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 (NO FEE REQUIRED)
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from.........to........
Commission file number 1-8349
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION
3201 34th Street South
St. Petersburg, Florida 33711
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
FLORIDA PROGRESS CORPORATION
One Progress Plaza
St. Petersburg, Florida 33701
<PAGE>
REQUIRED INFORMATION
The following financial statements for the plan are being furnished herewith:
Report of independent certified public accountant.
Audited statements of net assets available for benefits as of December 31, 1996
and 1995, 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, 1996, 1995 and 1994, prepared in accordance with the
applicable provisions of Article 6A of Regulation S-X.
Notes to financial statements.
Schedules of Assets held for investment purposes as of December 31, 1996 and
1995.
Schedules of members' withdrawals for the years ended December 31, 1996, 1995
and 1994.
Schedule of reportable 5% transactions for the year ended December 31, 1996.
<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, 1996 and 1995, and the changes in net assets available for benefits for each
of the three years in the period ended December 31, 1996, 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
May 15, 1997
<PAGE>
<TABLE>
<CAPTION>
Savings Plan for Employees of Page 1 of 4
Florida Progress Corporation
Statements of Net Assets Available for Benefits
December 31, 1996 and 1995
(in thousands)
- -------------------------------------------------------------------------------------------------------------------------
1996
----------------------------------------------------------------------------------------------
Indexed Company Stable Aggressive Indexed
Equity Stock Value Equity Bond
Total Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at quoted market -
Indexed Equity Fund - (cost -
$50,600 and $24,492 in 1996
and 1995, respectively) $ 52,513 $ 52,513 $ - $ - $ - $ -
Company Stock Fund - (cost -
$86,997 and $92,911 in 1996
and 1995, respectively) 133,047 - 133,047 - - -
Stable Value Fund - (cost -
$98,398 and $100,769 in 1996
and 1995, respectively) 98,398 - - 98,398 - -
Aggressive Equity Fund - (cost -
$51,208 and $22,649 in 1996
and 1995, respectively) 49,997 - - - 49,997 -
Indexed Bond Fund - (cost - $250 and
$0 in 1996 and 1995, respectively) 250 - - - - 250
International Growth Fund - (cost -
$630 and $0 in 1996 and 1995,
respectively) 625 - - - - -
Balanced-Conservative Fund - (cost -
$1,069 and $0 in 1996 and 1995,
respectively) 1,051 - - - - -
Balanced-Moderate Fund - (cost -
$17,570 and $9,360 in 1996 and 1995,
respectively) 17,415 - - - - -
Balanced-Growth Fund - (cost - $2,288
and $0 in 1996 and 1995, respectively) 2,243 - - - - -
Echelon Stock Fund - (cost - $2,339 and
$0 in 1996 and 1995, respectively) 4,246 - - - - -
Loan Fund - (cost - $18,497 and
$18,125 in 1996 and 1995,
respectively) 18,497 - - - - -
--------- --------- --------- --------- --------- ---------
378,282 52,513 133,047 98,398 49,997 250
Cash -
Administrative working funds 115 - 115 - - -
Member and company
contributions receivable 1,090 211 179 279 284 4
Accrued interest receivable - - - - - -
Interfund receivables (payables) - - - - - -
---------- --------- --------- --------- --------- ----------
Total assets 379,487 52,724 133,341 98,677 50,281 254
---------- --------- --------- --------- --------- ----------
Net assets available for benefits $ 379,487 $ 52,724 $ 133,341 $98,677 $ 50,281 $ 254
========== ========= ========= ========= ========== =========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE> <PAGE>
<TABLE>
<CAPTION>
Savings Plan for Employees of Page 2 of 4
Florida Progress Corporation
Statements of Net Assets Available for Benefits
December 31, 1996 and 1995
(in thousands)
- ----------------------------------------------------------------------------------------------------------------------------
1996
----------------------------------------------------------------------------------------------
International Balanced Balanced Balanced Echelon
Growth Conservative Moderate Growth Stock Loan
Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at quoted market-
Indexed Equity Fund - (cost -
$50,600 and $24,492 in 1996
and 1995, respectively) $ - $ - $ - $ - $ - $ -
Company Stock Fund - (cost -
$86,997 and $92,911 in 1996
and 1995, respectively) - - - - - -
Stable Value Fund - (cost -
$98,398 and $100,769 in 1996
and 1995, respectively) - - - - - -
Aggressive Equity Fund - (cost -
$51,208 and $22,649 in 1996
and 1995, respectively) - - - - - -
Indexed Bond Fund - (cost - $250 and
$0 in 1996 and 1995, respectively) - - - - - -
International Growth Fund - (cost -
$630 and $0 in 1996 and 1995,
respectively) 625 - - - - -
Balanced-Conservative
Fund - (cost - $1,069 and $0 in
1996 and 1995, respectively) - 1,051 - - - -
Balanced-Moderate Fund -
(cost - $17,570 and $9,360 in
1996 and 1995, respectively) - - 17,415 - - -
Balanced-Growth Fund - (cost -
$2,288 and $0 in 1996 and
1995, respectively) - - - 2,243 - -
Echelon Stock Fund - (cost - $2,339
and $0 in 1996 and 1995, respectively) - - - - 4,246 -
Loan Fund - (cost - $18,497 and
$18,125 in 1996 and 1995,
respectively) - - - - - 18,497
--------- --------- --------- --------- --------- ---------
625 1,051 17,415 2,243 4,246 18,497
Cash -
Administrative working funds - - - - - -
Member and company
contributions receivable 16 7 73 37 - -
Accrued interest receivable - - - - - -
Interfund receivables (payables) - - - - - -
--------- --------- --------- --------- --------- ---------
Total assets 641 1,058 17,488 2,280 4,246 18,497
--------- --------- --------- --------- --------- ---------
Net assets available for benefits $ 641 $ 1,058 $ 17,488 $2,280 $ 4,246 $ 18,497
========= ========= ======== ========= ========= =========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Savings Plan for Employees of Page 3 of 4
Florida Progress Corporation
Statements of Net Assets Available for Benefits
December 31, 1996 and 1995
(in thousands)
- -----------------------------------------------------------------------------------------------------------------------------
1995
-----------------------------------------------------
Indexed Company Stable
Equity Stock Value
Total Fund Fund Fund
<S> <C> <C> <C> <C>
Assets
Investments, at quoted market -
Indexed Equity Fund - (cost -
$50,600 and $24,492 in 1996
and 1995, respectively) $ 37,390 $ 37,390 $ - $ -
Company Stock Fund - (cost - $86,997
and $92,911 in 1996 and 1995,
respectively) 157,999 - 157,999 -
Stable Value Fund - (cost - $98,398
and $100,769 in 1996 and 1995,
respectively) 100,769 - - 100,769
Aggressive Equity Fund -
(cost - $51,208 and $22,649 in 1996
and 1995, respectively) 34,042 - - -
Indexed Bond Fund - (cost - $250 and $0
in 1996 and 1995, respectively) - - - -
International Growth Fund - (cost - $630
and $0 in 1996 and 1995, respectively) - - - -
Balanced-Conservative Fund - (cost - $1,069
and $0 in 1996 and 1995, respectively) - - - -
Balanced-Moderate Fund - (cost - $17,570
and $9,360 in 1996 and 1995, respectively) 11,764 - - -
Balanced-Growth Fund - (cost - $2,288 and
$0 in 1996 and 1995, respectively) - - - -
Echelon Stock Fund - (cost - $2,339 and
$0 in 1996 and 1995, respectively) - - - -
Loan Fund - (cost - $18,497 and $18,125
in 1996 and 1995, respectively) 18,125 - - -
--------- --------- --------- --------
360,089 37,390 157,999 100,769
Cash -
Administrative working funds 1,783 181 601 405
Member and company contributions receivable 1,154 150 291 425
Accrued interest receivable 528 - - 528
Interfund receivables (payables) - 845 (3,446) (103)
--------- --------- --------- --------
Total assets 363,554 38,566 155,445 102,024
--------- --------- --------- --------
Net assets available for benefits $ 363,554 $ 38,566 $ 155,445 $102,024
========= ========= ========= ========
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Savings Plan for Employees of Page 4 of 4
Florida Progress Corporation
Statements of Net Assets Available for Benefits
December 31, 1996 and 1995
(in thousands)
- ----------------------------------------------------------------------------------------------------------------------------
1995
-------------------------------------------------
Balanced Aggressive
Moderate Equity Loan
Fund Fund Fund
<S> <C> <C> <C>
Assets
Investments, at quoted market -
Indexed Equity Fund - (cost - $50,600 and
$24,492 in 1996 and 1995, respectively) $ - $ - $ -
Company Stock Fund - (cost - $86,997 and
$92,911 in 1996 and 1995, respectively) - - -
Stable Value Fund - (cost - $98,398 and
$100,769 in 1996 and 1995, respectively) - - -
Aggressive Equity Fund -
(cost - $51,208 and $22,649 in 1996
and 1995, respectively) - 34,042 -
Indexed Bond Fund - (cost - $250 and $0 in
1996 and 1995, respectively) - - -
International Growth Fund - (cost - $630
and $0 in 1996 and 1995, respectively) - - -
Balanced-Conservative Fund - (cost - $1,069 and
$0 in 1996 and 1995, respectively) - - -
Balanced-Moderate Fund - (cost - $17,570
and $9,360 in 1996 and 1995, respectively) 11,764 - -
Balanced-Growth Fund - (cost - $2,288 and $0
in 1996 and 1995, respectively) - - -
Echelon Stock Fund - (cost - $2,339 and $0
in 1996 and 1995, respectively) - - -
Loan Fund - (cost - $18,497 and $18,125
in 1996 and 1995, respectively) - - 18,125
----------- ----------- ----------
11,764 34,042 18,125
Cash -
Administrative working funds 136 460 -
Member and company contributions receivable 66 222 -
Accrued interest receivable - - -
Interfund receivables (payables) 791 1,913 -
----------- ----------- -----------
Total assets 12,757 36,637 18,125
----------- ----------- -----------
Net assets available for benefits $ 12,757 $ 36,637 $ 18,125
=========== =========== ===========
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 Page 1 of 6
Statements of Changes in Net Assets Available for Benefits
For the Years ended December 31, 1996, 1995 and 1994
(in thousands)
- -----------------------------------------------------------------------------------------------------------------------------
1996
----------------------------------------------------------------------------------
Indexed Company Stable Aggressive Indexed
Equity Stock Value Equity Bond
Total Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Investment income -
Dividends $ 11,081 $ 1,388 $ 8,582 $ - $ 385 $ 1
Interest 6,979 39 46 5,581 10 -
------- ------ -------- ------ -------- -------
Total investment income 18,060 1,427 8,628 5,581 395 1
------- ------ -------- ------ -------- -------
Net investment gains (losses) -
Realized gains on investments 46,825 18,754 8,341 - 16,066 -
Unrealized appreciation (depr.)
of investments (43,347) (10,985) (19,038) - (12,604) -
------- ------ -------- ------ -------- -------
Total net investment gains (losses) 3,478 7,769 (10,697) - 3,462 -
------- ------ -------- ------ -------- -------
Contributions -
Members 17,404 2,494 3,766 5,196 4,760 2
Company, net of forfeitures 8,257 1,192 1,840 2,573 2,074 5
------- ------ -------- ------ -------- -------
Total contributions 25,661 3,686 5,606 7,769 6,834 7
------- ------ -------- ------ -------- -------
Withdrawals and expenses -
Members' withdrawals (31,195) (2,671) (13,843) (10,569) (2,410) (1)
Administrative expenses (71) (1) (65) (3) (2) -
------- ------ -------- ------ -------- -------
Total withdrawals and expenses (31,266) (2,672) (13,908) (10,572) (2,412) (1)
(Schedule II) ------- ------ -------- ------ -------- -------
Net change during the year
prior to interfund transfers 15,933 10,210 (10,371) 2,778 8,279 7
Interfund transfers - 3,948 (11,733) (6,125) 5,365 247
------- ------ -------- ------ -------- -------
Net change during the year 15,933 14,158 (22,104) (3,347) 13,644 254
Net assets available for benefits -
Beginning of year 363,554 38,566 155,445 102,024 36,637 -
------- ------ -------- ------ -------- -------
End of year $ 379,487 $ 52,724 $ 133,341 $ 98,677 $ 50,281 $ 254
======= ====== ======== ====== ======== =======
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 Page 2 of 6
Statements of Changes in Net Assets Available for Benefits
For the Years ended December 31, 1996, 1995 and 1994
(in thousands)
- ----------------------------------------------------------------------------------------------------------------------------
1996
----------------------------------------------------------------------------------------
International Balanced Balanced Balanced Echelon
Growth Conservative Moderate Growth Stock Loan
Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Investment income -
Dividends $ 17 $ 19 $ 634 $ 55 $ - $ -
Interest - - 3 - - 1,300
------ ------- ------ ------ ------- -------
Total investment income 17 19 637 55 - 1,300
------ ------- ------ ------ ------- -------
Net investment gains (losses) -
Realized gains on investments - - 3,664 - - -
Unrealized appreciation (depr.)
of investments (5) (18) (2,559) (45) 1,907 -
------ ------- ------ ------ ------- -------
Total net investment gains (losses) (5) (18) 1,105 (45) 1,907 -
------ ------- ------ ------ ------- -------
Contributions -
Members 8 3 1,156 19 - -
Company, net of forfeitures 19 9 500 45 - -
------ ------- ------ ------ ------- -------
Total contributions 27 12 1,656 64 - -
------ ------- ------ ------ ------- -------
Withdrawals and expenses -
Members' withdrawals - - (995) (2) - (704)
Administrative expenses - - - - - -
------ ------- ------ ------ ------- -------
Total withdrawals and expenses - - (995) (2) - (704)
(Schedule II) ------ ------- ------ ------ ------- -------
Net change during the year
prior to interfund transfers 39 13 2,403 72 1,907 596
Interfund transfers 602 1,045 2,328 2,208 2,339 (224)
------ ------- ------ ------ ------- -------
Net change during the year 641 1,058 4,731 2,280 4,246 372
Net assets available for benefits -
Beginning of year - - 12,757 - - 18,125
------ ------- ------ ------ ------- -------
End of year $ 641 $ 1,058 $ 17,488 $ 2,280 $ 4,246 $ 18,497
====== ======= ====== ====== ======= =======
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 Page 3 of 6
Statements of Changes in Net Assets Available for Benefits
For the Years ended December 31, 1996, 1995 and 1994
(in thousands)
- -----------------------------------------------------------------------------------------------------------------------------
1995
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Indexed Company Stable
Equity Stock Value
Total Fund Fund Fund
Investment income -
Dividends $ 9,849 $ 775 $ 9,074 $ -
Interest 7,706 33 67 6,423
------ ------- ------ ------
Total investment income 17,555 808 9,141 6,423
------ ------- ------ ------
Net investment gains (losses) -
Realized gains on investments 6,773 - 5,811 -
Unrealized appreciation (depr.)
of investments 39,257 9,018 18,318 -
------ ------- ------ ------
Total net investment gains (losses) 46,030 9,018 24,129 -
------ ------- ------ ------
Contributions -
Members 16,562 1,667 4,538 5,986
Company, net of forfeitures 7,663 927 2,029 3,002
------ ------- ------ ------
Total contributions 24,225 2,594 6,567 8,988
------ ------- ------ ------
Withdrawals and expenses -
Members' withdrawals (32,396) (2,046) (13,163) (15,036)
Administrative expenses (70) - (70) -
------ ------- ------ ------
Total withdrawals and expenses (32,466) (2,046) (13,233) (15,036)
(Schedule II) ------ ------- ------ ------
Net change during the year prior to
interfund transfers 55,344 10,374 26,604 375
Interfund transfers - 2,011 (10,209) 1,354
------ ------- ------ ------
Net change during the year 55,344 12,385 16,395 1,729
Net assets available for benefits -
Beginning of year 308,210 26,181 139,050 100,295
------- ------- ------- -------
End of year $ 363,554 $ 38,566 $ 155,445 $ 102,024
======= ======= ======= =======
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 Page 4 of 6
Statements of Changes in Net Assets Available for Benefits
For the Years ended December 31, 1996, 1995 and 1994
(in thousands)
- -----------------------------------------------------------------------------------------------------------------------------
1995
------------------------------------------------------------------
Balanced Aggressive
Moderate Equity Loan
Fund Fund Fund
<S> <C> <C> <C>
Investment income -
Dividends $ - $ - $ -
Interest 3 6 1,174
------- --------- -----
Total investment income 3 6 1,174
------- --------- -----
Net investment gains (losses) -
Realized gains on investments 186 776 -
Unrealized appreciation (depreciation)
of investments 2,076 9,845 -
------- --------- -----
Total net investment gains (losses) 2,262 10,621 -
------- --------- -----
Contributions -
Members 1,005 3,366 -
Company, net of forfeitures 408 1,297 -
------- --------- -----
Total contributions 1,413 4,663 -
------- --------- -----
Withdrawals and expenses -
Members' withdrawals (410) (1,103) (638)
Administrative expenses - - -
------- --------- -----
Total withdrawals and expenses (410) (1,103) (638)
(Schedule II) ------- --------- -----
Net change during the year prior to
interfund transfers 3,268 14,187 536
Interfund transfers 2,536 4,048 260
------- --------- -----
Net change during the year 5,804 18,235 796
Net assets available for benefits -
Beginning of year 6,953 18,402 17,329
------- --------- -----
End of year $ 12,757 $ 36,637 $ 18,125
======= ========= =======
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 Page 5 of 6
Statements of Changes in Net Assets Available for Benefits
For the Years ended December 31, 1996, 1995 and 1994
(in thousands)
- ----------------------------------------------------------------------------------------------------------------------------
1994
------------------------------------------------------------------
Indexed Company Stable
Equity Stock Value
Total Fund Fund Fund
<S> <C> <C> <C> <C>
Investment income -
Dividends $ 10,167 $ 721 $ 9,446 $ -
Interest 7,659 28 48 6,462
------- ------- ------- -------
Total investment income 17,826 749 9,494 6,462
------- ------- ------- -------
Net investment gains (losses) -
Realized gains on investments 8,136 258 7,696 -
Unrealized appreciation (depreciation)
of investments (26,461) (650) (26,187) -
------- ------- ------- -------
Total net investment gains (losses) (18,325) (392) (18,491) -
------- ------- ------- -------
Contributions -
Members 17,606 1,998 5,429 5,645
Company, net of forfeitures 8,708 998 2,546 3,436
------- ------- ------- -------
Total contributions 26,314 2,996 7,975 9,081
------- ------- ------- -------
Withdrawals and expenses -
Members' withdrawals (44,614) (3,957) (20,277) (16,617)
Administrative expenses (63) - (63) -
------- ------- ------- -------
Total withdrawals and expenses (44,677) (3,957) (20,340) (16,617)
(Schedule II) ------- ------- ------- -------
Net change during the year prior to
interfund transfers (18,862) (604) (21,362) (1,074)
Interfund transfers - 708 (9,841) 5,257
------- ------- ------- -------
Net change during the year (18,862) 104 (31,203) 4,183
Net assets available for benefits -
Beginning of year 327,072 26,077 170,253 96,112
------- ------- ------- -------
End of year $308,210 $ 26,181 $139,050 $100,295
======= ======= ======= =======
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 Page 6 of 6
Statements of Changes in Net Assets Available for Benefits
For the Years ended December 31, 1996, 1995 and 1994
(in thousands)
- -----------------------------------------------------------------------------------------------------------------------------
1994
-------------------------------------------------
Balanced Aggressive
Moderate Equity Loan
Fund Fund Fund
<S> <C> <C> <C>
Investment income -
Dividends $ - $ - $ -
Interest 3 5 1,113
-------- -------- --------
Total investment income 3 5 1,113
-------- -------- --------
Net investment gains (losses) -
Realized gains on investments 40 142 -
Unrealized appreciation (depreciation)
of investments (9) 385 -
-------- -------- --------
Total net investment gains (losses) 31 527 -
-------- -------- --------
Contributions -
Members 1,126 3,408 -
Company, net of forfeitures 432 1,296 -
-------- -------- --------
Total contributions 1,558 4,704 -
-------- -------- --------
Withdrawals and expenses -
Members' withdrawals (665) (1,571) (1,527)
Administrative expenses - - -
-------- -------- --------
Total withdrawals and expenses (665) (1,571) (1,527)
(Schedule II) -------- -------- --------
Net change during the year
prior to interfund transfers 927 3,665 (414)
Interfund transfers 799 2,942 135
-------- -------- --------
Net change during the year 1,726 6,607 (279)
Net assets available for benefits -
Beginning of year 5,227 11,795 17,608
-------- -------- --------
End of year $ 6,953 $ 18,402 $ 17,329
======== ======== ========
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 and the "About Your
Plan" booklet, which is part of the "The Power to Plan Your Future"
package from The Vanguard Group, Inc. for more complete descriptions of
the Plan's provisions.
The Plan is a qualified 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 June 13, 1996. 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, 1996:
o Florida Progress Corporation
o Florida Power Corporation
o Electric Fuels Corporation
o Talquin Development Company
o Progress Energy Corporation
o Advanced Separation Technologies Incorporated
Effective January 1, 1997, Talquin Development Company and Advanced
Separation Technologies Incorporated no longer participate in the Plan.
Contributions
Eligible employees may elect to contribute up to 16% of their annual 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 (each pay period effective January 1, 1997) 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%) on up to 6% 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 1996, 1995 and 1994,
resulting in additional special contributions of $1,090, $572 and $1,162
for each year, respectively.
Effective January 1, 1997, the Company contribution percentage was changed
from 65% to 75% of employee contributions up to 6% of base pay for
management, professional and technical employees and the bargaining
unit employees. The 10% increase is in lieu of the opportunity
<PAGE>
Savings Plan for Employees of
Florida Progress Corporation
Notes to Financial Statements
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
to receive the additional annual special match contribution made based
on achievement of predetermined goals.
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 (daily effective November 1, 1996), 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. Upon separation of service due
to termination, death, disability or retirement (after age 55),
participants can elect to leave their account balance within the plan, for
any length of time up to age 70, or elect to receive a lump-sum amount
equal to the value of their account balance, or select from a menu of
installment payment options. Although no further employee contributions
are allowed, terminated or retired employees may continue to exchange
amounts among the investment options. The amounts of deferred vested
benefits payable to terminated or retired participants as of December 31,
1996, 1995 and 1994, were $56,213, $53,644 and $46,281, 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 fifty thousand dollars 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
transferred from the participant's account and placed in a separate Loan
Fund. A participant is permitted a maximum of four outstanding loans at
any
<PAGE>
Savings Plan for Employees of
Florida Progress Corporation
Notes to Financial Statements
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
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.
Effective November 1, 1996, with the conversion to The Vanguard Group,
Inc., a participant can choose repayment terms on a new loan ranging from
6 to 60 months. Repayments are made via payroll deduction for active
regular employees, by Automated Clearing House ("ACH") payment for active
non- regular 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 Fund balance). Excess loan repayments of
principal and interest over new loans issued during the year are reflected
as interfund transfers for reinvestment to the respective investment
funds. Deficits are reflected as transfers out of the investment funds to
the loan fund.
Plan Termination
It is the intention of the Company that the Plan continue in operation;
however, the Company has the right to amend the Plan, discontinue its
contributions at any time, and/or to terminate the Plan subject to the
provisions of ERISA. In the event of Plan termination, participants will
become 100% vested in their accounts.
Basis of Accounting
The accounts of the Plan are maintained on the accrual basis.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
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.
<PAGE>
Savings Plan for Employees of
Florida Progress Corporation
Notes to Financial Statements
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
2. Investments:
Investment Options
Effective November 1, 1996, the Plan Trustee was changed from Chase
Manhattan Bank - Global Investor Services to The Vanguard Group,
Incorporated; also at that time, the recordkeeper was changed from Hewitt
Associates LLP to The Vanguard Group, Incorporated. There are currently
nine active investment options for the Plan as follows:
o Indexed Equity Fund
o Company Stock Fund
o Stable Value Fund
o Aggressive Equity Fund
o Indexed Bond Fund
o International Growth Fund
o Balanced Conservative Fund
o Balanced Moderate Fund
o Balanced Growth Fund
Effective January 1, 1996, the frozen Employee Stock Ownership Plan
("ESOP") has been merged with the Company Stock Fund to create an active
ESOP within the defined contribution plan. Prior year fund balances have
been restated to conform with current year presentation.
In addition, on December 19, 1996, a stock dividend was allocated to
participants with account balances in the Company Stock Fund in a ratio of
one share of Echelon International Corporation stock for every fifteen
shares of Florida Progress Corporation stock held within the Savings Plan.
This stock was segregated to establish the Echelon International Stock
Fund, a special temporary fund within the Plan. Also, effective November
1, 1996, the Balanced Fund was renamed the Balanced Moderate Fund.
Prior to November 1996, the valuation of each fund, with the exception of
the Stable Value Fund, was determined at the end of each month based on
published prices. The valuation of the Stable Value Fund was determined at
the end of each month based on invested principal and accumulated interest
paid at contracted rates. Each employee's account value was based on the
most recent valuation. The Stable Value Fund included investment contract
arrangements whereby a specified rate of return was guaranteed by a
creditworthy insurance company or bank for a specified period (six
months). If the return on the underlying investments was different from
the guaranteed rate of return during the guarantee period, that difference
was factored into the guaranteed rate of return for the subsequent period.
The underlying investments included U.S. Government, U.S. Government
agency and corporate fixed-income securities.
Effective with the change in Trustee on November 1, 1996, the valuation of
all funds occurs daily. Each mutual fund's (the "Fund") share price or
"net asset value" per share is determined by dividing the total market
value of the Fund's investments and other assets, less any liabilities,
<PAGE>
Savings Plan for Employees of
Florida Progress Corporation
Notes to Financial Statements
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
by the number of outstanding shares of the Fund. Net asset value is
determined as of the regular close of the New York Stock Exchange
(generally 4:00 p.m. Eastern time) on each day the exchange is open for
trading.
The dividends for the Indexed Bond Fund and the Stable Value Fund are
accrued daily and are distributed monthly in the form of reinvested
shares. The dividends are computed and declared daily as of the regular
close of business and are payable to participants of record as of the
prior business day. In other words, participants whose purchases of shares
are effective today will receive the dividend beginning tomorrow. For
redemptions, participants will receive the dividend up to and including
the day of redemption.
The Stable Value Fund's investment contracts are carried at contract
value, which represents contributions made plus interest accrued at the
contract rate, less withdrawals. These contractual arrangements consist of
investments in securities together with contracts under which a bank or
other creditworthy institution provides for benefit-responsive withdrawals
by participants at contract value.
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 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 participant accounts in the Plan and in each investment fund
of the Plan at December 31, 1996, 1995 and 1994, is as follows:
1996 1995 1994
---- ---- ----
Plan 5,344 5,346 5,612
Each Investment Fund:
Indexed Equity 2,531 2,266 2,280
Company Stock 4,444 3,506 3,729
Stable Value 3,476 3,938 4,221
Aggressive Equity 2,569 1,882 1,715
Indexed Bond 56 - -
International Growth 121 - -
Balanced Conservative 42 - -
Balanced Moderate 1,161 1,011 946
Balanced Growth 160 - -
Echelon Stock 4,422 - -
<PAGE>
Savings Plan for Employees of
Florida Progress Corporation
Notes to Financial Statements
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
Unrealized Appreciation (Depreciation) of Investments
The changes in unrealized appreciation (depreciation) of investments
during the years ended December 31, 1996, 1995 and 1994, were as follows
(see Note 4):
Indexed Company Aggressive
Total Equity Stock Equity
----- ------- ------- -----------
Balance, 12/31/93 $78,987 $ 4,530 $72,957 $ 1,163
Change - 1994 (26,461) (650) (26,187) 385
------ ------ ------ ------
Balance, 12/31/94 52,526 3,880 46,770 1,548
Change - 1995 39,257 9,018 18,318 9,845
------ ------ ------ ------
Balance, 12/31/95 91,783 12,898 65,088 11,393
Change - 1996 (43,347) (10,985) (19,038) (12,604)
------ ------ ------ ------
Balance, 12/31/96 $48,436 $ 1,913 $46,050 $ (1,211)
====== ====== ====== ======
<TABLE>
<CAPTION>
International Balanced Balanced Balanced Echelon
Growth Conservative Moderate Growth Stock
------------- ------------ ---------- -------- --------
<S> <C> <C> <C> <C> <C>
Balance, 12/31/93 - - $ 337 - -
Change - 1994 - - (9) - -
------------ ------------ ----------- ----------- ---------
Balance, 12/31/94 - - 328 - -
Change - 1995 - - 2,076 - -
------------ ------------ ----------- ----------- ---------
Balance, 12/31/95 - - 2,404 - -
Change - 1996 (5) (18) (2,559) (45) 1,907
------------ ------------ ----------- ----------- ---------
Balance, 12/31/96 $ (5) $ (18) $ (155) $ (45) $ 1,907
============ ============ =========== =========== ==========
</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, 1996, 1995 and 1994 (see
Note 4):
1996 Cost Proceeds Gains
- ---- ---- -------- -----
Indexed Equity $ 32,347 $ 51,101 $18,754
Company Stock 12,466 20,807 8,341
Aggressive Equity 50,030 66,096 16,066
Indexed Bond 11 11 -
International Growth 11 11 -
Balanced Moderate 15,258 18,922 3,664
Balanced Growth 24 24 -
------- ------- ------
$110,147 $156,972 $46,825
======= ======= ======
<PAGE>
Savings Plan for Employees of
Florida Progress Corporation
Notes to Financial Statements
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
1995 Cost Proceeds Gains
- ---- ---- -------- -----
Indexed Equity $ 7,304 $ 7,304 -
Company Stock 9,556 15,367 $ 5,811
Aggressive Equity 2,715 3,491 776
Balanced Moderate 1,104 1,290 186
------- ------- ------
$ 20,679 $ 27,452 $ 6,773
======= ======= ======
1994 Cost Proceeds Gains
- ---- ---- -------- -----
Indexed Equity $ 1,242 $ 1,500 $ 258
Company Stock 14,083 21,779 7,696
Aggressive Equity 1,408 1,550 142
Balanced Moderate 724 764 40
------- ------- ------
$ 17,457 $ 25,593 $ 8,136
======= ======= ======
3. Expenses of the Plan:
The Company pays a portion of the expenses for services necessary for the
administration of the Plan.
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 $46,825 and ($43,347),
$6,773 and $39,257, and $8,136 and ($26,461) for 1996, 1995 and 1994,
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 ($397) and ($9,091), $692 and $23,447, and ($3,307) and
($15,184), for 1996, 1995 and 1994, respectively. The tax returns for
1996, 1995 and 1994, also include a net gain in other categories totaling
$12,966, $21,891 and $166 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, 1996 and 1995, is $0 and $2,728,
respectively.
<PAGE>
Savings Plan for Employees of
Florida Progress Corporation
Notes to Financial Statements
(Dollar amounts in thousands)
- --------------------------------------------------------------------------------
5. Tax Status and Federal Income Taxes:
The Plan is a qualified employees' trust under Section 401(a) of the
Internal Revenue Code (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>
Savings Plan for Employees of
Florida Progress Corporation Schedule I
Page 1 of 3
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996 and 1995
(Dollar and share amounts in thousands)
- --------------------------------------------------------------------------------------------------------------------------------
1996 1995
--------------------------------------------- ---------------------------------------------
Number of Number of
Shares or Shares or
Name of Issuer Principal Market Principal Market
and Title of Issue Amount Cost Value Amount Cost Value
- ------------------ ------------ ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INDEXED EQUITY FUND
- -------------------
Mutual Funds -
Vanguard Index Trust 500
Portfolio 759 $ 50,600 $ 52,513 - $ - $ -
Commingled Funds -
Wells Fargo Index Fund - - - 257 23,970 36,868
Temporary Cash Investments -
Chase Bank -
Domestic Liquidity Fund - - - $ 522 522 522
--------- ------------ -------- --------
$ 50,600 $ 52,513 $ 24,492 $ 37,390
========= ============ ======== ========
COMPANY STOCK FUND
- ------------------
Common Stock of Florida
Progress Corporation 13,751 $ 86,990 $ 133,040 4,448 $ 92,284 $157,372
Temporary Cash Investments -
Barnett Bank -
Repurchase Agreement $ 7 7 7 $ 627 627 627
--------- ------------ -------- --------
$ 86,997 $ 133,047 $ 92,911 $157,999
========= ============ ======== ========
STABLE VALUE FUND
- -----------------
Guaranteed Interest Contracts -
Prudential - - - $ 9,935 $ 9,935 $ 9,935
Structured Investment Contracts -
Peoples Security $ 61,467 $ 61,467 $ 61,467 $ 45,417 45,417 45,417
Commonwealth Life $ 20,064 20,064 20,064 $ 45,417 45,417 45,417
VGI Money Market Federal $ 16,867 16,867 16,867 - - -
-------- --------- --------- ---------
$ 98,398 $ 98,398 $100,769 $100,769
======== ========= ========= =========
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 Schedule I
Page 2 of 3
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996 and 1995
(Dollar and share amounts in thousands)
- --------------------------------------------------------------------------------------------------------------------------------
1996 1995
--------------------------------------------- -----------------------------------------
Number of Number of
Shares or Shares or
Name of Issuer Principal Market Principal Market
and Title of Issue Amount Cost Value Amount Cost Value
- ------------------ ------------ ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE EQUITY FUND
- ----------------------
Mutual Funds -
Putnam New Opportunities Fund 1,231 $ 51,208 $ 49,997 - - -
Fidelity Aggressive Equity - - - 158 $ 22,649 $ 34,042
-------- --------- --------- ---------
$ 51,208 $ 49,997 - $ 22,649 $ 34,042
======== ========= ========= =========
INDEXED BOND FUND
- -----------------
Mutual Funds -
Vanguard Total Bond Market
Portfolio 25 $ 250 $ 250 - - -
======== ========= ========= =========
INTERNATIONAL GROWTH FUND
- -------------------------
Mutual Funds -
Vanguard International
Growth Portfolio 38 $ 630 $ 625 - - -
======== ========= ========= =========
BALANCED CONSERVATIVE FUND
- --------------------------
Mutual Funds -
Vanguard LifeStrategy Conservative
Growth Portfolio 87 $ 1,069 $ 1,051 - - -
======== ========= ========= =========
BALANCED MODERATE FUND
- ----------------------
Mutual Funds -
Vanguard LifeStrategy Moderate
Growth Portfolio 1,343 $ 17,570 $ 17,415 - - -
Fidelity Select Equity Collective - - - 407 $ 5,286 $ 7,189
Fidelity Broad Market Duration - - - 337 4,074 4,575
-------- --------- --------- ---------
$ 17,570 $ 17,415 $ 9,360 $ 11,764
======== ========= ========= =========
BALANCED GROWTH FUND
- --------------------
Mutual Funds -
Vanguard LifeStrategy
Growth Portfolio 164 $ 2,288 $ 2,243 - - -
======== ========= ========== ========
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 Schedule I
Page 3 of 3
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996 and 1995
(Dollar and share amounts in thousands)
- --------------------------------------------------------------------------------------------------------------------------------
1996 1995
--------------------------------------------- -----------------------------------------
Number of Number of
Shares or Shares or
Name of Issuer Principal Market Principal Market
and Title of Issue Amount Cost Value Amount Cost Value
- ------------------ ------------ ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
ECHELON STOCK FUND
- ------------------
Common Stock of Echelon
International Corporation 387 $ 2,339 $ 4,246 - - -
======= ======= ======== ========
LOAN FUND
- ---------
Loans other than mortgages with
interest rates ranging from
6.25% to 9.0%, maturing at
various times up to five years $ 18,497 $ 18,497 $ 18,497 $18,125 $ 18,125 $ 18,125
======== ======== ======= ========
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 Schedule II
Page 1 of 3
Schedule of Members' Withdrawals
For the Years Ended December 31, 1996, 1995 and 1994
(In thousands)
- --------------------------------------------------------------------------------------------------------------------------------
Indexed Company Stable
Equity Stock Value
Total Fund Fund Fund
<S> <C> <C> <C> <C>
1996
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 25,256 $ 1,820 $ 12,337 $ 7,902
Company contributions 6,026 860 1,534 2,689
------- ------ ------- -------
31,282 2,680 13,871 10,591
Less: forfeitures applied against
Company contributions 87 9 28 22
------- ------ ------- -------
Total members' withdrawals $ 31,195 $ 2,671 $ 13,843 $ 10,569
======= ====== ======= =======
1995
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 18,173 $ 1,284 $ 4,323 $ 10,887
Company contributions 7,576 773 2,106 4,182
ESOP withdrawals 6,766 - 6,766 -
------- ------ ------- -------
32,515 2,057 13,195 15,069
Less: forfeitures applied against
Company contributions 119 11 32 33
------- ------ ------- -------
Total members' withdrawals $ 32,396 $ 2,046 $ 13,163 $ 15,036
======= ====== ======= =======
1994
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 21,779 $ 2,596 $ 4,738 $ 11,318
Company contributions 9,832 1,376 2,438 5,352
ESOP withdrawals 13,148 - 13,148 -
------- ------ ------- -------
44,759 3,972 20,324 16,670
Less: forfeitures applied against
Company contributions 145 15 47 53
------- ------ ------- -------
Total members' withdrawals $ 44,614 $ 3,957 $ 20,277 $ 16,617
======= ====== ======= =======
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Savings Plan for Employees of Schedule II
Florida Progress Corporation Page 2 of 3
Schedule of Members' Withdrawals
For the Years Ended December 31, 1996, 1995 and 1994
(In thousands)
- --------------------------------------------------------------------------------------------------------------------------------
Aggressive Indexed Balanced
Equity Bond International Conservative
Fund Fund Growth Fund Fund
<S> <C> <C> <C> <C>
1996
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 1,723 - - -
Company contributions 708 $ 1 - -
------ ------ ------ ------
2,431 1 - -
Less: forfeitures applied against
Company contributions 21 - - -
------ ------ ------ ------
Total members' withdrawals $ 2,410 $ 1 $ - $ -
====== ====== ====== ======
1995
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions 730 - - -
Company contributions 404 - - -
ESOP withdrawals - - - -
------ ------ ------ -------
1,134 - - -
Less: forfeitures applied against
Company contributions 31 - - -
------ ------ ------ -------
Total members' withdrawals $ 1,103 $ - $ - $ -
====== ====== ====== =======
1994
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 1,128 - - -
Company contributions 462 - - -
ESOP withdrawals - - - -
------ ------ ------ ------
1,590 - - -
Less: forfeitures applied against
Company contributions 19 - - -
------ ------ ------ -------
Total members' withdrawals $ 1,571 $ - $ - $ -
====== ====== ====== =======
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Savings Plan for Employees of Schedule II
Florida Progress Corporation Page 3 of 3
Schedule of Members' Withdrawals
For the Years Ended December 31, 1996, 1995 and 1994
(In thousands)
- --------------------------------------------------------------------------------------------------------------------------------
Balanced Balanced Echelon
Moderate Growth Stock Loan
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
1996
- ----
Value of Members' Accounts
Withdrawn -
Members' contributions $ 768 $ 2 - $ 704
Company contributions 234 - - -
------ ------ ------ ------
1,002 2 - 704
Less: forfeitures applied against
Company contributions 7 - - -
------ ------ ------ ------
Total members' withdrawals $ 995 $ 2 $ - $ 704
====== ====== ====== ======
1995
- ----
Value of Members' Accounts Withdrawn -
Members' contributions $ 311 - - $ 638
Company contributions 111 - - -
ESOP withdrawals - - - -
------ ------ ------ ------
422 - - 638
Less: forfeitures applied against
Company contributions 12 - - -
------ ------ ------ ------
Total members' withdrawals $ 410 $ - $ - $ 638
====== ====== ====== ======
1994
- ----
Value of Members' Accounts Withdrawn -
Members' contributions $ 472 - - $ 1,527
Company contributions 204 - - -
ESOP withdrawals - - - -
------ ------ ------ ------
676 - - 1,527
Less: forfeitures applied against
Company contributions 11 - - -
------ ------ ------ ------
Total members' withdrawals $ 665 $ - $ - $ 1,527
====== ====== ======= ======
The accompanying Notes to Financial Statements are an
integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Savings Plan for Employees of Schedule III
Florida Progress Corporation Page 1 of 2
Item 27d - Schedule of Reportable 5% Transactions*
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Current Value
Expense of Asset
Description Purchase Selling Lease Incurred with Cost of on Transaction Net Gain
Identity of Party of Asset Price Price Rental Transaction Asset Date or (Loss)
Involved
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Vanguard/Florida Florida Progress
Progress Corporation
Common Stock - $20,807,624 - - $12,841,195 - $7,966,429
Chase Bank Chase Bank
Domestic
Liquidity Fund $18,913,099 - - - $18,913,099 - -
Chase Bank Chase Bank
Domestic
Liquidity Fund - $19,435,001 - - $19,435,001 - -
Commonwealth Life
Insurance Company Contract
#ADA00160TR $24,416,711 - - - $24,416,711 - -
Commonwealth Life
Insurance Company Contract
#ADA00160TR $30,225,785 - - - $30,225,785 - -
Fidelity Fidelity Aggressive
Equity $18,658,164 - - - $18,658,164 - -
Fidelity Fidelity Aggressive
Equity - $54,613,841 - - $37,816,480 - $16,797,361
Fidelity Fidelity Aggressive
Equity - $59,472,053 - - $41,306,793 - $18,165,260
Peoples Security
Life Ins Company Contract #BDA00183TR - $24,416,711 - - $24,416,711 - -
Peoples Security
Life Ins Company Contract #BDA00183TR - $31,283,156 - - $31,283,156 - -
* Transactions or series of transactions in excess of 5% of the current value of the Plan's assets as of January 1, 1996, as
defined in Section 2520.103-6 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA.
This schedule was prepared from data certified by the Trustee of the Plan.
The accompanying Notes to Financial Statements are an integral part of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Savings Plan for Employees of Schedule III
Florida Progress Corporation Page 2 of 2
Item 27d - Schedule of Reportable 5% Transactions*
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------------------------------------------------------
Current Value
Expense of Asset
Description Purchase Selling Lease Incurred with Cost of on Transaction Net Gain
Identity of Party of Asset Price Price Rental Transaction Asset Date or (Loss)
Involved
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Putnam New Opportunities
Fund $54,613,841 - - - $54,613,841 - -
Putnam New Opportunities
Fund $59,930,425 - - - $59,930,425 - -
Vanguard Index Trust 500
Portfolio $47,175,625 - - - $47,175,625 - -
Vanguard Index Trust 500
Portfolio $53,149,798 - - - $53,149,798 - -
Vanguard LifeStrategy
Moderate Growth
Portfolio $18,958,642 - - - $18,958,642 - -
Wells Fargo Bank WFB Index Fund - $47,230,591 - - $29,186,436 - $18,044,155
* Transactions or series of transactions in excess of 5% of the current value of the Plan's assets as of January 1, 1996, as
defined in Section 2520.103-6 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA.
This schedule was prepared from data certified by the Trustee of the Plan.
The accompanying Notes to Financial Statements are an integral part of these Financial Statements.
</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: June 16, 1997 By: /s/ Patricia K. Blizzard
---------------------------
Patricia K. Blizzard
Plan Administrator
for the Savings Plan for
Employees Trust of Florida
Progress Corporation
By: /s/ James A. McClure, III
---------------------------
James A. McClure, III
Secretary and Member for the
Investment Committee for the
Savings Plan for Employees
Trust of Florida Progress
Corporation
( By: /s/ Jeffrey R. Heinicka
( ---------------------------
( Jeffrey R. Heinicka
(
(
Members of the Investment ( By: /s/ Kenneth E. McDonald
Committee for the Savings ( ---------------------------
Plan for Employees Trust of ( Kenneth E. McDonald
Florida Progress Corporation (
(
( By: /s/ John Scardino, Jr.
( ---------------------------
( John Scardino, Jr.
(
( By: /s/ Karen T. Rezanka
( ---------------------------
( Karen T. Rezanka
(
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
------- -----------
23 Consent of Price Waterhouse LLP
EXHIBIT 23
Price Waterhouse LLP
Suite 2800
400 North Ashley Street
P.O. Box 2640
Tampa, FL 33601-2640
Telephone: (813) 223-7577
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 of Florida Progress Corporation of our report dated May
15, 1997 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 June 16, 1997.
PRICE WATERHOUSE LLP
/s/ PRICE WATERHOUSE LLP
- -------------------------
Tampa, Florida
June 16, 1997
