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As filed with the Securities and Exchange Commission on July 20, 1999
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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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):
July 16, 1999
Exact name of Registrant as specified
Commission in its charter, address of principal State of I.R.S. Employer
File No. executive offices, telephone number Incorporation Identification No.
1-8349 FLORIDA PROGRESS CORPORATION Florida 59-2147112
One Progress Plaza
St. Petersburg, Florida 33701
Telephone (727) 824-6400
1-3274 FLORIDA POWER CORPORATION Florida 59-0247770
One Progress Plaza
St. Petersburg, Florida 33701
Telephone (727) 820-5151
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. Information contained herein relating
to an individual registrant is filed by that registrant on its own behalf.
Florida Power makes no representations as to the information relating to Florida
Progress' diversified operations.
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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, 1999:
Florida Progress issued an Investor News report dated July 16, 1999
reporting second quarter 1999 earnings. A copy of the Investor News report is
being filed herewith as Exhibit 99.
In addition, Edward Moneypenny, Florida Progress' Senior Vice President
and Chief Financial Officer, has indicated that he was reasonably comfortable
that Florida Progress could achieve $3.05 earnings per share for 1999, or an
increase of about 6% over 1998, excluding the impact of a one-time $.04 per
share gain related to the buyout of a purchase power contract associated with a
cogeneration facility. He also indicated that, assuming $3.05 as a base for
1999, and assuming Florida Progress can achieve its earnings growth rate target
of 5% per year, earnings per share for 2000 would be approximately $3.20.
"Safe Harbor" statement under the Private Securities Litigation Reform
Act of 1995: This report contains certain forward looking statements, including
projections regarding Florida Progress' earnings per share. These statements,
and any other statements contained herein that are not historical facts, are
forward-looking statements that are based on a series of projections and
estimates regarding the economy, the electric utility business and Florida
Progress' other businesses in general. Key factors that have a direct impact on
the ability to attain these projections include continued annual growth in
customers, successful cost containment efforts and the efficient operation of
Florida Power's existing and future generating units. If these projections and
estimates regarding the economy, the electric utility business and other factors
differ materially from what actually occurs, or if various legal or regulatory
proceedings have unfavorable outcomes, then actual results could vary
significantly from the performance projected in the forward-looking statements.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
Exhibit Number (by
reference to Item 601
of Regulation S-K) Description of Exhibit
99 Florida Progress Corporation Investor News report
dated July 16, 1999.
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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
By: /s/ Pamela A. Saari
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Pamela A. Saari
Treasurer of each Registrant
Date: July 16, 1999
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EXHIBIT INDEX
Exhibit No. Description of Exhibit
99 Florida Progress Corporation Investor News report
dated July 16, 1999.
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