PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
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Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED)
MARCH 31, 1998
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STATEMENTS OF INCOME
Three Months Ended Twelve Months Ended
March 31 March 31
(In thousands except per share amounts) 1998 1997 1998 1997
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Operating Revenues $ 752,296 $ 716,084 $ 3,060,301 $ 2,928,214
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Operating Expenses
Fuel 143,803 133,268 544,803 510,752
Purchased power 85,341 81,619 391,018 388,184
Other operation and maintenance 156,794 155,963 662,297 716,703
Depreciation and amortization 122,012 118,872 484,790 413,321
Taxes other than on income 34,880 35,006 139,352 136,921
Income tax expense 69,601 61,029 261,620 253,698
Harris Plant deferred costs, net 1,778 7,565 18,509 26,216
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Total Operating Expenses 614,209 593,322 2,502,389 2,445,795
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Operating Income 138,087 122,762 557,912 482,419
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Other Income (Expense)
Allowance for equity funds used during
construction 3 61 (58) (963)
Income tax credit 10,518 3,086 26,764 12,520
Harris Plant carrying costs 966 1,308 4,284 6,798
Interest income 3,437 1,669 20,103 4,598
Other income, net (22,419) (1,992) (39,702) 29,150
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Total Other Income (Expense) (7,495) 4,132 11,391 52,103
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Income Before Interest Charges 130,592 126,894 569,303 534,522
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Interest Charges
Long-term debt 42,822 40,710 165,580 168,655
Other interest charges 2,610 5,412 15,941 17,655
Allowance for borrowed funds used during
construction (1,411) (1,490) (4,844) (6,981)
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Net Interest Charges 44,021 44,632 176,677 179,329
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Net Income 86,571 82,262 392,626 355,193
Preferred Stock Dividend Requirements (742) (2,402) (4,392) (9,609)
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Earnings for Common Stock $ 85,829 $ 79,860 $ 388,234 $ 345,584
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Average Common Shares Outstanding 143,766 143,495 143,712 143,589
Basic and Diluted Earnings per Common Share $ 0.60 $ 0.56 $ 2.70 $ 2.41
Dividends Declared per Common Share $ 0.485 $ 0.470 $ 1.910 $ 1.850
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See Supplemental Data and Notes to Consolidated Interim Financial Statements.