Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
DECEMBER 31, 1994
STATEMENTS OF INCOME
(In thousands Three Months Ended Twelve Months Ended
except per share amounts) ------------------ -------------------
December 31 December 31
----------- -----------
1994 1993 1994 1993
---- ---- ---- ----
Operating Revenues.......................................... $ 639,266 $ 658,557 $ 2,876,589 $ 2,895,383
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Operating Expenses
Operation - fuel for generation........................... 93,858 123,183 471,967 524,366
deferred fuel cost (credit), net.............. 17,760 (6,446) 38,171 27,364
purchased power............................... 94,462 95,777 414,300 368,092
other......................................... 139,584 134,539 539,959 498,333
Maintenance............................................... 57,278 61,507 206,733 235,449
Depreciation and amortization............................. 86,508 106,665 397,735 413,646
Taxes other than on income................................ 29,276 38,153 138,540 142,871
Income tax expense........................................ 34,792 20,601 198,535 189,317
Harris Plant deferred costs, net.......................... 6,681 10,866 26,329 27,575
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Total Operating Expenses............................ 560,199 584,845 2,432,269 2,427,013
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Operating Income............................................ 79,067 73,712 444,320 468,370
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Other Income (Expense)
Allowance for equity funds used during construction....... 313 2,568 6,074 8,999
Income tax credit (expense) (Note 4)...................... 4,050 3,200 9,425 (392)
Harris Plant carrying costs............................... 2,311 15,461 9,754 27,143
Harris Plant disallowance - Power Agency.................. - - - (20,645)
Interest income (Note 4).................................. 838 5,259 14,569 36,196
Other income, net (Note 4)................................ 5,991 12,517 25,592 42,465
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Total Other Income.................................. 13,503 39,005 65,414 93,766
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Income Before Interest Charges.............................. 92,570 112,717 509,734 562,136
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Interest Charges
Long-term debt............................................ 44,098 46,770 183,891 205,182
Other interest charges.................................... 2,727 3,772 16,119 16,419
Allowance for borrowed funds used during construction..... (130) (1,697) (3,443) (5,961)
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Net Interest Charges............................... 46,695 48,845 196,567 215,640
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Net Income.................................................. 45,875 63,872 313,167 346,496
Preferred Stock Dividend Requirements....................... (2,403) (2,403) (9,609) (9,609)
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Earnings for Common Stock................................... $ 43,472 $ 61,469 $ 303,558 $ 336,887
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Average Common Shares Outstanding (Notes 4 and 5)........... 147,204 160,737 149,614 160,737
Earnings per Common Share (Notes 4 and 5)................... $ 0.30 $ 0.38 $ 2.03 $ 2.10
Dividends Declared per Common Share......................... $ 0.440 $ 0.425 $ 1.715 $ 1.655
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See Supplemental Data and Notes to Financial Statements.