ML18230A844
| ML18230A844 | |
| Person / Time | |
|---|---|
| Site: | Harris  |
| Issue date: | 03/31/1975 |
| From: | Carolina Power & Light Co |
| To: | Office of Nuclear Reactor Regulation |
| References | |
| Download: ML18230A844 (4) | |
Text
EXHIBIT D HELPINO IO INlLD gpi~i',
t THE'ATTACHED FILES ARE O~FICIAL RECORDS BEEN OF THE OFFICE OF REGULATIO CHARGED TO YOU FOR A LIMITEDTIME N. THEY HAVE
'" PERIOD ANS MUST BE RETURNED CENTRAL RECORDS STATION 008. ANYPAGE S ED TO THE REMOVED FOR'REPRODUCTIO
- TO ITS/THEIR ORIGINALORDER.
Se-'II QO-'dlI~ Q
>>>>I eI<"'g~I ~lo
( NOT EXAMINED BY INDEPENDENT CERTIFIED PuBLIC ACCOUNTANTS)
MARYJINKS, CHIEF CENTRAL RECORDS STATION
~
sS'NTERIM FINANCIAL STATEMENTS MARCH 31 1975 THESE STATEMENTS HAVE BEEN PREPARED FOR THE PURPOSE OF PROVIDING INFORMATION CONCERNING THE COMPANY AND NOT IN CONNECTION WITH ANY SALE>> OFFER FOR SALE OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
Carolina Power & Light Company BALANCESHEET Assets:
ELECTRIC UTILITYPLANT:
Electric utility plant other than nuclear fuel (including construction work in progress:
1975, $898,426,981; 1974, $668,659,290)
Less accumulated depreciation Electric utilityplant other than nuclear fuel-Nuclear fuel (net of accumulated amortization)
Electric utilityplant, nct OTHER. PROPERTY AND INVESTMENTS CURRENT ASSETS:
Cash Accounts receivable, net (includes $14,942,000 and $ 10,316,000 respectively ofrefundable income taxes-Note 4)
Materials and supplies Deferred fossil fuel cost (Note 5)
Prepayments, etc.
Total current assets (Thousands of Dollars)
March 31 1975
$2,282,213 267 107 1974
$ 1,953,245 237,649 41 015 2 056.121 5 565 7,912 48,677 80,029 22,181 1,736 160,535 64,404 1 780,000 6,124 4,663 31,596 48,032 5,534 1,968 91,793 2 015 106 1715 596 DEFERRED DEBITS TOTAL 9 709
$ 2 231 930 8,289
$ 1,886,206 Liabilities:
CAPITALSTOCK AND RETAINEDEARNINGS (Notes 1 and 2):
Preferred stock (outstanding shares:
1975 2 887>259 1974 2 887 259)
Preference stock (outstanding shares:
1975,2,000,000)
Common stock (outstanding shares:
1975, 27,516,361; 1974, 23,268,556)
Retained earnings (Note 4)
Total capital stock and retained earnings LONG-TERM DEBT, net (Notes 1 and 3)
CURRENT LIABILITIES:
Notes payable:
Banks Other Accounts payable Customers'eposits Taxes accrued Current portion of deferred income taxes-Interest accrued Dividends declared Other Total current liabilities DEFERRED CREDITS (Includes accumulated deferred investment tax credits:
1975, $10,110,756; 1974, $10,526,645)
RESERVE FOR INJURIES AND DAMAGES ACCUMULATEDDEFERRED TAXES ON INCOME TOTAL 288,118 47,900 476,571 134,598 288,118 417,072 116,615 947 187 821 805 1 056,434 882,756 32,200 24,764 24,121 2,980 16,168 7,411 29,739 22,364 2 620 34,256 20,447 20,163 2,305 7,293 2,656
- 22,482 18,261 2 209 10,708 742 54,492
$2 231,930 10 846 686 40,041 *
$ 1,886,206 162 367 130 072
- Reclassified to conform to current presentation.
STATEMENT OF RETAINED EARNINGS BALANCEAT BEGINNING OF PERIOD:
As previously reported Adjustment (Note 4)
As restated ADD-Net income Total For the Twelve Months Ended March 31, 1975 112,455 5,246 117,701 79 193 196,894 1974 99,487 4,160 103,647 63 259 166 906 DEDUC1':
Preferred and preference stock cash dividends Common stock cash dividends declared Capital stock expense Total deductions BALANCEAT END OF PERIOD
'ee Notes to Financial Statements.
eclared d
23,077 39,074 145 62 296 134,598 15,801 34,343 147 50 291 116,615'.
STATEMENT OF INCOME (000's Omitted)
OPERATING REVENUES (Note 5)
OPERATING EXPENSES:
Fuel Defcrrcd fossil fuel expense, net (Note Purchased power-Other operation expense Maintenance Depreciation Taxes other than on income Income tax expense Total operating expenses OPERATING INCOME 5)
Three Months Ended March 1975 31 1974 61,926 12,847 3,159 12,815
- 7,365
- '1,083 12;023 9 323 130 541 26 256 33,125 (5,534) 2,788 10,930 7,346 9,375 8,080 4 263 70 373 18 767
$156,797
$89 140 March 1975
$528 634 31 1974
$344,078 264,643 (16,647) 14,865 48,434
- 28,610 ~
37,252 44,627 22 007 443 791 84,843 114,925 (5,534) 8,105 43,841 30,844 33,231 29,875 16,782 272 069 72 009 Twelve Months Ended OTHER INCOME:
Allowance for funds used during construction Income taxes-credit Other income (deductions)-net-Total other income GROSS INCOME INTEREST CHARGES:
Interest on long-term debt-Other interest charges Total interest charges NET INCOME PREFERRED DIVIDENDREQUIREMENTS EARNINGS FOR COMMON STOCK AVERAGE COMMON SHARES OUTSTANDING EARNINGS PER SHARE 14,787 5,033
~15) 19 805 46061 19,663 2 662 22 325 23,736 5 557 8 18 179 26,507
.69 11,387 3,315
~63) 14 639 33406 1'5,422 1 170 16 592 16,814 4 491
$ 12 323 23,247
.53 58,009 17,786 824 40,959 11,79,6 71 76 619 52 826 161 462 124,835 74,119 8 150 54,605 6 971 82 269 61 576 79,193 21 739 63,259 14 423 24,128 2.38 21,322 2.29 8 57,454 8 48836 Revised 4/24/75 to correct transposition error of 6306 between Other Operation and Maintenance expense categories.
See Notes to Financial Statements.
SUPPLEMENTAL DATA Operating Revenues ($000):
Sales of electricity-Within scr vice area-Retail For resale Nonterritorial Miscellancous-Total Electric Energy Sales (millions of KWH):
Within service area-Retail For resale Nonterritorial-Total Electric Energy Generated and Purchased (millions of KWH):
Stcam-Nuclear Steam-Fossil ydro Internal combustion turbines Purchased and interchanged-net --
Total
$128,383 25,194 2,000 1 220
$156 797 4,561 1,338 22 5 921 1,435 4,063 350 4
.203 6 055
$73,929 10,916 3,184 1 111
$89 140 4,607 1,176 131 5 914 1,426 4,090 335 16 268 6 135
$450,353 60,293 12,315 5 673
$282,708 44,328 12,323 4 719 18,569 5,154 360 18,391 4,828 721 24 083 23 940 4,821 18,576 937 203 1,015 4,494 19,055 913 90 898 25 552 25 450 S528.634
$344 078
NOTES TO FINANCIALSTATEMENTS 1.
These interim financial 'statements are prepared in conformity with the accounting principles reflected in the financial statements included in the Company's 1974 Annual Report.
Reference is also made to that Annual Report for details concerning Preferred Stock, Long.Term Debt, and Common Stock then and presently issued and outstanding.
These are interim financial statements and because of temperature variations between seasons of the year and the practice of scheduling down.time and maintenance of electric generating units during other than peak demand
- seasons, the amounts reported in the Statement of Income for periods of less than twelve months are not necessarily indicative of amounts expected for the year.
2.
During the two years covered by the Statement of Income 3,000,000 shares of Common Stock in November 1973 and 4,000,000 shares in January 1975 were issued and sold in public offerings and 371,127 shares in sales under the Company's Stock Purchase-Savings Program for Employees; the Company sold 500,000 shares of Preferred Stock A, $7.45 Series, through a private placement in October 1973, and 650,000 shares of Serial Preferred Stock, $8.48 Series, in a public offering in February 1974, and 2,000,000 shares of $2.675 Preference Stock, Series A, in a public offering in March 1975.
As of March 31, 1975, 887,943 shares of Common Stock were reserved for issuance under the Program.
3.
In January 1975, the Company sold and issued through private placement
$22,350,000 principal amount of First Mortgage Bonds, 11 1/8/e Series due December 1, 1994.
The Company has filed a Registration Statement with the Securities and Exchange Commission covering the proposed sale on or about April 30, 1975 of $100,000,000 principal amount of additional First Mortgage Bonds, Series due 2005.
4.
During 1974, the Company received a $4,159,988 refund of federal income taxes paid with respect to the years 1961 through 1968.
The balances of retained earnings at March 31, 1973 and 1974 have been restated by such amount.
Received also in connection with the tax refund was $2,089,461 of refunded Interest and interest earned applicable to years prior to 1974.
Accordingly, such interest (net of income tax of $1,002,941) has also been added to the March 31, 1974 balance but has not been allocated to 1973 and prior years since the effect on any one year is not material. Accounts receiv-able, net, for March 31, 1974 was restated to include the refunded tax amount only.
Refundable income taxes of $14,942,000 at March 31, 1975 represents primarily carryback of the 1974 net operating loss and estimated tax recoveries related thereto.
5.
Some rate increases in effect during the periods covered by these financial statements were not in effect for the entire periods.
The following tabulation sets forth the approximate effects on revenues of such rate increases (in thousands of dollars):
D EAU Actual Revenue Increase Realized Effective Dt 1-6.75 1-15-75 1-2.75 Type NC Retail ~
SC Retail
~'ho!
stale Annuslized Revenue Based On 1974 Level of Sales
$ 51,900 9,600 20400 S81800 1975 3 Months
$ 13,1 63 2,415 3887 '"
19,465 1974
$1+12 307 1,619 12 Months 1975
$42,782 7JI31 3887
"'4+00 1974
$1,312 307 1,619 Fossil fuel adjustment clauses:
2.6.74 241 74 1275 NC Retail SC Retail Wholesale 32,947 7343 9,086 '"
$68941 1,250 274
$3.143 92+08 20,050 9,086
$176,144 1,250 274
$3,143 Interim increases terminated January 6, 1975.
Interim increases terminated January 15, 1975.
Being billed subject to refund pending final determinations by Federal Power Commission.
At March 31, 1975, the Company had recorded $22,181,000 of deferred fossil fuel cost of which approximately
$19,030,000 is subject to further regulatory review and approval which may necessitate adjustments if such reviews so require.
6.
In December 1974, the Company's construction program was reduced, including the elimination from its autho-rized construction budget of five proposed new generating units.
The Company expects to retain for future use as much value as possible from the approximately $15 million (including $7 million land costs) it had paid or accrued in connection with such units at March 31, 1975.
(Of the total amount, approximately $7 million is included in plant held for future use and approximately $8 million is included in construction work in progress.)
Additionally, the Company will incur costs of an undetermined amount arising out of related contracts for generating equipment.
The Company willseek regulatory approval to allocate any charge.offs related to the units over a period of years and to recover them through rates.
No provisionhas been recorded in the statement of income for any losses which may result because the significance and amounts are not pre-sently known, although they could be substantial, and the final accounting disposition is not presently determinable.
Raleigh, N. C.
27602 April 16, 1975 JAMES S. CURRIE Treasurer