Exhibit 99.1
[PROGRESS ENERGY LOGO APPEARS HERE]
news release
Progress Energy Announces Solid Quarterly Results and
Raises Earnings Estimate
Highlights:
. Reports $0.56 EPS, $0.74 before charges for rail and intra-period tax
adjustment
. Energy Ventures contributes $0.37 per share
. Synergy achievements keep utilities on target for year despite mild
weather, industrial slowdown, planned nuclear outages
. Announces sale of MEMCO barge unit for $270 million
. Raises earnings guidance for 2001
RALEIGH, N.C. (July 25, 2001) - Progress Energy [NYSE: PGN] today reported
consolidated net income of $111.7 million, or $0.56 per share of common stock,
for the second quarter of 2001. Year-to-date, the company has reported net
income of $1.33 per share. The company's synthetic fuel investments create
certain intra-period tax adjustments that reduced EPS by $0.13 for the quarter
and $0.23 year-to-date that will reverse by year-end. Earnings for the quarter
were also impacted by a $0.05 per share cumulative charge related to
reclassifying Progress Rail from "Assets Held for Sale" to operating assets.
When these items are considered, earnings would have been $0.74 per share for
the quarter and $1.61 per share for the first half of 2001. For perspective, in
2000 CP&L Energy earned $0.70 per share in the second quarter and was at $1.26
for the first half-year.
"Progress Energy continued its strong performance this quarter, and we're ahead
of where we expected to be," said William Cavanaugh, chairman, president and CEO
of Progress Energy. "We are almost halfway to our annual earnings target, and
we historically achieve about 55 percent of our earnings in the second half of
the year. While Energy Ventures continues to exceed our expectations, I'm
particularly proud of our two electric utilities - CP&L and Florida Power. They
are collectively meeting their budgeted earnings targets due to solid cost
management and the achievement of merger synergies despite the triple challenges
of mild weather, a decline in industrial sales and four planned nuclear outages.
Not only that, these utilities achieved the number two ranking out of 17
southern utilities in J. D. Power's survey of residential customer satisfaction.
For all of Progress Energy, it was a great quarter in operational, financial and
customer service terms."
The Energy Ventures business unit that manages fuel extraction, manufacturing
and delivery, which includes synthetic fuels production, merchant generation,
and energy marketing and trading contributed $0.37 per share, which includes
$0.09 per share from marketing and trading activities on behalf of the utility
operating companies. In the first quarter, Energy Ventures contributed $0.32
per share on a similar basis. "We expect Energy Ventures to contribute 20 to 25
percent to earnings this year," said Cavanaugh. "By 2005, we want this high-
growth business unit to provide 40 to 50 percent of our earnings.
"We are raising our earnings estimate for the year. We will earn more than the
top end of our previous guidance of $3.25 to $3.35. We now expect to earn
between $3.35 and $3.45," said Cavanaugh. "Our plans for solid earnings and
dividend growth have not changed. We will grow earnings by at least
7 to 8 percent each year."
SIGNIFICANT RECENT DEVELOPMENTS
Florida Rate Case
In May 2001, the Florida PSC issued an order requiring initiating a rate
case for Florida Power. Since that time, the Company has worked with the
PSC staff to refine the scope and timing of the required filing. The
calculation of the company's revenue requirements, along with supporting
testimony, is due on September 14, 2001. Hearings are scheduled to begin
March 20, 2002, with a final decision expected in July, 2002, although the
commissioners have encouraged the PSC staff and the company to negotiate a
settlement before then if possible.
Also, the Florida PSC has established an expedited schedule for its review
of the Florida RTO proposal, known as GridFlorida.
Goodwill
On July 20, 2001, The Financial Accounting Standards Board issued Statement
No. 142, "Goodwill and Other Intangible Assets." Under the provisions of
this statement, amortization of goodwill that existed as of June 30, 2001,
will cease on January 1, 2002. The company expects to record approximately
$95 million of goodwill amortization this year.
Sale of MEMCO
On July 23, 2001, the company announced a letter of agreement for the sale
of its MEMCO barge business to AEP for $270 million. The sale proceeds
will be used to pay down corporate debt and to pay off an off-balance-
sheet, on-credit lease.
Decision to Operate Progress Rail as Going Concern
The company no longer intends to sell Progress Rail and, therefore, has
included a $.05 per share cumulative charge representing the results of
Progress Rail and allocated interest since the date of acquisition in
earnings this quarter. Going forward, Progress Rail's results will be
included in consolidated earnings.
2
Merchant Plant Developments
Progress Energy announced construction of a 320-megawatt plant in DeSoto
County, Florida, the company's first merchant venture in Florida. This
gas-fired plant will be in commercial operation by June 2002, and Energy
Ventures is in late-stage negotiations to sell its output and capacity.
In June, the North Carolina Utilities Commission held a hearing concerning
the company's request to transfer certificates granted for eleven
generating units in Richmond and Rowan counties, N.C., from the regulated
electric utility, CP&L, to Energy Ventures. The company anticipates a
Commission order on this matter during the third quarter. Combined, these
natural gas-fired units will be capable of producing approximately 1,780
megawatts of power. Seven of these units, representing 1,050 megawatts of
new gas-fired generation, began commercial operation in late May.
Completion of the transfer, along with the DeSoto project, will bring
Energy Ventures' merchant fleet to 2,700 megawatts by the end of 2002.
NC Fuel Adjustment Filing
CP&L filed for an increase in the fuel rate charged to its North Carolina
customers. The company is asking the North Carolina Utilities Commission
(NCUC) to approve a $118.4 million increase in its fuel rate to cover
increases in the costs of fuel oil, natural gas and coal during the 12-
month period ending March 2001. The increase would take effect October 1,
2001. A hearing is scheduled before the NCUC on August 7, 2001.
LINE OF BUSINESS/SEGMENT FINANCIAL INFORMATION
CORPORATE
Corporate results include interest expense on holding company debt,
goodwill amortization and intra-period tax allocation effects. The total
corporate expense was $0.46 per share for the second quarter.
With respect to the intra-period tax allocation effects, generally accepted
accounting principles require companies to apply an effective tax rate to
interim periods that is consistent with a company's estimated annual tax
rate. The tax credits generated from synthetic fuel operations' earnings
lower Progress Energy's overall effective tax rate. The company's
synthetic fuel operations' earnings are not subject to seasonal fluctuation
to the extent the electric utility operations' earnings are. In essence,
the company projects the effective tax rate for the year and then, based
upon projected operating income for each quarter, raises or lowers the
credits recorded in that quarter to meet that projected tax rate. On the
other hand, operating losses incurred to produce the tax credit are
included in the current quarter. The resulting tax adjustment has reduced
earnings per share by $0.13 for the quarter and $0.23 for the year. These
adjustments will reverse over the balance of the year, resulting in no
impact to the company's annual earnings.
3
None of the earnings information presented below reflects any allocation of
the above-described corporate expenses.
UTILITIES
CP&L
CP&L retail energy operations contributed earnings of $69 million for the
quarter compared to $93 million for the same period last year. Primary
reasons for the $24 million differential were increased O&M for planned
nuclear outages, the impact of mild weather and a significant slowdown in
industrial sales.
Total retail kWh sales for the quarter decreased 4 percent compared to the
same period last year. Commercial volume was relatively unchanged, while
residential volume was down 2 percent. Industrial volume declined 9.5
percent for the quarter due primarily to continuing weakness in the
textile, chemical and paper industries.
Florida Power
The operations of Florida Power were included in Progress Energy's earnings
subsequent to the acquisition date of November 30, 2000, and, therefore,
are not reflected in the period ended June 30, 2000.
Florida Power retail energy operations had earnings of $81 million for the
quarter compared to $74.8 million for the same period last year. Total
retail revenue for the quarter increased slightly. Cooler than normal
weather had a negative impact on sales, mostly offsetting the impact of
strong customer growth and usage in the residential and commercial classes.
Industrial sales declined 7.8 percent, mainly due to declines in the
phosphate industry.
NCNG
North Carolina Natural Gas (NCNG) reported a loss of $5.2 million in the
second quarter compared to net income of $0.1 million in the same period
last year. The decrease was mainly due to reduced sales to certain large
industrial customers with fuel switching capabilities.
4
DIVERSIFIED BUSINESSES
Energy Ventures
The Energy Ventures business unit recorded net income of $74.8 million in
the second quarter compared to $26.5 million for the same period last year.
The increase in earnings is primarily due to the inclusion of Florida
Progress subsidiaries in the current quarter. Total synthetic fuel sales
were 3.4 million tons for the quarter and 6.2 million tons year-to-date.
Progress Rail
The company's investment in Progress Rail was previously treated as "Assets
Held for Sale" and, therefore, not included in consolidated earnings.
Revenues and net loss for the quarter were $226.4 million and $2.9 million
compared to revenues and net income of $284.7 million and $1.9 million in
second quarter 2000.
Other Diversified
Progress Telecom, including CaroNet's operations, recorded revenues of
$15.9 million for the quarter. EBITDA for the quarter was $4.1 million.
SRS revenues and net loss for the quarter were $14.2 million and $2.4
million.
* * * *
5
This press release contains forward-looking statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements are subject to various risks and uncertainties.
Discussion of factors that could cause actual results to differ materially from
management's projections, forecasts, estimates and expectations may include
factors that are beyond the ability of the companies to control or estimate
precisely. Factors include, but are not limited to, actions in the financial
markets, actions of regulatory agencies, weather conditions, economic conditions
in the companies' service territories, fluctuations in energy-related commodity
prices, conversion activity, other marketing efforts and other uncertainties.
Key factors affecting the synthetic fuel plant investment that could have a
direct bearing on the company's ability to meet these projections include cash
flows derived from the synthetic fuel plants, market acceptance of synthetic
fuel, competition from competing products, impacts of environmental regulations
on potential buyers, income tax issues related to synthetic fuel tax credits and
other factors. Other risk factors are detailed from time to time in the
companies' SEC reports.
# # #
6
Progress Energy, Inc.
Segment Earnings Variance Analysis
Second Quarter 2001 vs. 2000
Florida Regulated Other
($ Per share) CP&L Power Natural Energy Diversified
(Electric) (Electric) Gas Ventures Businesses
------------- ------------ ------------- --------------- --------------
2000 earnings 0.61 - - 0.17 (0.08)
------------- ------------ ------------- --------------- --------------
Weather -
Customer growth and usage (0.07)
Other margin - (0.02)
Addition of FPC operations 0.40 (C) 0.20 (0.07)
O&M 0.03 (A) (0.01)
Interest charges (0.02)
Goodwill amortization
Diversified businesses 0.04 0.06
Share dilution (0.14) (B) (0.04) (B) 0.02 (B)
Eliminations/other
- -------------------------- ------------- ------------ ------------- --------------- --------------
2001 earnings 0.35 0.40 (C) (0.03) 0.37 (D) (0.07)
------------- ------------ ------------- --------------- --------------
($ Per share) Corporate Consolidated
-------------- ---------------
2000 earnings - 0.70
-------------- ---------------
Weather -
Customer growth and usage (0.07)
Other margin (0.02)
Addition of FPC operations (0.02) (E) 0.51
O&M (0.04)
Interest charges (0.18) (0.20)
Goodwill amortization (0.11) (0.11)
Diversified businesses 0.10
Share dilution (0.16) (B)
Eliminations/other (0.15) (E) (0.15)
- -------------------------- -------------- ---------------
2001 earnings (0.46) 0.56
-------------- ---------------
Regulated Natural Gas includes NCNG
Energy Ventures includes Electric Fuels (less Rail & Barge), Progress Energy
Ventures, Monroe Power, and Energy Marketing & Trading
Other Diversified Businesses includes SRS, Progress Telecom and Progress Rail
Corporate includes eliminations, interest expense, goodwill and intra-period
tax allocations
(A) Costs related to planned nuclear outage.
(B) Related to issuance of 46.5 million common shares in connection with FPC
acquisition in Dec 2000
(C) See Table 1
(D) Approximately $.07 per share in CP&L and $.02 per share in Florida Power is
related to functions managed by Energy Ventures.
(E) Includes $.13 intra-period tax allocation adjustment which will vary each
quarter. These adjustments will reverse for the year 2001.
- -----------------------------------------------------------
Table 1
Florida Power
Segment Earnings Variance Analysis
Second Quarter 2001 vs. 2000
YTD
2000 earnings $ 0.81
Weather (0.04)
Customer growth and usage 0.06
Other margin 0.01
O&M 0.02
Share dilution (0.41)
Depreciation (0.01)
Other taxes (0.01)
Interest expense 0.02
Trading and marketing (0.02)
Eliminations/other (0.03)
-------------
2001 earnings $ 0.40
=============
- -----------------------------------------------------------
Progress Energy, Inc.
Segment Earnings Variance Analysis
Year to Date June 2001 vs. 2000
Florida Regulated Other
($ Per share) CP&L Power Natural Energy Diversified
(Electric) (Electric) Gas Ventures Businesses
------------- ------------ ------------- --------------- --------------
2000 earnings 1.10 - 0.06 0.27 (0.17)
------------- ------------ ------------- --------------- --------------
Weather -
Customer growth and usage -
Other margin - (0.03)
Addition of FPC operations 0.72 (C) 0.38 (0.07)
O&M 0.07 (A) (0.02)
Interest charges (0.05)
Goodwill amortization
Diversified businesses 0.10 0.13
Share dilution (0.26) (B) (0.06) (B) 0.03 (B)
Eliminations/other 0.01
- -------------------------- ------------- ------------ ------------- --------------- --------------
2001 earnings 0.87 0.72 (C) 0.01 0.69 (D) (0.08)
------------- ------------ ------------- --------------- --------------
($ Per share) Corporate Consolidated
-------------- ---------------
2000 earnings 1.26
-------------- ---------------
Weather -
Customer growth and usage -
Other margin (0.03)
Addition of FPC operations (0.15) (E) 0.88
O&M 0.05
Interest charges (0.36) (0.41)
Goodwill amortization (0.21) (0.21)
Diversified businesses 0.23
Share dilution (0.29) (B)
Eliminations/other (0.16) (E) (0.15)
- -------------------------- -------------- ---------------
2001 earnings (0.88) 1.33
-------------- ---------------
Regulated Natural Gas includes NCNG
Energy Ventures includes Electric Fuels (less Rail & Barge), Progress Energy
Ventures, Monroe Power, and Energy Marketing & Trading
Other Diversified Businesses includes SRS, Progress Telecom and Progress Rail
Corporate includes eliminations, interest expense, goodwill and intra-period
tax allocations
(A) Establishment of service company reduced CP&L share of costs, $.04 related
to Jan 2000 ice storm, offset by planned nuclear outage costs in 2001.
(B) Related to issuance of 46.5 million common shares in connection with FPC
acquisition in Dec 2000
(C) See Table 1
(D) Approximately $.14 per share in CP&L and $.06 per share in Florida Power
related to functions managed by Energy Ventures.
(E) Includes $.23 for intra-period tax allocation adjustment which will vary
each quarter. These adjustments will reverse for the year 2001.
- -----------------------------------------------------------
Table 1
Florida Power
Segment Earnings Variance Analysis
June 2001 vs 2000
YTD
2000 earnings $ 1.45
Weather -
Customer growth and usage 0.08
Other margin 0.02
O&M 0.02
Share dilution (0.73)
Depreciation (0.02)
Other taxes (0.03)
Interest expense 0.02
Trading and marketing (0.06)
Eliminations/other (0.03)
-------------
2001 earnings $ 0.72
=============
- -----------------------------------------------------------
PROGRESS ENERGY, INC.
UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION
STATEMENTS OF INCOME
Three Months Ended Six Months Ended
June 30 June 30
(In thousands except per share amounts) 2001 2000 2001 2000
- -----------------------------------------------------------------------------------------------------------------------
Operating Revenues
Electric $ 1,565,947 $ 773,914 $ 3,197,994 $ 1,555,300
Natural gas 68,575 75,350 207,149 147,448
Diversified businesses 681,121 38,484 818,591 63,618
- -----------------------------------------------------------------------------------------------------------------------
Total Operating Revenues 2,315,643 887,748 4,223,734 1,766,366
Operating Expenses
Fuel used in electric generation 378,288 137,001 748,144 297,388
Purchased power 211,876 85,067 429,424 155,326
Gas purchased for resale 57,184 59,836 166,778 103,734
Other operation and maintenance 304,400 164,989 599,497 363,216
Depreciation and amortization 264,131 136,949 580,920 274,720
Taxes other than on income 93,945 35,511 193,592 72,845
Diversified businesses 721,744 58,767 911,447 102,922
- -----------------------------------------------------------------------------------------------------------------------
Total Operating Expenses 2,031,568 678,120 3,629,802 1,370,151
- -----------------------------------------------------------------------------------------------------------------------
Operating Income 284,075 209,628 593,932 396,215
- -----------------------------------------------------------------------------------------------------------------------
Other Income (Expense)
Interest income 7,172 2,048 17,114 5,311
Other, net (13,102) (975) (10,180) 1,101
- -----------------------------------------------------------------------------------------------------------------------
Total Other Income (Expense) (5,930) 1,073 6,934 6,412
- -----------------------------------------------------------------------------------------------------------------------
Income before Interest Charges and Income Taxes 278,145 210,701 600,866 402,627
- -----------------------------------------------------------------------------------------------------------------------
Interest Charges
Long-term debt 156,063 54,851 282,506 104,923
Other interest charges 37,950 4,279 74,652 9,280
Allowance for borrowed funds used during construction (1,873) (6,323) (5,353) (10,929)
- -----------------------------------------------------------------------------------------------------------------------
Net Interest Charges 192,140 52,807 351,805 103,274
- -----------------------------------------------------------------------------------------------------------------------
Income before Income Taxes 86,005 157,894 249,061 299,353
Income Taxes (25,697) 50,434 (16,644) 106,632
- -----------------------------------------------------------------------------------------------------------------------
Net Income $ 111,702 $ 107,460 265,705 192,721
=======================================================================================================================
Average Common Shares Outstanding 200,043 153,311 199,922 153,183
Basic Earnings per Common Share $ 0.56 $ 0.70 $ 1.33 $ 1.26
Diluted Earnings per Common Share $ 0.56 $ 0.70 $ 1.32 $ 1.26
Dividends Declared per Common Share $ 0.530 $ 0.515 $ 1.060 $ 1.030
=======================================================================================================================
This financial information should be read in conjunction with the Company's 2000
Annual Report to shareholders. These statements have been prepared for the
purpose of providing information concerning the Company and not in connection
with any sale, offer for sale, or solicitation of an offer to buy any
securities.
Progress Energy, Inc.
BALANCE SHEETS June 30 December 31
(In thousands) 2001 2000
- -------------------------------------------------------------------------------------------------------------------------------
ASSETS
Utility Plant
Electric utility plant in service $ 18,716,993 $ 18,124,036
Gas utility plant in service 483,538 378,464
Accumulated depreciation (9,761,687) (9,350,172)
- -------------------------------------------------------------------------------------------------------------------------------
Utility plant in service, net 9,438,844 9,152,328
Held for future use 15,380 16,302
Construction work in progress 851,412 1,043,376
Nuclear fuel, net of amortization 243,816 224,692
- -------------------------------------------------------------------------------------------------------------------------------
Total Utility Plant, Net 10,549,452 10,436,698
- -------------------------------------------------------------------------------------------------------------------------------
Current Assets
Cash and cash equivalents 73,667 101,296
Accounts receivable 992,059 925,911
Taxes receivable 13,220 -
Inventory 771,479 420,985
Deferred fuel cost 214,021 217,806
Prepayments 17,304 50,040
Assets Held for Sale, net 58,504 747,745
Other current assets 178,707 192,347
- -------------------------------------------------------------------------------------------------------------------------------
Total Current Assets 2,318,961 2,656,130
- -------------------------------------------------------------------------------------------------------------------------------
Deferred Debits and Other Assets
Income taxes recoverable through future rates 238,876 228,686
Harris Plant deferred costs 38,796 44,813
Unamortized debt expense 39,597 38,771
Nuclear decommissioning trust funds 824,854 811,998
Diversified business property, net 1,074,653 720,231
Miscellaneous other property and investments 608,170 636,677
Deferred purchased power contract termination costs 148,757 226,656
Goodwill, net 3,723,868 3,652,429
Other assets and deferred debits 669,705 657,612
- -------------------------------------------------------------------------------------------------------------------------------
Total Deferred Debits and Other Assets 7,367,276 7,017,873
- -------------------------------------------------------------------------------------------------------------------------------
Total Assets $ 20,235,689 $ 20,110,701
===============================================================================================================================
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity $ 5,459,040 $ 5,424,201
Preferred stock of subsidiary - redemption not required 92,831 92,831
Long-term debt, net 9,413,639 5,890,099
- -------------------------------------------------------------------------------------------------------------------------------
Total Capitalization 14,965,510 11,407,131
- -------------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Current portion of long-term debt 209,550 184,037
Accounts payable 618,098 828,568
Taxes accrued - 932
Interest accrued 204,670 121,433
Dividends declared 107,886 107,645
Short-term Obligations 744,458 3,972,674
Other current liabilities 571,052 447,370
- -------------------------------------------------------------------------------------------------------------------------------
Total Current Liabilities 2,455,714 5,662,659
- -------------------------------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities
Accumulated deferred income taxes 1,680,446 1,807,192
Accumulated deferred investment tax credits 236,051 261,255
Other liabilities and deferred credits 897,968 972,464
- -------------------------------------------------------------------------------------------------------------------------------
Total Deferred Credits and Other Liabilities 2,814,465 3,040,911
- -------------------------------------------------------------------------------------------------------------------------------
Total Capitalization and Liabilities $ 20,235,689 $ 20,110,701
===============================================================================================================================
SCHEDULES OF COMMON STOCK EQUITY
(In thousands)
Common stock (without par value, authorized 500,000,000, issued and outstanding $ 3,614,279 $ 3,608,902
206,089,274 and 206,089,047 shares, respectively)
Unearned ESOP common stock (117,268) (127,211)
Accumulated other comprehensive loss (34,214) -
Retained earnings 1,996,243 1,942,510
- -------------------------------------------------------------------------------------------------------------------------------
Total Common Stock Equity $ 5,459,040 $ 5,424,201
===============================================================================================================================
Progress Energy, Inc.
SUPPLEMENTAL DATA
Three Months Ended Six Months Ended
June 30 June 30
2001 2000 2001 2000
- -------------------------------------------------------------------------------------------------------------------------
Operating Revenues (in thousands)
Electric
Retail $ 1,295,650 $ 597,702 2,622,453 $ 1,232,471
Wholesale 214,908 133,725 475,555 265,600
Unbilled 15,099 25,029 (46,780) 24,221
Miscellaneous revenue 40,290 17,458 146,766 33,008
- -------------------------------------------------------------------------------------------------------------------------
Total Electric 1,565,947 773,914 3,197,994 1,555,300
Natural gas 68,575 75,350 207,149 147,448
Diversified businesses 681,121 38,484 818,591 63,618
- -------------------------------------------------------------------------------------------------------------------------
Total Operating Revenues $ 2,315,643 $ 887,748 4,223,734 $ 1,766,366
- -------------------------------------------------------------------------------------------------------------------------
Energy Sales
Electric (millions of kWh)
Retail
Residential 7,204 3,023 15,926 6,951
Commercial 5,682 2,803 10,956 5,359
Industrial 4,401 3,676 8,594 7,077
Other retail 1,007 323 1,970 663
- -------------------------------------------------------------------------------------------------------------------------
Total Retail 18,294 9,825 37,446 20,050
Unbilled 624 425 (543) 361
Wholesale 4,080 3,287 8,859 7,004
- -------------------------------------------------------------------------------------------------------------------------
Total Electric 22,998 13,537 45,762 27,415
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Natural Gas (thousands of dt) 11,096 13,497 25,942 30,841
- -------------------------------------------------------------------------------------------------------------------------
Energy Supply (millions of kWh)
Generated - steam 11,877 6,885 23,791 14,345
nuclear 6,813 5,433 13,950 11,097
hydro 64 157 117 333
combustion turbines 1,672 282 2,809 316
Purchased 3,711 1,299 7,385 2,331
- -------------------------------------------------------------------------------------------------------------------------
Total Energy Supply (Company Share) 24,137 14,056 48,052 28,422
- -------------------------------------------------------------------------------------------------------------------------
Detail of Income Taxes (in thousands)
Income tax expense (credit) - current $ (6,730) $ 73,099 28,475 $ 162,936
deferred (12,723) (20,066) (31,904) (51,106)
investment tax credit (6,244) (2,599) (13,215) (5,198)
- -------------------------------------------------------------------------------------------------------------------------
Total Income Tax Expense $ (25,697) $ 50,434 (16,644) $ 106,632
- -------------------------------------------------------------------------------------------------------------------------
FINANCIAL STATISTICS
Ratio of earnings to fixed charges 2.16 3.98
Return on average common stock equity 11.95 % 12.27
Book value per common share $ 27.28 $ 22.57
Capitalization ratios
Common stock equity 36.48 % 52.40
Preferred stock of subsidiary- redemption not required 0.62 0.90
Long-term debt, net 62.90 46.70
- -------------------------------------------------------------------------------------------------------------------------
Total 100.00 % 100.00
- -------------------------------------------------------------------------------------------------------------------------