| TECO
ENERGY, Inc. |
| CONSOLIDATED
STATEMENTS OF INCOME (Unaudited) |
| (All significant
intercompany transactions have been eliminated in the consolidated financial
statements.) |
|
| |
| |
|
Three Months Ended |
|
Twelve Months Ended |
|
| |
|
March 31, |
|
March 31, |
|
| (thousands) |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
| |
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ 740,264 |
|
$ 671,158 |
|
$ 2,717,513 |
|
$ 2,445,436 |
|
| |
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Operation |
|
484,172 |
|
409,220 |
|
1,686,830 |
|
1,451,857 |
|
| Maintenance |
|
39,995 |
|
36,836 |
|
154,502 |
|
140,941 |
|
| Depreciation |
|
79,922 |
|
69,503 |
|
308,407 |
|
275,703 |
|
| Taxes, other than income |
|
44,198 |
|
46,151 |
|
163,103 |
|
158,415 |
|
|
| Total expenses |
|
648,287 |
|
561,710 |
|
2,312,842 |
|
2,026,916 |
|
|
| Income from operations |
|
91,977 |
|
109,448 |
|
404,671 |
|
418,520 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
|
|
|
| Allowance for other funds used during construction |
|
4,339 |
|
759 |
|
10,238 |
|
2,068 |
|
| Other income (expense), net |
|
15,323 |
|
(1,197) |
|
55,124 |
|
11,131 |
|
| Earnings from equity investments |
|
(279) |
|
6,187 |
|
609 |
|
9,971 |
|
|
| Total other income (expense) |
|
19,383 |
|
5,749 |
|
65,971 |
|
23,170 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Interest charges |
|
|
|
|
|
|
|
|
|
| Interest expense |
|
40,104 |
|
41,197 |
|
165,288 |
|
172,890 |
|
| Distribution on Preferred Securities |
|
9,031 |
|
4,250 |
|
21,781 |
|
4,250 |
|
| Allowance for borrowed funds used during construction |
|
(1,676) |
|
(293) |
|
(3,954) |
|
(799) |
|
|
| Total interest charges |
|
47,459 |
|
45,154 |
|
183,115 |
|
176,341 |
|
|
| Income before provision for income taxes |
|
63,901 |
|
70,043 |
|
287,527 |
|
265,349 |
|
| |
|
|
|
|
|
|
|
|
|
| Provision for income taxes |
|
(11,476) |
|
302 |
|
(21,858) |
|
(1,788) |
|
|
| Net income from continuing operations |
|
75,377 |
|
69,741 |
|
309,385 |
|
267,137 |
|
| Net loss from discontinued operations |
|
- |
|
- |
|
- |
|
- |
|
| Loss on disposal of discontinued operations, net of tax |
|
- |
|
- |
|
- |
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 75,377 |
|
$ 69,741 |
|
$ 309,385 |
|
$ 267,137 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Average common shares outstanding during |
|
|
|
|
|
|
|
|
|
| the period (thousands) |
|
139,722 |
|
128,622 |
|
137,594 |
|
126,546 |
|
| |
|
|
|
|
|
|
|
|
|
| Earnings per average common share outstanding: |
|
|
|
|
|
|
|
|
|
| From continuing operations -- basic |
|
$ 0.54 |
|
$ 0.54 |
|
$ 2.25 |
|
$ 2.11 |
|
| From discontinued operations -- basic |
|
- |
|
- |
|
- |
|
- |
|
|
| |
|
$ 0.54 |
|
$ 0.54 |
|
$ 2.25 |
|
$ 2.11 |
|
|
| |
|
|
|
|
|
|
|
|
|
| From continuing operations -- diluted |
|
$ 0.54 |
|
$ 0.53 |
|
$ 2.23 |
|
$ 2.09 |
|
| From discontinued operations -- diluted |
|
- |
|
- |
|
- |
|
- |
|
|
| |
|
$ 0.54 |
|
$ 0.53 |
|
$ 2.23 |
|
$ 2.09 |
|
| |
|
|
|
|
|
|
|
|
|