Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
MARCH 31, 1995
STATEMENTS OF INCOME
Three Months Ended Twelve Months Ended
(In thousands March 31 March 31
except per share amounts) 1995 1994 1995 1994
-----------------------------------------------------------------------------------------------------------------
Operating Revenues $ 728,238 $ 744,461 $2,860,367 $2,932,358
-----------------------------------------------------------------------------------------------------------------
Operating Expenses
Operation - fuel for generation 110,796 129,912 452,851 527,659
deferred fuel cost (credit), net 22,475 (2,251) 62,897 26,370
purchased power 93,659 111,541 396,419 401,931
other 127,078 130,804 536,232 513,549
Maintenance 40,755 46,959 200,529 218,874
Depreciation and amortization 90,275 105,057 382,953 415,422
Taxes other than on income 38,920 35,436 142,025 144,404
Income tax expense 61,416 57,498 202,453 195,029
Harris Plant deferred costs, net 6,605 6,478 26,456 27,846
-----------------------------------------------------------------------------------------------------------------
Total Operating Expenses 591,979 621,434 2,402,815 2,471,084
-----------------------------------------------------------------------------------------------------------------
Operating Income 136,259 123,027 457,552 461,274
-----------------------------------------------------------------------------------------------------------------
Other Income (Expense)
Allowance for equity funds used during construction 913 2,263 4,724 9,597
Income tax credit 3,290 3,583 9,131 4,093
Harris Plant carrying costs 2,219 2,563 9,410 27,111
Harris Plant disallowance - Power Agency - - - (20,645)
Interest income 2,588 1,294 15,863 29,753
Other income, net 4,021 6,490 23,124 37,399
-----------------------------------------------------------------------------------------------------------------
Total Other Income 13,031 16,193 62,252 87,308
-----------------------------------------------------------------------------------------------------------------
Income Before Interest Charges 149,290 139,220 519,804 548,582
-----------------------------------------------------------------------------------------------------------------
Interest Charges
Long-term debt 46,593 47,376 183,108 198,336
Other interest charges 6,028 4,251 17,896 15,022
Allowance for borrowed funds used
during construction (1,364) (1,231) (3,576) (6,098)
-----------------------------------------------------------------------------------------------------------------
Net Interest Charges 51,257 50,396 197,428 207,260
-----------------------------------------------------------------------------------------------------------------
Net Income 98,033 88,824 322,376 341,322
Preferred Stock Dividend Requirements (2,402) (2,402) (9,609) (9,609)
-----------------------------------------------------------------------------------------------------------------
Earnings for Common Stock $ 95,631 $ 86,422 $ 312,767 $ 331,713
=================================================================================================================
Average Common Shares Outstanding (Note 4) 147,270 150,820 148,738 158,291
Earnings per Common Share (Note 4) $ 0.65 $ 0.57 $ 2.10 $ 2.10
Dividends Declared per Common Share $ 0.440 $ 0.425 $ 1.730 $ 1.670
.................................................................................................................
See Supplemental Data and Notes to Financial Statements.