<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-8809
SCANA Corporation
(Exact name of registrant as specified in its charter)
South Carolina 57-0784499
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1426 Main Street, Columbia, South Carolina 29201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (803) 748-3000
Former name, former address and former fiscal year,
if changed since last report.
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X . No .
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or 15(d) of
the Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court. Yes . No .
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
47,141,508 Common Shares, without par value, as of April 30, 1994
<PAGE>
SCANA CORPORATION
INDEX
PART I. FINANCIAL INFORMATION Page
Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 1994 and
December 31, 1993........................................ 3
Consolidated Statements of Income and Retained Earnings
for the Periods Ended March 31, 1994 and 1993............ 5
Consolidated Statements of Cash Flows for the Periods
Ended March 31, 1994 and 1993............................ 6
Notes to Consolidated Financial Statements............... 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations...................... 9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings........................................ 13
Item 6. Exhibits and Reports on Form 8-K......................... 13
Signatures........................................................ 14
Exhibit Index..................................................... 15
2
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<TABLE> PART I
FINANCIAL INFORMATION
SCANA CORPORATION
CONSOLIDATED BALANCE SHEETS
As of March 31, 1994 and December 31, 1993
(Unaudited)
March 31, December 31,
<S> <C> <C> <C>
1994 1993
ASSETS (Thousands of Dollars)
Utility Plant:
Electric................................................... $3,327,668 $3,328,915
Gas........................................................ 452,607 451,493
Transit.................................................... 3,770 3,769
Common..................................................... 73,396 72,804
Total.................................................... 3,857,441 3,856,981
Less accumulated depreciation and amortization............. 1,281,346 1,259,689
Total.................................................... 2,576,095 2,597,292
Construction work in progress.............................. 420,164 349,530
Nuclear fuel, net of accumulated amortization.............. 33,689 29,087
Acquisition adjustment-gas, net of accumulated
amortization............................................. 27,917 28,166
Utility Plant, Net.................................... 3,057,865 3,004,075
Nonutility Property and Investments (net of accumulated
depreciation and depletion)................................ 396,314 393,728
Current Assets:
Cash and temporary cash investments........................ 35,828 20,766
Receivables................................................ 157,440 174,121
Inventories (at average cost):
Fuel..................................................... 45,758 62,977
Materials and supplies................................... 46,581 46,890
Prepayments................................................ 24,982 21,826
Accumulated deferred income taxes.......................... - 8,607
Total Current Assets.................................. 310,589 335,187
Deferred Debits:
Unamortized debt expense................................... 12,855 13,076
Unamortized deferred return on plant investment............ 13,799 14,860
Nuclear plant decommissioning fund......................... 26,423 25,103
Other...................................................... 251,325 254,497
Total Deferred Debits................................. 304,402 307,536
Total....................................... $4,069,170 $4,040,526
See notes to consolidated financial statements.
3
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SCANA CORPORATION
CONSOLIDATED BALANCE SHEETS
As of March 31, 1994 and December 31, 1993
(Unaudited)
<S> <C> <S> <C> <C> <C>
March 31, December 31,
1994 1993
(Thousands of Dollars)
CAPITALIZATION AND LIABILITIES
Stockholders' Investment:
Common Equity:
Common stock (Without par value)......................... $ 840,027 $ 826,665
Retained earnings........................................ 523,402 506,380
Total Common Equity..................................... 1,363,429 1,333,045
Preferred stock (Not subject to purchase or sinking funds). 26,027 26,027
Total Stockholders' Investment.......................... 1,389,456 1,359,072
Preferred stock, net (Subject to purchase or sinking funds).. 51,079 52,840
Long-term debt, net.......................................... 1,365,630 1,424,399
Total Capitalization.................................. 2,806,165 2,836,311
Current Liabilities:
Short-term borrowings...................................... 105,705 43,019
Current portion of long-term debt.......................... 92,063 34,322
Current portion of preferred stock......................... 2,496 2,504
Accounts payable........................................... 78,406 129,495
Estimated rate refunds and related interest................ 1,782 2,509
Customer deposits.......................................... 13,630 13,498
Taxes accrued.............................................. 27,212 50,063
Interest accrued........................................... 27,946 21,784
Dividends declared......................................... 34,461 33,637
Accumulated deferred income taxes.......................... 6,202 -
Other...................................................... 15,048 12,649
Total Current Liabilities............................. 404,951 343,480
Deferred Credits:
Accumulated deferred income taxes.......................... 567,436 568,172
Accumulated deferred investment tax credits................ 94,069 94,981
Accumulated reserve for nuclear plant decommissioning...... 26,423 25,103
Other...................................................... 170,126 172,479
Total Deferred Credits................................ 858,054 860,735
Total....................................... $4,069,170 $4,040,526
See notes to consolidated financial statements.
4
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SCANA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
For the Periods Ended March 31, 1994 and 1993
(Unaudited)
<S> <C> <C> <C>
Three Months Ended
March 31,
1994 1993
(Thousands of Dollars,
Except Per Share Amounts)
OPERATING REVENUES:
Electric.................................................... $234,859 $207,556
Gas......................................................... 111,429 113,496
Transit..................................................... 1,021 788
Total Operating Revenues............................... 347,309 321,840
OPERATING EXPENSES:
Fuel used in electric generation............................ 56,983 51,403
Purchased power............................................. 4,785 2,778
Gas purchased for resale.................................... 68,750 68,584
Other operation............................................. 54,855 50,268
Maintenance................................................. 15,486 16,494
Depreciation and amortization............................... 29,738 28,218
Income taxes................................................ 28,092 21,096
Other taxes................................................. 19,222 19,285
Total Operating Expenses............................... 277,911 258,126
OPERATING INCOME.............................................. 69,398 63,714
OTHER INCOME:
Allowance for equity funds used
during construction....................................... 2,110 2,672
Other income, net of income taxes........................... 6,340 5,638
Total Other Income..................................... 8,450 8,310
INCOME BEFORE INTEREST CHARGES AND
PREFERRED STOCK DIVIDENDS................................... 77,848 72,024
INTEREST CHARGES (CREDITS):
Interest expense............................................ 27,865 27,392
Allowance for borrowed funds used
during construction....................................... (1,680) (2,045)
Total Interest Charges, Net............................ 26,185 25,347
INCOME BEFORE PREFERRED STOCK CASH
DIVIDENDS OF SUBSIDIARY..................................... 51,663 46,677
PREFERRED STOCK CASH DIVIDENDS OF
SUBSIDIARY (At stated rates)................................ (1,539) (1,567)
NET INCOME.................................................... 50,124 45,110
RETAINED EARNINGS AT BEGINNING OF PERIOD...................... 506,380 462,893
COMMON STOCK CASH DIVIDENDS DECLARED.......................... (33,102) (30,311)
RETAINED EARNINGS AT END OF PERIOD............................ $523,402 $477,692
NET INCOME.................................................... $ 50,124 $ 45,110
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING (THOUSANDS)..................................... 46,846 44,111
EARNINGS PER WEIGHTED AVERAGE SHARE
OF COMMON STOCK............................................. $ 1.07 $ 1.02
CASH DIVIDENDS DECLARED PER SHARE OF
COMMON STOCK................................................ $ 0.705 $ 0.685
See notes to consolidated financial statements.
5
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SCANA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 1994 and 1993
(Unaudited)
<S> <C> <C> <C>
Three Months Ended
March 31,
1994 1993
(Thousands of Dollars)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income............................................ $ 50,124 $ 45,110
Adjustments to reconcile net income to net cash
provided from operating activities:
Depreciation, depletion and amortization............ 46,571 34,067
Amortization of nuclear fuel........................ 3,835 3,536
Deferred income taxes, net.......................... 13,834 26,903
Deferred investment tax credits, net................ (911) (914)
Net regulatory asset-adoption of SFAS No. 109....... (361) (10,483)
Dividends declared on preferred stock of subsidiary. 1,539 1,567
Equity (earnings) losses of investees............... (109) (42)
Nuclear refueling accrual........................... 1,756 534
Allowance for funds used during construction........ (3,790) (4,717)
Over (under) collections, fuel adjustment clause.... 6,051 4,874
Changes in certain current assets and liabilities:
(Increase) decrease in receivables................. 13,806 13,315
(Increase) decrease in inventories................. 17,528 3,236
Increase (decrease) in accounts payable............ (51,030) (26,410)
Increase (decrease) in estimated rate refunds
and related interest............................. (727) (14,146)
Increase (decrease) in taxes accrued............... (22,851) (36,856)
Increase (decrease) in interest accrued ........... 6,162 (7,703)
Other, net.......................................... (1,705) (9,226)
Net Cash Provided From Operating Activities............. 79,722 22,645
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility property additions and construction
expenditures........................................ (86,772) (59,674)
Increase in other property and investments............ (23,470) (15,829)
Principal noncash item:
Allowance for funds used during construction........ 3,790 4,717
Net Cash Used For Investing Activities.................. (106,452) (70,786)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds:
Issuance of common stock............................ 16,170 14,206
Issuance of notes and loans......................... 60,000 60,000
Repayments:
Redemption of bank note............................. (62,000) (62,887)
Other long-term debt................................ (284) (58)
Preferred stock..................................... (1,770) (1,764)
Dividend payments:
Common stock........................................ (31,934) (29,420)
Preferred stock of subsidiary....................... (1,558) (1,606)
Short-term borrowings, net............................ 62,686 54,994
Fuel financings, net.................................. 482 5,914
Net Cash Provided From Financing Activities............. 41,792 39,379
NET INCREASE (DECREASE) IN CASH AND
TEMPORARY CASH INVESTMENTS............................ 15,062 (8,762)
CASH AND TEMPORARY CASH INVESTMENTS AT JANUARY 1........ 20,766 32,050
CASH AND TEMPORARY CASH INVESTMENTS AT MARCH 31......... $ 35,828 $ 23,288
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for - Interest.............................. $ 21,410 $ 34,833
- Income taxes.......................... 3,424 9,997
See notes to consolidated financial statements.
</TABLE>
6
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SCANA CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1994
(Unaudited)
The following notes should be read in conjunction with the
Notes to Consolidated Financial Statements appearing in the
Company's Annual Report on Form 10-K for the year ended December
31, 1993. These are interim financial statements and, because of
temperature variations between seasons of the year, the amounts
reported in the Consolidated Statements of Income are not
necessarily indicative of amounts expected for the year. In the
opinion of management, the information furnished herein reflects
all adjustments, all of a normal recurring nature, which are
necessary for a fair statement of the results for the interim
periods reported.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
A. Principles of Consolidation:
The accounts of the Company and its wholly owned subsidiaries
are consolidated in the accompanying Consolidated Financial
Statements. Certain investments are reported using the equity
method of accounting. Significant intercompany balances and
transactions have been eliminated in consolidation.
B. In January 1994 the Company signed an agreement to sell
in 1994 substantially all of the real estate
assets of SCANA Development Corporation to Liberty Properties
Group, Inc. of Greenville, South Carolina for $91.5 million.
On March 4, 1994 the Company and Liberty amended the agreement
regarding the sale. Under the terms of the amended agreement
certain projects currently under construction will be excluded
from the transaction and the sales price will be $49.6 million.
All of the sales price will be received at the time of closing.
The transaction will not have a material impact on the
Company's financial position or results of operation.
C. Reclassifications:
Certain amounts from prior periods have been reclassified to
conform with the 1994 presentation.
2. RATE MATTERS:
With respect to rate matters at March 31, 1994, reference is
made to Note 2 of Notes to Consolidated Financial Statements
in the Company's Annual Report on Form 10-K for the year ended
December 31, 1993. No changes have occurred with respect to
those matters as reported therein except as shown below.
On March 31, 1994 SCE&G filed an application with The South
Carolina Public Service Commission (PSC) for the elimination
of the $.40 fare for low income riders of SCE&G's transit
system. A hearing is scheduled for May 31, 1994.
3. RETAINED EARNINGS:
The Restated Articles of Incorporation of the Company do not
limit the dividends that may be payable on its common stock.
However, the Restated Articles of Incorporation of SCE&G and
the Indenture underlying certain of its bond issues contain
provisions that may limit the payment of cash dividends on
common stock. In addition, with respect to hydroelectric
projects, the Federal Power Act may require the appropriation
of a portion of the earnings therefrom. At March 31, 1994
approximately $10.7 million of retained earnings were
restricted as to payment of cash dividends on common stock.
7
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4. COMMITMENTS AND CONTINGENCIES:
With respect to commitments at March 31, 1994, reference is
made to Note 10 of Notes to Consolidated Financial Statements
appearing in the Company's Annual Report on Form 10-K for the
year ended December 31, 1993. No significant changes have
occurred with respect to those matters as reported therein.
A. Nuclear Insurance
The Price-Anderson Indemnification Act, which deals with public
liability for a nuclear incident, currently establishes the
liability limit for third-party claims associated with any
nuclear incident at $9.4 billion. Each reactor licensee is
currently liable for up to $79.3 million per reactor owned for
each nuclear incident occurring at any reactor in the United
States, provided that not more than $10 million of the
liability per reactor would be assessed per year. SCE&G's
maximum assessment, based on its two-thirds ownership of
Summer Station, would be approximately $52.9 million per
incident but not more than $6.7 million per year. SCE&G
currently maintains policies (for itself and on behalf of the
PSA) with Nuclear Electric Insurance Limited (NEIL) and
American Nuclear Insurers (ANI) providing combined property and
decontamination insurance coverage of $1.4 billion for any
losses in excess of $500 million pursuant to existing primary
coverages (with ANI) on Summer Station. SCE&G pays annual
premiums and, in addition, could be assessed a retroactive
premium not to exceed 7 1/2 times its annual premium in the
event of property damage loss to any nuclear generating
facilities covered by NEIL. Based on the current annual
premium, this retroactive premium would not exceed
approximately $8.1 million.
To the extent that insurable claims for property damage,
decontamination, repair and replacement and other costs and
expenses arising from a nuclear incident at Summer Station
exceed the policy limits of insurance, or to the extent such
insurance becomes unavailable in the future, and to the extent
that SCE&G's rates would not recover the cost of any purchased
replacement power, SCE&G will retain the risk of loss as a
self-insurer. SCE&G has no reason to anticipate a serious
nuclear incident at Summer Station. If such an incident were
to occur, it could have a materially adverse impact on the
Company's financial position.
B. Environmental
The Company has an environmental assessment program to identify
and assess current and former operations sites that could
require environmental cleanup. As site assessments are
initiated, an estimate is made of the amount of expenditures,
if any, necessary to investigate and clean up each site. These
estimates are refined as additional information becomes
available; therefore actual expenditures could significantly
differ from the original estimates. Amounts estimated and
accrued to date for site assessment and cleanup (approximately
$22.9 million) relate primarily to regulated operations; such
amounts have been deferred and are being amortized and
recovered through rates over a ten year period.
8
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SCANA CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Material Changes in Capital Resources and Liquidity
From December 31, 1993 to March 31, 1994
Liquidity and Capital Resources
The cash requirements of the Company arise primarily from
SCE&G's operational needs, the Company's construction program and
the need to fund the activities or investments of the Company's
nonregulated subsidiaries. The ability of the Company's regulated
subsidiaries to replace existing plant investment, as well as to
expand to meet future demands for electricity and gas, will depend
upon their ability to attract the necessary financial capital on
reasonable terms. The Company's regulated subsidiaries recover the
costs of providing services through rates charged to customers.
Rates for regulated services are generally based on historical
costs. As customer growth and inflation occur and the regulated
subsidiaries expand their construction programs, it is necessary to
seek increases in rates. As a result, the Company's future
financial position and results of operations will be affected by
the regulated subsidiaries' ability to obtain adequate and timely
rate relief.
The following table summarizes how the Company generated funds
for its property acquisitions and utility property additions and
construction expenditures during the three months ended March 31,
1994 and 1993:
Three Months Ended
March 31,
1994 1993
(Thousands of Dollars)
Net cash provided from operating activities $ 79,722 $ 22,645
Net cash provided from financing activities 41,792 39,379
Cash and temporary cash investments available
at the beginning of the period 20,766 32,050
Net cash available for property acquisitions
and utility property additions and
construction expenditures $142,280 $ 94,074
Funds used for utility property additions
and construction expenditures, net of
noncash allowance for funds used during
construction $ 82,982 $ 54,957
Funds used for nonutility property
additions $ 23,090 $ 12,147
The Company anticipates that the remainder of its 1994 cash
requirements will be met through internally generated funds, the
sales of additional equity securities and medium-term notes and
the incurrence of additional short-term and long-term
indebtedness. The timing and amount of such financing will
depend upon market conditions and other factors.
The ratio of earnings to fixed charges for the twelve months
ended March 31, 1994 was 3.51.
9
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On January 14, 1994 the Company closed unsecured bank loans of
$30 million, $15 million and $15 million, due January 13, 1995, and
used the proceeds to pay off a loan in a like total amount. The
interest rate for each loan is the twelve month LIBOR plus 18.75,
20.00 and 20.00 basis points, respectively, and is fixed for the
duration of the loan.
The Company expects that it has or can obtain adequate sources
of financing to meet its cash requirements for the next twelve
months and for the foreseeable future.
10
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SCANA CORPORATION
Results of Operations
For the Three Months Ended March 31, 1994
As Compared to the Corresponding Period in 1993
Earnings and Dividends
Net income for the three months ended March 31, 1994 increased
approximately $5.0 million when compared to the corresponding
period in 1993 primarily due to higher electric margins.
Allowance for funds used during construction (AFC) is a
utility accounting practice whereby a portion of the cost of both
equity and borrowed funds used to finance construction (which is
shown on the balance sheet as construction work in progress) is
capitalized. Both the equity and the debt portions of AFC are
noncash items of nonoperating income which have the effect of
increasing reported net income. AFC represented approximately 5%
and 7% of income before income taxes for the three months ended
March 31, 1994 and 1993, respectively.
On February 15, 1994 the Company's Board of Directors
declared a quarterly dividend on common stock of 70 1/2 cents per
share for the quarter ended March 31, 1994. The dividend was paid
on April 1, 1994 to common stockholders of record on March 10,
1994.
On April 28, 1994 the Company's Board of Directors declared a
quarterly dividend on common stock of 70 1/2 cents per share for
the quarter ended June 30, 1994. The dividend is payable on July
1, 1994 to common stockholders of record on June 10, 1994.
Sales Margins
The change in the electric sales margin for the three months
ended March 31, 1994 when compared to the corresponding period in
1993 was as follows:
Three Months
Change % Change
(Millions)
Electric operating revenues $27.3 13.2
Less: Fuel used in electric
generation 5.6 10.9
Purchased power 2.0 72.2
Margin $19.7 12.9
The increase in electric sales margin for the three months
ended March 31, 1994 compared to the corresponding period in 1993
is primarily due to higher kilowatt hour sales due to increased
customer usage associated with a period of extremely cold weather
during the first quarter of 1994. In addition, the electric sales
margin includes an increase in retail electric rates which was
effective beginning in June 1993.
11
<PAGE>
The change in the gas sales margin for the three months ended
March 31, 1994 when compared to the corresponding period in 1993
was as follows:
Three Months
Change % Change
(Millions)
Gas operating revenues $(2.0) (1.8)
Less: Gas purchased for resale 0.2 0.2
Margin $(2.2) (5.0)
The decrease in the gas sales margin for the three month
comparison is primarily a result of a reduction in South Carolina
Pipeline Corporation's sales during the first quarter of 1994 due
to the competitiveness of alternative fuels. The gas sales margin
also reflects increased residential sales partially offset by
reduced recoveries under the weather normalization adjustment, both
due to colder weather during the first quarter of 1994.
Other Operating Expenses
Increases in other operating expenses, including taxes, for
the three months ended March 31, 1994 compared to the corresponding
period in 1993 are presented in the following table:
Three Months
Change % Change
(Millions)
Other operation and maintenance $ 3.6 5.4
Depreciation and amortization 1.5 5.4
Income taxes 7.0 33.2
Other taxes (0.1) (0.3)
Total $12.0 8.9
Other operation and maintenance expenses for the three months
ended March 31, 1994 increased primarily due to an increase in
employee-related expenses. The depreciation and amortization
increase for the three months reflects additions to plant in
service. The increase in income tax expense for the three month
comparison corresponds to the increases in income and reflects the
increase in the corporate tax rate from 34% to 35% which was
recorded in August 1993 and was retroactive to January 1, 1993.
12
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SCANA CORPORATION
Part II
OTHER INFORMATION
Item 1. Legal Proceedings
For information regarding legal proceedings see Note 2
"Rate Matters" and Note 4 "Commitments and Contingencies"
of Notes to Consolidated Financial Statements.
Items 2, 3, 4, and 5 are not applicable.
Item 6. Exhibits and Reports on Form 8-K
A. Exhibits
Exhibits filed with this Quarterly Report on Form 10-Q are
listed in the following Exhibit Index. Certain of such
exhibits which have heretofore been filed with the
Securities and Exchange Commission and which are
designated by reference to their exhibit numbers in prior
filings are hereby incorporated herein by reference and
made a part hereof.
B. Reports on Form 8-K
The Company filed a report on Form 8-K on January 13, 1994
in response to Item 5, "Other Events" regarding SCE&G's
settlement with Westinghouse Electric Corporation of a
lawsuit relating to the steam generators provided to
SCE&G's Summer Station.
13
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SCANA CORPORATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
SCANA CORPORATION
(Registrant)
May 11, 1994 By: s/W. B. Timmerman
W. B. Timmerman, Executive
Vice President, Chief
Financial Officer and
Controller
(Principal Financial Officer)
14
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SCANA CORPORATION
EXHIBIT INDEX Sequentially
Numbered
Pages
Number
2. Plan of Acquisition, Reorganization, Arrangement,
Liquidation or Succession
Plan of Exchange of South Carolina Electric &
Gas Company and SCANA Corporation (Exhibit
2 to Registration Statement No. 2-93812)................... #
3. Articles of Incorporation and By-Laws
A. Restated Articles of Incorporation of SCANA
Corporation as adopted on April 26, 1989
(Exhibit 3-A to Registration Statement
No. 33-49145)........................................... #
B. Copy of By-Laws of SCANA Corporation as revised
and amended on December 16, 1992 (Exhibit 3-B
to Registration Statement No. 33-49333)................. #
4. Instruments Defining the Rights of Security Holders,
Including Indentures
A. Articles of Exchange of South Carolina
Electric & Gas Company and SCANA Corporation
(Exhibit 4-A to Post-Effective Amendment No. 1
to Registration Statement No. 2-90438).................. #
B. Indenture dated as of November 1, 1989 to
The Bank of New York, Trustee (Exhibit 4-A
to Registration No. 33-32107)........................... #
C. Indenture dated as of January 1, 1945, from
the South Carolina Power Company (the "Power
Company") to Central Hanover Bank and Trust
Company, as Trustee, as supplemented by three
Supplemental Indentures dated respectively as
of May 1, 1946, May 1, 1947 and July 1, 1949
(Exhibit 2-B to Registration No. 2-26459)............... #
D. Fourth Supplemental Indenture dates as of
April 1, 1950, to Indenture referred to in
Exhibit 4C, pursuant to which the Company
assumed said Indenture (Exhibit 2-C to
Registration No. 2-26459)............................... #
E. Fifth through Fifty-first Supplemental
Indenture referred to in Exhibit 4C dated
as of the dates indicated below and filed
as exhibits to the Registration Statements
and 1934 Act reports whose file number are
set forth below......................................... #
December 1, 1950 Exhibit 2-D to Registration No. 2-26459
July 1, 1951 Exhibit 2-E to Registration No. 2-26459
# Incorporated herein by reference as indicated.
15
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SCANA CORPORATION
EXHIBIT INDEX
Sequentially
Numbered
Pages
Number
June 1, 1953 Exhibit 2-F to Registration No. 2-26459
June 1, 1955 Exhibit 2-G to Registration No. 2-26459
November 1, 1957 Exhibit 2-H to Registration No. 2-26459
September 1, 1958 Exhibit 2-I to Registration No. 2-26459
September 1, 1960 Exhibit 2-J to Registration No. 2-26459
June 1, 1961 Exhibit 2-K to Registration No. 2-26459
December 1, 1965 Exhibit 2-L to Registration No. 2-26459
June 1, 1966 Exhibit 2-M to Registration No. 2-26459
June 1, 1967 Exhibit 2-N to Registration No. 2-29693
September 1, 1968 Exhibit 4-O to Registration No. 2-31569
June 1, 1969 Exhibit 4-C to Registration No. 33-38580
December 1, 1969 Exhibit 4-Q to Registration No. 2-35388
June 1, 1970 Exhibit 4-R to Registration No. 2-37363
March 1, 1971 Exhibit 2-B-17 to Registration No. 2-40324
January 1, 1972 Exhibit 4-C to Registration No. 33-38580
July 1, 1974 Exhibit 2-A-19 to Registration No. 2-51291
May 1, 1975 Exhibit 4-C to Registration No. 33-38580
July 1, 1975 Exhibit 2-B-21 to Registration No. 2-53908
February 1, 1976 Exhibit 2-B-22 to Registration No. 2-55304
December 1, 1976 Exhibit 2-B-23 to Registration No. 2-57936
March 1, 1977 Exhibit 2-B-24 to Registration No. 2-58662
May 1, 1977 Exhibit 4-C to Registration No. 33-38580
February 1, 1978 Exhibit 4-C to Registration No. 33-38580
June 1, 1978 Exhibit 2-A-3 to Registration No. 2-61653
April 1, 1979 Exhibit 4-C to Registration No. 33-38580
June 1, 1979 Exhibit 4-C to Registration No. 33-38580
April 1, 1980 Exhibit 4-C to Registration No. 33-38580
June 1, 1980 Exhibit 4-C to Registration No. 33-38580
December 1, 1980 Exhibit 4-C to Registration No. 33-38580
April 1, 1981 Exhibit 4-D to Registration No. 33-49421
June 1, 1981 Exhibit 4-D to Registration No. 2-73321
March 1, 1982 Exhibit 4-D to Registration No. 33-49421
April 15, 1982 Exhibit 4-D to Registration No. 33-49421
May 1, 1982 Exhibit 4-D to Registration No. 33-49421
December 1, 1984 Exhibit 4-D to Registration No. 33-49421
December 1, 1985 Exhibit 4-D to Registration No. 33-49421
June 1, 1986 Exhibit 4-D to Registration No. 33-49421
February 1, 1987 Exhibit 4-D to Registration No. 33-49421
September 1, 1987 Exhibit 4-D to Registration No. 33-49421
January 1, 1989 Exhibit 4-D to Registration No. 33-49421
January 1, 1991 Exhibit 4-D to Registration No. 33-49421
February 1, 1991 Exhibit 4-D to Registration No. 33-49421
July 15, 1991 Exhibit 4-D to Registration No. 33-49421
August 15, 1991 Exhibit 4-D to Registration No. 33-49421
April 1, 1993 Exhibit 4-E to Registration No. 33-49421
F. Fifty-second Supplemental Indenture to Indenture
referred to in Exhibit 4-C dated as of July 1, 1993
(Filed as Exhibit 4-D to Form 10-Q for the
quarter ended June 30, 1993, File No. 1-3375)........... #
# Incorporated herein by reference as indicated.
16
<PAGE>
SCANA CORPORATION
EXHIBIT INDEX
Sequentially
Numbered
Pages
Number
G. Indenture dated as of April 1, 1993 from
South Carolina Electric & Gas Company to
NationsBank of Georgia, National Association
(Filed as Exhibit 4-F to Registration Statement
No. 33-49421)........................................... #
H. First Supplemental Indenture to Indenture
referred to in Exhibit 4-G dated as of June 1, 1993
(Filed as Exhibit 4-G to Registration Statement
No. 33-49421)........................................... #
I. Second Supplemental Indenture to Indenture
referred to in Exhibit 4-G dated as of June 15, 1993
(Filed as Exhibit 4-G to Form 10-Q for the
quarter ended June 30, 1993, File No. 1-3375)........... #
10. Material Contracts
Not Applicable
11. Statement Re Computation of Per Share Earnings
Not Applicable
12. Statement Re Computation of Ratios (Filed herewith)........ 18
15. Letter Re Unaudited Interim Financial Information
Not Applicable
18. Letter Re Change in Accounting Principles
Not Applicable
19. Report Furnished to Security Holders
Not Applicable
22. Published Report Regarding Matters Submitted to
Vote of Security Holders
Not Applicable
23. Consents of Experts and Counsel
Not Applicable
24. Power of Attorney
Not Applicable
27. Financial Data Schedule
Not Applicable
99. Additional Exhibits
Not Applicable
17
<PAGE>
Exhibit 12
SCANA CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Twelve Months Ended March 31, 1994
(Thousands of Dollars)
Twelve Months
Ended
March 31, 1994
Fixed Charges as defined:
Interest on long-term debt.............. $ 98,925
Amortization of debt premium, discount
and expense (net)...................... 2,105
Other interest expense.................. 6,809
Interest component of rentals........... 2,964
Total Fixed Charges (A)............. $110,803
Earnings, as defined:
Income.................................. $179,186
Income taxes............................ 98,984
Total fixed charges above............... 110,803
Total Earnings (B).................. $388,973
Ratio of Earnings to fixed charges (B/A).. 3.51
18
