Carolina Power & Light Company
STATEMENTS OF CASH FLOWS
Three Months Ended Twelve Months Ended
March 31 March 31
(In thousands) 1998 1997 1998 1997
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Operating Activities
Net income $ 86,571 $ 82,262 $ 392,626 $ 355,193
Adjustments to reconcile net income to net cash provided
by operating activities
Depreciation and amortization 145,161 140,358 570,015 473,933
Harris Plant deferred costs 812 6,257 14,225 19,418
Deferred income taxes (23,457) (25,819) (64,184) 90,374
Investment tax credit (2,552) (2,558) (10,226) (10,392)
Deferred fuel cost (credit) 6,578 9,614 (28,005) (2,134)
Net (increase) decrease in receivables, inventories
and prepaid expenses (22,432) (16,813) (116,835) (66,031)
Net increase (decrease) in payables and accrued
expenses 43,230 (23,345) 60,161 (59)
Miscellaneous (13,131) 23,784 22,276 37,395
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Net Cash Provided by Operating Activities 220,780 193,740 840,053 897,697
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Investing Activities
Gross property additions (77,334) (75,547) (323,992) (356,377)
Nuclear fuel additions (56,104) (21,616) (95,997) (82,808)
Contributions to external decommissioning trust (10,251) (10,298) (30,679) (30,683)
Contributions to retiree benefit trusts - (21,096) - (21,096)
Net cash flow of company-owned life insurance program 273 837 137,944 47,357
Miscellaneous (19,971) (8,285) (66,419) (24,117)
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Net Cash Used in Investing Activities (163,387) (136,005) (379,143) (467,724)
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Financing Activities
Proceeds from issuance of long-term debt - - 199,075 -
Net increase (decrease) in short-term debt
(maturity less than 90 days) - 86,976 (149,200) 74,478
Net increase (decrease) in commercial paper classified as
long-term debt 34,130 - (69,970) 84,443
Retirement of long-term debt (1,476) (61,427) (43,459) (273,733)
Redemption of preferred stock (85,850)
Purchase of Company common stock (23,418) (23,288)
Dividends paid on common and preferred stock (70,628) (69,324) (279,144) (272,574)
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Net Cash Used in Financing Activities (37,974) (43,775) (451,966) (410,674)
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Net Increase in Cash and Cash Equivalents 19,419 13,960 8,944 19,299
Cash and Cash Equivalents at Beginning of the Period 14,426 10,941 24,901 5,602
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Cash and Cash Equivalents at End of the Period $ 33,845 $ 24,901 $ 33,845 $ 24,901
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Supplemental Disclosures of Cash Flow Information
Cash paid during the period - interest $ 55,957 $ 53,101 $ 174,367 $ 192,290
income taxes $ 6,070 $ 804 $ 294,959 $ 141,499
Noncash Activities
In June 1997, Strategic Resource Solutions Corp., 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.
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See Supplemental Data and Notes to Consolidated Interim Financial Statements.