Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
JUNE 30, 1994
STATEMENTS OF INCOME
(In thousands Three Months Ended Six Months Ended Twelve Months Ended
except per share amounts) June 30 June 30 June 30
1994 1993 1994 1993 1994 1993
Operating Revenues..........................................$687,310 $674,591 $1,431,771 $1,382,076 $2,945,077 $2,869,418
-------- -------- ---------- ---------- ---------- ----------
Operating Expenses
Operation - fuel for generation........................... 121,505 122,210 251,417 248,829 526,954 541,531
deferred fuel cost (credit), net.............. (5,964) (1,917) (8,215) (3,174) 22,324 (44,849)
purchased power............................... 105,814 82,372 217,355 160,074 425,372 345,054
other......................................... 139,266 124,794 270,070 240,382 528,021 454,416
Maintenance............................................... 63,777 65,022 110,736 128,556 217,628 279,925
Depreciation and amortization............................. 109,145 103,851 214,202 207,132 420,716 405,081
Taxes other than on income................................ 36,831 33,470 72,267 67,372 147,765 134,151
Income tax expense........................................ 23,812 35,598 81,310 87,384 183,243 206,936
Harris Plant deferred costs, net.......................... 6,694 4,084 13,172 10,291 30,457 17,930
-------- -------- ---------- ---------- ---------- ----------
Total Operating Expenses............................ 600,880 569,484 1,222,314 1,146,846 2,502,480 2,340,175
-------- -------- ---------- ---------- ---------- ----------
Operating Income............................................ 86,430 105,107 209,457 235,230 442,597 529,243
-------- -------- ---------- ---------- ---------- ----------
Other Income (Expense)
Allowance for equity funds used during construction....... 1,838 2,246 4,101 3,911 9,190 8,511
Income tax credit (expense) (Note 2)...................... (1,094) 33 2,489 (869) 2,965 (2,785)
Harris Plant carrying costs............................... 2,482 2,530 5,045 5,126 27,063 9,486
Harris Plant disallowance - Power Agency.................. - - - - (20,645) -
Interest income (Note 2).................................. 10,108 4,923 11,402 12,659 34,939 25,604
Other income, net (Note 2)................................ 7,525 9,335 14,015 20,892 35,587 39,667
-------- -------- ---------- ---------- ---------- ----------
Total Other Income.................................. 20,859 19,067 37,052 41,719 89,099 80,483
-------- -------- ---------- ---------- ---------- ----------
Income Before Interest Charges.............................. 107,289 124,174 246,509 276,949 531,696 609,726
-------- -------- ---------- ---------- ---------- ----------
Interest Charges
Long-term debt............................................ 46,589 52,497 93,965 106,719 192,428 216,140
Other interest charges.................................... 3,486 3,131 7,737 8,780 15,376 17,788
Allowance for borrowed funds used
during construction..................................... (1,001) (1,438) (2,232) (2,532) (5,661) (4,437)
-------- -------- ---------- ---------- ---------- ----------
Net Interest Charges............................... 49,074 54,190 99,470 112,967 202,143 229,491
-------- -------- ---------- ---------- ---------- ----------
Net Income.................................................. 58,215 69,984 147,039 163,982 329,553 380,235
Preferred Stock Dividend Requirements....................... (2,402) (2,402) (4,804) (4,804) (9,609) (9,609)
Tax Benefit of ESOP Dividends............................... - - - - - 7,104
-------- -------- ---------- ---------- ---------- ----------
Earnings for Common Stock...................................$ 55,813 $ 67,582 $ 142,235 $ 159,178 $ 319,944 $ 377,730
======== ======== ========== ========== ========== ==========
Average Common Shares Outstanding (Note 2).................. 151,057 160,737 150,939 160,737 155,878 160,737
Earnings per Common Share (Note 2)..........................$ 0.37 $ 0.42 $ 0.94 $ 0.99 $ 2.05 $ 2.35
Dividends Declared per Common Share.........................$ 0.425 $ 0.410 $ 0.850 $ 0.820 $ 1.685 $ 1.625
_____________________
See Supplemental Data and Notes to Financial Statements.