As filed with the Securities and Exchange Commission on February 20, 1998
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):
February 19, 1998
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<S> <C> <C> <C>
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.
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.
<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 Annual Report on Form 10-K for the year ended December 31, 1997:
Florida Progress issued an Investor News report dated February 19, 1998 to
report an increase in its annual dividend. A copy of the Investor News report is
being furnished herewith as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
Exhibit Number (by
reference to Item 601
of Regulation S-K) Description of Exhibit
99 Florida Progress Investor News report dated February 19,
1998 to report an increase in its annual dividend.
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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. The signature of the undersigned on behalf
of each listed company shall be deemed to relate only to matters having
reference to such company.
FLORIDA PROGRESS CORPORATION
FLORIDA POWER CORPORATION
/s/Pamela A. Saari
By:____________________________
Pamela A. Saari
Assistant Treasurer
of each Registrant
Date: February 19, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
99 Florida Progress Investor News report dated February 19,
1998 to report an increase in its annual dividend.
EXHIBIT 99
Florida Progress Corporation
Investor News
[LOGO OMITTED]
Analyst Contacts:
Greg Beuris (813) 866-4442
Lauran Willoughby (813) 866-4837
Florida Progress Corporation Increases Annual Dividend
ST. PETERSBURG, Florida, February 19, 1998 -- Florida Progress Corporation's
board of directors today declared a quarterly cash dividend of 53 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, thus
raising the annual dividend to $2.14 per share. This represents an annual
dividend increase of 1.9 percent.
"Florida Power's strong fundamentals combined with the expanding operations of
Electric Fuels Corporation should allow us to achieve long-term average annual
growth in earnings per share of 4 to 5 percent, which supports our decision to
increase the dividend," said Jeffrey R. Heinicka, senior vice president and
chief financial officer.
In 1992, as the dividend payout approached 90 percent, Florida Progress began a
strategy of gradually lowering the payout while working to increase earnings.
This strategy has been successful, resulting in a 1997 payout of 80 percent
before nonrecurring charges.
The new quarterly dividend of 53 1/2 cents per share is payable on March 20,
1998 to shareholders of record at the close of business on March 5, 1998.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: this news release contains a forward looking statement concerning Florida
Progress' earnings per share growth rate. This statement involves risks and
uncertainties that could cause actual results or outcomes to differ materially
from expectations. Key factors that have a direct bearing on actual results
include annual growth in utility customers, successful cost containment,
efficient operation of generating units, successful execution of growth
strategies and other factors described in the company's Securities and Exchange
Commission filings.
Florida Progress (NYSE:FPC) is a Fortune 500 diversified utility holding company
with assets of $5.8 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 and rail services.
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