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As filed with the Securities and Exchange Commission on February 25, 2000
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 24, 2000
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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.
1-8349 FLORIDA PROGRESS CORPORATION Florida 59-2147112
One Progress Plaza
St. Petersburg, Florida 33701
Telephone (727) 824-6400
1-3274 FLORIDA POWER CORPORATION Florida 59-0247770
One Progress Plaza
St. Petersburg, Florida 33701
Telephone (727) 820-5151
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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, 1999:
Florida Progress issued an Investor News report dated February 24, 2000
reporting an increase in its annual dividend. A copy of the Investor News report
is filed 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 Corporation Investor News report dated
February 24, 2000.
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/ Pamela A. Saari
By:____________________________
Pamela A. Saari
Treasurer of each Registrant
Date: February 24, 2000
2
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EXHIBIT INDEX
Exhibit No. Description of Exhibit
99 Florida Progress Corporation Investor News report dated
February 24, 2000.
3
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Exhibit 99
[LOGO] FLORIDA INVESTOR NEWS
PROGRESS
CORPORATION
Analyst Contacts:
Greg Beuris (727) 820-5734
Lauran Willoughby (727) 820-5737
FLORIDA PROGRESS CORPORATION INCREASES ANNUAL DIVIDEND
St. Petersburg, Florida, February 24, 2000 - Florida Progress Corporation's
board of directors today declared a quarterly cash dividend of 55-1/2 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 $2.22 per share. This represents an annual dividend increase of 1.8 percent.
"The board's decision to increase the dividend is supported by management's
confidence in long-term earnings growth that has allowed the company to continue
reducing the dividend payout ratio over time while maintaining the dividend
growth rate," said Richard Korpan, chairman and CEO of Florida Progress.
Florida Progress' earnings growth has enabled it to reduce its dividend payout
ratio to 68 percent at the end of 1999.
The new quarterly dividend of 55-1/2 cents per share is payable on March 20,
2000 to shareholders of record at the close of business on March 6, 2000.
Florida Progress shareholders should expect to receive quarterly dividends from
Florida Progress up through the date of the pending share exchange with Carolina
Power and Light, which is expected to be completed in September 2000. The share
exchange agreement with Carolina Power and Light allows Florida Progress to
increase its annual dividend rate by up to 2 percent.
This news release contains forward looking statements within the meaning of the
safe harbor provisions of the Securities Exchange Act of 1934 including the
expected closing date of the pending share exchange with Carolina Power and
Light and the payment of dividends until that time. These statements involve
risks and uncertainties that could cause actual results or outcomes to differ
materially from expectations. Key factors that could have a direct bearing on
the company's ability to attain these projections include the successful closing
of the share exchange with Carolina Power and Light, continued annual growth in
electric customers and customer usage; economic and weather conditions affecting
the demand for, and the supply of, not only electricity but also Electric Fuels
Corporation's products and services; successful cost containment efforts;
legislative and regulatory developments; the efficient operation and/or
construction of Florida Power's existing and planned generating units; 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 $6.2 billion. Its principal subsidiary is Florida Power, one of
the nation's leading electric utilities committed to serving its 1.3 million
customers in Florida with competitively priced energy, excellent reliability,
and outstanding customer service. Diversified operations include rail services,
marine operations and coal mining.
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