[DESCRIPTION] FINANCIAL STATEMENTS FOR QUARTER ENDED 3/31/95
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
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Operating Revenues $ 728,238 $ 744,461 $2,860,367 $2,932,358
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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
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Total Operating Expenses 591,979 621,434 2,402,815 2,471,084
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Operating Income 136,259 123,027 457,552 461,274
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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
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Total Other Income 13,031 16,193 62,252 87,308
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Income Before Interest Charges 149,290 139,220 519,804 548,582
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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)
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Net Interest Charges 51,257 50,396 197,428 207,260
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Net Income 98,033 88,824 322,376 341,322
Preferred Stock Dividend Requirements (2,402) (2,402) (9,609) (9,609)
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Earnings for Common Stock $ 95,631 $ 86,422 $ 312,767 $ 331,713
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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.
Carolina Power & Light Company
BALANCE SHEETS March 31 December 31
(In thousands) 1995 1994 1994
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ASSETS
Electric Utility Plant
Electric utility plant in service $ 9,246,650 $ 8,881,884 $ 9,190,874
Accumulated depreciation (3,263,768) (2,974,558) (3,196,139)
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Electric utility plant in service, net 5,982,882 5,907,326 5,994,735
Held for future use 13,195 13,195 13,195
Construction work in progress 171,717 260,887 170,390
Nuclear fuel, net of amortization 163,159 211,702 171,164
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Total Electric Utility Plant, Net 6,330,953 6,393,110 6,349,484
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Current Assets
Cash and cash equivalents 39,858 33,444 80,239
Accounts receivable 284,934 292,473 302,218
Fuel 103,820 69,595 96,136
Materials and supplies 124,826 119,238 122,720
Prepayments 50,628 46,308 52,988
Other current assets 26,792 16,437 24,129
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Total Current Assets 630,858 577,495 678,430
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Deferred Debits and Other Assets
Income taxes recoverable
through future rates 385,089 382,224 384,375
Abandonment costs 67,177 106,450 71,079
Harris Plant deferred costs 123,438 140,484 127,824
Unamortized debt expense 61,933 63,260 63,302
Miscellaneous other property and investments 374,338 276,424 360,611
Other assets and deferred debits 184,409 188,821 176,058
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Total Deferred Debits and Other Assets 1,196,384 1,157,663 1,183,249
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Total Assets $ 8,158,195 $ 8,128,268 $ 8,211,163
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CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity $ 2,622,103 $ 2,664,101 $ 2,586,179
Preferred stock - redemption not required 143,801 143,801 143,801
Long-term debt, net 2,591,462 2,514,047 2,530,773
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Total Capitalization 5,357,366 5,321,949 5,260,753
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Current Liabilities
Current portion of long-term debt 150,050 287,630 275,050
Notes payable (principally commercial paper) 95,500 6,700 68,100
Accounts payable 127,234 166,025 285,610
Taxes accrued 84,086 95,132 4,650
Interest accrued 49,638 51,206 54,569
Dividends declared 70,770 70,022 70,658
Deferred fuel credit (cost) 50,819 (12,078) 28,344
Other current liabilities 61,022 69,369 67,161
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Total Current Liabilities 689,119 734,006 854,142
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Deferred Credits and Other Liabilities
Accumulated deferred income taxes 1,627,090 1,574,761 1,628,430
Accumulated deferred investment tax credits 249,498 260,704 252,051
Other liabilities and deferred credits 235,122 236,848 215,787
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Total Deferred Credits and Other Liabilities 2,111,710 2,072,313 2,096,268
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Commitments and Contingencies (Note 5)
Total Capitalization and Liabilities $ 8,158,195 $ 8,128,268 $ 8,211,163
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SCHEDULES OF COMMON STOCK EQUITY
(In thousands)
Common stock (Note 4) $ 1,508,098 $ 1,624,114 $ 1,510,956
Unearned ESOP common stock (197,011) (214,908) (204,947)
Capital stock issuance expense (790) (790) (790)
Retained earnings 1,311,806 1,255,685 1,280,960
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Total Common Stock Equity $ 2,622,103 $ 2,664,101 $ 2,586,179
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......................................................................................................
See Supplemental Data and Notes to Financial Statements.
Carolina Power & Light Company
STATEMENTS OF CASH FLOWS
(In thousands) Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
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Operating Activities
Net income $ 98,033 $ 88,824 $ 322,376 $ 341,322
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 115,061 119,467 469,075 466,632
Harris Plant deferred costs 4,386 3,915 17,046 736
Harris Plant disallowance - Power Agency - - - 20,645
Deferred income taxes (11,579) (8,821) 34,482 52,706
Investment tax credit adjustments (2,553) (2,884) (11,207) (12,797)
Allowance for equity funds used during construction (913) (2,263) (4,724) (9,597)
Deferred fuel cost (credit) 22,475 (2,251) 62,897 26,370
Net (increase) decrease in receivables, inventories
and prepaid expenses (43,392) (23,083) (94,200) 2,952
Net increase (decrease) in payables and accrued
expenses (16,376) 7,157 (70,304) (4,013)
Miscellaneous 11,919 19,621 (12,636) 11,036
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Net Cash Provided by Operating Activities 177,061 199,682 712,805 895,992
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Investing Activities
Gross property additions (71,928) (72,313) (274,392) (331,824)
Nuclear fuel additions (15,868) (11,216) (30,501) (53,287)
Contributions to external decommissioning trust (18,504) (6,328) (33,801) (23,539)
Contributions to retiree benefit trusts (2,400) (18,917) (2,400) (22,667)
Loan transactions with SPSP Trustee, net - - - 19,769
Allowance for equity funds used during construction 913 2,263 4,724 9,597
Miscellaneous (487) - (6,581) -
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Net Cash Used in Investing Activities (108,274) (106,511) (342,951) (401,951)
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Financing Activities
Proceeds from issuance of long-term debt 59,731 147,986 229,956 434,765
Net decrease in pollution control bond escrow - - - 1,800
Net increase (decrease) in short-term notes
payable (maturity less than 90 days) 27,400 (69,300) 88,800 6,700
Retirement of long-term debt (125,045) (95,623) (297,802) (803,148)
Purchase of Company common stock (Note 4) (4,178) - (118,895) -
Dividends paid on common stock (64,656) (63,986) (255,876) (260,833)
Dividends paid on preferred stock (2,420) (2,411) (9,623) (9,483)
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Net Cash Used in Financing Activities (109,168) (83,334) (363,440) (630,199)
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Net Increase (Decrease) in Cash and Cash Equivalents (40,381) 9,837 6,414 (136,158)
Cash and Cash Equivalents at Beginning of the Period 80,239 23,607 33,444 169,602
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Cash and Cash Equivalents at End of the Period $ 39,858 $ 33,444 $ 39,858 $ 33,444
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Supplemental Disclosures of Cash Flow Information
Cash paid during the period - interest $ 54,694 $ 52,247 $ 191,201 $ 215,151
income taxes 1,611 2,050 180,320 115,861
..............................................................................................................
See Supplemental Data and Notes to Financial Statements.
Carolina Power & Light Company
SUPPLEMENTAL DATA Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
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Operating Revenues (in thousands)
Residential $ 251,355 $ 262,373 $ 904,968 $ 957,702
Commercial 141,142 143,797 592,918 600,128
Industrial 164,416 166,860 739,217 749,420
Government and municipal 18,842 19,516 77,644 79,463
Wholesale - standard rate schedules 20,400 23,854 81,320 101,108
Power Agency contract requirements 23,818 35,947 103,133 131,223
NCEMC contract requirements 83,707 77,344 273,097 262,661
Other utilities 13,541 4,070 43,261 12,567
Miscellaneous revenue 11,017 10,700 44,809 38,086
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Total Operating Revenues $ 728,238 $ 744,461 $2,860,367 $2,932,358
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Energy Sales (millions of kWh)
Residential 3,263 3,343 11,068 11,577
Commercial 2,091 2,051 8,730 8,692
Industrial 3,268 3,117 14,181 13,663
Government and municipal 301 306 1,257 1,257
Wholesale - standard rate schedules 462 478 1,966 2,103
Power Agency contract requirements 476 647 2,418 3,193
NCEMC contract requirements 1,384 1,223 5,047 4,795
Other utilities 573 117 1,441 340
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Total Energy Sales 11,818 11,282 46,108 45,620
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Energy Supply (millions of kWh)
Generated - coal 4,563 6,096 19,468 25,430
nuclear 5,847 3,383 20,976 13,937
hydro 298 304 877 741
combustion turbines (1) 39 27 116
Purchased 1,510 1,957 6,592 7,430
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Total Energy Supply
(Company Share) 12,217 11,779 47,940 47,654
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Detail of Income Taxes (in thousands)
Included in Operating Expenses
Income tax expense - current $ 77,155 $ 70,243 $ 189,557 $ 161,881
Income tax expense - deferred (13,186) (9,861) 24,101 44,751
Income tax expense - investment
tax credit adjustments (2,553) (2,884) (11,205) (11,603)
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Subtotal 61,416 57,498 202,453 195,029
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Harris Plant deferred costs -
investment tax credit adjustments (74) (74) (297) 188
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Total Included in Operating Expenses 61,342 57,424 202,156 195,217
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Included in Other Income
Income tax expense (credit) - current (4,897) (4,623) (19,512) (10,854)
Income tax expense (credit) - deferred 1,607 1,040 10,381 7,955
Income tax expense (credit) -
investment tax credit adjustments - - - (1,194)
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Total Included in Other Income (3,290) (3,583) (9,131) (4,093)
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Total Income Tax Expense 58,052 53,841 193,025 191,124
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FINANCIAL STATISTICS
Ratio of earnings to fixed charges 3.36 3.28
Return on average common stock equity 11.87 % 12.68 %
Book value per common share 17.81 17.65
Capitalization ratios
Common stock equity $ 48.94 % $ 50.06 %
Preferred stock - redemption not required 2.69 2.70
Long-term debt, net 48.37 47.24
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Total 100.00 % 100.00 %
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..............................................................................................
See Notes to Financial Statements.