Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
MARCH 31, 1997
STATEMENTS OF INCOME
Three Months Ended Twelve Months Ended
March 31 March 31
(In thousands except per share amounts) 1997 1996 1997 1996
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Operating Revenues $ 716,084 $ 783,585 $ 2,928,214 $ 3,061,899
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Operating Expenses
Fuel 133,268 137,566 510,752 534,107
Purchased power 81,619 105,989 388,184 422,270
Other operation and maintenance 155,963 169,400 716,703 739,599
Depreciation and amortization 118,872 92,478 413,321 366,730
Taxes other than on income 35,006 38,564 136,921 143,687
Income tax expense 61,029 77,095 253,698 274,903
Harris Plant deferred costs, net 7,565 8,065 26,216 29,588
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Total Operating Expenses 593,322 629,157 2,445,795 2,510,884
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Operating Income 122,762 154,428 482,419 551,015
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Other Income
Allowance for equity funds used during construction 61 1,035 (963) 3,472
Income tax credit 3,086 4,413 12,520 19,664
Harris Plant carrying costs 1,308 1,809 6,798 7,886
Interest income 1,669 1,134 4,598 7,226
Other income, net (Note 3) (1,992) 6,199 29,150 11,244
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Total Other Income 4,132 14,590 52,103 49,492
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Income Before Interest Charges 126,894 169,018 534,522 600,507
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Interest Charges
Long-term debt 40,710 44,676 168,655 185,480
Other interest charges 5,412 6,912 17,655 26,781
Allowance for borrowed funds used
during construction (1,490) (916) (6,981) (4,670)
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Net Interest Charges 44,632 50,672 179,329 207,591
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Net Income 82,262 118,346 355,193 392,916
Preferred Stock Dividend Requirements (2,402) (2,402) (9,609) (9,609)
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Earnings for Common Stock $ 79,860 $ 115,944 $ 345,584 $ 383,307
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Average Common Shares Outstanding 143,495 143,625 143,589 145,329
Earnings per Common Share $ 0.56 $ 0.81 $ 2.41 $ 2.64
Dividends Declared per Common Share $ 0.470 $ 0.455 $ 1.850 $ 1.790
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See Supplemental Data and Notes to Consolidated Interim Financial Statements.