| 3 Months Ended September 30, | 9 Months Ended September 30, | ||
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| 2005 | 2004 | 2005 | 2004 |
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GAAP-Adjusted Net Earnings per Share From Operations | $.88 | $.71 | $2.13 | $2.16 |
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Deduct: |
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Impairment Charge on Knology Investment | -- | (.13) | -- | (.13) |
Charge Related to Pending Litigation |
| (.10) | -- | (.10) |
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Add: |
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Gain on Sale of Telecommunications Investment | -- |
| .03 | -- |
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Reported (GAAP) Earnings per Share | $.88 | $.48 | $2.16 | $1.93 |
FINANCIAL AND OPERATING INFORMATION | |||||||||||||
Condensed Consolidated Statements of Income (Millions, except per share amounts) (Unaudited) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
Operating Revenues: | |||||||||||||
Electric | $ | 615 | $ | 492 | $ | 1,468 | $ | 1,306 | |||||
Gas-Regulated | 194 | 162 | 874 | 776 | |||||||||
Gas-Non-regulated | 318 | 203 | 942 | 750 | |||||||||
Total Operating Revenues | 1,127 | 857 | 3,284 | 2,832 | |||||||||
Operating Expenses: | |||||||||||||
Fuel and purchased power | 228 | 150 | 511 | 398 | |||||||||
Gas purchased for resale | 447 | 300 | 1,484 | 1,206 | |||||||||
Other operation and maintenance | 149 | 142 | 460 | 440 | |||||||||
Depreciation and amortization (1) | 89 | 68 | 423 | 198 | |||||||||
Other taxes | 35 | 36 | 114 | 112 | |||||||||
Total Operating Expenses (1) | 948 | 696 | 2,992 | 2,354 | |||||||||
Operating Income (1) | 179 | 161 | 292 | 478 | |||||||||
Other Income (Expense), Net (1) | 13 | (30 | ) | 47 | 1 | ||||||||
Interest Charges, Net | (52 | ) | (50 | ) | (160 | ) | (151 | ) | |||||
Income Tax (Expense) Benefit (1) | (36 | ) | (24 | ) | 141 | (108 | ) | ||||||
Earnings (Losses) from Equity Method Investments (1) | (2 | ) | (1 | ) | (68 | ) | 1 | ||||||
Preferred Stock Cash Dividends of SCE&G | (2 | ) | (2 | ) | (6 | ) | (6 | ) | |||||
Net Income | $ | 100 | $ | 54 | $ | 246 | $ | 215 | |||||
Common Stock Data: | |||||||||||||
Wtg. Avg. Common Shares Outstanding | 114.1 | 111.8 | 113.6 | 111.3 | |||||||||
Basic and Diluted Reported Earnings Per Share | $ | .88 | $ | .48 | $ | 2.16 | $ | 1.93 |
Income Statement Impact: |
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| Balance Sheet Impact: |
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| Q3 2005 | YTD 2005 |
| September 30, 2005 |
Synthetic fuel tax credits recognized | $13 | $168 | Dam costs incurred through 9/30/05, incl. Allowance for Funds Used During Construction (AFC) |
$291 |
Partnership losses recognized | (4) | (71) | Carrying costs capitalized in 2005 | 8 |
Tax benefit of depreciation and partnership losses |
8 |
104 | Accelerated depreciation recognized in 2005 Unrecovered Dam Costs at 9/30/05 | (201) $ 98 |
Accelerated depreciation recognized | (17) | (201) |
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Impact to Net Income | $ 0_ | $ 0_ |
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Carrying costs recognized | $ 3 | $ 8 |
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Condensed Consolidated Balance Sheets (Millions) (Unaudited) | |||||||
September 30, 2005 | December 31, 2004 | ||||||
ASSETS | |||||||
Utility Plant, Net | $ | 6,665 | $ | 6,762 | |||
Other Property and Investments | 216 | 216 | |||||
Current Assets | 1,231 | 1,149 | |||||
Deferred Debits | 902 | 869 | |||||
Total Assets | $ | 9,014 | $ | 8,996 | |||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization: | |||||||
Common Equity | $ | 2,642 | $ | 2,451 | |||
Preferred Stock | 114 | 115 | |||||
Long-term Debt, Net | 2,937 | 3,186 | |||||
Total Capitalization | 5,693 | 5,752 | |||||
Current Liabilities: | |||||||
Short-Term Borrowings | 367 | 211 | |||||
Current Portion of Long-Term Debt | 184 | 204 | |||||
Other Current Liabilities | 774 | 775 | |||||
Total Current Liabilities | 1,325 | 1,190 | |||||
Deferred Credits | 1,996 | 2,054 | |||||
Total Capitalization and Liabilities | $ | 9,014 | $ | 8,996 |
GAAP-Adjusted Net Earnings (Loss) per Share From Operations by Company: (Unaudited) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
SC Electric & Gas | $ | .93 | $ | .76 | $ | 1.73 | $ | 1.75 | |||||
PSNC Energy | (.06 | ) | (.06 | ) | .14 | .11 | |||||||
SC Pipeline | .02 | .01 | .07 | .07 | |||||||||
SCANA Energy-Georgia | (.03 | ) | (.01 | ) | .18 | .21 | |||||||
Corporate and Other | .02 | .01 | .01 | .02 | |||||||||
Basic and Diluted GAAP-Adjusted Net Earnings from Operations per Share | $ | .88 | $ | .71 | $ | 2.13 | $ | 2.16 |
Reported Earnings (Loss) per Share by Company (GAAP Basis): (Unaudited) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
SC Electric & Gas | $ | .93 | $ | .76 | $ | 1.73 | $ | 1.75 | |||||
PSNC Energy | (.06 | ) | (.06 | ) | .14 | .11 | |||||||
SC Pipeline | .02 | .01 | .07 | .07 | |||||||||
SCANA Energy-Georgia | (.03 | ) | (.01 | ) | .18 | .21 | |||||||
Corporate and Other | .02 | (.22 | ) | .04 | (.21 | ) | |||||||
Basic and Diluted Reported (GAAP) Earnings per Share | $ | .88 | $ | .48 | $ | 2.16 | $ | 1.93 |
Variances in Reported (GAAP) Earnings (Loss) per Share (2): (unaudited) | |||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||
2004 Basic and Diluted Reported (GAAP) Earnings Per Share | $ | .48 | $ | 1.93 | |||
Variances: | |||||||
Electric Margin | .25 | .27 | |||||
Natural Gas Margin | .00 | .06 | |||||
O&M Expense | (.03 | ) | (.11 | ) | |||
Depreciation Expense (2) | (.02 | ) | (.14 | ) | |||
Interest Expense (net of AFC) | (.01 | ) | (.05 | ) | |||
Additional Shares Outstanding (Dilution) | (.02 | ) | (.04 | ) | |||
Other | .00 | (.02 | ) | ||||
Variance in GAAP-Adjusted Net Earnings per Share From Operations | .17 | (.03 | ) | ||||
Gain on Sale of Telecommunications Investment | -- | .03 | |||||
Impairment Charge on Knology Investment | .13 | .13 | |||||
Charge Related to Pending Litigation | .10 | .10 | |||||
Variance in Reported (GAAP) Earnings per Share | .40 | .23 | |||||
2005 Basic and Diluted Reported (GAAP) Earnings Per Share | $ | .88 | $ | 2.16 | |||
Note (2): This variance analysis reflects earnings per share (EPS) components on an after-tax basis, with income tax benefits applied as per the January 6, 2005 electric rate order. See Note (1) to the Condensed Consolidated Statements of Income. |
Consolidated Operating Statistics | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2005 | 2004 | % Change | 2005 | 2004 | % Change | ||
Electric Operations: | |||||||
Sales (Million KWH): | |||||||
Residential | 2,389 | 2,150 | 11.1 | 5,821 | 5,815 | 0.1 | |
Commercial | 2,116 | 1,968 | 7.5 | 5,354 | 5,285 | 1.3 | |
Industrial | 1,755 | 1,772 | (1.0) | 5,060 | 5,122 | (1.2) | |
Other | 152 | 145 | 4.8 | 400 | 403 | (0.7) | |
Total Retail Sales | 6,412 | 6,035 | 6.2 | 16,635 | 16,625 | 0.1 | |
Wholesale | 998 | 952 | 4.8 | 2,491 | 2,569 | (3.0) | |
Total Sales | 7,410 | 6,987 | 6.1 | 19,126 | 19,194 | (0.4) | |
Customers | 597 | 581 | 2.8 | ||||
(Period-End, Thousands) |
Natural Gas Operations: | |||||||
Sales (Thousand Dekatherms): | |||||||
Residential | 4,421 | 4,483 | (1.4) | 44,707 | 45,408 | (1.5) | |
Commercial | 5,282 | 5,982 | (11.7) | 26,709 | 28,739 | (7.1) | |
Industrial | 36,711 | 33,066 | 11.0 | 98,136 | 95,035 | 3.3 | |
Total Retail Sales | 46,414 | 43,531 | 6.6 | 169,552 | 169,182 | 0.2 | |
Sales for Resale | 3,944 | 2,968 | 32.9 | 12,506 | 7,378 | 69.5 | |
Transportation Volumes | 19,002 | 17,720 | 7.2 | 54,621 | 47,689 | 14.5 | |
Total Sales | 69,360 | 64,219 | 8.0 | 236,679 | 224,249 | 5.5 | |
Customers | |||||||
(Period-End, Thousands) | 1,148 | 1,121 | 2.4 |
Weather Data - Electric Service Territory: | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Actual | Percent Change | Actual | Percent Change | ||||
2005 | vs 2004 | vs Normal | 2005 | vs 2004 | vs Normal | ||
Heating Degree Days | - | - | - | 1,338 | (8.9) | 6.3 | |
Cooling Degree Days | 1,517 | 16.2 | 10.4 | 2,139 | (4.2) | (1.6) |
Security Credit Ratings (as of 10/28/05): | |||
Standard & Poor’s | Moody’s | Fitch | |
SCANA Corporation: | |||
Corporate / Issuer Rating | A- | A3 | - |
Senior Unsecured | BBB+ | A3 | A- |
Outlook | Stable | Negative | Stable |
South Carolina Electric & Gas Company: | |||
Corporate / Issuer Rating | A- | A2 | - |
Senior Secured | A- | A1 | A+ |
Senior Unsecured | BBB+ | A2 | A |
Commercial Paper | A-2 | P-1 | F1 |
Outlook | Stable | Negative | Stable |
PSNC Energy: | |||
Senior Unsecured | A- | A2 | NR |
Commercial Paper | A-2 | P-1 | NR |
Outlook | Stable | Stable | NR |
NR = Not Rated |