| TECO ENERGY, Inc. |
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
| (All significant intercompany transactions have been eliminated in the consolidated financial statements.) |
|
| |
| |
|
Three Months Ended |
|
Nine Months Ended |
|
Twelve Months Ended |
| |
|
September 30, |
|
September 30, |
|
September 30, |
| (thousands) |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ 731,007 |
|
$ 659,633 |
|
$ 2,015,323 |
|
$ 1,914,136 |
|
$ 2,589,399 |
|
$ 2,482,279 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Operation |
|
432,835 |
|
383,404 |
|
1,206,481 |
|
1,139,918 |
|
1,555,205 |
|
1,492,498 |
| Maintenance |
|
34,240 |
|
32,799 |
|
115,130 |
|
107,138 |
|
159,336 |
|
137,637 |
| Depreciation |
|
79,613 |
|
71,702 |
|
234,500 |
|
209,388 |
|
313,328 |
|
280,262 |
| Taxes, other than income |
|
41,849 |
|
39,979 |
|
129,779 |
|
127,557 |
|
164,018 |
|
163,697 |
|
| Total expenses |
|
588,537 |
|
527,884 |
|
1,685,890 |
|
1,584,001 |
|
2,191,887 |
|
2,074,094 |
|
| Income from operations |
|
142,470 |
|
131,749 |
|
329,433 |
|
330,135 |
|
397,512 |
|
408,185 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for other funds used during construction |
|
6,877 |
|
1,950 |
|
16,894 |
|
4,023 |
|
19,529 |
|
4,271 |
| Other income (expense), net |
|
13,688 |
|
11,231 |
|
44,032 |
|
25,604 |
|
57,283 |
|
27,953 |
| Earnings from equity investments |
|
661 |
|
(1,279) |
|
(1,243) |
|
2,804 |
|
2,420 |
|
6,221 |
|
| Total other income (expense) |
|
21,226 |
|
11,902 |
|
59,683 |
|
32,431 |
|
79,232 |
|
38,445 |
|
| Income before interest and income taxes |
|
163,696 |
|
143,651 |
|
389,116 |
|
362,566 |
|
476,744 |
|
446,630 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest charges |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
35,260 |
|
39,670 |
|
108,701 |
|
122,256 |
|
150,495 |
|
165,528 |
| Distribution on Preferred Securities |
|
9,988 |
|
4,250 |
|
28,912 |
|
12,750 |
|
33,162 |
|
12,750 |
| Allowance for borrowed funds used during construction |
|
(2,655) |
|
(753) |
|
(6,524) |
|
(1,554) |
|
(7,542) |
|
(1,649) |
|
| Total interest charges |
|
42,593 |
|
43,167 |
|
131,089 |
|
133,452 |
|
176,115 |
|
176,629 |
|
| Income before provision for income taxes |
|
121,103 |
|
100,484 |
|
258,027 |
|
229,114 |
|
300,629 |
|
270,001 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for income taxes |
|
8,301 |
|
9,676 |
|
(5,601) |
|
14,440 |
|
(22,116) |
|
4,324 |
|
| Net income from continuing operations |
|
112,802 |
|
90,808 |
|
263,628 |
|
214,674 |
|
322,745 |
|
265,677 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income from discontinued operations |
|
3,765 |
|
4,151 |
|
7,471 |
|
19,951 |
|
9,468 |
|
24,410 |
| Income tax (benefit) - discontinued operations |
|
(2,350) |
|
(2,373) |
|
(8,927) |
|
(4,307) |
|
(12,629) |
|
(6,678) |
| Net income from discontinued operations |
|
6,115 |
|
6,524 |
|
16,398 |
|
24,258 |
|
22,097 |
|
31,088 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 118,917 |
|
$ 97,332 |
|
$ 280,026 |
|
$ 238,932 |
|
$ 344,842 |
|
$ 296,765 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Average common shares outstanding during |
|
|
|
|
|
|
|
|
|
|
|
|
| the period (thousands) |
|
156,126 |
|
135,977 |
|
146,432 |
|
132,997 |
|
144,579 |
|
131,387 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per average common share outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share from continueing operations - basic |
|
$ 0.72 |
|
$ 0.67 |
|
$ 1.80 |
|
$ 1.61 |
|
$ 2.23 |
|
$ 2.02 |
| Earnings per share - basic |
|
$ 0.76 |
|
$ 0.72 |
|
$ 1.91 |
|
$ 1.79 |
|
$ 2.38 |
|
$ 2.26 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| From continuing operations -- diluted |
|
$ 0.72 |
|
$ 0.66 |
|
$ 1.80 |
|
$ 1.60 |
|
$ 2.23 |
|
$ 2.00 |
| From discontinued operations -- diluted |
|
$ 0.76 |
|
$ 0.71 |
|
$ 1.91 |
|
$ 1.78 |
|
$ 2.38 |
|
$ 2.24 |
|