Carolina Power & Light Company
STATEMENTS OF CASH FLOWS
(In thousands) Three Months Ended Nine Months Ended Twelve Months Ended
June 30 June 30 June 30
1996 1995 1996 1995 1996 1995
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Operating Activities
Net income $ 62,656 $ 55,962 $ 181,002 $ 153,995 $ 399,611 $ 320,123
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 115,350 107,687 228,283 222,748 452,197 452,602
Harris Plant deferred costs 1,775 5,050 8,031 9,436 18,427 17,885
Deferred income taxes 12,639 4,068 27,265 (7,511) 124,457 28,922
Investment tax credit adjustments (2,610) (2,553) (5,221) (5,106) (9,459) (10,877)
Allowance for equity funds used during construction (1,187) (984) (2,222) (1,897) (3,675) (3,870)
Deferred fuel cost (credit) 1,473 (6,675) (9,936) 15,800 (26,585) 62,185
Net increase in receivables, inventories
and prepaid expenses (19,710) (35,573) (35,285) (78,965) (34,169) (83,542)
Net increase (decrease) in payables and accrued
expenses 29,302 9,573 10,687 (6,803) (22,102) (26,775)
Miscellaneous 20,488 15,248 26,232 27,227 34,633 6,852
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Net Cash Provided by Operating Activities 220,176 151,803 428,836 328,924 933,335 763,505
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Investing Activities
Gross property additions (81,022) (66,804) (169,500) (138,732) (297,168) (285,567)
Nuclear fuel additions (9,825) (19,442) (35,898) (35,310) (77,934) (48,732)
Contributions to external decommissioning trust (7,722) (8,052) (18,020) (26,616) (29,479) (34,526)
Contributions to retiree benefit trusts - - (24,700) (2,400) (24,700) (2,400)
Allowance for equity funds used during construction 1,187 984 2,222 1,897 3,675 3,870
Miscellaneous (5,328) (16,035) (18,566) (16,522) (30,559) (22,617)
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Net Cash Used in Investing Activities (102,710) (109,349) (264,462) (217,683) (456,165) (389,972)
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Financing Activities
Proceeds from issuance of long-term debt 10,700 120,939 276,257 180,670 276,300 230,556
Net increase (decrease) in short-term notes
payable (maturity less than 90 days) 77,109 (12,800) 80,749 14,600 71,792 10,100
Retirement of long-term debt (135,971) (102,050) (391,475) (227,095) (440,524) (227,236)
Purchase of Company common stock (Note 3) (4,676) (3,815) (6,596) (7,993) (131,042) (122,710)
Dividends paid on common stock (65,378) (65,583) (130,546) (130,239) (258,244) (257,274)
Dividends paid on preferred stock (2,404) (2,403) (4,804) (4,823) (9,604) (9,623)
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Net Cash Used in Financing Activities (120,620) (65,712) (176,415) (174,880) (491,322) (376,187)
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Net Decrease in Cash and Cash Equivalents (3,154) (23,258) (12,041) (63,639) (14,152) (2,654)
Cash and Cash Equivalents at Beginning of the Period 5,602 39,858 14,489 80,239 16,600 19,254
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Cash and Cash Equivalents at End of the Period $ 2,448 $ 16,600 $ 2,448 $ 16,600 $ 2,448 $ 16,600
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Supplemental Disclosures of Cash Flow Information
Cash paid during the period - interest $ 48,188 $ 48,761 $ 103,390 $ 103,455 $ 203,231 $ 196,578
income taxes $ 39,735 $ 39,000 $ 40,390 $ 40,611 $ 176,942 $ 168,645
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See Supplemental Data and Notes to Financial Statements.