As filed with the Securities and Exchange Commission on October 21, 1996
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_____________________
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):
October 17, 1996
<TABLE>
<CAPTION>
Exact name of Registrant as specified
Commission in its charter, address of principal State of I.R.S. Employer
File No. executive offices, telephone number 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
</TABLE>
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. Florida Power makes no
representations as to the information relating to Florida Progress'
diversified
operations.
<PAGE>
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 Quarterly Report on Form 10-Q for the quarter ended
September 30, 1996:
Florida Progress issued a news release dated October 17, 1996 and a
related Investor Information report of even date therewith reporting third
quarter 1996 earnings. Copies of the news release and report are being filed
herewith as Exhibits 99.(a) and 99.(b), respectively.
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 October
17, 1996 regarding third quarter 1996 earnings.
99.(b) Florida Progress Corporation Investor Information
Report dated October 17, 1996.
<PAGE>
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: October 17, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
99.(a) Florida Progress Corporation News Release dated October 17,
1996 regarding third quarter 1996 earnings.
99.(b) Florida Progress Corporation Investor Information Report
dated October 17, 1996.
EXHIBIT 99.(a)
Florida Progress Corporation
News Release
Corporate Relations Department, St. Petersburg, Florida
Media Contact:
Karen Raihill -- (813) 866-5023
Florida Progress Reports 6.3% Increase
In Earnings Per Share For The Third Quarter
ST. PETERSBURG, Fla. (October 17, 1996) - Florida Progress Corporation (NYSE:
FPC), parent of Florida Power Corporation, reported third-quarter earnings of
$98.1 million, or $1.01 per share, compared with $91.1 million, or $.95 per
share, for the same period last year.
Florida Power, the largest subsidiary of Florida Progress, earned $93.1 million,
or $.96 per share, on revenues of $694.7 million, compared with earnings of
$84.7 million, or $.88 per share, on revenues of $671.8 million in the third
quarter of 1995.
Florida Power's results improved as its customer growth rate of 2 percent
continues to be about twice the national average in the electric utility
industry. A 26-percent jump in energy sales to phosphate operations as a result
of new mining operations boosted industrial sales for the quarter. Megawatt-hour
sales to commercial customers increased 3 percent compared with a year ago.
Contributing to the improved earnings at Florida Power were lower interest
expense and preferred dividend payments. The lower interest expense is due to
reduced debt balances resulting from improved cash flow. In June 1996, Florida
Power redeemed $80 million of preferred stock, which reduced the utility's
preferred dividend payments.
During the third quarter of 1996, the utility incurred higher operating and
maintenance expenses associated with various improvements to Florida Power's
customer service operations along with additional repairs at its Crystal River
Nuclear Plant.
Electric Fuels Corporation, the energy and transportation subsidiary of Florida
Progress, had earnings of $6.5 million for the third quarter, compared with
earnings of $6.3 million for the same period last year. The 3.2% increase in
earnings is primarily attributable to improved earnings at its marine
operations, which resulted from higher volumes of coal being transported this
year over 1995.
Mid-Continent Life Insurance Company's earnings for the third quarter were down
$0.9 million compared with the same quarter in 1995. Lower than expected sales
of its new insurance product, introduced in the second quarter, combined with
higher death claims, were the primary factors causing lower earnings.
- more -
<PAGE>
- -Page 2-
Florida Progress Corporation
News Release - Florida Progress reports third-quarter earnings
Florida Progress is a Fortune 500 diversified utility holding company with
assets of $5.6 billion. Its principal subsidiary is Florida Power, the state's
second-largest electric utility with about 1.3 million customers. Diversified
operations include coal mining, marine operations, rail service and life
insurance.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Three Months Ended Twelve Months Ended
September 30 September 30
------------------------------------ ----------------------------------------
1996 1995 1996 1995
---------------- ---------------- ------------------ -------------------
<S> <C> <C> <C> <C>
Revenues $879,000,000 $852,400,000 $3,114,100,000 $2,948,100,000
============ ============ ============== ==============
Income from continuing
operations 98,100,000 91,100,000 251,100,000 238,900,000
Loss from discontinued
operations - - (25,000,000) -
------------------ ------------------ -------------------- ---------------------
Net Income $ 98,100,000 $ 91,100,000 $ 226,100,000 $ 238,900,000
================== ================== ==================== =====================
Earnings Per Share (EPS):
Florida Power Corporation $ .96 $ .88 $ 2.39 $ 2.28
Electric Fuels Corporation .07 .07 .27 .24
Mid-Continent Life Insurance Co. - .01 .03 .08
Corporate and Other Diversified (.02) (.01) (.09) (.10)
-------- -------- -------- --------
Income from Continuing Operations 1.01 .95 $ 2.60 $ 2.50
Loss from Discontinued Operations - - (.26) -
-------- -------- -------- --------
Consolidated $1.01 $ .95 $ 2.34 $ 2.50
======== ======== ======== ========
Average Common
Shares Outstanding 97,003,473 95,904,857 96,626,932 95,422,794
</TABLE>
Florida Progress plans to spin-off Progress Credit Corporation, the company's
lending, leasing and real estate business. Current and prior periods reflect the
recapitalization of the spin-off company, Progress Credit, and its associated
treatment as discontinued operations.
###
EXHIBIT 99.(b)
Florida Progress Corporation
Investor News
Analyst Contact:
Mark A. Myers, Manager, Investor Relations (813) 866-4245
Florida Progress Reports 6.3% Increase
In Earnings Per Share For The Third Quarter
ST. PETERSBURG, FL, October 17, 1996 - Florida Progress Corporation (NYSE:
FPC), parent of Florida Power Corporation, reported third-quarter earnings of
$98.1 million, or $1.01 per share, compared with $91.1 million, or $.95 per
share, for the same period last year.
Significant items influencing the third-quarter results:
o Solid Utility Growth - Retail customer growth of 2 percent and
megawatt-hour sales growth of 10 1/2 percent from industrial
customers.
o Lower Life Insurance Sales - Earnings from Mid-Continent Life
Insurance suffered from lower than expected sales of its new
insurance product.
Florida Power, the largest subsidiary of Florida Progress, earned $93.1 million,
or $.96 per share, on revenues of $694.7 million, compared with earnings of
$84.7 million, or $.88 per share, on revenues of $671.8 million in the third
quarter of 1995.
Florida Power's results improved as its customer growth rate of 2 percent
continues to be about twice the national average in the electric utility
industry. A 26-percent jump in energy sales to phosphate operations as a result
of new mining operations boosted industrial sales for the quarter. Megawatt-hour
sales to commercial customers increased 3 percent compared with a year ago.
Contributing to the improved earnings at Florida Power were lower interest
expense and preferred dividend payments. The lower interest expense is due to
reduced debt balances resulting from improved cash flow. In June 1996, Florida
Power redeemed $80 million of preferred stock that reduced the utility's
preferred dividend payments.
During the third quarter of 1996, the utility incurred higher operating and
maintenance expenses associated with various improvements to Florida Power's
customer service operations along with additional repairs at its Crystal River
Nuclear Plant.
- more -
<PAGE>
- -Page 2-
Florida Progress Corporation
Investor News - Third Quarter Earnings
Electric Fuels Corporation, the energy and transportation subsidiary of Florida
Progress, had earnings of $6.5 million for the third quarter, compared with
earnings of $6.3 million for the same period last year. The 3.2% increase in
earnings is primarily attributable to improved earnings at its marine
operations, which resulted from higher volumes of coal being transported this
year over 1995.
Mid-Continent Life Insurance Company's earnings for the third quarter were down
$0.9 million compared with the same quarter in 1995. Lower than expected sales
of its new insurance product, introduced in the second quarter, combined with
higher death claims, were the primary factors causing lower earnings.
Florida Progress is a Fortune 500 diversified utility holding company with
assets of $5.6 billion. Its principal subsidiary is Florida Power, the state's
second-largest electric utility with about 1.3 million customers. Diversified
operations include coal mining, marine operations, rail services and life
insurance.
- more -
<PAGE>
<TABLE>
FLORIDA PROGRESS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME Page 3
(UNAUDITED)
(In millions, except per share amounts)
<CAPTION>
Three Months Ended Nine Months Ended Twelve Months Ended
September 30 September 30 September 30
------------------- ------------------- -------------------
1996 1995 1996 1995 1996 1995
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric utility $694.7 $671.8 $1,830.7 $1,738.2 $2,364.2 $2,231.7
Diversified 184.3 180.6 552.3 538.5 749.9 716.4
--------- --------- --------- --------- --------- ---------
879.0 852.4 2,383.0 2,276.7 3,114.1 2,948.1
EXPENSES: --------- --------- --------- --------- --------- ---------
Electric utility:
Fuel 147.5 140.9 323.0 336.7 417.5 439.5
Purchased power 127.6 123.7 388.2 326.8 498.0 404.5
Energy conservation costs 14.3 23.6 51.1 64.9 70.1 87.2
Operations & maintenance 105.9 96.8 304.2 292.1 405.9 384.2
Depreciation 74.7 75.8 241.5 217.3 317.9 283.9
Taxes other than income taxes 50.7 48.4 143.1 136.2 183.1 174.8
--------- --------- --------- --------- --------- ---------
520.7 509.2 1,451.1 1,374.0 1,892.5 1,774.1
--------- --------- --------- --------- --------- ---------
Diversified:
Cost of sales 153.5 151.0 462.9 455.2 632.3 609.0
Other 15.5 15.8 47.5 44.0 62.4 57.0
--------- --------- --------- --------- --------- ---------
169.0 166.8 510.4 499.2 694.7 666.0
--------- --------- --------- --------- --------- ---------
INCOME FROM OPERATIONS 189.3 176.4 421.5 403.5 526.9 508.0
--------- --------- --------- --------- --------- ---------
INTEREST EXPENSE AND OTHER:
Interest expense 34.6 34.3 103.4 105.5 137.3 140.6
Allowance for funds used during
construction (1.9) (1.8) (5.5) (5.6) (7.2) (8.2)
Preferred dividend requirements of
Florida Power 0.8 2.4 5.2 7.3 7.6 9.8
Other expense (income) (0.4) (3.4) (5.1) (8.8) (6.2) (8.6)
--------- --------- --------- --------- --------- ---------
33.1 31.5 98.0 98.4 131.5 133.6
--------- --------- --------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 156.2 144.9 323.5 305.1 395.4 374.4
Income Taxes 58.1 53.8 118.4 112.2 144.3 135.5
--------- --------- --------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS $98.1 $91.1 $205.1 $192.9 $251.1 $238.9
DISCONTINUED OPERATIONS, NET
OF INCOME TAXES - - (25.0) - (25.0) -
--------- --------- --------- --------- --------- ---------
NET INCOME $98.1 $91.1 $180.1 $192.9 $226.1 $238.9
========= ========= ========= ========= ========= =========
AVERAGE SHARES OF COMMON STOCK
OUTSTANDING 97.0 95.9 96.8 95.6 96.6 95.4
========= ========= ========= ========= ========= =========
EARNINGS PER AVERAGE COMMON SHARE
CONTINUING OPERATIONS $1.01 $0.95 $2.12 $2.02 $2.60 $2.50
DISCONTINUED OPERATIONS - - ($0.26) - ($0.26) -
--------- --------- --------- --------- --------- ---------
$1.01 $0.95 $1.86 $2.02 $2.34 $2.50
========= ========= ========= ========= ========= =========
Regarding these financial statements:
Current and prior periods reflect the recapitalization of the spin-off company, Progress Credit,
and its associated treatment as discontinued operations. These are interim statements. Reference
should be made to Florida Progress Corporation's 1995 Annual Report to shareholders. Neither this
report nor any statement contained herein is furnished in connection with the offering of
securities or for the purpose of promoting or influencing the sale or purchase of securities.
</TABLE>
<PAGE>
FLORIDA PROGRESS CORPORATION
CONSOLIDATED BALANCE SHEETS Page 4
(UNAUDITED)
(In millions)
September 30
-------------------------
1996 1995
----------- -----------
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service and held for $5,921.2 $5,794.9
for future use
Less - Accumulated depreciation 2,296.6 2,138.2
Accumulated decommissioning for nuclear plant 185.4 155.5
Accumulated dismantlement for fossil plants 115.4 100.2
---------- ----------
3,323.8 3,401.0
Construction work in progress 148.1 150.7
Nuclear fuel, net of amortization of $356.7
in 1996 and $342.2 in 1995 60.0 37.0
---------- ----------
Net electric utility plant 3,531.9 3,588.7
Other property, net of depreciation of $170.2
in 1996 and $153.6 in 1995 327.9 290.1
---------- ----------
3,859.8 3,878.8
---------- ----------
CURRENT ASSETS:
Cash and equivalents 17.8 9.3
Accounts receivable, net 327.2 336.6
Inventories, primarily at average cost:
Fuel 69.0 58.5
Utility materials and supplies 97.1 108.7
Diversified materials 128.3 81.2
Underrecovery of fuel cost 47.4 8.5
Other 48.0 42.7
---------- ----------
734.8 645.5
---------- ----------
DISCONTINUED OPERATIONS:
Advances to discontinued operations 102.7 128.2
Net assets of discontinued operations 179.1 202.9
---------- ----------
281.8 331.1
---------- ----------
OTHER ASSETS:
Investments:
Leases and loans receivable, net 31.2 26.9
Marketable securities 205.9 172.6
Nuclear plant decommissioning fund 187.7 148.5
Joint ventures and partnerships 37.9 33.3
Deferred insurance policy acquisition costs 120.1 103.6
Other 180.9 171.0
---------- ----------
763.7 655.9
---------- ----------
$5,640.1 $5,511.3
========== ==========
CAPITAL AND LIABILITIES
CAPITAL:
Common stock equity $2,121.0 $2,068.2
Cumulative preferred stock of Florida Power 33.5 138.5
Long-term debt 1,727.4 1,556.7
---------- ----------
3,881.9 3,763.4
---------- ----------
CURRENT LIABILITIES:
Accounts payable 193.8 164.9
Customers' deposits 87.7 82.5
Income taxes payable 64.9 46.2
Accrued other taxes 68.6 69.6
Accrued interest 44.3 43.3
Other 100.1 87.7
---------- ----------
559.4 494.2
Notes payable 29.0 -
Current portion of long-term debt
and preferred stock 59.8 194.4
---------- ----------
648.2 688.6
---------- ----------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 484.2 495.4
Unamortized investment tax credits 95.5 103.7
Insurance policy benefit reserves 309.0 253.9
Other postretirement benefit costs 96.4 80.5
Other 124.9 125.8
---------- ----------
1,110.0 1,059.3
---------- ----------
$5,640.1 $5,511.3
========== ==========
<PAGE>
<TABLE>
FLORIDA PROGRESS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS Page 5
(UNAUDITED)
(In millions)
<CAPTION>
Three Months Ended Nine Months Ended Twelve Months Ended
September 30 September 30 September 30
------------------- ------------------- -------------------
1996 1995 1996 1995 1996 1995
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Income from continuing operations $98.1 $91.1 $205.1 $192.9 $251.1 $238.9
Adjustments for noncash items:
Depreciation and amortization 87.5 90.9 275.1 261.4 366.4 343.7
Deferred income taxes and investment
tax credits, net (10.9) (20.6) (37.2) (41.2) (34.0) (29.7)
Increase in accrued other postretirement
benefit costs 8.5 4.6 11.9 12.8 15.9 15.6
Net change in deferred insurance policy
acquisition costs (5.1) (3.1) (13.7) (11.7) (16.5) (10.3)
Net change in insurance policy
benefit reserves 13.3 11.1 44.0 31.4 55.1 36.9
Changes in working capital, net of effects
from acquisition or sale of businesses:
Accounts receivable (16.1) (43.1) (7.6) (74.6) 22.5 (50.2)
Inventories 13.6 19.0 (17.9) 1.0 (48.0) (5.1)
Overrecovery (underrecovery) of fuel cost 10.2 (0.1) (47.1) (6.7) (38.9) 23.3
Accounts payable (0.1) 8.5 21.3 16.0 21.7 33.9
Income taxes payable 38.8 26.8 60.0 35.3 16.1 12.6
Accrued other taxes 14.7 22.1 52.9 55.0 (1.1) 12.1
Other (6.7) 11.1 2.5 21.2 19.6 26.6
Other operating activities - 7.7 1.6 13.9 (5.0) 3.3
--------- --------- --------- --------- --------- ---------
Cash provided by continuing operations 245.8 226.0 550.9 506.7 624.9 651.6
--------- --------- --------- --------- --------- ---------
Income (loss) from discontinued operations - - (25.0) - (25.0) -
Adjustments for non-cash items, primarily
loss provision 3.7 (11.3) 11.1 (8.4) 1.9 (16.9)
--------- --------- --------- --------- --------- ---------
Cash provided by (used for) discontinued
operations 3.7 (11.3) (13.9) (8.4) (23.1) (16.9)
--------- --------- --------- --------- --------- ---------
249.5 214.7 537.0 498.3 601.8 634.7
--------- --------- --------- --------- --------- ---------
INVESTING ACTIVITIES:
Property additions (including allowance for
borrowed funds used during construction) (56.6) (64.6) (192.0) (211.8) (311.6) (333.2)
Proceeds from sales of properties and businesses 0.9 3.3 7.0 9.6 10.5 11.6
(Purchase of) proceeds from sale or collection
of loans and securities (10.9) (3.0) (25.1) (13.2) (40.8) (10.0)
Acquisition of businesses (41.9) (0.1) (45.1) (5.9) (48.4) (5.9)
Distributions from (investments in) joint
ventures and partnerships, net (3.4) (1.3) (4.6) (3.6) (5.0) (3.2)
Investing activities of discontinued operations 23.2 2.8 35.2 46.3 58.7 75.1
Other investing activities (6.5) (2.8) (24.5) (8.3) (27.2) (11.0)
--------- --------- --------- --------- --------- ---------
(95.2) (65.7) (249.1) (186.9) (363.8) (276.6)
--------- --------- --------- --------- --------- ---------
FINANCING ACTIVITIES:
Issuance of long-term debt 118.0 - 118.0 - 118.0 -
Repayment of long-term debt (187.7) (8.7) (189.8) (29.5) (206.0) (60.7)
Increase (decrease) in commercial paper with
long-term support (52.0) (59.6) (5.3) (105.0) 100.7 (97.6)
Redemption of preferred stock - - (80.9) - (85.9) (5.0)
Sale of common stock - 9.8 18.6 28.8 28.2 38.5
Dividends paid on common stock (49.8) (48.4) (149.5) (144.8) (198.1) (192.7)
Increase (decrease) in short-term debt 29.0 (41.1) 29.0 (55.3) 29.0 (27.9)
Financing activities of discontinued operations (1.1) (1.3) (11.3) (9.7) (11.3) (9.8)
Other financing activities (1.7) (0.4) (3.2) (0.4) (4.1) (1.3)
--------- --------- --------- --------- --------- ---------
(145.3) (149.7) (274.4) (315.9) (229.5) (356.5)
--------- --------- --------- --------- --------- ---------
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 9.0 (0.7) 13.5 (4.5) 8.5 1.6
Beginning cash and equivalents 8.8 10.0 4.3 13.8 9.3 7.7
--------- --------- --------- --------- --------- ---------
ENDING CASH AND EQUIVALENTS $17.8 $9.3 $17.8 $9.3 $17.8 $9.3
========= ========= ========= ========= ========= =========
</TABLE>
<TABLE>
Florida Progress Corporation
Selected Financial Information (Unaudited) Page 6
<CAPTION>
Three Months Ended Percent Nine Months Ended Percent Twelve Months Ended Percent
September 30 Positive September 30 Positive September 30 Positive
1996 1995 (Negative) 1996 1995 (Negative) 1996 1995 (Negative)
-------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Earnings Per Share:
Florida Power Corporation $0.96 $0.88 9.1 $1.96 $1.84 6.5 $2.39 $2.28 4.8
--------- --------- --------- --------- --------- ---------
Electric Fuels Corporation 0.07 0.07 - 0.21 0.19 10.5 0.27 0.24 12.5
Mid-Continent Life Insurance Co. - 0.01 (100.0) 0.02 0.06 (66.7) 0.03 0.08 (62.5)
Corporate and other (0.02) (0.01) (100.0) (0.07) (0.07) - (0.09) (0.10) 10.0
--------- --------- --------- --------- --------- ---------
Diversified 0.05 0.07 (28.6) 0.16 0.18 (11.1) 0.21 0.22 (4.5)
--------- --------- --------- --------- --------- ---------
Total Continuing Operations 1.01 0.95 6.3 2.12 2.02 5.0 2.60 2.50 4.0
Discontinued Operations 0.00 - (0.26) - (0.26) -
--------- --------- --------- --------- --------- ---------
Consolidated $1.01 $0.95 $1.86 $2.02 $2.34 $2.50
========= ========= ========= ========= ========= =========
Avg. shares outstanding (millions) 97.0 95.9 1.1 96.8 95.6 1.3 96.6 95.4 1.3
Dividends per share $0.515 $0.505 2.0 $1.545 $1.515 2.0 $2.050 $2.020 1.5
Book value per share:
Florida Power Corporation $18.95 $18.03 5.1
Consolidated $21.87 $21.51 1.7
<S> <C> <C> <C> <C> <C> <C> <C>
September 30 September 30
September 30 1996 1995
1996 1995 Amount Percent Amount Percent
--------- --------- ---------------------------------------
Equity investments (percent): Capitalization (in millions):
Florida Power Corporation 87 87 Common stock $2,121.0 53.4 $2,068.2 52.3
Electric Fuels Corporation 9 9 Preferred stock 33.5 0.8 138.5 3.5
Mid-Continent Life Insurance Co. 4 4 Long-term debt 1,727.4 43.5 1,556.7 39.3
--------- --------- Short-term capital 88.8 2.3 194.4 4.9
Total 100 100 ----------------------------------------
========= ========= Total $3,970.7 100.0 $3,957.8 100.0
========================================
Note: Current and prior periods reflect the recapitalization of the spin-off company, Progress Credit, and its associated
treatment as discontinued operations.
</TABLE>
<PAGE>
<TABLE>
Florida Power Corporation
Selected Statistical Data (Unaudited) Page 7
(In millions, except billing degree days)
<CAPTION>
Three Months Ended Nine Months Ended Twelve Months Ended
September 30 Percent September 30 Percent September 30 Percent
1996 1995 Change 1996 1995 Change 1996 1995 Change
------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues:
Residential $387.6 $374.8 3.4 $1,013.2 $959.7 5.6 $1,306.2 $1,225.5 6.6
Commercial 155.4 147.2 5.6 402.2 386.7 4.0 530.8 512.0 3.7
Industrial 54.9 48.8 12.5 154.6 140.3 10.2 203.6 185.2 9.9
Other retail sales 34.3 31.4 9.2 92.1 86.5 6.5 122.1 115.6 5.6
------------------ -------------------- --------------------
632.2 602.2 5.0 1,662.1 1,573.2 5.7 2,162.7 2,038.3 6.1
Sales for resale 46.5 56.0 (17.0) 126.6 110.8 14.3 165.4 143.3 15.4
------------------ -------------------- --------------------
678.7 658.2 3.1 1,788.7 1,684.0 6.2 2,328.1 2,181.6 6.7
Other electric revenues 23.4 12.4 88.7 43.1 47.7 (9.6) 46.9 53.3 (12.0)
Deferred fuel (7.4) 1.2 - (1.1) 6.5 - (10.8) (3.2) -
------------------ -------------------- --------------------
Total $694.7 $671.8 3.4 $1,830.7 $1,738.2 5.3 $2,364.2 $2,231.7 5.9
================== ==================== ====================
Kilowatt-hour sales billed:
Residential 4,682.2 4,571.1 2.4 12,142.8 11,480.7 5.8 15,600.1 14,571.5 7.1
Commercial 2,557.1 2,483.5 3.0 6,661.3 6,465.6 3.0 8,807.8 8,533.1 3.2
Industrial 1,094.5 990.1 10.5 3,195.2 2,852.1 12.0 4,207.5 3,738.8 12.5
Other retail sales 602.8 567.0 6.3 1,641.8 1,549.7 5.9 2,177.1 2,061.3 5.6
------------------ -------------------- --------------------
8,936.6 8,611.7 3.8 23,641.1 22,348.1 5.8 30,792.5 28,904.7 6.5
Sales for resale 804.0 1,141.8 (29.6) 2,085.7 2,021.0 3.2 2,967.8 2,638.6 12.5
------------------ -------------------- --------------------
Total electric sales 9,740.6 9,753.5 (0.1) 25,726.8 24,369.1 5.6 33,760.3 31,543.3 7.0
================== ==================== ====================
System Requirements (KWH) 10,230 9,973 2.6 27,037 25,771 4.9 34,934 32,844 6.4
Retail KWH Sales
(Billed & Unbilled) 8,930 8,718 2.4 23,732 22,686 4.6 30,793 29,070 5.9
Billing Degree Days:
Cooling 2,252 2,153 4.6 3,071 3,037 1.1 3,963 3,593 10.3
Heating - - - 761 480 58.5 882 512 72.3
Note:
Total revenues include billed revenues and unbilled revenues that are accrued for accounting purposes.
Statistics for total kilowatt-hour sales include only billed kilowatt-hour sales. The statistic for retail KWH
sales includes both billed and unbilled sales. Beginning in 1995, Florida Power was ordered by state regulators
to conduct a three-year test of residential revenue decoupling. Under the plan, abnormal weather variances
will no longer impact earnings with respect to residential revenues.
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