,210 $40,878 $ 2,404 $ 11,393
======= ======= ======= ======= ======== ==========
</TABLE>
Realized Gains on Investments Sold or Distributed
-------------------------------------------------
The following is a summary of the realized gains on investments sold or
distributed during the years ended December 31, 1995, 1994, and 1993 (see
Note 4):
1995 Cost Proceeds Gains
---- -------- -------- -------
Indexed Equity $ 7,304 $ 7,304 $ -
Company Stock 1,945 2,806 861
ESOP 7,611 12,561 4,950
Balanced 1,104 1,290 186
Aggressive Equity 2,715 3,491 776
-------- -------- -------
$ 20,679 $ 27,452 $ 6,773
======== ======== =======
1994
----
Indexed Equity $ 1,242 $ 1,500 $ 258
Company Stock 3,217 4,275 1,058
ESOP 10,866 17,504 6,638
Balanced 724 764 40
Aggressive Equity 1,408 1,550 142
-------- -------- -------
$ 17,457 $ 25,593 $ 8,136
======== ======== =======
1993
----
Indexed Equity $ 313 $ 378 $ 65
Company Stock 692 1,157 465
ESOP 6,108 11,906 5,798
Balanced 162 173 11
Aggressive Equity 4,026 4,312 286
-------- -------- -------
$ 11,301 $ 17,926 $ 6,625
======== ======== =======
<PAGE>
(3) EXPENSES OF THE PLAN:
The Company pays all expenses for outside services necessary for the
administration of the Plan, except for the ESOP Fund. The ESOP Fund pays
its own expenses for outside services necessary for the administration of
the fund. Fees for participant loans are borne by the loan recipients.
(4) RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500:
The realized gains and unrealized appreciation (depreciation) of the Plan
assets reported in the financial statements are $6,773 and $39,257,
$8,136 and $(26,461) and $6,625 and $1,611 for 1995, 1994 and 1993,
respectively. The calculation of these amounts is based on the historical
cost of the assets. However, when the Plan files its tax return, these
amounts are required to be calculated based on the fair market value of
Plan assets as of the previous year-end. Using this calculation method,
the amount of realized gains (losses) and unrealized appreciation
(depreciation) is $692 and $23,447, $(3,307) and $(15,184), and $489 and
$4,533 for 1995, 1994 and 1993, respectively. The tax returns for 1995,
1994 and 1993 also include a net gain in other categories totalling
$21,891, $166, and $3,215 for each year, respectively.
Department of Labor regulations also require the disclosure of Benefits
Payable as a separate line item when the Plan reports the value of assets
and liabilities on its tax return. The amount of Benefits Payable
reported on the tax return as of December 31, 1995 and 1994 is $2,728 and
$2,925, respectively.
(5) FEDERAL INCOME TAXES:
The Plan is a qualified employees' trust under Section 401(a) of the
Internal Revenue Code (Code), and the ESOP Fund is considered a tax
credit employee stock ownership plan within the meaning of Section 409 of
the Code. As such, the Plan is exempt from federal income taxes under
Section 501(a). No taxes are imposed on income, pretax contributions, tax
deductible contributions or Company contributions made to the Plan,
pursuant to the provisions of Section 402(a) of the Code, until such time
as the employees or the employees' beneficiaries receive distributions
from the Plan.
<PAGE>
<TABLE>
<CAPTION>
Schedule I
Page 1 of 2
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
SCHEDULES OF INVESTMENTS HELD
DECEMBER 31, 1995 AND 1994
(Dollar and share amounts in thousands)
1995 1994
---------------------------------- ----------------------------------
Number of Number of
Shares or Shares or
Principal Market Principal Market
Name of Issuer and Title of Issue Amount Cost Value Amount Cost Value
- --------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INDEXED EQUITY FUND
- -------------------
Commingled Funds -
Wells Fargo Index Fund 257 $23,970 $36,868 240 $21,195 $25,075
Temporary Cash Investments -
Chase Bank -
Domestic Liquidity Fund $522 522 522 $416 416 416
---------- ---------- ---------- ----------
$24,492 $37,390 $21,611 $25,491
========== ========== ========== ==========
COMPANY STOCK FUND
- ------------------
Common Stock of Florida
Progress Corporation 1,879 $42,270 $66,480 1,849 $40,465 $55,460
Temporary Cash Investments -
Barnett Bank -
Repurchase Agreement Account $572 572 572 $149 149 149
---------- ---------- ---------- ----------
$42,842 $67,052 $40,614 $55,609
========== ========== ========== ==========
STABLE VALUE FUND
- -----------------
Benefit Accumulation Contract -
Aetna Life Insurance Co. - - - $7,556 $7,556 $7,556
Guaranteed Interest Contracts -
Prudential $ 9,935 $ 9,935 $ 9,935 $18,127 18,127 18,127
Structured Investment Contracts -
Peoples Security $45,417 45,417 45,417 $35,828 35,828 35,828
Commonwealth Life $45,417 45,417 45,417 $35,828 35,828 35,828
---------- ---------- ---------- ----------
$100,769 $100,769 $97,339 $97,339
========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule I
Page 2 of 2
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
SCHEDULES OF INVESTMENTS HELD
DECEMBER 31, 1995 AND 1994
(Dollar and share amounts in thousands)
1995 1994
---------------------------------- ----------------------------------
Number of Number of
Shares or Shares or
Principal Market Principal Market
Name of Issuer and Title of Issue Amount Cost Value Amount Cost Value
- --------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ESOP FUND
- ---------
Common Stock of Florida
Progress Corporation 2,569 $50,014 $90,892 2,807 $52,436 $84,211
Temporary Cash Investments -
Barnett Bank -
Repurchase Agreement Account $55 55 55 $82 82 82
---------- ---------- ---------- ----------
$50,069 $90,947 $52,518 $84,293
========== ========== ========== ==========
BALANCED FUND
- -------------
Fidelity Select Equity Collective 407 $5,286 $7,189 327 $3,833 $4,158
Fidelity Broad Market Duration 337 4,074 4,575 220 2,539 2,542
---------- ---------- ---------- ----------
$9,360 $11,764 $6,372 $6,700
========== ========== ========== ==========
AGGRESSIVE EQUITY FUND
- ----------------------
Fidelity Aggressive Equity 158 $22,649 $34,042 121 $15,456 $17,004
========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule II
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
SCHEDULES OF MEMBERS' WITHDRAWALS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(In thousands)
Indexed Company Stable ESOP Balanced Aggressive
Total Equity Fund Stock Fund Value Fund Fund Fund Equity Fund
--------- ----------- ---------- ---------- ---------- ---------- -----------
1995
- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Value of Members' Accounts
Withdrawn -
Members' contributions $ 17,377 $ 1,588 $ 3,748 $ 10,631 - $ 436 $ 974
Company contributions 7,576 773 2,106 4,182 - 111 404
Loan withdrawals 10,698 1,275 3,337 4,433 - 397 1,256
ESOP withdrawals 6,766 - - - $ 6,766 - -
--------- ----------- ---------- ---------- ---------- ---------- -----------
42,417 3,636 9,191 19,246 6,766 944 2,634
Less: forfeitures applied against
Company contributions 119 11 32 33 - 12 31
--------- ----------- ---------- ---------- ---------- ---------- -----------
Total members' withdrawals $ 42,298 $ 3,625 $ 9,159 $ 19,213 $ 6,766 $ 932 $ 2,603
========= =========== ========== ========== ========== ========== ===========
1994
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 20,276 $ 2,673 $ 4,200 $ 11,727 - $ 577 $ 1,099
Company contributions 9,832 1,376 2,438 5,352 - 204 462
Loan withdrawals 9,991 1,173 3,303 4,380 - 227 908
ESOP withdrawals 13,148 - - - $ 13,148 - -
--------- ----------- ---------- ---------- ---------- ---------- -----------
53,247 5,222 9,941 21,459 13,148 1,008 2,469
Less: forfeitures applied against
Company contributions 145 15 47 53 - 11 19
--------- ----------- ---------- ---------- ---------- ---------- -----------
Total members' withdrawals $ 53,102 $ 5,207 $ 9,894 $ 21,406 $ 13,148 $ 997 $ 2,450
========= =========== ========== ========== ========== ========== ===========
1993
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 9,710 $ 832 $ 3,354 $ 5,458 - $ 24 $ 42
Company contributions 4,845 444 1,895 2,482 - 7 17
Loan withdrawals 11,134 1,226 4,290 5,118 - 146 354
ESOP withdrawals 8,888 - - - $ 8,888 - -
--------- ----------- ---------- ---------- ---------- ---------- -----------
34,577 2,502 9,539 13,058 8,888 177 413
Less: forfeitures applied against
Company contributions 49 9 19 16 - 2 3
--------- ----------- ---------- ---------- ---------- ---------- -----------
Total members' withdrawals $ 34,528 $ 2,493 $ 9,520 $ 13,042 $ 8,888 $ 175 $ 410
========= =========== ========== ========== ========== ========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule III
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
SCHEDULE OF REPORTABLE 5% TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
(In thousands)
Current Value of
Identity of Party Description Purchase Selling Expenses Incurred Cost of Asset on Transaction Net Gain
Involved of Asset Price Price With Transactions Asset Date or (Loss)
- ----------------- ------------------- -------- -------- ----------------- -------- -------------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Florida Progress Common Stock - $ 15,366 $0.00 $ 9,556 - $ 5,810
Corporation
Chase Bank Chase Bank Domestic $ 17,183 $0.00 $ 17,183 - $ 0
Liquidity Fund
Chase Bank Chase Bank Domestic - $ 17,183 $0.00 $ 17,183 - $ 0
Liquidity Fund
Chase Bank Chase Bank Domestic $ 21,949 $0.00 $ 21,949 - $ 0
Liquidity Fund
Chase Bank Chase Bank Domestic - $ 21,842 $0.00 $ 21,842 - $ 0
Liquidity Fund
Commonwealth Life Contract #ADA00160TR $ 17,880 $0.00 $ 17,880 - $ 0
Insurance Co.
Peoples Security Contract #BDA00183TR $ 17,880 $0.00 $ 17,880 - $ 0
Life Insurance Co.
</TABLE>
<PAGE>
EXHIBITS
23 Consent of Price Waterhouse LLP, independent certified public accountants.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Savings Plan for Employees of
Florida Progress Corporation) have duly caused this annual report to be signed
on its behalf by the undersigned hereunto duly authorized.
SAVINGS PLAN FOR EMPLOYEES OF
FLORIDA PROGRESS CORPORATION
Date: March 27, 1996 By: /s/ Patricia K. Blizzard
----------------------------------
Patricia K. Blizzard
Plan Administrator and Secretary
and Member of the Investment
Committee for the Savings Plan
for Employees Trust of Florida
Progress Corporation
( By: /s/ Jeffrey R. Heinicka
( ----------------------------------
( Jeffrey R. Heinicka
(
(
Members of the Investment Committee ( By: /s/ James A. McClure, III
for the Savings Plan for Employees ( ----------------------------------
Trust of Florida Progress Corporation ( James A. McClure, III
(
( By: /s/ Kenneth E. McDonald
( ----------------------------------
( Kenneth E. McDonald
(
(
( By: /s/ John Scardino Jr.
( ----------------------------------
( John Scardino, Jr.
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
------- -----------
23 Consent of Price Waterhouse LLP, independent
certified public accountants.
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-53939) of Florida Progress Corporation of our
report dated March 11, 1996 relating to the financial statements of the Savings
Plan for Employees of Florida Progress Corporation which appears in the Form 11-
K of Florida Progress Corporation dated March 27, 1996.
PRICE WATERHOUSE LLP
/s/ PRICE WATERHOUSE LLP
- -------------------------
Tampa, Florida
March 27, 1996
