| TECO ENERGY, Inc. |
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
| (All significant intercompany transactions have been eliminated in the consolidated financial statements.) |
|
| |
| |
|
Three Months Ended |
|
Six Months Ended |
|
Twelve Months Ended |
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| |
|
June 30, |
|
June 30, |
|
June 30, |
|
| (thousands) |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ 819,973 |
|
$ 641,862 |
|
$ 1,560,237 |
|
$ 1,313,020 |
|
$ 2,895,050 |
|
$ 2,528,569 |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operation |
|
555,463 |
|
381,386 |
|
1,039,635 |
|
790,606 |
|
1,860,606 |
|
1,519,656 |
|
| Maintenance |
|
40,895 |
|
37,503 |
|
80,890 |
|
74,339 |
|
157,894 |
|
134,751 |
|
| Depreciation |
|
78,899 |
|
73,095 |
|
158,821 |
|
142,598 |
|
314,014 |
|
284,782 |
|
| Taxes, other than income |
|
44,880 |
|
43,935 |
|
89,078 |
|
90,086 |
|
164,395 |
|
164,381 |
|
|
| Total expenses |
|
720,137 |
|
535,919 |
|
1,368,424 |
|
1,097,629 |
|
2,496,909 |
|
2,103,570 |
|
|
| Income from operations |
|
99,836 |
|
105,943 |
|
191,813 |
|
215,391 |
|
398,141 |
|
424,999 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for other funds used during construction |
|
5,678 |
|
1,314 |
|
10,017 |
|
2,073 |
|
14,602 |
|
2,743 |
|
| Other income (expense), net |
|
15,021 |
|
15,570 |
|
30,344 |
|
14,373 |
|
54,850 |
|
21,533 |
|
| Earnings from equity investments |
|
(1,625) |
|
(2,104) |
|
(1,904) |
|
4,083 |
|
1,409 |
|
7,791 |
|
|
| Total other income (expense) |
|
19,074 |
|
14,780 |
|
38,457 |
|
20,529 |
|
70,861 |
|
32,067 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
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|
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| |
|
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| Interest charges |
|
|
|
|
|
|
|
|
|
|
|
|
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| Interest expense |
|
34,480 |
|
42,594 |
|
74,584 |
|
83,791 |
|
157,176 |
|
175,963 |
|
| Distribution on Preferred Securities |
|
9,893 |
|
4,250 |
|
18,924 |
|
8,500 |
|
27,424 |
|
8,500 |
|
| Allowance for borrowed funds used during construction |
|
(2,193) |
|
(508) |
|
(3,869) |
|
(801) |
|
(5,639) |
|
(1,059) |
|
|
| Total interest charges |
|
42,180 |
|
46,336 |
|
89,639 |
|
91,490 |
|
178,961 |
|
183,404 |
|
|
| Income before provision for income taxes |
|
76,729 |
|
74,387 |
|
140,630 |
|
144,430 |
|
290,041 |
|
273,662 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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| Provision for income taxes |
|
(9,003) |
|
2,528 |
|
(20,479) |
|
2,830 |
|
(33,217) |
|
(7,835) |
|
|
| Net income from continuing operations |
|
85,732 |
|
71,859 |
|
161,109 |
|
141,600 |
|
323,258 |
|
281,497 |
|
| Net loss from discontinued operations |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
| Loss on disposal of discontinued operations, net of tax |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 85,732 |
|
$ 71,859 |
|
$ 161,109 |
|
$ 141,600 |
|
$ 323,258 |
|
$ 281,497 |
|
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| |
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| Average common shares outstanding during |
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|
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|
|
|
|
|
|
| the period (thousands) |
|
144,205 |
|
135,670 |
|
142,268 |
|
131,712 |
|
139,919 |
|
128,979 |
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| |
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| Earnings per average common share outstanding: |
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|
|
|
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|
|
|
|
|
|
|
|
| From continuing operations -- basic |
|
$ 0.59 |
|
$ 0.53 |
|
$ 1.13 |
|
$ 1.07 |
|
$ 2.31 |
|
$ 2.18 |
|
| From discontinued operations -- basic |
|
- |
|
- |
|
|
|
|
|
- |
|
- |
|
|
| |
|
$ 0.59 |
|
$ 0.53 |
|
$ 1.13 |
|
$ 1.07 |
|
$ 2.31 |
|
$ 2.18 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| From continuing operations -- diluted |
|
$ 0.59 |
|
$ 0.52 |
|
$ 1.13 |
|
$ 1.06 |
|
$ 2.30 |
|
$ 2.16 |
|
| From discontinued operations -- diluted |
|
- |
|
- |
|
|
|
|
|
- |
|
- |
|
|
| |
|
$ 0.59 |
|
$ 0.52 |
|
$ 1.13 |
|
$ 1.06 |
|
$ 2.30 |
|
$ 2.16 |
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