| 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) |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
|
| |
|
|
|
|
|
|
|
|
| Revenues |
|
$ 672,597 |
|
$ 524,470 |
|
$ 2,443,472 |
|
$ 2,061,986 |
| |
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
| Operation |
|
409,220 |
|
279,590 |
|
1,451,857 |
|
1,106,696 |
| Maintenance |
|
36,836 |
|
35,873 |
|
140,941 |
|
133,652 |
| Depreciation |
|
69,503 |
|
61,997 |
|
275,703 |
|
236,217 |
| Taxes, other than income |
|
46,151 |
|
38,944 |
|
158,415 |
|
149,886 |
|
| Total expenses |
|
561,710 |
|
416,404 |
|
2,026,916 |
|
1,626,451 |
|
| Income from operations |
|
110,887 |
|
108,066 |
|
416,556 |
|
435,535 |
|
| |
|
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
|
|
| Allowance for other funds used during construction |
|
759 |
|
337 |
|
2,068 |
|
1,698 |
| Other income (expense), net |
|
3,551 |
|
1,538 |
|
23,066 |
|
(12,472) |
|
| Total other income (expense) |
|
4,310 |
|
1,875 |
|
25,134 |
|
(10,774) |
|
| Income before interest and income taxes |
|
115,197 |
|
109,941 |
|
441,690 |
|
424,761 |
|
| |
|
|
|
|
|
|
|
|
| Interest charges |
|
|
|
|
|
|
|
|
| Interest expense |
|
41,197 |
|
35,878 |
|
172,890 |
|
134,062 |
| Distribution on Preferred Securities |
|
4,250 |
|
- |
|
4,250 |
|
- |
| Allowance for borrowed funds used during construction |
|
(293) |
|
(130) |
|
(799) |
|
(656) |
|
| Total interest charges |
|
45,154 |
|
35,748 |
|
176,341 |
|
133,406 |
|
| Income before provision for income taxes |
|
70,043 |
|
74,193 |
|
265,349 |
|
291,355 |
| |
|
|
|
|
|
|
|
|
| Provision for income taxes |
|
302 |
|
20,710 |
|
(1,788) |
|
86,498 |
|
| Net income from continuing operations |
|
69,741 |
|
53,483 |
|
267,137 |
|
204,857 |
| Net loss from discontinued operations |
|
- |
|
- |
|
- |
|
(14,469) |
| Loss on disposal of discontinued operations, net of tax |
|
- |
|
- |
|
- |
|
- |
| |
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 69,741 |
|
$ 53,483 |
|
$ 267,137 |
|
$ 190,388 |
|
| |
|
|
|
|
|
|
|
|
| Average common shares outstanding during |
|
|
|
|
|
|
|
|
| the period (thousands) |
|
128,622 |
|
126,191 |
|
126,546 |
|
129,664 |
| |
|
|
|
|
|
|
|
|
| Earnings per average common share outstanding: |
|
|
|
|
|
|
|
|
| From continuing operations -- basic |
|
$ 0.54 |
|
$ 0.42 |
|
$ 2.11 |
|
$ 1.58 |
| From discontinued operations -- basic |
|
- |
|
- |
|
- |
|
(0.11) |
|
| |
|
$ 0.54 |
|
$ 0.42 |
|
$ 2.11 |
|
$ 1.47 |
|
| |
|
|
|
|
|
|
|
|
| From continuing operations -- diluted |
|
$ 0.53 |
|
$ 0.42 |
|
$ 2.09 |
|
$ 1.58 |
| From discontinued operations -- diluted |
|
- |
|
- |
|
- |
|
(0.11) |
|
| |
|
$ 0.53 |
|
$ 0.42 |
|
$ 2.09 |
|
$ 1.47 |
|
| |
|
|
|
|
|
|
|
|