Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
MARCH 31, 1994
STATEMENTS OF INCOME
(In thousands Three Months Ended Twelve Months Ended
except per share amounts) March 31 March 31
1994 1993 1994 1993
---- ---- ---- ----
Operating Revenues...............................................$ 744,461 $707,485 $2,932,358 $2,816,036
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Operating Expenses
Operation - fuel for generation................................ 129,912 126,619 527,659 545,111
deferred fuel cost (credit), net................... (2,251) (1,257) 26,370 (61,887)
purchased power.................................... 111,541 77,702 401,931 342,781
other.............................................. 130,804 115,588 513,549 443,703
Maintenance.................................................... 46,959 63,534 218,874 273,785
Depreciation and amortization.................................. 105,057 103,281 415,422 401,663
Taxes other than on income..................................... 35,436 33,902 144,404 132,349
Income tax expense............................................. 57,498 51,786 195,029 199,993
Harris Plant deferred costs, net............................... 6,478 6,207 27,846 4,755
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Total Operating Expenses................................. 621,434 577,362 2,471,084 2,282,253
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Operating Income................................................. 123,027 130,123 461,274 533,783
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Other Income (Expense)
Allowance for equity funds used during construction............ 2,263 1,665 9,597 8,186
Income tax credit (expense) (Note 2)........................... 3,583 (902) 4,093 (5,068)
Harris Plant carrying costs.................................... 2,563 2,596 27,111 11,361
Harris Plant disallowance - Power Agency....................... - - (20,645) -
Interest income (Note 2)....................................... 1,294 7,736 29,753 26,112
Other income, net (Note 2)..................................... 6,490 11,557 37,399 38,548
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Total Other Income....................................... 16,193 22,652 87,308 79,139
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Income Before Interest Charges................................... 139,220 152,775 548,582 612,922
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Interest Charges
Long-term debt................................................. 47,376 54,222 198,336 219,720
Other interest charges......................................... 4,251 5,649 15,022 17,808
Allowance for borrowed funds used
during construction.......................................... (1,231) (1,094) (6,098) (3,999)
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Net Interest Charges.................................... 50,396 58,777 207,260 233,529
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Net Income....................................................... 88,824 93,998 341,322 379,393
Preferred Stock Dividend Requirements............................ (2,402) (2,402) (9,609) (11,679)
Tax Benefit of ESOP Dividends.................................... - - - 10,656
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Earnings for Common Stock........................................$ 86,422 $ 91,596 $ 331,713 $ 378,370
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Average Common Shares Outstanding (Note 2)....................... 150,820 160,737 158,291 160,737
Earnings per Common Share (Note 2)...............................$ 0.57 $ 0.57 $ 2.10 $ 2.35
Dividends Declared per Common Share..............................$ 0.425 $ 0.410 $ 1.670 $ 1.610
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See Supplemental Data and Notes to Financial Statements.