| TECO ENERGY, Inc. |
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
| (All significant intercompany transactions have been eliminated in the consolidated financial statements.) |
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Three Months Ended |
Six Months Ended |
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Twelve Months Ended |
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June 30, |
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June 30, |
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June 30, |
| (thousands) |
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2002 |
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2001 |
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2002 |
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2001 |
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2002 |
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2001 |
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| Cash flows from operating activities |
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| Net income |
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$ 85,732 |
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$ 71,859 |
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$ 161,109 |
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$ 141,600 |
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$ 323,258 |
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$ 281,497 |
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| Adjustments to reconcile net income to net cash: |
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| Depreciation |
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78,899 |
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73,095 |
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158,821 |
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142,598 |
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314,014 |
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284,782 |
| Deferred income taxes |
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(50,775) |
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(66,633) |
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(69,695) |
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(64,271) |
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(108,339) |
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(135,327) |
| Investment tax credits, net |
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(1,127) |
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(878) |
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(2,255) |
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(2,104) |
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(5,097) |
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(4,470) |
| Allowance for funds used during construction |
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(7,871) |
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(1,822) |
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(13,886) |
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(2,874) |
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(20,241) |
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(3,802) |
| Amortization of unearned compensation |
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2,249 |
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3,820 |
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6,739 |
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5,696 |
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10,703 |
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10,069 |
| Gain on propane business combination, pretax |
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- |
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- |
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- |
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- |
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- |
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(13,564) |
| Equity in earnings of unconsolidated affiliates |
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3,024 |
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1,968 |
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4,474 |
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(1,779) |
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3,110 |
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(5,358) |
| Asset valuation adjustment, pretax |
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- |
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- |
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- |
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11,089 |
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- |
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25,270 |
| Deferred recovery clause |
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22,981 |
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(17,335) |
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51,292 |
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(25,006) |
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57,288 |
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(90,542) |
| Refund to customers |
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(2,047) |
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- |
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(2,047) |
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- |
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(2,047) |
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(13,172) |
| Receivables, less allowance for uncollectibles |
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(48,324) |
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(8,026) |
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(67,127) |
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7,554 |
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(22,661) |
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(43,567) |
| Inventories |
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(7,568) |
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(32,670) |
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(33,174) |
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(44,769) |
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(11,170) |
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(6,320) |
| Taxes accrued |
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32,250 |
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43,173 |
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45,219 |
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49,666 |
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12,017 |
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31,740 |
| Interest accrued |
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(17,895) |
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(12,484) |
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11,830 |
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(3,990) |
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9,533 |
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13,145 |
| Accounts payable |
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9,890 |
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(8,598) |
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35,208 |
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(43,679) |
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27,603 |
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16,207 |
| Other |
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19,378 |
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51,694 |
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35,870 |
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62,607 |
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4,786 |
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77,100 |
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118,796 |
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97,163 |
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322,378 |
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232,338 |
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592,757 |
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423,688 |
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| Cash flows from investing activities |
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| Capital expenditures |
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(262,069) |
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(229,570) |
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(578,818) |
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(430,262) |
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(1,114,511) |
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(802,096) |
| Allowance for funds used during construction |
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7,871 |
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1,822 |
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13,886 |
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2,874 |
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20,241 |
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3,802 |
| Purchase of minority interest |
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(29,280) |
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- |
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(29,280) |
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- |
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(29,280) |
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- |
| Purchase of business |
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- |
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- |
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- |
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(280,291) |
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(35,500) |
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(311,605) |
| Proceeds from sale of assets |
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- |
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- |
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- |
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- |
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43,200 |
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61,335 |
| Investment in unconsolidated affiliates |
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1,874 |
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32,112 |
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1,464 |
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33,779 |
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(4,699) |
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26,542 |
| Other non-current investments |
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(108,972) |
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31,881 |
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(317,351) |
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213,853 |
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(435,536) |
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(100,179) |
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(390,576) |
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(163,755) |
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(910,099) |
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(460,047) |
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(1,556,085) |
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(1,122,201) |
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| Cash flows from financing activities |
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| Dividends |
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(49,848) |
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(46,819) |
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(98,033) |
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(89,172) |
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(193,072) |
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(173,416) |
| Common stock |
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355,660 |
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12,640 |
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360,108 |
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249,537 |
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458,970 |
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262,717 |
| Purchase of treasury stock |
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- |
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- |
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- |
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- |
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- |
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- |
| Proceeds from long-term debt |
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842,685 |
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1,048,932 |
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842,685 |
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1,048,932 |
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1,049,663 |
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1,435,134 |
| Funds held by Trustee - restructed cash |
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(146,267) |
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- |
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(146,267) |
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- |
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(146,267) |
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- |
| Repayment of long-term debt |
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(403,967) |
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(3,646) |
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(411,977) |
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(19,868) |
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(628,595) |
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(34,856) |
| Net increase (decrease) in short-term debt |
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(264,100) |
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(929,400) |
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(357,700) |
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(988,050) |
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60,300 |
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(945,500) |
| Issuance of trust preferred stock |
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- |
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- |
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435,651 |
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- |
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435,651 |
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200,000 |
| Equity contract adjustment payments |
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(5,082) |
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- |
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(5,082) |
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- |
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(5,082) |
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- |
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|
329,081 |
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81,707 |
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619,385 |
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201,379 |
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1,031,568 |
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744,079 |
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| Net increase (decrease) in cash and cash equivalents |
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57,301 |
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15,115 |
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31,664 |
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(26,330) |
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68,240 |
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45,566 |
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| Cash and cash equivalents at beginning of period |
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82,832 |
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56,778 |
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108,469 |
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98,223 |
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71,893 |
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26,327 |
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| Cash and cash equivalents at end of period |
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$ 140,133 |
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$ 71,893 |
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$ 140,133 |
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$ 71,893 |
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$ 140,133 |
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$ 71,893 |
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