| TECO
ENERGY, Inc. |
| CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
| (All
significant intercompany transactions have been eliminated in the
consolidated financial statements.) |
| |
| |
|
Three
Months Ended |
Six Months
Ended |
|
Twelve
Months Ended |
| |
|
June
30, |
June
30, |
|
June
30, |
(thousands)
|
|
2000
|
|
1999
|
|
2000
|
|
1999
|
|
2000
|
|
1999
|
| |
| Cash flows from
operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 57,500
|
|
$ 51,917 |
|
$ 110,983
|
|
$ 101,154 |
|
$ 195,969
|
|
$ 196,774
|
| |
| Adjustments to
reconcile net income to net cash: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
64,019
|
|
56,899 |
|
126,016
|
|
114,893 |
|
243,336
|
|
231,223 |
| Deferred income
taxes |
|
(355) |
|
(3,209) |
|
(6,541) |
|
(14,124) |
|
(7,806) |
|
457 |
| Investment tax credits,
net |
|
(1,242) |
|
(1,243) |
|
(2,461) |
|
(2,486) |
|
(4,949) |
|
(4,980) |
| Allowance for funds
used during construction |
|
(887) |
|
(208) |
|
(1,354) |
|
(208) |
|
(3,033) |
|
(111) |
| Amortization of
unearned compensation |
|
2,408
|
|
2,330 |
|
4,812
|
|
4,309 |
|
9,598
|
|
8,652 |
| Loss/(gain) on disposal
of discontinued operations, pretax |
|
- |
|
- |
|
- |
|
- |
|
19,849
|
|
27,409 |
| Equity in earnings of
unconsolidated affiliates |
|
197 |
|
(908) |
|
(3,902) |
|
(2,039) |
|
(30) |
|
(3,587) |
| Deferred revenue
|
|
- |
|
2,474 |
|
- |
|
3,885 |
|
8,015
|
|
(14,577) |
| Deferred recovery
clause |
|
(6,682) |
|
(15,762) |
|
(3,175) |
|
(13,772) |
|
(27,569) |
|
(5,435) |
| Charges |
|
- |
|
- |
|
- |
|
- |
|
21,078
|
|
7,280 |
| Receivables, less
allowance for uncollectibles |
|
(39,940) |
|
(32,380) |
|
(40,992) |
|
(8,321) |
|
(57,951) |
|
(6,971) |
| Inventories |
|
(3,247) |
|
5,585 |
|
(30,937) |
|
(18,957) |
|
(6,954) |
|
(20,950) |
| Taxes accrued |
|
(1,677) |
|
11,423 |
|
35,513
|
|
63,577 |
|
3,639
|
|
27,791 |
| Interest
accrued |
|
(3,319) |
|
(3,601) |
|
8,329
|
|
5,286 |
|
(4,091) |
|
(5,131) |
| Accounts
payable |
|
9,741
|
|
9,870 |
|
(17,251) |
|
(54,910) |
|
12,355
|
|
7,017 |
Other
|
|
11,262
|
|
(2,284)
|
|
15,945
|
|
(378)
|
|
(3,002)
|
|
11,103
|
|
|
87,778
|
|
80,903
|
|
194,985
|
|
177,909
|
|
398,454
|
|
455,964
|
| |
| Cash flows from
investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Capital
expenditures |
|
(172,063) |
|
(90,928) |
|
(316,609) |
|
(166,896) |
|
(575,832) |
|
(346,716) |
| Allowance for funds
used during construction |
|
887 |
|
208 |
|
1,354
|
|
208 |
|
3,033
|
|
111 |
| Purchase of minority
interest |
|
- |
|
- |
|
(52,633) |
|
- |
|
(101,784) |
|
- |
| Proceeds from sale of
assets |
|
- |
|
- |
|
- |
|
- |
|
1,000
|
|
- |
| Investment in
unconsolidated affiliates |
|
(1,028) |
|
(4,207) |
|
(1,166) |
|
(15,932) |
|
12,107
|
|
(121,150) |
Other non-current
investments
|
|
631
|
|
(8,388)
|
|
(18,616)
|
|
(34,109)
|
|
(14,388)
|
|
(49,657)
|
|
|
(171,573)
|
|
(103,315)
|
|
(387,670)
|
|
(216,729)
|
|
(675,864)
|
|
(517,412)
|
| |
| Cash flows from
financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
|
2,589
|
|
84 |
|
5,117
|
|
101 |
|
5,305
|
|
5,614 |
| Purchase of treasury
stock |
|
(897) |
|
- |
|
(29,868) |
|
- |
|
(144,677) |
|
- |
| Proceeds from long-term
debt |
|
1,800
|
|
- |
|
8,700
|
|
- |
|
36,712
|
|
201,240 |
| Repayment of long-term
debt |
|
(98,025) |
|
(2,083) |
|
(130,661) |
|
(5,016) |
|
(160,807) |
|
(13,573) |
| Net increase (decrease)
in short-term debt |
|
226,300
|
|
73,100 |
|
352,725
|
|
130,100 |
|
717,300
|
|
36,500 |
Dividends
|
|
(41,968)
|
|
(42,914)
|
|
(83,140)
|
|
(83,821)
|
|
(168,133)
|
|
(165,563)
|
| |
|
89,799
|
|
28,187
|
|
122,873
|
|
41,364
|
|
285,700
|
|
64,218
|
| |
| Net increase (decrease)
in cash and cash equivalents |
|
6,004
|
|
5,775 |
|
(69,812) |
|
2,544 |
|
8,290
|
|
2,770 |
| Cash and cash
equivalents at beginning of period |
|
21,699
|
|
13,638 |
|
97,515
|
|
16,869 |
|
19,413
|
|
16,643 |
Cash and cash
equivalents at end of period
|
|
$ 27,703
|
|
$ 19,413
|
|
$ 27,703
|
|
$ 19,413
|
|
$ 27,703
|
|
$ 19,413
|