As filed with the Securities and Exchange Commission on June 2, 1998
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
---------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 2, 1998
Exact name of Registrant as
Commission specified in its charter, address State of I.R.S. Employer
File No. of principal executive offices, telephone Incorporation Identification No.
1-8349 FLORIDA PROGRESS CORPORATION Florida 59-2147112
One Progress Plaza
St. Petersburg, Florida 33701
Telephone (813) 824-6400
1-3274 FLORIDA POWER CORPORATION Florida 59-0247770
3201 34th Street South
St. Petersburg, Florida 33711
Telephone (813) 866-5151
The address of neither registrant has changed since the last report.
This combined Form 8-K represents separate filings by Florida Progress
Corporation and Florida Power Corporation. Florida Power makes no
representations as to the information relating to Florida Progress' diversified
operations.
Item 5. Other Events
In light of ongoing securities offerings by Florida Progress
Corporation ("Florida Progress") and its subsidiaries, including Florida Power
Corporation ("Florida Power") and Progress Capital Holdings, Inc., the following
information is being presented pending distribution of the combined Florida
Progress and Florida Power Quarterly Report on Form 10-Q for the quarter ended
June 30, 1998:
As previously reported in the combined Florida Progress and Florida
Power Form 10-Q for the quarter ended March 31, 1998, Florida Power was involved
in discussions with the Securities and Exchange Commission ("SEC") regarding
Florida Power's accrual of nuclear outage operation and maintenance costs. In
connection with the extended outage at Crystal River 3, Florida Power accrued in
June 1997 a $72 million liability for nuclear outage costs to be incurred to
achieve a Nuclear Regulatory Commission approved restart of Crystal River 3 by
year end 1997. The SEC believes the nuclear outage costs should have been
expensed as incurred throughout 1997. Total results for the fiscal year ended
December 31, 1997, would be unchanged.
Florida Power and the SEC now have concluded their discussions, and
Florida Power has agreed to record nuclear outage costs as incurred. As a
result, simultaneously herewith, Florida Progress and Florida Power are filing
amended combined Florida Progress and Florida Power Form 10-Qs for the quarters
ended June 30, 1997 and September 30, 1997, and an amendment to the Form 10-K
for the year ended December 31, 1997. The filings include revised financial
statements and other changes that reflect restated quarterly financial data for
the second, third and fourth quarters of 1997. Because all previously accrued
nuclear outage costs were incurred by the end of 1997, total results for the
fiscal year ended December 31, 1997 were unchanged. The amendment to the 1997
Form 10-K being filed simultaneously herewith includes only changes to the
Quarterly Financial Data table that appears at the end of the notes to the
financial statements therein.
The following chart provides a summary of the quarterly and annual
results for 1997 as originally reported and as amended:
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Florida Progress Corporation
Selected Financial Data
(In millions, except per share amounts)
Three Months Three Months Three Months Three Months Twelve Months
Ended Ended Ended Ended Ended
March 31, 1997 June 30, 1997 Sept. 30, 1997 Dec. 31, 1997 Dec. 31, 1997
1997 as amended:
Florida Power:
Net income $ 41.2 $ 0.9 $ 76.0 $ 16.3 $ 134.4
Florida Progress:
Net income (loss) 42.0 6.3 81.6 (75.6) 54.3
Earnings (loss) per share-basic & fully diluted 0.43 0.07 0.84 (0.78) 0.56
1997 as originally reported:
Florida Power:
Net income (loss) $ 41.2 $ (43.6) $ 96.4 $ 40.4 $ 134.4
Florida Progress:
Net income (loss) 42.0 (38.2) 102.0 (51.5) 54.3
Earnings (loss) per share-basic & fully diluted 0.43 (0.39) 1.05 (0.53) 0.56
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
each registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FLORIDA PROGRESS CORPORATION
FLORIDA POWER CORPORATION
/s/ Pamela A. Saari
By:____________________________
Pamela A. Saari
Assistant Treasurer of each Registrant
Date: June 2, 1998
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