Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
JUNE 30, 1997
STATEMENTS OF INCOME
(In thousands except per share amounts) Three Months Ended Six Months Ended Twelve Months Ended
June 30 June 30 June 30
1997 1996 1997 1996 1997 1996
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Operating Revenues .................................... $ 666,023 $ 685,968 $ 1,382,107 $ 1,469,553 $ 2,908,270 $ 3,065,903
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Operating Expenses
Fuel ................................................ 118,982 112,955 252,250 250,521 516,779 526,415
Purchased power ..................................... 92,545 105,688 174,164 211,677 375,041 422,822
Other operation and maintenance ..................... 185,846 173,363 341,809 342,763 729,186 716,503
Depreciation and amortization ....................... 120,128 93,408 239,000 185,886 440,041 369,242
Taxes other than on income .......................... 33,519 34,092 68,525 72,656 136,348 142,499
Income tax expense .................................. 21,836 67,172 82,865 144,267 208,361 309,134
Harris Plant deferred costs, net .................... 6,179 4,324 13,744 12,389 28,070 26,735
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Total Operating Expenses ...................... 579,035 591,002 1,172,357 1,220,159 2,433,826 2,513,350
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Operating Income ...................................... 86,988 94,966 209,750 249,394 474,444 552,553
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Other Income
Allowance for equity funds used during construction . 55 1,187 116 2,222 (2,096) 3,675
Income tax credit ................................... 2,039 4,418 5,125 8,831 10,141 20,875
Harris Plant carrying costs ......................... 1,195 2,549 2,503 4,358 5,444 8,308
Interest income ..................................... 10,516 1,041 12,185 2,175 14,073 5,486
Other income, net ................................... (2,486) 5,799 (4,478) 11,998 20,863 12,795
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Total Other Income ............................ 11,319 14,994 15,451 29,584 48,425 51,139
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Income Before Interest Charges ........................ 98,307 109,960 225,201 278,978 522,869 603,692
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Interest Charges
Long-term debt ...................................... 40,438 43,353 81,148 88,029 165,740 181,585
Other interest charges .............................. 4,905 4,993 10,317 11,905 17,567 26,763
Allowance for borrowed funds used
during construction .............................. (1,325) (1,042) (2,815) (1,958) (7,264) (4,267)
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Net Interest Charges ......................... 44,018 47,304 88,650 97,976 176,043 204,081
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Net Income ............................................ 54,289 62,656 136,551 181,002 346,826 399,611
Preferred Stock Dividend Requirements ................. (741) (2,402) (3,143) (4,804) (7,948) (9,609)
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Earnings for Common Stock ............................. $ 53,548 $ 60,254 $ 133,408 $ 176,198 $ 338,878 $ 390,002
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Average Common Shares Outstanding (Note 3) ............ 143,475 143,808 143,485 143,716 143,506 144,490
Earnings per Common Share (Note 3) .................... $ 0.37 $ 0.42 $ 0.93 $ 1.23 $ 2.36 $ 2.70
Dividends Declared per Common Share ................... $ 0.470 $ 0.455 $ 0.940 $ 0.910 $ 1.865 $ 1.805
See Suplemental Data and Notes to Consolidated Interim Financial Statements.