As filed with the Securities and Exchange Commission on February 9, 1996
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 8, 1996
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Exact name of Registrant as
Commission specified in its charter, address State of I.R.S. Employer
File No. of principal executive offices, telephone Incorporation Identification No.
<S> <C> <C> <C>
1-8349 FLORIDA PROGRESS CORPORATION Florida 59-2147112
One Progress Plaza
St. Petersburg, Florida 33701
Telephone (813) 824-6400
1-3274 FLORIDA POWER CORPORATION Florida 59-0247770
3201 34th Street South
St. Petersburg, Florida 33711
Telephone (813) 866-5151
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The address of neither registrant has changed since the last report.
This combined Form 8-K represents separate filings by Florida Progress
Corporation and Florida Power Corporation. Information contained herein relating
to an individual registrant is filed by that registrant on its own behalf.
Florida Power makes no representations as to the information relating to Florida
Progress' diversified operations.
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Item 5. Other Events
In light of ongoing securities offerings by Florida Progress Corporation
("Florida Progress") and its subsidiaries, including Florida Power Corporation
("Florida Power") and Progress Capital Holdings, Inc., the following information
is being presented pending distribution of the combined Florida Progress and
Florida Power Annual Report on Form 10-K for the year ended December 31, 1995:
Dividend. Florida Progress issued a News Release dated February 8, 1996
reporting the declaration of a cash dividend of 51 1/2 cents per share on the
Company's Common Stock, a dividend growth rate of 2 percent. A copy of the news
release is being filed herewith as Exhibit 99.(a).
Item 7. Financial Statements and Exhibits
(c) Exhibits:
Exhibit Number (by
reference to Item 601
of Regulation S-K) Description of Exhibit
99.(a) Florida Progress Corporation News Release dated February
8, 1996 regarding annual dividend rate.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FLORIDA PROGRESS CORPORATION
FLORIDA POWER CORPORATION
/s/James V. Smallwood
By:____________________________
James V. Smallwood
Vice President and Treasurer
of each Registrant
Date: February 8, 1996
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EXHIBIT INDEX
Exhibit No. Description of Exhibit
99.(a) Florida Progress Corporation News Release dated February 8,
1996 regarding annual dividend rate.
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EXHIBIT 99.(A)
NEWS RELEASE
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FLORIDA PROGRESS CORPORATION
One Progress Plaza
St. Petersburg, Florida 33701
Contact: Mark Jacobs - (813) 866-4162
FOR IMMEDIATE RELEASE:
Florida Progress Corporation increases annual dividend rate
ST. PETERSBURG, Fla. (February 8, 1996) -- The board of directors of Florida
Progress Corporation today declared a quarterly cash dividend of 51 1/2 cents
per share on the company's outstanding common stock. The board's action
increases the annual dividend rate by 4 cents per share, raising the annual
dividend to $2.06 a share. This represents a dividend growth rate of 2 percent.
Several years ago, the board recognized that the dividend payout was too high.
The company established a strategy of lowering the payout while working to
increase earnings. In 1995, the payout was 81 percent. This represents a
significant reduction from 1992, when the payout peaked at 93 percent.
"While we are proud of the company's track record of increasing the dividends
paid per share for 43 consecutive years, we also recognize that the dividend
policy must be considered in light of a more competitive industry," said Jeffrey
R. Heinicka, the company's senior vice president and chief financial officer.
"This dividend increase reflects continued confidence by management and the
board of directors about the company's earnings outlook and competitive
position."
Each year, the board will re-examine the dividend policy to ensure that the
dividend payout and dividend rate are appropriate, given the company's business
plan, projected earnings growth and outlook for the electric utility industry.
The new quarterly dividend of 51 1/2 cents per share is payable on March 20,
1996, to shareholders of record at the close of business on March 5, 1996.
Florida Progress (NYSE:FPC) is a Fortune 500 diversified utility holding company
with assets of $5.8 billion. Its principal subsidiary is Florida Power
Corporation, the state's second-largest electric utility with more than 1.2
million customers. Diversified operations include coal mining and
transportation, life insurance, real estate, and lending and leasing.
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