Carolina Power & Light Company
STATEMENTS OF CASH FLOWS Three Months Ended Nine Months Ended Twelve Months Ended
(In thousands) September 30 September 30 September 30
1997 1996 1997 1996 1997 1996
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Operating Activities
Net income $ 167,829 $ 129,159 $ 304,380 $ 310,161 $ 385,496 $ 376,865
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 141,085 114,076 420,038 342,359 524,187 454,317
Harris Plant deferred costs 4,322 6,282 15,563 14,313 20,666 19,561
Deferred income taxes (16,507) (9,023) (57,788) 18,242 54,788 102,934
Investment tax credit (2,558) (2,611) (7,675) (7,834) (10,286) (9,520)
Allowance for equity funds used during
construction (2) (4) (118) (2,226) 2,097 (2,905)
Deferred fuel cost (credit) (16,362) (8,806) (15,599) (18,742) (20,014) (26,707)
Net (increase) decrease in receivables,
inventories and prepaid expense (50,849) 17,133 (86,366) (18,152) (133,007) (22,183)
Net increase (decrease) in payables and
accrued expenses 104,574 103,497 37,510 114,184 (72,003) 43,969
Miscellaneous 29,740 53,496 200,697 79,730 185,820 80,827
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Net Cash Provided by Operating Activities 361,272 403,199 810,642 832,035 937,744 1,017,158
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Investing Activities
Gross property additions (103,931) (80,480) (277,344) (249,980) (396,672) (325,017)
Nuclear fuel additions (16,474) (28,705) (50,278) (64,603) (72,940) (74,705)
Contributions to external decommissioning trust (7,556) (7,515) (25,577) (25,535) (30,725) (30,095)
Contributions to retiree benefit trusts - - (21,096) (24,700) (21,096) (24,700)
Allowance for equity funds used during construction 2 4 118 2,226 (2,097) 2,905
Miscellaneous 2,992 (4,919) 1,785 (23,485) (2,776) (30,265)
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Net Cash Used in Investing Activities (124,967) (121,615) (372,392) (386,077) (526,306) (481,877)
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Financing Activities
Proceeds from issuance of long-term debt (Note 3) 199,075 - 199,075 276,257 272,818 276,300
payable (maturity less than 90 days) (93,900) (77,109) (62,224) 3,640 (74,722) 60,383
Retirement of long-term debt (191,020) (106,613) (252,447) (498,088) (222,169) (522,137)
Retirement of preferred stock (Note 3) (85,850) - (85,850) - (85,850) -
Purchase of Company common stock - (14,472) (23,418) (21,068) (27,558) (78,111)
Dividends paid on common and preferred stock (70,260) (67,818) (209,591) (203,168) (277,241) (268,564)
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Net Cash Used in Financing Activities (241,955) (266,012) (434,455) (442,427) (414,722) (532,129)
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Net Increase (Decrease) in Cash and Cash Equivalents (5,650) 15,572 3,795 3,531 (3,284) 3,152
Cash and Cash Equivalents at Beginning of the Period 20,386 2,448 10,941 14,489 18,020 14,868
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Cash and Cash Equivalents at End of the Period $ 14,736 $ 18,020 $ 14,736 $ 18,020 $ 14,736 $ 18,020
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Supplemental Disclosures of Cash Flow Information
Cash paid during the period - interest $ 48,616 $ 51,310 $ 138,653 $ 154,700 $ 178,344 $ 204,806
income taxes $ 36,599 $ 8,360 $ 133,893 $ 48,750 $ 226,493 $ 161,302
Noncash Activities
In June 1997, Strategic Resource Solutions Corp. (formerly CaroCapital, Inc.), a wholly-owned subsidiary, purchased all remaining
shares of Knowledge Builders, Inc. (KBI). In connection with the purchase of KBI, the Company issued $20.5 million in common stock
and paid $1.9 million in cash. See Note 5.
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See Supplemental Data and Notes to Consolidated Interim Financial
Statements.