Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
progress energy 3Q 02.earnings.release.andfinancialsfinance25
- Progress Energy reported ongoing quarterly earnings of $1.53 per share and GAAP earnings of $0.71 per share. It expects 2002 ongoing earnings to be within its target range of $3.90 to $4.00 per share.
- It announced an agreement to sell NCNG to Piedmont Natural Gas for $425 million, which will be used to pay down debt.
- For 2003, it expects 3% earnings growth over 2002 through cost management, sales growth at its electric utilities, and additional revenues from its non-regulated business.
Progress Energy reported 2004 ongoing earnings of $3.06 per share and GAAP earnings of $3.13 per share. For the fourth quarter, ongoing earnings were $0.62 per share and GAAP earnings were $0.80 per share. For 2005, ongoing earnings guidance was set at $2.90 to $3.20 per share. Key drivers for 2005 earnings included customer growth and usage offset by higher O&M costs and the sale of Progress Rail. Significant events in 2004 included hurricane impacts, regulatory filings, and asset sales.
progress energy 1Q 02 earnings releaseFinal_allfinance25
Progress Energy reported first quarter earnings per share of $0.62, and $0.77 excluding one-time items. A rate settlement in Florida contributed $0.10 per share in retroactive revenue. Progress Energy reaffirmed its 2002 EPS guidance of $3.90 to $4.10. Several factors including mild weather, economic conditions, and debt issuance impacted the year-over-year EPS difference of $0.11.
progress energy 2Q 02earnings release Finalfinance25
Progress Energy reported second quarter 2002 earnings per share of $0.56, or $0.83 excluding non-operating items. This was in line with guidance. Key highlights included reaching long-term rate agreements in Florida and North Carolina that stabilize rates through 2005 and 2007 respectively. For 2002, the company expects ongoing earnings between $3.90-$4.00 per share, within previous guidance despite industrial slowdowns impacting some regions.
Progress Energy reported strong financial results for the first quarter of 2003. They reported ongoing earnings of $0.79 per share and GAAP earnings of $0.89 per share. Additionally, they acquired 195 billion cubic feet of natural gas reserves and agreed to acquire a full-requirements power supply agreement. The company saw increased earnings due to favorable weather, customer growth and lower interest expenses, though earnings were partially offset by a rate reduction in Florida.
Progress Energy reported second quarter 2003 ongoing earnings of $0.67 per share compared to $0.84 per share in the second quarter of 2002. For the first half of 2003, ongoing earnings were $1.46 per share compared to $1.56 per share for the same period last year. The company reaffirmed its 2003 ongoing earnings guidance of $3.60 to $3.80 per share. Unfavorable weather, higher costs, and share dilution contributed to the decrease in earnings compared to last year. Progress Energy's utility businesses saw increased revenues from customer growth and usage that were offset by the factors above.
DTE Energy reported 2002 earnings of $632 million or $3.83 per diluted share, up 10% from 2001 operating earnings. Earnings for the fourth quarter of 2002 were $203 million or $1.21 per diluted share, down from 2001 operating earnings of $1.43 per diluted share. The company reaffirmed its 2003 earnings guidance of $3.90 to $4.10 per share despite anticipated challenges. By business unit, DTE Energy Resources contributed earnings growth while DTE Energy Distribution saw declines due to storm costs and DTE Energy Gas saw increases.
Duke Energy reported second quarter 2003 earnings per share of $0.46, including $0.16 from asset sales. Performance was impacted by cooler weather reducing electricity demand. Total first half 2003 earnings were $0.71 per share, including a $0.18 accounting change charge. Duke exceeded its $1.5 billion asset sale target and expects full-year earnings between $1.35-$1.60 per share.
progress energy 3Q 02.earnings.release.andfinancialsfinance25
- Progress Energy reported ongoing quarterly earnings of $1.53 per share and GAAP earnings of $0.71 per share. It expects 2002 ongoing earnings to be within its target range of $3.90 to $4.00 per share.
- It announced an agreement to sell NCNG to Piedmont Natural Gas for $425 million, which will be used to pay down debt.
- For 2003, it expects 3% earnings growth over 2002 through cost management, sales growth at its electric utilities, and additional revenues from its non-regulated business.
Progress Energy reported 2004 ongoing earnings of $3.06 per share and GAAP earnings of $3.13 per share. For the fourth quarter, ongoing earnings were $0.62 per share and GAAP earnings were $0.80 per share. For 2005, ongoing earnings guidance was set at $2.90 to $3.20 per share. Key drivers for 2005 earnings included customer growth and usage offset by higher O&M costs and the sale of Progress Rail. Significant events in 2004 included hurricane impacts, regulatory filings, and asset sales.
progress energy 1Q 02 earnings releaseFinal_allfinance25
Progress Energy reported first quarter earnings per share of $0.62, and $0.77 excluding one-time items. A rate settlement in Florida contributed $0.10 per share in retroactive revenue. Progress Energy reaffirmed its 2002 EPS guidance of $3.90 to $4.10. Several factors including mild weather, economic conditions, and debt issuance impacted the year-over-year EPS difference of $0.11.
progress energy 2Q 02earnings release Finalfinance25
Progress Energy reported second quarter 2002 earnings per share of $0.56, or $0.83 excluding non-operating items. This was in line with guidance. Key highlights included reaching long-term rate agreements in Florida and North Carolina that stabilize rates through 2005 and 2007 respectively. For 2002, the company expects ongoing earnings between $3.90-$4.00 per share, within previous guidance despite industrial slowdowns impacting some regions.
Progress Energy reported strong financial results for the first quarter of 2003. They reported ongoing earnings of $0.79 per share and GAAP earnings of $0.89 per share. Additionally, they acquired 195 billion cubic feet of natural gas reserves and agreed to acquire a full-requirements power supply agreement. The company saw increased earnings due to favorable weather, customer growth and lower interest expenses, though earnings were partially offset by a rate reduction in Florida.
Progress Energy reported second quarter 2003 ongoing earnings of $0.67 per share compared to $0.84 per share in the second quarter of 2002. For the first half of 2003, ongoing earnings were $1.46 per share compared to $1.56 per share for the same period last year. The company reaffirmed its 2003 ongoing earnings guidance of $3.60 to $3.80 per share. Unfavorable weather, higher costs, and share dilution contributed to the decrease in earnings compared to last year. Progress Energy's utility businesses saw increased revenues from customer growth and usage that were offset by the factors above.
DTE Energy reported 2002 earnings of $632 million or $3.83 per diluted share, up 10% from 2001 operating earnings. Earnings for the fourth quarter of 2002 were $203 million or $1.21 per diluted share, down from 2001 operating earnings of $1.43 per diluted share. The company reaffirmed its 2003 earnings guidance of $3.90 to $4.10 per share despite anticipated challenges. By business unit, DTE Energy Resources contributed earnings growth while DTE Energy Distribution saw declines due to storm costs and DTE Energy Gas saw increases.
Duke Energy reported second quarter 2003 earnings per share of $0.46, including $0.16 from asset sales. Performance was impacted by cooler weather reducing electricity demand. Total first half 2003 earnings were $0.71 per share, including a $0.18 accounting change charge. Duke exceeded its $1.5 billion asset sale target and expects full-year earnings between $1.35-$1.60 per share.
Progress Energy reported solid financial results for the second quarter of 2004, with ongoing earnings of $0.79 per share and GAAP earnings of $0.63 per share. For the year to date, ongoing earnings were $1.43 per share and GAAP earnings were $1.08 per share. The company reaffirmed its 2004 ongoing earnings guidance of $3.50 to $3.65 per share. Key drivers of the financial performance included favorable weather, customer growth, and lower retail revenue sharing accruals, partially offset by a decrease in wholesale sales.
DTE Energy reported 2006 operating earnings of $593 million, or $3.33 per share, compared to 2005 operating earnings of $577 million, or $3.28 per share. Excluding synthetic fuels, 2006 operating earnings were $2.89 per share, above guidance. The company's electric utility had strong results due to higher rates and customers returning to service, while its gas utility saw lower earnings due to mild weather. DTE Energy reiterated 2007 operating earnings guidance, excluding synthetic fuels, of $2.60 to $2.80 per share and including synthetic fuels of $3.20 to $4.05 per share.
Progress Energy reported earnings of $2.65 per share for 2001, meeting expectations. Earnings were positively impacted by its non-regulated businesses which offset the effects of mild weather and an industrial slowdown. It also received tax rulings for four synthetic fuel plants and reaffirmed its 2002 guidance of $3.90 to $4.10 per share.
This document provides an overview and analysis of Sempra Energy's financial condition and results of operations for 2004. Key points include:
- Net income increased 37.9% to $895 million in 2004 due to improved results at Sempra Commodities and Sempra Generation.
- Major events in 2004 that impacted financial results included acquisitions, LNG business development, California energy crisis litigation, and regulatory decisions affecting utility rates.
- The California Utilities division saw higher natural gas revenues and costs due to rising gas prices, while electric revenues declined slightly as fuel and purchase costs rose.
DTE Energy reported second quarter 2001 operating earnings of $70 million compared to $108 million in the second quarter of 2000. While earnings were impacted by Michigan's electric restructuring legislation, the company remains on track to reach its projected full year earnings of $3.50 to $3.60 per share. The acquisition of MCN Energy was completed during the quarter, and earnings are expected to benefit in the second half of the year from the addition of MCN's gas operations and projected cost synergies from the merger. Several non-regulated businesses performed well during the quarter and are also expected to contribute to meeting the company's full year earnings projection.
DTE Energy reported third quarter earnings of $0.96 per share, up from $0.51 per share in the third quarter of 2001, excluding merger and restructuring expenses. Year-to-date earnings increased 30% compared to 2001. The company's regulated utility operations performed well due to higher residential sales from increased cooling demand and lower fuel costs. Non-regulated businesses such as energy services also contributed significantly to earnings. DTE Energy reaffirmed its guidance for 2002 earnings of $3.75-$3.95 per share and 2003 earnings of $3.90-$4.10 per share, expecting continued challenges from the economy but benefits from cost controls.
Progress Energy reported third quarter ongoing earnings of $1.28 per share and year-to-date ongoing earnings of $2.74 per share. Earnings were lowered due to unfavorable weather and a slow economic recovery, prompting a reduction in 2003 earnings guidance to $3.50 to $3.60 per share. Additionally, the IRS rejected challenges to Progress Energy's Colona synthetic fuels facility, bringing the tax audit closer to resolution. Progress Energy also announced several asset sales and operational updates across its business segments.
Progress Energy reported third quarter 2004 ongoing earnings of $1.01 per share compared to $1.28 per share in the third quarter of 2003. GAAP earnings were $1.25 per share compared to $1.33 per share. Earnings from core utility businesses were strong but offset by lower synthetic fuel production tax credits. Hurricane damage restoration costs totaled $379 million. Progress Energy reaffirmed 2004 ongoing earnings guidance of $2.95 to $3.10 per share and announced developments in an IRS audit of synthetic fuel tax credits.
Duke Energy reported third quarter 2006 results, with ongoing diluted EPS of 48 cents, down from 56 cents in the prior year's quarter. Reported diluted EPS was 60 cents, up from 4 cents in 2005. The company remains on track to meet its 2006 ongoing EPS target after adjusting for the sale of its Commercial Marketing and Trading business. During the quarter, Duke Energy created a joint venture for its Crescent Resources business, yielding $1.4 billion in after-tax cash proceeds. Business unit results were mixed compared to the prior year, with the Franchised Electric & Gas unit up but other units such as Natural Gas Transmission down due to various factors including costs and weather.
DTE Energy reported strong financial results for the first quarter of 2002, with net income of $200 million, a 44% increase over the previous year. Earnings per share increased 27% to $1.24. The results were driven by higher earnings from non-regulated businesses and the addition of DTE Energy's gas distribution business. Despite challenges like a mild winter and slow economic recovery, the company reaffirmed its full-year earnings target of $3.70 to $4.00 per share due to the diversity of its businesses.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. Earnings declined due to factors such as mild weather, lower retail customer sales, and higher expenses. However, the company completed several regulatory proceedings favorably and expects earnings to improve in 2005 with resolution of outstanding rate cases and continued non-utility business growth. DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per share.
The document provides a summary of Sempra Energy's 2003 financial report. It discusses key events in 2003 including favorable tax resolutions, contract decisions, and regulatory proceedings. It provides an overview of Sempra Energy and its business units, including the California Utilities (SoCalGas and SDG&E), Sempra Energy Global Enterprises, and Sempra Energy Financial. The summary discusses operating results, factors affecting comparisons between 2002 and 2003, ratemaking for the California Utilities, natural gas and electric revenues and costs, and volumes and revenues by customer class for the California Utilities.
DTE Energy reported strong financial results for 2001. Operating earnings excluding merger and restructuring charges were $536 million compared to $484 million in 2000, an increase of 10.7%. Overall earnings were $332 million compared to $468 million in 2000, reflecting merger-related charges. Non-regulated energy businesses exceeded their earnings target, contributing $162 million in net income. Looking ahead, DTE Energy expects its compound annual earnings growth rate to increase to between 6-8% by 2005 and provided earnings guidance of $3.70 to $4.00 per share for 2002.
Progress Energy reported 2005 ongoing earnings per share of $3.33, exceeding guidance. Fourth quarter ongoing earnings were $0.71 per share. Key highlights included resolving an IRS issue regarding synthetic fuel tax credits and providing 2006 ongoing earnings guidance of $3.15 to $3.35 per share. Both regulated utility segments benefited from higher margins though also incurred higher operating costs. Progress Ventures saw lower commercial operations margins.
Progress Energy reported first quarter 2005 results, with ongoing earnings of $0.52 per share and GAAP earnings of $0.38 per share. Core ongoing earnings, which exclude synthetic fuels, were $0.53 per share, up from $0.45 per share in the prior year. Approximately 1,450 employees elected to retire under a voluntary enhanced retirement program. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90 to $3.20 per share.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were $93 million compared to $176 million in 2003. Operating earnings were also down, at $69 million versus $114 million the year before. The decline was largely due to lower revenues at Detroit Edison from mild weather and customers switching to electric choice programs. However, DTE Energy expects regulatory proceedings to improve the financial outlook for its utility businesses and continued strong performance from non-regulated operations.
Duke Energy reported third quarter 2003 earnings per share of $0.05 compared to $0.27 in third quarter 2002. Excluding special items, earnings per share was $0.35 compared to $0.51 the previous year. The company implemented a cost reduction plan expected to reduce annual pretax expenses by over $200 million. Duke Energy is on track to pay down $1.8 billion in debt by the end of the year and $5.5 billion by the end of 2005.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
Progress Energy reported quarterly ongoing earnings of $0.63 per share and GAAP net loss of $0.01 per share for Q2 2005. Key highlights included milder weather negatively impacting earnings, writing off unrecoverable 2004 storm costs, and one less planned nuclear outage. Year-to-date ongoing earnings were $1.14 per share and GAAP earnings were $0.37 per share. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90-$3.20 per share.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. The company maintained its 2005 earnings guidance of $3.30 to $3.60 per share. Key factors impacting 2004 results included mild weather, lower utility sales from customer choice programs, and higher power plant and benefit costs. However, the company completed favorable rate cases and expects regulatory resolutions and non-utility growth to improve 2005 earnings.
DTE Energy reported first quarter 2003 earnings of $155 million compared to $200 million in the same period of 2002. Operating earnings, which exclude non-recurring items, were $178 million in the first quarter of 2003 compared to $181 million in the first quarter of 2002. The company's non-regulated businesses such as synthetic fuels production and energy trading saw stronger earnings compared to the prior year and helped offset higher costs at the company's regulated electric and gas utilities. DTE Energy affirmed its 2003 operating earnings guidance range of $3.75-$3.95 per share after adjusting for the sale of its transmission business.
Progress Energy reported solid financial results for the second quarter of 2004, with ongoing earnings of $0.79 per share and GAAP earnings of $0.63 per share. For the year to date, ongoing earnings were $1.43 per share and GAAP earnings were $1.08 per share. The company reaffirmed its 2004 ongoing earnings guidance of $3.50 to $3.65 per share. Key drivers of the financial performance included favorable weather, customer growth, and lower retail revenue sharing accruals, partially offset by a decrease in wholesale sales.
DTE Energy reported 2006 operating earnings of $593 million, or $3.33 per share, compared to 2005 operating earnings of $577 million, or $3.28 per share. Excluding synthetic fuels, 2006 operating earnings were $2.89 per share, above guidance. The company's electric utility had strong results due to higher rates and customers returning to service, while its gas utility saw lower earnings due to mild weather. DTE Energy reiterated 2007 operating earnings guidance, excluding synthetic fuels, of $2.60 to $2.80 per share and including synthetic fuels of $3.20 to $4.05 per share.
Progress Energy reported earnings of $2.65 per share for 2001, meeting expectations. Earnings were positively impacted by its non-regulated businesses which offset the effects of mild weather and an industrial slowdown. It also received tax rulings for four synthetic fuel plants and reaffirmed its 2002 guidance of $3.90 to $4.10 per share.
This document provides an overview and analysis of Sempra Energy's financial condition and results of operations for 2004. Key points include:
- Net income increased 37.9% to $895 million in 2004 due to improved results at Sempra Commodities and Sempra Generation.
- Major events in 2004 that impacted financial results included acquisitions, LNG business development, California energy crisis litigation, and regulatory decisions affecting utility rates.
- The California Utilities division saw higher natural gas revenues and costs due to rising gas prices, while electric revenues declined slightly as fuel and purchase costs rose.
DTE Energy reported second quarter 2001 operating earnings of $70 million compared to $108 million in the second quarter of 2000. While earnings were impacted by Michigan's electric restructuring legislation, the company remains on track to reach its projected full year earnings of $3.50 to $3.60 per share. The acquisition of MCN Energy was completed during the quarter, and earnings are expected to benefit in the second half of the year from the addition of MCN's gas operations and projected cost synergies from the merger. Several non-regulated businesses performed well during the quarter and are also expected to contribute to meeting the company's full year earnings projection.
DTE Energy reported third quarter earnings of $0.96 per share, up from $0.51 per share in the third quarter of 2001, excluding merger and restructuring expenses. Year-to-date earnings increased 30% compared to 2001. The company's regulated utility operations performed well due to higher residential sales from increased cooling demand and lower fuel costs. Non-regulated businesses such as energy services also contributed significantly to earnings. DTE Energy reaffirmed its guidance for 2002 earnings of $3.75-$3.95 per share and 2003 earnings of $3.90-$4.10 per share, expecting continued challenges from the economy but benefits from cost controls.
Progress Energy reported third quarter ongoing earnings of $1.28 per share and year-to-date ongoing earnings of $2.74 per share. Earnings were lowered due to unfavorable weather and a slow economic recovery, prompting a reduction in 2003 earnings guidance to $3.50 to $3.60 per share. Additionally, the IRS rejected challenges to Progress Energy's Colona synthetic fuels facility, bringing the tax audit closer to resolution. Progress Energy also announced several asset sales and operational updates across its business segments.
Progress Energy reported third quarter 2004 ongoing earnings of $1.01 per share compared to $1.28 per share in the third quarter of 2003. GAAP earnings were $1.25 per share compared to $1.33 per share. Earnings from core utility businesses were strong but offset by lower synthetic fuel production tax credits. Hurricane damage restoration costs totaled $379 million. Progress Energy reaffirmed 2004 ongoing earnings guidance of $2.95 to $3.10 per share and announced developments in an IRS audit of synthetic fuel tax credits.
Duke Energy reported third quarter 2006 results, with ongoing diluted EPS of 48 cents, down from 56 cents in the prior year's quarter. Reported diluted EPS was 60 cents, up from 4 cents in 2005. The company remains on track to meet its 2006 ongoing EPS target after adjusting for the sale of its Commercial Marketing and Trading business. During the quarter, Duke Energy created a joint venture for its Crescent Resources business, yielding $1.4 billion in after-tax cash proceeds. Business unit results were mixed compared to the prior year, with the Franchised Electric & Gas unit up but other units such as Natural Gas Transmission down due to various factors including costs and weather.
DTE Energy reported strong financial results for the first quarter of 2002, with net income of $200 million, a 44% increase over the previous year. Earnings per share increased 27% to $1.24. The results were driven by higher earnings from non-regulated businesses and the addition of DTE Energy's gas distribution business. Despite challenges like a mild winter and slow economic recovery, the company reaffirmed its full-year earnings target of $3.70 to $4.00 per share due to the diversity of its businesses.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. Earnings declined due to factors such as mild weather, lower retail customer sales, and higher expenses. However, the company completed several regulatory proceedings favorably and expects earnings to improve in 2005 with resolution of outstanding rate cases and continued non-utility business growth. DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per share.
The document provides a summary of Sempra Energy's 2003 financial report. It discusses key events in 2003 including favorable tax resolutions, contract decisions, and regulatory proceedings. It provides an overview of Sempra Energy and its business units, including the California Utilities (SoCalGas and SDG&E), Sempra Energy Global Enterprises, and Sempra Energy Financial. The summary discusses operating results, factors affecting comparisons between 2002 and 2003, ratemaking for the California Utilities, natural gas and electric revenues and costs, and volumes and revenues by customer class for the California Utilities.
DTE Energy reported strong financial results for 2001. Operating earnings excluding merger and restructuring charges were $536 million compared to $484 million in 2000, an increase of 10.7%. Overall earnings were $332 million compared to $468 million in 2000, reflecting merger-related charges. Non-regulated energy businesses exceeded their earnings target, contributing $162 million in net income. Looking ahead, DTE Energy expects its compound annual earnings growth rate to increase to between 6-8% by 2005 and provided earnings guidance of $3.70 to $4.00 per share for 2002.
Progress Energy reported 2005 ongoing earnings per share of $3.33, exceeding guidance. Fourth quarter ongoing earnings were $0.71 per share. Key highlights included resolving an IRS issue regarding synthetic fuel tax credits and providing 2006 ongoing earnings guidance of $3.15 to $3.35 per share. Both regulated utility segments benefited from higher margins though also incurred higher operating costs. Progress Ventures saw lower commercial operations margins.
Progress Energy reported first quarter 2005 results, with ongoing earnings of $0.52 per share and GAAP earnings of $0.38 per share. Core ongoing earnings, which exclude synthetic fuels, were $0.53 per share, up from $0.45 per share in the prior year. Approximately 1,450 employees elected to retire under a voluntary enhanced retirement program. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90 to $3.20 per share.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were $93 million compared to $176 million in 2003. Operating earnings were also down, at $69 million versus $114 million the year before. The decline was largely due to lower revenues at Detroit Edison from mild weather and customers switching to electric choice programs. However, DTE Energy expects regulatory proceedings to improve the financial outlook for its utility businesses and continued strong performance from non-regulated operations.
Duke Energy reported third quarter 2003 earnings per share of $0.05 compared to $0.27 in third quarter 2002. Excluding special items, earnings per share was $0.35 compared to $0.51 the previous year. The company implemented a cost reduction plan expected to reduce annual pretax expenses by over $200 million. Duke Energy is on track to pay down $1.8 billion in debt by the end of the year and $5.5 billion by the end of 2005.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
Progress Energy reported quarterly ongoing earnings of $0.63 per share and GAAP net loss of $0.01 per share for Q2 2005. Key highlights included milder weather negatively impacting earnings, writing off unrecoverable 2004 storm costs, and one less planned nuclear outage. Year-to-date ongoing earnings were $1.14 per share and GAAP earnings were $0.37 per share. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90-$3.20 per share.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. The company maintained its 2005 earnings guidance of $3.30 to $3.60 per share. Key factors impacting 2004 results included mild weather, lower utility sales from customer choice programs, and higher power plant and benefit costs. However, the company completed favorable rate cases and expects regulatory resolutions and non-utility growth to improve 2005 earnings.
DTE Energy reported first quarter 2003 earnings of $155 million compared to $200 million in the same period of 2002. Operating earnings, which exclude non-recurring items, were $178 million in the first quarter of 2003 compared to $181 million in the first quarter of 2002. The company's non-regulated businesses such as synthetic fuels production and energy trading saw stronger earnings compared to the prior year and helped offset higher costs at the company's regulated electric and gas utilities. DTE Energy affirmed its 2003 operating earnings guidance range of $3.75-$3.95 per share after adjusting for the sale of its transmission business.
DTE Energy reported first quarter 2003 earnings of $155 million, or $0.92 per share, compared to $200 million, or $1.24 per share in the first quarter of 2002. Operating earnings, which exclude non-recurring items, were $178 million, or $1.06 per share, comparable to operating earnings of $181 million, or $1.12 per share in the same period of 2002. The company's non-regulated businesses showed strong earnings growth, led by synthetic fuels and energy trading, which partially offset cost pressures at the regulated utilities. DTE Energy maintained its 2003 operating earnings guidance of $3.75-3.95 per share after adjusting for the sale of its transmission business
DTE Energy reported earnings for 2003 fell 18% from 2002, driven by weak results at its utility subsidiaries, Detroit Edison and MichCon. Earnings at Detroit Edison dropped 31% due to impacts of Michigan's Electric Choice program, as well as higher costs and mild weather. MichCon saw a 26% rise in operating expenses. The CEO noted regulatory issues need resolution and Electric Choice program flaws addressed for financial health of the utilities. Non-regulated operations increased earnings 7% and continued stable growth, but regulated businesses face financial pressure until regulatory issues are resolved.
DTE Energy reported earnings of $521 million for 2003, down 18% from 2002, driven by weak results at its utility subsidiaries Detroit Edison and MichCon. Detroit Edison's earnings dropped 31% to $246 million due to impacts of Michigan's electric choice program, higher costs such as pensions and healthcare, and storms. MichCon saw a 26% rise in operating costs. The CEO said they need rate relief from the MPSC and changes to the electric choice program to make it fair to customers and utilities.
Progress Energy announced first-quarter 2008 results, reporting earnings of $0.81 per share compared to $1.08 per share in the first quarter of 2007. The company reaffirmed its full-year 2008 earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Weakness in the general economy negatively impacted retail revenues, but the company secured additional wholesale revenues and cost savings to offset this. Progress Energy also continues investment and expansion plans in nuclear, renewable energy, and transmission.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. DTE Energy expects higher earnings from its synfuels business and increased its 2004 earnings guidance for non-regulated businesses.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. However, non-regulated businesses performed well with increased earnings from coal and energy marketing.
energy future holindings TXU_Q4_2003_Earnings_Packfinance29
TXU reported strong financial results for 2003, delivering earnings of $715 million compared to $160 million in 2002. Net income for 2003 was $560 million compared to a net loss of $4.232 billion in 2002. For the fourth quarter of 2003, earnings were $66 million compared to a loss of $547 million in the same period of 2002. All business segments contributed increased earnings, with the Energy segment delivering $493 million for the full year compared to $319 million in 2002. Management expects to deliver 2004 earnings of $2.15 per share.
Duke Energy reported higher ongoing diluted EPS of $0.43 per share compared to $0.32 in the prior year's quarter. Revenues were lower at $4.04 billion compared to $5.27 billion due to the deconsolidation of DEFS, but this was partially offset by the addition of Cinergy's operations. Strong performances from Gas Transmission, Field Services and Crescent helped deliver solid results, and the company remains on track to achieve its 2006 EPS target.
Progress Energy reported first quarter 2006 earnings of $0.18 per share, down from $0.38 per share in the first quarter of 2005. Core ongoing earnings were $0.45 per share, lower than the $0.53 per share in the prior year due to unfavorable weather and higher costs, partially offset by increased sales. Non-core ongoing earnings increased to $0.06 per share due to prior year reversals and gains on sales. The company reaffirmed 2006 core ongoing earnings guidance of $2.45 to $2.65 per share but did not provide guidance for non-core earnings due to uncertainty around synthetic fuel tax credits. Recent developments included the successful resolution of an IRS audit and
Progress Energy reported lower earnings in Q4 2007 and full year 2007 compared to the same periods in 2006, primarily due to divestitures. For Q4, core ongoing earnings were $0.40 per share compared to $0.59 last year, with higher O&M expenses partially offsetting factors. For full year, core ongoing earnings were $2.81 per share compared to $2.63 last year, helped by lower taxes and favorable weather partially offset by higher O&M. Progress Energy reaffirmed its 2008 ongoing earnings target of $3.05 per share, within a range of 10 cents.
DTE Energy announced its 2007 financial results. Reported earnings were $971 million or $5.70 per share, up from $433 million or $2.43 per share in 2006. This was largely driven by asset sales. Operating earnings, which exclude asset sales, were $2.82 per share, down slightly from $2.89 per share in 2006. For 2008, DTE Energy expects operating earnings between $2.70 to $3.10 per share and continues its focus on investments in its utility businesses.
Similar to progress energy Q4 03 earning release (20)
This document is BB&T Corporation's 2005 annual report. It provides financial highlights for 2005, noting that net income increased 6.1% to $1.654 billion and diluted earnings per share grew 7.1% to $3.00. Operating earnings rose 7.2% to $1.674 billion. Cash basis operating earnings, which exclude intangible assets and purchase accounting adjustments, increased 7.1% to $1.763 billion. The report discusses BB&T's strong loan, deposit and balance sheet growth in 2005 and notes the bank hired additional revenue producers and implemented strategies to boost organic account growth.
BB&T reported 2008 net income of $1.5 billion and earnings per common share of $2.71. For the fourth quarter of 2008, net income totaled $305 million and net income available to common shareholders totaled $284 million, or $.51 per diluted common share. For the full year 2008, BB&T's net income available to common shareholders was $1.50 billion compared to $1.73 billion earned in 2007, a decrease of 13.6%.
- BB&T Corporation reported lower operating earnings for the fourth quarter of 2008 compared to the same period in 2007. Operating earnings available to common shareholders decreased 41.4% to $243 million.
- Net interest income increased 14.2% to $1,132 million due to higher interest income, but this was more than offset by a large increase in the provision for credit losses of $344 million.
- Returns and profitability ratios declined from the prior year, with the return on average common equity decreasing to 7.26% and the efficiency ratio worsening to 51.9%.
This document is a proxy statement from Carolina Power & Light Company (CP&L) informing shareholders about the upcoming annual shareholder meeting on May 14, 2008. The meeting will address the election of two Class I directors and the ratification of Deloitte & Touche LLP as the company's independent registered public accounting firm. Shareholders are encouraged to vote by proxy card or telephone in order to have their votes counted if they do not attend the meeting in person.
This document is a proxy statement from Progress Energy, Inc. inviting shareholders to attend the company's 2008 Annual Meeting of Shareholders on May 14, 2008. The matters to be voted on include the election of directors, ratification of the selection of the independent registered public accounting firm, and a shareholder proposal regarding executive compensation. Shareholders are urged to vote by proxy card, telephone, or online in order to have their votes counted if they do not attend the meeting in person.
The document summarizes Bill Johnson's presentation at the Morgan Stanley Global Electricity & Energy Conference on April 3, 2008. The presentation outlines Progress Energy's strategy to secure its energy future through operational excellence, growth prospects like rate base expansion, and maintaining constructive regulation. It highlights Progress Energy's two regulated utilities with strong growth prospects and discusses key strategic issues like US climate change policy and needed new baseload capacity like the proposed Levy County nuclear project.
Bill Johnson, Chairman, CEO, and President of Progress Energy, presented at the company's annual shareholder meeting. He discussed Progress Energy's history of over 100 years in business, highlights from 2007 including financial and operational achievements as well as sustainability recognition, strategic focus on its two electric utility subsidiaries serving North Carolina and Florida. Johnson also outlined Progress Energy's balanced strategy to address issues like climate change, demand growth, and costs while maintaining reliability and affordability. He discussed governance practices and executive compensation policies.
Progress Energy reported first quarter 2008 results. Earnings were lower than expected due to milder than normal weather and lower customer growth and usage, particularly in Florida. The company reaffirmed its 2008 earnings guidance. Several regulatory filings and projects remained on track. Key nuclear, natural gas, and transmission projects were progressing to increase capacity and meet renewable energy goals. While economic conditions had softened retail demand, cost management and additional wholesale contracts were expected to offset impacts.
The document summarizes Progress Energy's Q2 2008 earnings call. It discusses the company reaffirming its 2008 ongoing earnings guidance of $3.05 per share despite challenges in Florida. It also provides updates on recent court rulings impacting emissions regulations, the Levy County nuclear project, and major capital expenditure projects. Progress Energy's CFO discusses the company's quarterly and year-to-date financial performance and steps taken to offset weakness in Florida retail markets through increased wholesale contracts.
Bill Johnson, CEO of Progress Energy, outlined the company's strategy to secure its energy future at a Lehman Brothers energy conference. Progress Energy operates as two high-performing electric utilities serving North Carolina and Florida. The company is focused on achieving annual EPS growth of 4-5% through rate base expansion and pursuing a balanced solution to meet energy needs and address climate change, while maintaining excellent operational and financial performance. A key part of this strategy is the proposed Levy Nuclear Project, a two-unit nuclear plant in Florida that would help reduce costs and carbon emissions.
This document summarizes a presentation given by Mark Mulhern, Senior Vice President and CFO of Progress Energy, at a Power & Gas Leaders Conference on September 24, 2008. The presentation discusses Progress Energy's strategy of securing its energy future through significant rate base growth, nuclear expansion projects, and maintaining a supportive regulatory environment. It provides an overview of Progress Energy's utilities in North Carolina and Florida, outlines major capital investment projects, and reviews the company's financial position and objectives to achieve steady earnings growth.
The document summarizes Progress Energy's Q3 2008 earnings call. It discusses ongoing earnings of $306M for Q3 2008, regulatory updates in the Carolinas and Florida, energy efficiency and alternative energy programs, and $7-8B in capital expenditures through 2013 for major generation projects. Cost controls have kept year-to-date O&M expenses flat compared to 2007 despite 2.5% reported growth. Customer growth has been positive but milder weather reduced retail usage. Guidance of $2.95-3.05 for 2008 ongoing earnings is maintained based on a trailing 12-month EPS of $2.91. Liquidity remains strong with $1.9B in available credit facilities and cash.
Progress Energy held a financial conference in Phoenix, Arizona on November 10-11, 2008. The conference focused on providing an overview of the company including its growth strategy and regulatory updates. Progress Energy is the largest regulated electric utility in the US with significant projected rate base growth through 2010 driven by investments in its regulated operations in North Carolina and Florida. Regulatory proceedings in both states approved various cost recovery filings which will support continued investment and earnings growth.
This document is a presentation by Bill Johnson, Chairman and CEO of Progress Energy, given at the EEI Financial Conference in Phoenix, AZ on November 11, 2008. The presentation provides an overview of Progress Energy, including its strategic focus on achieving long-term annual EPS growth of 4-5%, pursuing a balanced solution to secure the energy future, and sustaining financial strength during nuclear construction. It also discusses Progress Energy's regulated utilities, major capital projects, regulatory updates, and long-term financial objectives.
The document is a transcript from Progress Energy's 4Q 2008 earnings call. It discusses Progress Energy's financial results for 4Q and full year 2008, highlights achievements that position the company well for 2009, and reviews major capital projects and regulatory initiatives. Progress Energy affirmed its 2009 ongoing earnings guidance of $2.95 to $3.15 per share. The call also provided updates on Florida rate filings and the Levy Nuclear Project.
- Progress Energy reported financial results for the second quarter and first half of 2001. Total operating revenues increased $1.4 billion for the first half compared to the same period in 2000 due to the acquisition of Florida Power Corporation.
- Net income increased $73 million to $266 million for the first half, with earnings per share rising from $1.26 to $1.33. Earnings were positively impacted by the addition of Florida Power Corporation but faced higher interest charges and goodwill amortization from the acquisition.
- Operating revenues and energy sales increased across electric, natural gas, and diversified business segments. However, net income faced pressures from weather-related declines in electricity usage, higher operation and maintenance
This document provides unaudited consolidated interim financial information for Progress Energy, Inc. for the third quarter and first nine months of 2001 compared to the same periods in 2000. Some key highlights include:
- Revenues increased significantly from acquisitions completed in late 2000, including the addition of Florida Power Corporation.
- Operating income increased driven by customer growth, favorable weather, and acquisitions, partially offset by higher fuel and purchased power costs.
- Net income increased due to the addition of Florida Power Corporation and other acquisitions, partially offset by higher interest charges and goodwill amortization.
- Earnings per share increased to $1.77 and $3.12 for the quarter
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
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Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
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1. Jan. 22, 2004, update: On page 5 under the Progress Energy Carolinas line of business section, we
indicated that 2003 GAAP earnings were negatively impacted by higher O&M. In actuality, Progress
Energy Carolinas had lower O&M expense in 2003 on a GAAP basis.
Progress Energy Announces Fourth Quarter and Year-end Results
Highlights:
♦ Reports 2003 ongoing earnings of $3.56 per share, GAAP earnings of $3.30 per share
♦ Reports fourth quarter ongoing earnings of $0.82 per share, GAAP earnings of $0.42 per
share
♦ Sets 2004 ongoing earnings guidance of $3.50 to $3.65 per share
RALEIGH, N.C. (January 21, 2004) – Progress Energy [NYSE: PGN] today reported ongoing
earnings of $844 million, or $3.56 per share, for 2003 compared with ongoing earnings of
$827 million, or $3.81 per share, for 2002. Significant positive earnings drivers for the year were
electric utility customer growth and usage, higher synthetic fuel sales and increased natural gas sales.
Ongoing earnings per share were negatively impacted by $0.33 of share dilution. In addition, other
unfavorable offsets were weather, higher pension and benefit-related costs, increased depreciation, the
rate reduction in Florida and the additional refund for 2002 revenue sharing in Florida. Reported
consolidated net income under generally accepted accounting principles (GAAP) was $782 million, or
$3.30 per share, for 2003 compared with reported consolidated net income of $528 million, or
$2.43 per share, for 2002. See the table on the following page for a reconciliation of ongoing earnings
per share to GAAP earnings per share.
“In spite of unseasonably mild weather, Progress Energy delivered strong results in 2003,” said
William Cavanaugh, chairman and CEO, Progress Energy. “We were able to achieve ongoing earnings
of $3.56 per share, which includes $0.05 for a revenue sharing adjustment for 2002 in Florida, and we
continued to deliver on our primary commitments of financial discipline, balance sheet improvement
and operational excellence. During 2003, our service territory benefited from the addition of 59,000
new customers. This growth helped offset the continued weakness in the textile sector in the Carolinas.
“Our success in selling non-core assets has positioned us to be able to pay down $500 million of
holding company debt in March. Compared to 2002, we reduced our capital expenditures, and our
leverage is below 59 percent, down over 200 basis points. Importantly, we raised our dividend for the
16th consecutive year.
2. “Significantly, we resolved some complex issues regarding our synthetic fuels investments, and we are
continuing to work diligently to complete the tax audits of all of our synthetic fuel facilities. Other
highlights for the year include achieving a combined capacity factor of 96.8 percent for our nuclear
plant fleet and making enhancements to our power supply and delivery infrastructure to help meet
growing demand. We completed the build-out of our competitive generation fleet and signed long-term
wholesale contracts to increase our contractual coverage for the 3,100 MW non-regulated fleet.”
The following table provides a reconciliation of ongoing earnings per share to reported GAAP earnings
per share. A detailed discussion is provided on page 7 under the caption “Ongoing Earnings
Adjustments.”
Progress Energy, Inc.
Reconciliation of Ongoing Earnings per Share to Reported GAAP Earnings per Share
December 31, 2003
Q4 2003 Q4 2002 2003 2002
Ongoing earnings per share $0.82 $0.71 $3.56 $3.81
Intraperiod tax allocation (0.18) 0.18 -- --
CVO mark-to-market (0.02) 0.03 (0.04) 0.13
NCNG discontinued operations (0.01) (0.11) (0.03) (0.11)
Cumulative effect of accounting changes (0.09) -- (0.09) --
Impairments and one-time charges (0.10) (0.18) (0.10) (1.22)
Ice storm impact -- (0.08) -- (0.08)
Florida retroactive revenue refund -- -- -- (0.10)
Reported GAAP earnings per share $0.42 $0.55 $3.30 $2.43
Average shares outstanding (000s) 240,345 224,807 237,242 217,247
During the fourth quarter of 2003, the company recorded a total of $24 million after-tax of
impairments primarily related to its Affordable Housing portfolio and certain assets at its Kentucky
May Coal Company.
2004 EARNINGS GUIDANCE
Progress Energy expects to produce earnings of $845 million to $880 million in 2004 and is targeting
an earnings range of $3.50 to $3.65 per share.
The earnings from the regulated utilities are projected to be favorable year-over-year due to the
following drivers: normal weather, elimination of the 2002 revenue sharing adjustment in Florida,
growth in customers and usage, and the investment recovery of the Hines 2 facility in Florida. These
drivers will be partially offset by increased benefit-related and insurance costs and a decrease in
regulated wholesale sales.
Earnings from the non-regulated businesses are projected to be unfavorable year-over-year, primarily
due to a full year of fixed costs in Progress Ventures’ competitive generation business. Also, dilution
due to full-year recognition of the equity issued in 2003 will negatively impact earnings per share by
approximately $0.07 per share.
2
3. “In 2004 Progress Energy will continue to focus on financial discipline. It will be a year of transition
as we generate free cash flow, focus on further reducing our leverage to approximately 57 percent with
little need for significant equity issuances, secure new electricity sales contracts with wholesale
customers, and continue our disciplined approach to capital spending,” said Cavanaugh. “We plan to
execute with the assets we have.”
SIGNIFICANT DEVELOPMENTS
Progress Energy Nuclear Plants Achieve Record-Setting 2003 Performance
Progress Energy’s fleet of nuclear-powered plants performed at record-setting levels during
2003, producing approximately 36 percent of the company’s electricity. The nuclear program set a new
company record by generating approximately 35 million megawatt-hours of electricity during the year.
Additionally, Progress Energy’s nuclear plant production had a combined capacity factor of
96.8 percent. The complete press release regarding this announcement is available on the company’s
Web site at http://www.progress-energy.com/aboutus/news/article.asp?id=8122.
New Franchise Agreements Signed in Florida
In January 2004, Progress Energy Florida completed three new 30-year franchise agreements
with the city of Apopka and the towns of Jennings (in Hamilton County) and Reddick (in Marion
County). These three franchises represent approximately 14,000 customers. Since 2001, Progress
Energy has signed new franchise agreements with more than 32 cities and towns in Florida. The
complete press release regarding this announcement is available on the company’s Web site at
http://www.progress-energy.com/aboutus/news/article.asp?id=8043.
Progress Energy Receives Edison Electric Institute Emergency Response Award
On January 7, 2004, the Edison Electric Institute (EEI) recognized Progress Energy for its
excellent response following the December 2002 ice storm in the Carolinas. That ice storm was one of
the most destructive winter events to impact North Carolina. Progress Energy, the only company to
have been recognized four times, also received the award for response to hurricanes Bonnie (1998) and
Floyd (1999), and the January 2000 winter storm. The complete press release regarding this
announcement is available on the company’s Web site at http://www.progress-
energy.com/aboutus/news/article.asp?id=8002.
Storm Cost Filing Approved
Progress Energy Carolinas made a filing with the North Carolina Utilities Commission
(NCUC) in October 2003 to seek permission to defer $24 million of expenses incurred from Hurricane
Isabel and the February 2003 winter storms. On December 23, 2003, the NCUC approved the
company’s request to create a deferred account for major storm damage expenses. Progress Energy
Carolinas will amortize its 2003 storm expenses over a five-year period, beginning in the month the
expenses were incurred. The company will be allowed to seek future storm expense deferrals on a
case-by-case basis.
3
4. Progress Telecom-EPIK Agreement Closed
On December 22, 2003, Progress Telecom and EPIK Communications, a subsidiary of Odyssey
Telecorp of California, announced the closing of their agreement to combine operations. The combined
company, doing business as Progress Telecom, LLC, will be jointly owned by Progress Energy
(55 percent) and Odyssey Telecorp (45 percent). It will continue to focus on delivering wholesale
broadband solutions for customers. The company will be headquartered in the Tampa Bay area.
Senior Management Changes Announced
On December 11, 2003, Progress Energy announced leadership changes designed to broaden
the experience of the company's senior executives. The changes were effective January 1, 2004. As
part of the changes, the company announced a new chief financial officer. Geoff Chatas, formerly
senior vice president of finance, is now executive vice president and chief financial officer, succeeding
Peter Scott, who is now president and CEO of Progress Energy Service Company, LLC. Several other
management changes were also announced. The complete press release regarding this announcement is
available on the company’s Web site at http://www.progress-
energy.com/aboutus/news/article.asp?id=7922.
Dividend Increased
Progress Energy’s board of directors voted to increase the dividend on the company’s common
stock on December 10, 2003. Progress Energy has increased the dividend 16 straight years. The
quarterly dividend, raised to $0.575 per share from $0.56 cents per share, represents an expected
annual dividend of $2.30 per share, an increase of $0.06 over dividends paid in 2003. The complete
press release regarding this announcement is available on the company’s Web site at
http://www.progress-energy.com/aboutus/news/article.asp?id=7902.
Second Hines Unit in Florida Completed
On December 9, 2003, Progress Energy Florida announced that it placed into service the
second generating unit at its Hines Generation Complex in Polk County, Fla. The natural gas-fueled
combined-cycle unit adds 516 megawatts (MW) of electric generating power to the company’s power
plant fleet. Progress Energy Florida currently has one 482-MW natural gas-fueled combined-cycle
plant operating at the Hines site. Construction on a third unit at Hines will be completed December
2005. The company recently began the bidding process for a proposed fourth unit at the site. The
complete press release regarding this announcement is available on the company’s Web site at
http://www.progress-energy.com/aboutus/news/article.asp?id=7862.
Crystal River Nuclear Plant Completes Reactor Head Replacement
On November 5, 2003, Progress Energy's Crystal River Nuclear Plant returned to service
following a 32-day outage. This was the second-shortest outage for Crystal River and was the shortest
reactor head replacement outage by a United States nuclear plant. In addition to installing a new
reactor head, employees at the plant replaced one-third of the fuel in the reactor, installed a new tube
cleaning system for the plant's condensers, and performed major maintenance and inspections of plant
systems.
4
5. LINE OF BUSINESS FINANCIAL INFORMATION
Progress Energy Carolinas
Progress Energy Carolinas electric energy operations contributed GAAP net income of
$492 million for the year compared with $513 million for 2002. This year’s earnings were negatively
affected by unfavorable weather, increased depreciation (primarily due to Clean Air amortization), a
one-time cumulative effect of accounting change, lower O&M costs and an impairment primarily
related to its Affordable Housing portfolio. These factors were partially offset by customer growth and
usage, increased sales to other utilities, a decrease in interest expense and a favorable retroactive
reallocation of Service Company costs.
The Financial Accounting Standards Board (FASB) issued new accounting guidance that
required certain contracts to be recorded at their fair value. Progress Energy Carolinas had one contract
that met the criteria of this new guidance and as such recorded a negative fair value adjustment of
$23 million after-tax in the fourth quarter of 2003. This adjustment was reported as a cumulative effect
of accounting change.
During the fourth quarter of 2003, Progress Energy Carolinas electric energy operations also
recorded an impairment of $7 million after-tax primarily related to its Affordable Housing portfolio.
The total impairment was $13 million after-tax, of which $7 million was recorded in Progress Energy
Carolinas results and $6 million was recorded in Other Business results.
See the attached Supplemental Data schedules for additional information on Progress Energy
Carolinas electric revenues, energy sales, energy supply and weather impacts.
Progress Energy Florida
Progress Energy Florida electric energy operations contributed GAAP net income of
$295 million for the year compared with $323 million for 2002. This year’s earnings were negatively
affected by the rate reduction as part of the Progress Energy Florida rate settlement that began May 1,
2002, higher pension and benefit-related costs, the refund associated with the 2002 retail revenue
sharing adjustment, decreased wholesale sales and increased depreciation. These factors were partially
offset by customer growth and usage and a decrease in interest expense. Prior year results included the
impact of the rate case settlement that included a one-time retroactive refund to customers of
$21 million after-tax.
Progress Energy Florida recorded a $17 million pre-tax accrual for 2003 revenue sharing. In
addition, the company provided an additional refund of $18 million pre-tax to its retail customers
related to 2002 revenue sharing in the second quarter of 2003.
See the attached Supplemental Data schedules for additional information on Progress Energy
Florida electric revenues, energy sales, energy supply and weather impacts.
5
6. Progress Ventures
The Progress Ventures operations consist of Progress Fuels, which includes natural gas
production, coal mining, and synthetic fuels production, and Competitive Commercial Operations,
which includes nonregulated generation and energy marketing activities. The Progress Ventures
business unit had GAAP net income of $256 million for the year compared with $202 million for 2002.
Progress Fuels generated GAAP net income of $236 million for the year compared with
$175 million for 2002. The increase was primarily due to an increase in synthetic fuel earnings, higher
natural gas earnings from increased natural gas prices, the addition of the North Texas Gas operations
in March 2003 and the addition of Westchester Gas Company in April 2002. These results were
partially offset by an asset impairment during the fourth quarter of 2003 of $11 million after-tax at its
Kentucky May Coal Company. Within Progress Fuels, synthetic fuels operations generated GAAP net
income of $200 million for the year compared with $156 million for 2002. Total synthetic fuel sales
were 12.4 million tons for the year compared with 11.2 million tons for 2002. Factors contributing to
the year-over-year increase were higher sales, improved margins and a higher tax credit per ton.
Additionally, synthetic fuels results in 2003 include 13 months of operations of some facilities. Prior to
the fourth quarter 2003, results of these synthetic fuels operations had been recognized one month in
arrears. The net impact of this action increased net income by $10 million in the fourth quarter and $2
million for the year.
Competitive Commercial Operations contributed GAAP net income of $20 million for the year
compared with $27 million for 2002. The decrease was due to the completion of the nonregulated
construction program in 2003 resulting in interest expense, depreciation and other fixed charges that
were either capitalized or not incurred in 2002. This was partially offset by an increase in contract and
market margins.
Other Businesses
Other businesses include Progress Rail, Progress Telecom and other small subsidiaries. Other
businesses had a GAAP net loss of $17 million for the year (ongoing net loss of $11 million, excluding
the current year impairment) compared with a GAAP net loss of $284 million (ongoing net loss of
$19 million, excluding the prior year impairments) for 2002. This year’s results were negatively
impacted by an impairment primarily of the company’s Affordable Housing portfolio. During the
fourth quarter of 2003, Other Businesses recorded an impairment of $6 million after-tax primarily
related to its Affordable Housing portfolio. The total impairment was $13 million after-tax, of which
$6 million was recorded in Other Business results and $7 million was recorded in Progress Energy
Carolinas results. Prior year results were negatively impacted by $225 million of after-tax impairments
and one-time charges in the telecommunications business and by $40 million of an after-tax
impairment on assets held for sale related to Railcar Ltd., a leasing subsidiary of Progress Rail.
Progress Rail
Progress Rail had a GAAP net loss of $1 million for the year compared with a GAAP net loss
of $42 million (ongoing net loss of $2 million, excluding the prior year impairment) for 2002. Progress
Rail earnings were positively impacted by improvements in the recycling business and reduced
operating costs; these improvements were offset by higher Service Company cost allocations. Prior
6
7. year results were negatively impacted by a $40 million after-tax impairment in the fourth quarter 2002
on assets held for sale related to Railcar Ltd., a leasing subsidiary of Progress Rail.
Progress Telecom
Progress Telecom, including Caronet’s operations, recorded GAAP net income of $2 million
for the year compared with a GAAP net loss of $231 million (ongoing net loss of $6 million, excluding
the prior year writedown) for 2002. Progress Telecom’s results were favorably impacted by lower
operating costs, a reduction in depreciation expense and the prior year writedown. During the third
quarter 2002, the company recorded an after-tax writedown and one-time charge of $209 million of
Progress Telecom’s and Caronet’s assets. Progress Energy also wrote off the remaining amount of its
investment in Interpath and recorded an after-tax writedown of $16 million in the third quarter 2002.
Corporate
Corporate results, which primarily include interest expense on holding company debt, posted an
ongoing operating loss of $227 million for the year compared with an ongoing operating loss of
$229 million for 2002.
Progress Energy issued approximately 7.6 million shares of common stock in 2003 through the
Investor Plus and employee benefit plans for proceeds of approximately $311 million.
Discontinued Operations
NCNG
The sale of NCNG to Piedmont Natural Gas closed on September 30, 2003, and the net
proceeds were used to pay down debt. The operations of NCNG are included in discontinued
operations in the accompanying financial statements. NCNG had a discontinued loss of $8 million for
the year compared with a discontinued loss of $24 million for 2002. The loss for 2003 reflects the
finalization of the sale of NCNG.
ONGOING EARNINGS ADJUSTMENTS
Progress Energy’s management uses ongoing earnings per share to evaluate the operations of
the company and to establish goals for management and employees. Management believes this
presentation is appropriate and enables investors to compare more accurately the company’s ongoing
financial performance over the periods presented. Ongoing earnings as presented here may not be
comparable to similarly titled measures used by other companies. Reconciling adjustments from
GAAP earnings to ongoing earnings are as follows:
Intraperiod Tax Allocation
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 reduce Progress Energy’s overall effective tax rate. The company’s
7
8. synthetic fuel sales are not subject to seasonal fluctuations to the same extent as the electric utility
earnings. The company projects the effective tax rate for the year and then, based upon projected
operating income for each quarter, raises or lowers the tax expense recorded in that quarter to reflect
the projected tax rate. On the other hand, operating losses incurred to produce the tax credits are
included in the current quarter. The resulting tax adjustment decreased earnings per share by $0.18 for
the fourth quarter 2003, increased earnings per share by $0.18 for the fourth quarter 2002, but had no
impact on the company’s annual earnings. Since this adjustment varies by quarter but has no impact on
Progress Energy’s annual earnings, management believes this adjustment is not representative of the
company’s ongoing quarterly earnings.
Contingent Value Obligation (CVO) Mark-to-Market
In connection with the acquisition of Florida Progress Corporation, Progress Energy issued
98.6 million CVOs. Each CVO represents the right to receive contingent payments based on after-tax
cash flows above certain levels of four synthetic fuel facilities purchased by subsidiaries of Florida
Progress Corporation in October 1999. The CVOs are debt instruments and, under GAAP, are valued
at market value. Unrealized gains and losses from changes in market value are recognized in earnings
each quarter. The CVO mark-to-market decreased earnings per share by $0.02 for the fourth quarter
and $0.04 for 2003. In 2002, the CVO mark-to-market increased earnings per share by $0.03 for the
fourth quarter and $0.13 for the year. Since changes in the market value of the CVOs do not affect the
company’s underlying obligation, management does not consider the adjustment a component of
ongoing earnings.
NCNG Discontinued Operations
The operations of NCNG are reported as discontinued operations due to its sale, and therefore
management does not believe this activity is representative of the ongoing operations of the company.
Cumulative Effect of Accounting Changes
Progress Energy recorded the cumulative effect of changes in accounting principles due to the
adoption of new FASB accounting guidance. The impact to Progress Energy was due primarily to the
new FASB guidance related to the accounting for certain contracts. This guidance discusses whether
the pricing in a contract that contains broad market indices qualifies for certain exceptions that would
not require the contract to be recorded at its fair value. Progress Energy Carolinas has a purchase
power contract with Broad River LLC that did not meet the criteria for an exception, and a fair value
adjustment was recorded in the fourth quarter of 2003. Due to the nonrecurring nature of the
adjustment, management believes it is not representative of the 2003 operations of Progress Energy
Carolinas.
Impairments and One-Time Charges
During the fourth quarter of 2003, the company recorded after-tax impairments of its
Affordable Housing portfolio and certain assets at the Kentucky May Coal Company. During the
fourth quarter of 2002, the company committed to a divestiture plan for Railcar, Ltd., which is
primarily engaged in rail car leasing, and recorded an estimated loss on assets held for sale. During the
8
9. third quarter of 2002, the company recorded an after-tax impairment and one-time charge of Progress
Telecom’s and Caronet’s assets. Progress Energy also wrote off the remaining amount of its
investment in Interpath. Management does not believe these impairments and one-time charges are
representative of the ongoing operations of the company.
Ice Storm Impact
During the fourth quarter of 2002, the company experienced a severe ice storm in the Carolinas
that caused extensive damage to the distribution system. Due to the extensive costs associated with the
storm damage, management believes the restoration costs are not representative of the 2002 ongoing
operations of Progress Energy Carolinas.
Progress Energy Florida One-Time Retroactive Refund
The one-time retroactive rate refund under the Progress Energy Florida rate settlement in
March 2002 was related to funds collected during the period between March 13, 2001, when the prior
rate agreement in Florida expired, and March 27, 2002, the date the parties entered into the settlement
agreement. Due to the nonrecurring nature of the refund, management believes it is not representative
of the 2002 operations of Progress Energy Florida.
****
This earnings announcement, as well as a package of detailed financial information, is available on the
company’s Web site at www.progress-energy.com.
Progress Energy’s conference call with the investment community will be held on January 21, 2004, at
10 a.m. ET (7 a.m. PT) and will be hosted by Peter Scott, president and chief executive officer of the
Service Company, and Geoff Chatas, executive vice president and chief financial officer. Investors,
media and the public may listen to the conference call by dialing 719-457-2679, confirmation code
319933. Should you encounter problems, please contact Tammy Blankenship at 919-546-2233. A
playback of the call will be available from 1 p.m. ET January 21 through midnight February 4, 2004.
To listen to the recorded call, dial 719-457-0820 and enter confirmation code 319933.
A webcast of the live conference call will be available at www.progress-energy.com. The webcast will
be available in Windows Media format. The webcast will be archived on the site for those unable to
listen in real time.
Members of the media are invited to listen to the conference call and then participate in a media-only
question and answer session with Peter Scott and Geoff Chatas starting at 11 a.m. ET. To participate in
this session, please dial 719-457-2703, confirmation code 161573.
Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 250 diversified energy
company with more than 24,000 megawatts of generation capacity and $9 billion in annual revenues.
The company’s holdings include two electric utilities serving more than 2.8 million customers in North
Carolina, South Carolina and Florida. Progress Energy also includes nonregulated operations covering
9
10. generation, energy marketing, natural gas production, fuel extraction, rail services and broadband
capacity. For more information about Progress Energy, visit the company’s Web site
at www.progress-energy.com.
This document 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 involve
estimates, projections, goals, forecasts, assumptions, risk and uncertainties that could cause actual
results to differ materially from those expressed in the forward-looking statements. Examples of factors
that you should consider with respect to any forward-looking statements made in this document
include, but are not limited to, the following: the impact of fluid and complex government laws and
regulations, including those relating to the environment; the impact of recent events in the energy
markets that have increased the level of public and regulatory scrutiny in the energy industry and in
the capital markets; deregulation or restructuring in the electric industry that may result in increased
competition and unrecovered (stranded) costs; the uncertainty regarding the timing, creation and
structure of regional transmission organizations; weather conditions that directly influence the
demand for electricity; recurring seasonal fluctuations in demand for electricity; fluctuations in the
price of energy commodities and purchased power; economic fluctuations and the corresponding
impact on our commercial and industrial customers; the ability of our subsidiaries to pay upstream
dividends or distributions to us; the impact on our facilities and our businesses from a terrorist attack;
the inherent risks associated with the operation of nuclear facilities, including environmental, health,
regulatory and financial risks; the ability to successfully access capital markets on favorable terms;
the impact that increases in our leverage may have on us; our ability to maintain our current credit
ratings; the impact of derivative contracts used in the normal course of our business; the outcome of
the IRS’s audit and inquiry into the availability and use of Section 29 tax credits by synthetic fuel
producers and our continued ability to use Section 29 tax credits related to our coal and synthetic fuels
businesses; the continued depressed state of the telecommunications industry and our ability to realize
future returns from Progress Telecom; our ability to successfully integrate newly acquired assets,
properties or businesses into our operations as quickly or as profitably as expected; our ability to
manage the risks involved with the operation of our nonregulated plants, including dependence on
third parties and related counter-party risks, and a lack of operating history; our ability to manage the
risks associated with our energy marketing and trading operations; and unanticipated changes in
operating expenses and capital expenditures. Many of these risks similarly impact our subsidiaries.
These and other risk factors are detailed from time to time in our SEC reports. All such factors are
difficult to predict, contain uncertainties that may materially affect actual results, and may be beyond
our ability to control or estimate precisely.
###
Contacts:
Investor Relations, Bob Drennan, 919-546-7474
Corporate Communications, Garrick Francis, 919-546-6189, or toll-free 877-641-NEWS (6397)
10
11. PROGRESS ENERGY, INC.
UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION
STATEMENTS OF INCOME
Three Months Ended Year Ended
December 31 December 31
(In millions except per share amounts) 2003 2002 2003 2002
Operating Revenues
Utility $1,590 $1,594 $6,741 $6,601
Diversified business 574 371 1,993 1,475
Total Operating Revenues 2,164 1,965 8,734 8,076
Operating Expenses
Utility
Fuel used in electric generation 401 400 1,695 1,586
Purchased power 195 187 862 862
Other operation and maintenance 351 389 1,419 1,390
Depreciation and amortization 219 192 883 820
Taxes other than on income 101 92 405 386
Diversified Business
Cost of sales 523 327 1,743 1,401
Depreciation and amortization 45 31 157 118
Impairment of long-lived assets 17 59 17 364
Other 69 31 197 145
Total Operating Expenses 1,921 1,708 7,378 7,072
Operating Income 243 257 1,356 1,004
Other Income (Expense)
Interest income 3 3 11 15
Impairment on investments (21) - (21) (25)
Other, net (3) 19 (19) 33
Total Other Income (Expense) (21) 22 (29) 23
Income before Interest Charges and Income Taxes 222 279 1,327 1,027
Interest Charges
Net interest charges 170 158 632 641
Allowance for borrowed funds used during construction - - (7) (8)
Total Interest Charges, Net 170 158 625 633
Income before Income Taxes 52 121 702 394
Income Tax Benefit (75) (28) (109) (158)
Income from Continuing Operations 127 149 811 552
Discontinued Operations, Net of Tax (3) (26) (8) (24)
Income before Cumulative Effect of Accounting Changes 124 123 803 528
Cumulative Effect of Accounting Changes, Net of Tax (22) - (21) -
Net Income $102 $123 $782 $528
Average Common Shares Outstanding 240 225 237 217
Basic Earnings per Common Share
Income from Continuing Operations $ 0.52 $ 0.66 $ 3.42 $ 2.54
Discontinued Operations, Net of Tax $ (0.01) $ (0.11) $ (0.03) $ (0.11)
Cumulative effect $ (0.09) $ - $ (0.09) $ -
Net Income $ 0.42 $ 0.55 $ 3.30 $ 2.43
Diluted Earnings per Common Share
Income from Continuing Operations $ 0.52 $ 0.66 $ 3.40 $ 2.53
Discontinued Operations, Net of Tax $ (0.01) $ (0.11) $ (0.03) $ (0.11)
Cumulative effect $ (0.09) $ - $ (0.09) $ -
Net Income $ 0.42 $ 0.55 $ 3.28 $ 2.42
Dividends Declared per Common Share $ 0.58 $ 0.56 $ 2.26 $ 2.20
This financial information should be read in conjunction with the Company's 2002 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.
S-1
12. Progress Energy, Inc.
BALANCE SHEETS
Unaudited Consolidated Interim Financial Information December 31 December 31
(In millions) 2003 2002
ASSETS
Utility Plant
Utility plant in service $21,675 $20,157
Accumulated depreciation (10,286) (10,481)
Utility plant in service, net 11,389 9,676
Held for future use 13 15
Construction work in progress 634 752
Nuclear fuel, net of amortization 228 217
Total Utility Plant, Net 12,264 10,660
Current Assets
Cash and cash equivalents 273 61
Accounts receivable 867 737
Unbilled accounts receivable 219 225
Inventory 810 875
Deferred fuel cost 317 184
Assets of discontinued operations - 490
Prepayments and other current assets 368 262
Total Current Assets 2,854 2,834
Deferred Debits and Other Assets
Regulatory assets 699 393
Nuclear decommissioning trust funds 938 797
Diversified business property, net 2,160 1,884
Miscellaneous other property and investments 464 519
Goodwill, net 3,726 3,719
Prepaid pension assets 443 60
Intangibles, net 328 155
Other assets and deferred debits 267 305
Total Deferred Debits and Other Assets 9,025 7,832
Total Assets $24,143 $21,326
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock (without par value, authorized 500 issued and outstanding $5,269 $4,951
246 and 238 shares, respectively)
Unearned restricted shares (16) (21)
Unearned ESOP common stock (89) (102)
Accumulated other comprehensive loss (36) (238)
Retained earnings 2,330 2,087
Total Common Stock Equity 7,458 6,677
Preferred stock of subsidiary - not subject to mandatory redemption 93 93
Long-term debt, net 9,934 9,747
Total Capitalization 17,485 16,517
Current Liabilities
Current portion of long-term debt 868 275
Accounts payable 732 677
Interest accrued 209 220
Dividends declared 140 132
Short-term obligations 4 695
Customer deposits 167 158
Liabilities of discontinued operations - 125
Other current liabilities 567 429
Total Current Liabilities 2,687 2,711
Deferred Credits and Other Liabilities
Accumulated deferred income taxes 856 933
Accumulated deferred investment tax credits 190 206
Regulatory liabilities 768 120
Asset retirement obligations 1,271 -
Other liabilities and deferred credits 886 839
Total Deferred Credits and Other Liabilities 3,971 2,098
Total Capitalization and Liabilities $24,143 $21,326
S-2
13. Progress Energy, Inc.
STATEMENTS OF CASH FLOWS
Unaudited Interim Consolidated Information Years Ended
December 31
(In millions) 2003 2002
Operating Activities
Net income $782 $528
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations 8 24
Impairment of long-lived assets and investments 38 389
Cumulative effect of accounting changes 21 -
Depreciation and amortization 1,146 1,099
Deferred income taxes (280) (402)
Investment tax credits (16) (18)
Deferred fuel credit (133) (37)
Cash provided from (used for) operating assets and liabilites:
Accounts receivable (168) (35)
Inventories 78 (49)
Prepayments and other current assets 25 (39)
Accounts payable 41 100
Other current liabilities 171 56
Other 75 28
Net Cash Provided by Operating Activities 1,788 1,644
Investing Activities
Utility property additions (1,018) (1,174)
Diversified business property additions (607) (570)
Nuclear fuel additions (117) (81)
Acquisitions, net of cash - (365)
Acquisitions of intangibles (200) (10)
Proceeds from sale of subsidiaries and investments 579 43
Other (17) (61)
Net Cash Used in Investing Activities (1,380) (2,218)
Financing Activities
Issuance of common stock, net 304 687
Issuance of long-term debt, net 1,539 1,783
Net decrease in short-term indebtedness (696) (247)
Retirement of long-term debt (810) (1,157)
Dividends paid on common stock (541) (480)
Other 8 (5)
Net Cash Provided by (Used in) Financing Activities (196) 581
Net Increase in Cash and Cash Equivalents 212 7
Cash and Cash Equivalents at Beginning of the Period 61 54
Cash and Cash Equivalents at End of the Period $273 $61
S-3
14. Progress Energy, Inc.
SUPPLEMENTAL DATA
Unaudited
Three Months Ended Three Months Ended Percentage Change
December 31, 2003 December 31, 2002 From December 31, 2002
Total Progress Total Progress
Utility Statistics Carolinas Florida Energy Carolinas Florida Energy Carolinas Florida
Operating Revenues (in millions)
Retail
Residential $269 $391 $660 $289 $400 $689 (6.9) % (2.3) %
Commercial 201 183 384 201 181 382 - 1.1
Industrial 154 58 212 156 52 208 (1.3) 11.5
Other retail 19 47 66 19 45 64 - 4.4
Provision for retail revenue sharing - (11) (11) - (4) (4) - -
Total Retail $643 $668 $1,311 $665 $674 $1,339 (3.3) (0.9)
Unbilled 26 (4) 22 6 (23) (17) - -
Wholesale 149 54 203 158 64 222 (5.7) (15.6)
Miscellaneous revenue 20 34 54 19 31 50 5.3 9.7
Total Electric $838 $752 $1,590 $848 $746 $1,594 (1.2) % 0.8 %
Energy Sales (millions of kWh)
Retail
Residential 3,220 4,433 7,653 3,507 4,676 8,183 (8.2) % (5.2) %
Commercial 2,941 2,826 5,767 2,975 2,901 5,876 (1.1) (2.6)
Industrial 3,132 1,049 4,181 3,172 976 4,148 (1.3) 7.5
Other retail 327 771 1,098 349 755 1,104 (6.3) 2.1
Total Retail 9,620 9,079 18,699 10,003 9,308 19,311 (3.8) (2.5)
Unbilled 505 (208) 297 244 (685) (441) - -
Wholesale 3,648 1,151 4,799 3,668 1,205 4,873 (0.5) (4.5)
Total Electric 13,773 10,022 23,795 13,915 9,828 23,743 (1.0) % 2.0 %
Energy Supply (millions of kWh)
Generated - steam 6,428 5,672 12,100 7,090 5,020 12,110
nuclear 6,534 1,026 7,560 5,827 1,660 7,487
hydro 177 - 177 194 - 194
combustion turbines/combined cycle 70 1,570 1,640 117 1,536 1,653
Purchased 859 2,232 3,091 1,086 2,229 3,315
Total Energy Supply (Company Share) 14,068 10,500 24,568 14,314 10,445 24,759
Impact of Weather to Normal on Retail Sales
Heating Degree Days - Actual 1,179 214 1,313 279 (10.2) % (23.3) %
- Normal 1,212 194 1,206 194
Cooling Degree Days - Actual 47 330 105 505 (55.2) % (34.7) %
- Normal 65 321 57 321
Impact of retail weather to normal on EPS ($0.02) $0.00 ($0.02) $0.04 $0.03 $0.07
Twelve Months Ended Twelve Months Ended Percentage Change
December 31, 2003 December 31, 2002 From December 31, 2002
Total Progress Total Progress
Utility Statistics Carolinas Florida Energy Carolinas Florida Energy Carolinas Florida
Operating Revenues (in millions)
Retail
Residential $1,259 $1,691 $2,950 $1,241 $1,645 $2,886 1.5 % 2.8 %
Commercial 850 740 1,590 832 731 1,563 2.2 1.2
Industrial 636 219 855 645 210 855 (1.4) 4.3
Other retail 79 181 260 78 173 251 1.3 4.6
Provision for retail revenue refund - - - - (35) (35) - -
Provision for retail revenue sharing - (35) (35) - (5) (5) - -
Total Retail $2,824 $2,796 $5,620 $2,796 $2,719 $5,515 1.0 2.8
Unbilled (6) (2) (8) 15 (2) 13 - -
Wholesale 687 227 914 651 230 881 5.5 (1.3)
Miscellaneous revenue 84 131 215 77 115 192 9.1 13.9
Total Electric $3,589 $3,152 $6,741 $3,539 $3,062 $6,601 1.4 % 2.9 %
Energy Sales (millions of kWh)
Retail
Residential 15,283 19,429 34,712 15,239 18,754 33,993 0.3 % 3.6 %
Commercial 12,557 11,553 24,110 12,467 11,420 23,887 0.7 1.2
Industrial 12,749 4,001 16,750 13,089 3,835 16,924 (2.6) 4.3
Other retail 1,407 2,974 4,381 1,437 2,850 4,287 (2.1) 4.4
Total Retail 41,996 37,957 79,953 42,232 36,859 79,091 (0.6) 3.0
Unbilled (43) 233 190 271 5 276 - -
Wholesale 15,518 4,323 19,841 15,024 4,180 19,204 3.3 3.4
Total Electric 57,471 42,513 99,984 57,527 41,044 98,571 (0.1) % 3.6 %
Energy Supply (millions of kWh)
Generated - steam 28,522 22,979 51,501 28,547 21,187 49,734
nuclear 24,537 6,039 30,576 23,425 6,701 30,126
hydro 955 - 955 491 - 491
combustion turbines/combined cycle 1,344 6,475 7,819 1,934 6,588 8,522
Purchased 4,467 9,381 13,848 5,213 9,092 14,305
Total Energy Supply (Company Share) 59,825 44,874 104,699 59,610 43,568 103,178
Impact of Weather to Normal on Retail Sales
Heating Degree Days - Actual 3,225 696 3,074 647 4.9 % 7.6 %
- Normal 3,122 579 3,118 579
Cooling Degree Days - Actual 1,449 3,665 1,939 3,873 (25.3) % (5.4) %
- Normal 1,702 3,792 1,653 3,792
Impact of retail weather to normal on EPS ($0.07) $0.01 ($0.06) $0.09 $0.02 $0.11
S-4
15. Progress Energy, Inc.
SUPPLEMENTAL DATA (Continued)
Unaudited
December 31
Financial Statistics
2003 2002
Return on average common stock equity (12 months ended) 11.1 % 8.4 %
Book value per common share $31.00 $28.73
Capitalization
Common stock equity 40.6 % 38.2 %
Preferred stock of subsidiary- redemption not required 0.5 0.5
Total debt 58.9 61.3
Total Capitalization 100.0 % 100.0 %
ONGOING EARNINGS BY BUSINESS LINE
The following table provides an update to Progress Energy’s 2003 projected ongoing earnings through the fourth quarter of 2003.
The 2003 forecast was originally presented at Progress Energy’s analyst meeting in February and was updated in April as part of
Progress Energy’s first quarter 2003 earnings release. The April update reflected the impact of the company’s change in allocation
methodology for assigning service company costs to Progress Energy subsidiaries. These reallocation entries have no impact on
consolidated earnings. In its third quarter 2003 earnings release, Progress Energy lowered its ongoing earnings guidance to
$3.50 to $3.60 per share, or approximately $830-$855 million of ongoing earnings.
Impairments
February Service 2003 Per and Ongoing
2003 Company April 2003 Earnings Earnings Tax Benefit 2003
Forecast* Reallocation Forecast* Release Adjustments Reallocation Ongoing*
($ in millions)
Utilities
Retail $710 $22 $732 $691 $30 ($36) $685
Regulated Wholesale Marketing 65 65 96 $96
Progress Ventures
Synfuels 185 185 200 $200
Progress Fuels 50 (8) 42 36 10 (1) $45
Competitive Commercial Operations 10 (5) 5 20 $20
Other Diversified 5 (4) 1 (17) 6 ($11)
Corporate Costs (150) (6) (156) (227) 37 ($190)
Ongoing Earnings** $875 $0 $875 $844
CVO mark-to-market (9)
NCNG Discontinued Operations (8)
Cumulative effect of accounting change (21)
Impairments and one-time charges (24)
Reported GAAP Earnings $782
*Excludes tax benefit reallocation from holding company.
**Totals may not foot due to rounding
S-5
16. Progress Energy, Inc.
Earnings Variances
Total Year 2003 vs 2002
Regulated Utilities
Corporate
Progress and Other
Carolinas Florida Ventures Businesses Consolidated
($ per share)
2002 GAAP earnings 2.36 1.49 0.93 (2.35) 2.43
CVOs (0.13) A (0.13)
Florida Retroactive Rate Refund 0.10 B 0.10
Impairment of long lived assets and investments 1.22 C 1.22
NCNG Discontinued Operations 0.11 D 0.11
Ice Storm 0.08 E 0.08
2002 ongoing earnings 2.44 1.59 0.93 (1.15) 3.81
Weather - retail (0.17) (0.02) (0.19)
Other retail - growth and usage 0.12 0.14 0.26
Wholesale 0.05 (0.05) F 0.00
Rate reduction impact (0.13) G (0.13)
2002 retail revenue sharing resolution (0.05) H (0.05)
2003 retail revenue sharing (0.04) I (0.04)
Other margin 0.07 0.06 J 0.13
O&M - other (0.06) (0.12) K (0.18)
Service Company allocations - prior years 0.04 (0.02) (0.02) L 0.00
Depreciation (0.11) (0.04) M (0.15)
Other 0.01 (0.01) 0.00
Interest charges 0.05 0.04 (0.04) (0.02) N 0.03
Net diversified business 0.36 0.04 O 0.40
Tax benefit reallocation (0.04) (0.03) 0.07 P 0.00
Share dilution (0.20) (0.11) (0.10) 0.08 Q (0.33)
2003 ongoing earnings 2.20 1.24 1.13 (1.01) 3.56
CVOs (0.04) A (0.04)
NCNG discontinued operations (0.03) D (0.03)
Cumulative Effect of Accounting Changes (0.10) 0.01 R (0.09)
Impairment of long-lived assets and investments (0.03) (0.05) (0.02) S (0.10)
2003 GAAP earnings 2.07 1.24 1.08 (1.09) 3.30
Corporate and Other Businesses includes Progress Telecom, Progress Rail, other small subsidiaries, Holding Company interest
expense, CVO mark-to-market, intra-period tax allocations, purchase accounting transactions and corporate
eliminations.
A- Impact of change in market value of outstanding CVOs.
B- Impact of $35M ($21M after tax) retroactive rate refund related to Florida's rate case settlement in 2002.
C- Corporate and Other Businesses - PTC impairment and one-time charges of $225M after tax and loss on assets held for sale at Railcar, Ltd
of $40M after tax.
D- Sale of NCNG to Piedmont Natural Gas which was finalized on September 30, 2003.
E- O&M impact of December 2002 ice storm.
F- Carolinas - Primarily favorable weather in Northeastern United States during the first quarter. Florida - expiration of wholesale contracts.
G- Florida - Impact of 9.25% rate reduction effective May 2002.
H- Florida - Resolution of 2002 revenue sharing calculation dispute in June 2003 ($18M pre-tax).
I- Florida - 2003 YTD revenue sharing.
J- Carolinas - Primarily favorable non-recoverable purchased power. Florida - Primarily wheeling and miscellaneous service charges.
K- Carolinas - Primarily increased benefit-related expenses. Florida - Primarily increased pension costs of $26M pre-tax and increased benefit-
related expenses.
L- Retroactive reallocation of Service Company costs in accordance with a 2002 SEC PUHCA audit.
M- Carolinas - Higher depreciation due to more assets placed in service and impact of Clean Air Amortization in 2003 vs. nuclear accelerated
depreciation in 2002. Florida - Higher depreciation due to more assets placed in service.
N- Carolinas - Primarily lower average interest rate. Florida - Primarily the reversal of interest expense accrued for resolved tax matter.
Progress Ventures and Corporate and Other - Interest capitalized in 2002 related to construction at nonregulated generation plants.
O- Progress Ventures - CCO margin is favorable $0.02 due primarily to higher margins partially offset by higher depreciation expense.
Synfuels is favorable $0.23 due to higher sales, improved margins and a higher tax credit per ton. Synfuels was also favorable $0.01 due to
2003 including thirteen months of operations for some facilities. Fuels is favorable $0.12 due to favorable gas operations (Westchester and
North Texas Gas). Corporate and Other Businesses - Favorable depreciation at Telecom.
P- Allocation of tax favorability from Holding Company to profitable subsidiaries.
Q- Progress Ventures - Primarily due to the impact of the purchase of Westchester Gas in April 2002 (2.5M shares), issuance in November
2002 (14.7M shares) and issuances under Investor Plus and Employee Benefit programs in 2002 and 2003.
R- Carolinas - Impact of mark to market adjustment on Broad River purchase power contract.
S- Carolinas and Corporate and Other Businesses - Primarily due to impact of impairment of Affordable Housing investments. Progress
Ventures - Impairment of assets at Kentucky May coal mine.
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17. Progress Energy, Inc.
Earnings Variances
Fourth Quarter 2003 vs 2002
Regulated Utilities
Corporate
Progress and Other
Carolinas Florida Ventures Businesses Consolidated
($ per share)
2002 GAAP earnings 0.52 0.29 0.14 (0.40) 0.55
Intra-period tax allocation (0.18) A (0.18)
CVOs (0.03) B (0.03)
Impairment of long-lived assets and investments 0.18 C 0.18
NCNG discontinued operations 0.11 D 0.11
Ice Storm 0.08 E 0.08
2002 ongoing earnings 0.60 0.29 0.14 (0.32) 0.71
Weather - retail (0.06) (0.04) (0.10)
Other retail - growth and usage 0.05 0.06 0.11
Wholesale (0.01) (0.01) (0.02)
2003 retail revenue sharing (0.02) F (0.02)
Other margin 0.01 0.04 G 0.05
O&M 0.01 (0.07) H (0.06)
O&M Storm Cost Deferral 0.06 I 0.06
Depreciation (0.07) J (0.07)
Other 0.03 (0.01) (0.01) 0.01 0.02
Interest charges (0.01) (0.01) (0.02) K (0.04)
Net diversified business 0.24 (0.01) L 0.23
Tax benefit reallocation (0.02) 0.02 M 0.00
Share dilution (0.04) (0.01) (0.02) 0.02 N (0.05)
2003 ongoing earnings 0.58 0.20 0.34 (0.30) 0.82
Intra-period tax allocation (0.18) A (0.18)
CVOs (0.02) B (0.02)
NCNG discontinued operations (0.01) D (0.01)
Cumulative Effect of Accounting Changes (0.10) 0.01 O (0.09)
Impairments (0.03) (0.05) (0.02) P (0.10)
2003 GAAP earnings 0.45 0.20 0.29 (0.52) 0.42
Corporate and Other Businesses includes Progress Telecom, Progress Rail, other small subsidiaries, Holding Company interest
expense, CVO mark-to-market, intra-period tax allocations, purchase accounting transactions and corporate
eliminations.
A - Intra-period income tax allocation impact, related to cyclical nature of energy demand/earnings and timing of synthetic fuel tax
credits.
B - Impact of change in market value of outstanding CVOs.
C- Loss on assets held for sale at Railcar Ltd.
D- Sale of NCNG to Piedmont Natural Gas which was finalized on September 30, 2003.
E- O&M impact of December 2002 ice storm.
F- Florida - 2003 revenue sharing accrual.
G - Florida - Primarily wheeling and other service charges.
H- Florida - Primarily increased pension costs of $7M pre-tax and increased benefit-related costs.
I - Carolinas - Deferral of costs related to February ice storms and Hurricane Isabel as permitted by the NCUC.
J - Carolinas - Higher depreciation due to more assets placed in service and the impact of Clean Air amortization in 2003 vs. nuclear
accelerated depreciation in 2002.
K- Progress Ventures and Corporate and Other Businesses - Interest capitalized in 2002 related to construction at nonregulated
generation plants.
L- Progress Ventures - CCO margin is unfavorable $0.01 due primarily to higher margins offset by higher depreciation expense.
Synfuels is favorable $0.23 due to higher sales, improved margins and higher tax credit per ton. Synfuels was also favorable $0.04
due to 2003 including four months of operations for some facilities. Fuels is favorable $0.01 due to favorable gas operations
(Westchester and North Texas Gas).
M- Allocation of tax favorability from Holding Company to profitable subsidiaries.
N- Primarily due to the impact of the issuance in November 2002 (14.7M shares) and issuances under Investor Plus and Employee
Benefit programs.
O- Carolinas - Impact of mark to market adjustment on Broad River purchase power contract.
P- Carolinas and Corporate and Other Businesses - Primarily due to impact of impairment of Affordable Housing investments.
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