APPENDIX
Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
SEPTEMBER 30, 1994
STATEMENTS OF INCOME
(In thousands Three Months Ended Nine Months Ended Twelve Months Ended
except per share amounts) ------------------ ----------------- -------------------
September 30 September 30 September 30
------------ ------------ ------------
1994 1993 1994 1993 1994 1993
---- ---- ---- ---- ---- ----
Operating Revenues....................................$ 805,552 $ 854,750 $ 2,237,323 $ 2,236,826 $ 2,895,880 $ 2,899,850
--------- --------- ----------- ----------- ----------- -----------
Operating Expenses
Operation - fuel for generation..................... 126,692 152,354 378,109 401,183 501,291 531,937
deferred fuel cost, net................. 28,626 36,984 20,411 33,810 13,965 24,707
purchased power......................... 102,483 112,241 319,838 272,315 415,615 352,196
other................................... 130,305 123,412 400,375 363,794 534,913 463,170
Maintenance......................................... 38,719 45,386 149,455 173,942 210,962 264,114
Depreciation and amortization....................... 97,025 99,849 311,227 306,981 417,892 404,086
Taxes other than on income.......................... 36,997 37,346 109,264 104,718 147,416 134,772
Income tax expense.................................. 82,433 81,332 163,743 168,716 184,345 199,767
Harris Plant deferred costs, net.................... 6,476 6,418 19,648 16,709 30,515 20,400
--------- --------- ----------- ----------- ----------- -----------
Total Operating Expenses...................... 649,756 695,322 1,872,070 1,842,168 2,456,914 2,395,149
--------- --------- ----------- ----------- ----------- -----------
Operating Income...................................... 155,796 159,428 365,253 394,658 438,966 504,701
--------- --------- ----------- ----------- ----------- -----------
Other Income (Expense)
Allowance for equity funds used during construction. 1,660 2,520 5,761 6,431 8,330 9,087
Income tax credit (expense) (Note 2)................ 2,886 (2,723) 5,375 (3,592) 8,575 (4,102)
Harris Plant carrying costs......................... 2,398 6,556 7,443 11,682 22,904 13,884
Harris Plant disallowance - Power Agency............ - (20,645) - (20,645) - (20,645)
Interest income (Note 2)............................ 2,329 18,278 13,731 30,937 18,990 37,410
Other income, net (Note 2).......................... 5,586 9,056 19,601 29,948 32,115 39,187
--------- --------- ----------- ----------- ----------- -----------
Total Other Income............................ 14,859 13,042 51,911 54,761 90,914 74,821
--------- --------- ----------- ----------- ----------- -----------
Income Before Interest Charges........................ 170,655 172,470 417,164 449,419 529,880 579,522
--------- --------- ----------- ----------- ----------- -----------
Interest Charges
Long-term debt...................................... 45,828 51,693 139,793 158,412 186,563 212,726
Other interest charges.............................. 5,655 3,867 13,392 12,647 17,163 18,477
Allowance for borrowed funds used
during construction............................... (1,081) (1,732) (3,313) (4,264) (5,010) (5,154)
--------- --------- ----------- ----------- ----------- -----------
Net Interest Charges......................... 50,402 53,828 149,872 166,795 198,716 226,049
--------- --------- ----------- ----------- ----------- -----------
Net Income............................................ 120,253 118,642 267,292 282,624 331,164 353,473
Preferred Stock Dividend Requirements................. (2,402) (2,402) (7,206) (7,206) (9,609) (7,548)
Tax Benefit of ESOP Dividends......................... - - - - - 3,552
--------- --------- ----------- ----------- ----------- -----------
Earnings for Common Stock.............................$ 117,851 $ 116,240 $ 260,086 $ 275,418 $ 321,555 $ 349,477
========= ========= =========== =========== =========== ===========
Average Common Shares
Outstanding (Notes 2 and 3)......................... 149,416 160,737 150,426 160,737 153,025 160,737
Earnings per Common Share (Notes 2 and 3).............$ 0.79 $ 0.72 $ 1.73 $ 1.71 $ 2.10 $ 2.17
Dividends Declared per Common Share...................$ 0.425 $ 0.410 $ 1.275 $ 1.230 $ 1.700 $ 1.640
- ------------------
See Supplemental Data and Notes to Financial Statements.