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) March 31, 1994
SOUTHEASTERN PUBLIC SERVICE COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 1-4351 13-5534018
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(State or other (Commission (I.R.S. Employer
jurisdiction of File No.) Identification No.)
incorporation of
organization)
777 South Flagler Drive
Suite 1000E
West Palm Beach, FL 33401
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (407) 653-4000
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Item 5. Other Events.
On March 31, 1994, the Registrant filed with the Commission
Form 12b-25, stating that for reasons set forth in such Form, the
consolidated financial statements of the Registrant for the
transition period from March 1, 1993 to December 31, 1993 (the
"Transition Period") have not been completed. The Registrant's
Form 12b-25 indicated that the Registrant expected its earnings and
other financial results for such period to be as follows:
The Registrant expects to report in its Transition Report on
Form 10-K for the Transition Period net sales of $23.4 million
compared to net sales of $22.4 million in the comparable 1992
period, income from continuing operations before cumulative effect
of changes in accounting principles of $2.0 million compared with
such income of $7.8 million in the comparable 1992 period and a net
loss of $13.8 million compared to net income of $1.2 million in the
comparable 1992 period. The $5.8 million decrease in income from
continuing operations before cumulative effect of changes in
accounting principles is principally due to (i) a $5.5 million
decrease in equity in after-tax earnings of affiliates resulting
from lower earnings of the Company's affiliates, Graniteville
Company and CFC Holdings Corp. ("CFC Holdings") and (ii) a $1.5
million write-off (without tax benefit) of the Company's investment
in Chesapeake Insurance, a subsidiary of CFC Holdings. Lower
interest income from Triarc was more than offset by lower interest
expense. The $15.0 million adverse change in the Company's net
loss is due to the above factors ($7.0 million) plus a $22.7
million increase in the loss from discontinued operations, offset
by a $13.5 million improvement in the cumulative effect of changes
in accounting principles (relating to income taxes and other
postretirement benefits) to a favorable $7.5 million in the
Transition Period from an unfavorable $6.0 million in 1992. The
increase in the loss from discontinued operations is principally
due to the Transition Period charges of (i) $13.9 million
principally to provide for the estimated loss on the sale of the
discontinued operations and (ii) $8.0 million to provide for a
write-down relating to the impairment of certain unprofitable
properties.
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 hereunto duly authorized.
SOUTHEASTERN PUBLIC SERVICE COMPANY
Date: April 4, 1994 By: Anthony W. Graziano, Jr.
Anthony W. Graziano, Jr.
Executive Vice President and
General Counsel, and Assistant
Secretary
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