| 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 |
|
| |
|
December 31, |
|
December 31, |
|
| (thousands) |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
|
| |
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ 657,799 |
|
$ 594,067 |
|
$ 2,648,646 |
|
$ 2,294,649 |
|
| |
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Operation |
|
427,312 |
|
370,387 |
|
1,611,754 |
|
1,322,116 |
|
| Maintenance |
|
44,205 |
|
30,500 |
|
151,343 |
|
139,979 |
|
| Depreciation |
|
81,246 |
|
73,414 |
|
297,989 |
|
268,199 |
|
| Taxes, other than income |
|
34,384 |
|
37,259 |
|
165,057 |
|
151,208 |
|
|
| Total expenses |
|
587,147 |
|
511,560 |
|
2,226,143 |
|
1,881,502 |
|
|
| Income from operations |
|
70,652 |
|
82,507 |
|
422,503 |
|
413,147 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
|
|
|
| Allowance for other funds used during construction |
|
2,635 |
|
248 |
|
6,658 |
|
1,647 |
|
| Other income (expense), net |
|
13,003 |
|
2,352 |
|
38,607 |
|
13,889 |
|
| Earnings from equity investments |
|
3,906 |
|
3,417 |
|
6,710 |
|
7,659 |
|
|
| Total other income (expense) |
|
19,544 |
|
6,017 |
|
51,975 |
|
23,195 |
|
|
| Income before interest and income taxes |
|
90,196 |
|
88,524 |
|
474,478 |
|
436,342 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Interest charges |
|
|
|
|
|
|
|
|
|
| Interest expense |
|
42,362 |
|
43,272 |
|
166,383 |
|
167,572 |
|
| Distribution on Preferred Securities |
|
4,250 |
|
- |
|
17,000 |
|
- |
|
| Allowance for borrowed funds used during construction |
|
(1,017) |
|
(96) |
|
(2,571) |
|
(636) |
|
|
| Total interest charges |
|
45,595 |
|
43,176 |
|
180,812 |
|
166,936 |
|
|
| Income before provision for income taxes |
|
44,601 |
|
45,348 |
|
293,666 |
|
269,406 |
|
| |
|
|
|
|
|
|
|
|
|
| Provision for income taxes |
|
(20,216) |
|
(12,485) |
|
(10,083) |
|
18,526 |
|
|
| Net income from continuing operations |
|
64,817 |
|
57,833 |
|
303,749 |
|
250,880 |
|
| Net loss from discontinued operations |
|
- |
|
- |
|
- |
|
- |
|
| Loss on disposal of discontinued operations, net of tax |
|
- |
|
- |
|
- |
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 64,817 |
|
$ 57,833 |
|
$ 303,749 |
|
$ 250,880 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Average common shares outstanding during |
|
|
|
|
|
|
|
|
|
| the period (thousands) |
|
138,710 |
|
126,101 |
|
134,521 |
|
125,882 |
|
| |
|
|
|
|
|
|
|
|
|
| Earnings per average common share outstanding: |
|
|
|
|
|
|
|
|
|
| From continuing operations -- basic |
|
$ 0.47 |
|
$ 0.46 |
|
$ 2.26 |
|
$ 1.99 |
|
| From discontinued operations -- basic |
|
- |
|
- |
|
- |
|
- |
|
|
| |
|
$ 0.47 |
|
$ 0.46 |
|
$ 2.26 |
|
$ 1.99 |
|
|
| |
|
|
|
|
|
|
|
|
|
| From continuing operations -- diluted |
|
$ 0.47 |
|
$ 0.44 |
|
$ 2.24 |
|
$ 1.97 |
|
| From discontinued operations -- diluted |
|
- |
|
- |
|
- |
|
- |
|
|
| |
|
$ 0.47 |
|
$ 0.44 |
|
$ 2.24 |
|
$ 1.97 |
|