ML20108C685
| ML20108C685 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1995 |
| From: | Critchfield J, Korpan R FLORIDA PROGRESS CORP. |
| To: | |
| Shared Package | |
| ML20108C682 | List: |
| References | |
| NUDOCS 9605070098 | |
| Download: ML20108C685 (105) | |
Text
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8
- (Dollar + in millions, except per sham amounts)
Annual Growth Rates - (in percent)
.1995 1994- 1994 1995 1990-1995 L 0PERATING RESULTS -
Utility revenues - $2,271.7 $2,080.5 9.2 5.9
' Diversified revenues -783.9 691.0 13.4 21.0 ^
- Net income 238.9 212.0' 12.7 7.7 DATA PER SHARE Earnings:
Utility $2.27 - $2.05 10.7 1.1 Diversified .23 .23 -. 5.0 Consolidated 2.50 2.28 9.6 3.2 Dividends 2.02 1.99 1.5 2.6 : Book value 21.55 20.85 3.4 3.2 - Closing stock price '35% 30 17.9 6.8 Stock price range 29% - 35% 24% - 33% ; FINANCIAL POSITION AT DECEMBER 81 Assets $5,791.1 $ 5,718.7l 1.3 2.8 Total capitalization 4,085.7 4,095.7? (.2) 2.2 Capitalization structure: Short-term debt 4.5% 2.6% Long-term debt 41.2 45.4 Preferred stock 3.4 3.5 Common stock equity 50.9 48.5: STHER STATISTICS
' Return on common equity 11.8 % 11.1 %
Dividend yield ' 5.7% 6.7%
' Average common shares outstanding (in millions) 95.7 93.0( 2.9 . 4.4 Employees 7.174 7,394' (3.0) (1.9)
See Note 7 to the Financial Statements for busin >ss segment information. Earnings and Dividends . Average Annual Total Returns
- Per Share For the periods ended December 31,1995 -
p $@ 40% -
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L.E T T E R T OHS H A : . EH:0LDERST To Our Shareholders: CONSOLIDATED EARNINGS RISE Consolidated earnings for 1995 totaled 5238.9 million, or Nineteen ninety-five was a year of solid achievement for 52.50 per share, compared with 5212 million, or 52.28 our utility operation. Florida Power Corporation con-Per share, in 1994, a 9.6 percent increase in earnings per tinued to 6nd ways to raise the level ofits performance. share. The increase in earnings reflected improved operat-While we recognize that the company is operationally ing results 'r m both Florida Power and Electric Fuels and 6nancially strong today, we know we must prepare it Corporation. for the competition that is beginning to characterize the utility industry. FI rida Power contributed 5217.3 million, or 52.27 per share. This compares with 5190.7 million, or 52.05 per The process of preparing for change has been both share, in 1994. The increase is attributed largely to higher exhilarating and stressful. Each new challenge calls for us sales brcught on by the improving economy and customer to use our creative energy to solve problems and take gr wth in our service area. In 1995, retail kilowatt-hour advantage of the opportunities that are created. sales rose 7.8 percent over the previous year. The bene 6-The process has not been easy. Organizational changes cial results related to the earlier streamlining and restruc-have been necessary, including a reduction of the work turing of the company also contributed to our favorable force. The changes that we have made, we believe, will earnings. produce substantial success in the years ahead and ensure Electric Fuei>, our energy and transportation company, that Florida Power will be in a position to prosper no c ntinued t be a solid performer in the face of depressed matter what shape a more competitive industry might market conditions for coal in 1995. Despite the weak coal market, the company was able to contribute 524 million, The theme of this annual report is " Raising the Bar." It or 25 cents per share, to earnings. This compares with represents our commitment to set performance standards $22.6 million, or 25 cents a share,.in 1994. The excellent higher than they ever have been before. It also signi6es performance of the company's marine and rail operations our willingness to continue to raise our level of perfor-aHowed earnings to improve. mance to stay ahead of the competition. Earnings from the company's other diversified opera-h.eufout this report, you will see examples of ath-ti. ns remained unchanged. letes who have trained and conditioned themselves to per-form at peak levels. At the same time, you will be intro- RAISING THE DIVIDEND RATE duced to a number of employees who have raised their By achieving our earnings growth and making moderate own standards of excellence to reach higher and higher increases in the dividend, we have been able to continue levels cf performance. Their results can be seen in lowering the payout ratio. In 1995, the payout was 81 increased value to you, our shareholders, and in lower Percent. This represents a signi6 cant reduction from costs and improved service to our customers. 1992, when the payout peaked at 93 percent. in February 1996, the Florida Progress RAISING PERFORMANCE board of Jirectors increased the annual divi-Our performance in 1995 was excellent. Florida Progress dend rate on our company's common Corporation achieved a 25.6 percent return on your d stock by 4 cents per share. This will investment.1he company's common stock price 6nished increase the annual dividend rate to the year with a series of 52-week highs. Lower interest 52.06 per share. While the board is rates, the results of cost-cutting measures, the market's Proud of the company's track record confidence in our competitive position and our prospects ofincreasing the dividends paid per for future growth contnbuted to our performance. share for 43 consecutive years, it also recognizes that our dividend pohcy must be considered in light of a more competitive industry. H n
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.~.-. mission network in Florida. In 1995, the
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.m Federal Energy Regulatory Commission
;. proposed new rules designed to open the
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- i. . : nation's transmission network to all
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wholesale customers and proposed other g
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j g" 9- , changes to promote comparable treat-ment for all network users. This was done
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in order to facihtate a competitive whole-j ,
. sale power market. We generally support j , - the commission's effort, but have some j .,,-
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reservations. Our overriding concern is l { . ~,, that the commission's final pohcy be fair c and equitable to Florida Power and its j .
.. customers. We intend to participate in the i debate on this issue, which will be held in f n4 )
E Washington in 1996. In several states, pressure is building to
~
allow third parties to begin using utility I transmission systems to wheel power to i norida Progress Chairmar, and Chief hecutive Officer Dr. Jack B. Critchfield, right, meet b large retail customers in order to give with The Honorable Peter Rudy Wallace, Speaker of the Horida House of Representatives j them a range of service and pricing l options. The rates for our industrial and Each year, the board will continue to re-examine the large commercial customers are already among the lowest
- dividend policy to ensure that our dividend payout and in Florida. Also, we have a relatively small number of these dividend rate are appropriate, given our business plan, customers in our service area.
projected earnings growth and outlook for the electric The largest share of our busir.ess is made up of resi-i utihty industry. dential and commercial customers. Many of these cus- ! tomers are served under terms of franchise agreements 1' POSITIONED FOR CHANGE with municipahties and counties. 1 Legislative, regulatory and market forces are moving the { in December, the city of Clearwater renewed its fran-I insestor-owned electric utihty industry toward a new era ! that could result in dramat.c and sweeping change. chise for another 30 years. Revenue from this community, the second largest we serve, accounts for about 5 percent f Transmission access is an important issue for Florida of our business. The city found our favorable rates, excel-( Power because the company has the second largest trans-lent service and willingness to meet its needs strong rea-sons to renew the agreement. We beheve other cities will
/, ,
feel the same way when their agreements come up for 4 1 -
. . renewal.
INNOVATION ' Our existing power plants are efficient and cost effec-tive. We believe that we are well positioned for deregula-w- ferida Progress Carperwtion is aminittedatimringirmo,etin 1 . ways to de busiess. 6 Arngness comparues have twised. ' : tion in this part of our company. We also are building a new generating complex in Polk County. The first phase of ths handQuadiheir. the project will be completed in late 1998. Its projected performance by using crentivity,, e '
. cost will be much lower than what others in Flon.da have
- ingemaityandknad work. The - -
paid to build new generation recently. The units making ferefs ofachieversent reached up the project will use combined-cycle technclogy and
] today, kanter, arir only[orerun- -
burn natural gas, which provides high efficiency and low ners a[ greater things to come. . emissions.
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l Some of the capacity from the Polk County site will be Over the past few years, the life insurance industry has used to meet the requirements of a new wholesale con- become more competitive and, for the first time, Mid-tract signed in 1995. Florida Power negotiated the sale of Continent experienced a decline in new sales. It became an additional 455 megawatts to Seminole Electric clear that we needed to change the strategic direction of Cooperative, beginning in 1999. the company if we were to remain successful long-term. Florida Po ver is prepared for competitio1 today. Our in March 1995, we selected James Harlin to lead the goal for the future is to be even better positioned to serve company. He brings 25 years ofinsurance experience to customers in a more competitive industry. The threat of the company, including 15 years as a chief actuary. In increasing competition has given our organization a new 1995, a comprehensive business plan was developed that
- level of common pur pose, with each business unit finding combines new products and ideas with the company's ways to work interdependently to meet the new existing strengths.
challenges. In 1996, Mid-Continent will begin selling a new insur-We have made changes in the way we do business that ance product called "Basiclife." It resembles the product
- have enhanced and improved Floric'a Power's operational that had been the company's primary policy for the past and financial strength. This required a concerted effort 12 years, but offers more Gexibility and guarantees to by our employees to raise the bar on their performance policyholders. The new policy .;hould be appealing to in 1995. both new and existing customers. "BasicLife" will be the company's core product and other complementary life ELECTRIC FUELS CORPORATION products will be introduced on an ongoing basis.
We are continuing our strategy of enlarging the opera- Nineteen ninety-six will be a year of transition for Mid-tions of Electric Fuels. The company further expanded its Continent. We believe that these changes are necessary to rail services and marine businesses in 1995. maintain and build market share and profitability in an We believe the best opportunities for growth within increasingly competitive life insurance business. l our diversified operations invAe enlarging the existing business units within Electric Fuels. We will continue to PROGRESS CREDIT CORPORATION acquire and develop new operations as long as they meet We have continued an orderly withdrawal strategy from our stringent operational and financial criteria. the lending and leasing, and real estate portions of our j During the last three years, Electric Fuels has increased business. Since announcing our exit strategy in 1991, we its earnings per share an average of 21.3 percent per year. have reduced our portfolio of assets by approximately During the same period, the company's average total 5583 million. At the end of1995, this portfolio to-return on equity was 13.3 percent. We believe Electric taled about $558 million in assets. Although our Fuels can continue to achieve double-digit earnings current exit strategy has been successful, growth. the continued weak-ness in the Electric Fuels' outstanding results have established a airline indus-g% performance benchmark for all our diversified operations. in order to r: main a part of our team, these companies try and com-mercial real must do well against their competition and demonstrate estate market an ability to enhance consolidated earnings growth and has slowed our withdrawal exceed the returns of our regulated utility. efforts. As a result, we are continuing MID-CONTINENT LIFE to examine other business options that could acceler-INSURANCE COMPANY ate the process. When we acquired Mid-Continent Life insurance Company in 1986, it was a small, conservative insurance MANAGEMENT CHANGES As in the world of sports, the day comes when every com-company selhng a popular, low-cost death benefit insur-ance policy. Since that time, Mid-Continent has more Petitor chooses to retire. In January, Allen Keesler than doubled in size by continuing to sell its market, nn unced his intention to retire as President and Chief Executive Officer of Florida Power, effective April 1. accepted product and by increasing its distribution area. ,
] g e,
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,x g j f READY TO COMPETE
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j % j i.- On balance,1995 was a good year for your company. ) l' j; From our point of view, the future appears to be quite j g- , challenging as we position ourselves to take advantage of f Q-
* /
/ [. - f the opportunities in the new competitive environment ,
i / that is developing. Our success in the future will be deter- ! I
mined by what we do today. We believe as the bar contin-i ues to be raised, we will be ready to compete.
- We invite you to read the next section of this annual report. In it, you will find many examples of how our
! employees and companies have raised the bar to reach j new standards of performance in order to build value for l our shareholders. We think you will be impressed and ) I pleased by what you learn. l
-NI 1 /
Florida Progress President Richard Korpan, center, tours the Orange County Convention Center with Florida Power Project Engineer J Lyndon B. DuPont, left, and Principal Account SpecialistJay W. Dr. Jack B. Critchfield McGaffin, right. Chairman and ChiefExecutive Officer Allen has done an outstandi.igjob of serving the com-pany for 33 years. , Since becoming President eight years ago, he has Richard Korpan accomplished many things. In the past few years, he led President and Chief Operating Offcer } the company through a very challenging period of restruc-I turing and cost reduction in preparation for competition. February 8,1996 His efforts have helped position the company for future success. Ailen also has served the utility industry well. A recent example can be seen in the national leadership role he has played in the area of nuclear waste disposal. He has been a great asset to the company and we wish him the very best in his retirement. Dick Korpan will become Chairman of the Florida Power board. In addition to his executive responsibilities at Florida Progress, he will also serve as Chief Executive Officer of Florida Power as part of a leadership transition period for up to one year. Florida Power Senior Vice President, Energy Distribution, Joe Richardson will suc-ceed Allen as President. Joe also will serve as Chief Operating Officer of Florida Power. x ... . s_
R A I S I N G T H -E B A R l lorida Progress Corporation is like a high jumper Fwho has fixed his attention on a crossbar se new, higher level. The goal is to clear the bar and reach When an idea resulted in a documented savings, an incentive payment was made to the contributing party. Since work began on the project in early 1995, the very highest level possible. approximately 20 idt.s have been submitted. These l One way we know that we have been successful in ideas have resulted in a savings of 51.6 million. 1 meeting the challenge of competition is to look at our Interestingly, most of the cost-cutting ideas came from accomplishments in terms of how much value they add the project team who felt challenged to fmd a better for our shareholders. We also measure success by how way. Florida Power has paid 5142,000 in incentive pay-much we have improved the level of customer service. ments to outside vendors since the program began. . Outstanding performers always strive to raise the The Polk County site is being developed on an , standard of performance in everything they do. 8,000-acre tract near the city of Bartow, Florida. The innovation, strength and flexibility: these are some of property had been mined extensively for phosphate, so the characteristics of winners. Each day, they find new construction of the energy complex will help the land ways to raise the bar and chailenge themselves to go and promote habitat restoration. beyond present limits; they want to achieve more. The first phase of the project calls for construction in the following pages you will read about em- of two combustion turbines, one steam turbine and ployees who exemplify the spirit of competition. They two heat-recovery steam generators. This block of natu-1 have committed themselves to winning by adding value ral gas-fired generators will be capable of generating for our customers and our shareholders. 470 megawatts of power. Additional power blocks could be added if needed. The site has a build-out POWERFUL PARTNERSHIPS capacity of 3,000 megawatts. The new polk County The great inventorThomas Edison had a personal phi- unit, which is scheduled to be in commercial operation losophy summed up in the phrase,"If there is a better in late 1998, will be the most efficient unit on the way, find it." Florida Power system. Florida Power is putting Edison's creed into practice at its new Polk County Energy Complex. So far, finding LIFTING WHOLESALE POWER a better way has resulted in cost reductions totaling SALES TO A NEW LEVEL millions of dollars. Florida Power's wholesale business produces about 7 Percent of the company's annual operating revenue. Most of the savings have come as the result of the Our 16 wholesale customers accounted for approxi-utility's efforts to lower capital costs from the original mately $150 million in sales in 1995, an increase projections made in 1992, when planning for the f aPProximately $20 million over the previous complex began. Substantial savings have been year. , achieved through the use of new technology and favorable price reductions in the cost of plant Sales will be going even higher beginning in components. 1999, the first year of a three-year contract with our largest wholesale customer, Another part of the savings came from Semin le Electric Cooperative, Inc. an idea developed by the Project Team, FI rida Power has agreed to sell i which is led by Project Manager Dennis Semmole an additional 455 Dingle. The team created a Value eg watts of bulk power. s Engineering incentive Program. The intention was to get all parties Bulk Power Markets Director involved in the design and con. Sam Nixon led the successful nego-tiations. The agreement will struction process to look actively for better ways to do things, espe- expand Seminole's total purchase cially ways to 1,450 megawatts. The new contract 3 that save money. . will
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t 4 f Florida Power's wholesale revenues by more than 40 always seem to be able to rise above adversity and per-l percent when it goes into effect. The wholesale part of form well, no matter what the conditions. l our business is expected to increase to an 8 percent Florida Power crews had ample opportunity to j share in 1999 because of the sale. demonstrate their ability to rise above adversity in 1995. The year was one f STRETCHING 1 3 THE LIMITS 7 Qww.ppmggr439er%MW$$$ of the busiest in many
. .M .1 years in terms of tropi-ON REUSE M:'MWk'_.,e{it.7
- A h@ N7M ' d cal storms an
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, pl.. . ( .j -] f.7 -) canes. The Florida l Successful athletes :
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hit by three major i most out of every E... ' storms during the year: l ounce of energy expended. Recently, a
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Florida Power suffered l . the worst damage from j devismg new ways to - - 7 ..' Hurricane Erin. Three reuse old materials. + - hundred twenty-five i One area that seemed . thousand customers l especially promising .[ were without service at j involved the reuse of : .
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y .. . - some point following l . Nineteen ninetype was a very aniveyear for hurricanes and tropical storms. the storm. Much of the
- The team felt that it damage was caused by j would be possible to reuse aluminum wire taken down downed t. es. Damage to Florida Power from Erin was l in highway-widening projects if the wire was in good estimated at $3.7 million.
e condition and ifit could be removed in usable lengths. Hurricane Opal was much more destructive, but To test the feasibility of the idea, a group of em- most of the devastation was in the Panhandle, west of ployees in the North Florida Region developed proce- the Florida Power service area. This gave Florida Power dures to roll up the old wire as it was being removed crews an opportunity to help other Gulf Coast utilities, j from the poles. Some of the wire is placed back into including Gulf Power Company and Alabama Power j inventory for reuse. In other cases, the team deter- Company. mined that it would be more beneficial to move the old Alabama Power was so grateful for wire directly onto the new poles. our assistance that it took out 1 i e
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'c. ~J i1; dy When these techniques -v half-page newspaper advertise-become employed on a system- .j ments in many Florida newspa-wide basis, the company will real- pers. The ads read " ..and out of ize a substantial reduction in mate- the darkness came Florida Power rial costs. Corporation." It complimented our crews for "their unselfish devo.
EXCELLENCE IN ADVERSITY tion of time, skill and energy to this It's easy to perform well when conditions tremendous task." are at their best. Unfortunately, conditions are not always favorable. Great performers 1E
l NUCLEAR UNIT TAKES A l . l GIGANTIC LEAP IN EFFICIENCY ' In many sports, the great performers improve .' - - l as they gain wisdom and experience. .'- I- ,. j . Florida Power's Crystal River Nuclear Plant ! .c l is in this category. The unit, which began ser- [
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- vice in 1977, achieved a capacity factor of 100 m l 1 percent in 1995. -
l The plant staff worked hard to raise the per- -
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'r formance bar this year.Their decision to per- . s i, I form more maintenance activities while the ,' =( 4 plant was operating eliminated the need for F.
l ' j periodic maintenance outages that previously - ! kept the plant out of service for up to 50 days - 9 i. { during its normal 24-month operating cycle. . .
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l Improved planning and training have made on- . t line maintenance a very safe and cost-efhcient , ,1 ,, ' i .~j alternative. Helicopters make fast work of transmission Ime repairs, rewiting in a major l There are many other examples of how inno. savings of time and money. j ' vation is helping to improve plant performance. Using conventional transmission bucket trucks, it takes ! One involves verification that all materials used in nuclear safety-related applications meet very exacting about eight and a half months to completely inspect j the transmission system and make any repairs. quality standards. Staff Nuclear Engineer Michael Clary oversees the testing process using sophisticated equip. This year, the job was done in three and a half weeks ment hke a scanning electron microscope, an X-ray fluo. with the aid of a helicopter. Transmission Maintenance j rescent spectrometer and a four-channel oscil'oscope. Project EngineerThomas Harrison says the company Much of this equipment is now doing double duty. was looking for the fastest, most cost-effective method to get the job done. This led him to a company that It is being used to perform fai!ure analysis. Clary says Specializes in aerial inspection of power lines. both activities previously had been sent to off-site test. ing labs, or consultants were brought to the plant. A three-person inspection crew does the work. The Bringing these activities in-house has resulted in lower P il ot brings the small observation helicopter to within a j costs and reduced time in waiting for critical results. few feet of a transmission tower. A spotter, using gyro-stabilized binoculars, visually inspects the structure and TAKING TRANSMISSION MAINTENANCE describes any problems through the headset in his hel-TO NEW HEIGHTS met. The spotter's findings are entered immediately Florida Power has approximately 170 into a computer operated by the third member of the miles of 500-kilovolt transmission crew. line. Periodically, these high-volt- Harrison says time is not the only savings. This inno-age lines, and the struc- vative practice has allowed the company to reduce the tures that hold them cost of transmission tower inspection and repairs by 150 feet off the more than 60 percent. ground, must be inspected. GETTING THEJUMP ON RENEWING A FRANCHISE AGREEMENT On December 7,1995, the city of Clearwater signed a new 30-year franchise agreement with Florida Power. Clearwater, the second largest city in the company's service area, accounts for approximately 5 percent of Florida Power's total annual revenue. Renewal of the franchise, which was ser to expire in the summer of 1996, was clearly a top priority for us. C. d n, , y- ' J
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l Florida Power Suncoast Region Vice PresidentJanice . Case led the successful effort to retain the franchise by . demonstrating to city officials that the residents of , their community would be best served by continuing to - - receive electric service from Florida Power. ,. 4 - Our low commercial and industrial rates were 0 g . another strong factor in the city's decision. Competitive , x . rates are of utmost importance in promoting the eco- . l* nomic development of a community. The company's .w [ proven track record of providing reliable service also 4 4 i" ,. played a major role in renewal of the agreement. .- (b ;[~ $i l - r . Competitive rates and reliable service will continue l .. i to be major components in the decision-makmg ! process of renewing franchise agreements. On both k . counts, we are confident that Florida Power will con- , tinue to be the undisputed provider of choice and that - 1 - j we will see our existing franchises renewed. . ( .. ! RAISING THE BAR ON - ! CUSTOMER SERVICE CAPABILITY - On March 17,1995, FIorida Power took a quantum pg,,,,, p,,,, ,,g;,,,,, g,g,,, y_ pg,,,,,,, ,,,,, ,,, g,,g,,, ,_ g,,,,, l leap in customer service. On that day, it put its new right, discuss plans for a turbine outage at the Florida Crushed Stone l Customer Service System into operation, cogeneration plant near Brooksville, Florida. l The computer-operated system, which took nearly Dozens of utilities have expressed interest in using this three years to develop, is the most advanced ofits kind system, and several major utilities have purchased it, in the country. Conversion to the new system was a The system has allowed for some innovative organi-massive undertaking. As expected, there were startup zational changes. In late 1995, it was announced that Problems that resulted m some declines in service lev- the company's four Customer Service Centers would be els. Employees in both the customer service and infor-consolidated into two large centers linked by the com- l mation technology areas rose to the challenge. Many ' puter and phone system. One center will be located in worked nights and weekends until the worst of the Winter Park, the other in Clearwater. Linking the cen-Problems were resolved. ters will allow us to make significant improvements in The new system allows customer service representa- service levels, as we are able to increase the volume tives to do a more thorough job of serving Florida of calls handled and the speed in which they are j Power's 1.2 million customers. One ofits most processed. innovative features is an application that allows representatives anywhere in the state to elec- THE SYSTEM MAINTENANCE tronically assign, schedule and dispatch work to CREW SCORES A BIG WIN the specific employee work group designated to Account Manager Robert Phillips and Outage serve that customer. Maintenance Coordinator Richard The system also allows for most work Bryer understand that fmding a need l to be done on a real time basis and filling it can be a sure formula which means that it is no longer for success. necessary to wait for the com- Phillips found that one of puter to process transac- his industrial customers, tions overnight. Florida Crushed Stone, The new system owner of a large lime-was developed in rock mine and partnership with cement-processing
- Andersen operation near j Consulting. Brooksville, Florida, j had a special need.
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I i ! Every few years, the 133-megawatt power plant at DIVERSIFIED OPERATIONS } the site must be shut down for a turbine overhaul. The nonutility activities of Florida Progress continue to ! Phillips learned that his customer was not satisfied with play an important role in the company's future. The the work that had been done by its regular outage con- competitive bar is ser very high for these companies. tractor. He contacted Bryer, who coordinates fossil Their success is measured not only against the compe-power plant outages for Florida Power, to see if the tition in their respective markets, but also in terms of l company's System Maintenance Crew, which special- their strategic fit and their ability to enhance consoli- ) ires in tt.cbine overhauls, would be interested in bid- dated returns and to exceed the earnings growth rate l ding on the project. Bryer was, and the crew ultimately of the regulated utility. j won the contract. Electric Fuels has demonstrated success in all three l Bryer says this is a great opportunity to provide a areas. Its diversified activities include the mining and l value-added service to a key customer. It also helps the procurement of coal, rail services and marine trans-l company provide more steady employment for many of portation. l the contract laborers who make up the bulk of the A deeply depressed national coal market kept the crew. Recent plant retirements have meant less work coal business unit from making significant contribu-l and a higher likehhood that these skilled workers would tions to earnings in 1995. A Total Quality Management l be recruited to work in other parts of the country. program will be instituted throughout the mining The outage is scheduled to be conducted over four operations in 1996. Operational changes and cost , weeks in March 1996. Bryer says the crew is definitely reductions resulting from the program, as well as l interested in doing additional contract work when it product quality enhancements, are expected to result does not conflict with the company's power plant out- in improved production and earnings. age schedule. The rail services and marine transportation units of i the company were outstanding performers in 1995. GAINING NEW STRENGTH Both units added substantial value to shareholders and l lN CUSTOMER RELATIONS have allowed the company to position itself for ! In 1995, Florida Power gained a winning edge by mov-significant growth in the years ahead.
- ing closer to some key customers.
In this section of the report, ! In May, Florida Power employee Robert Godfrey l you will read how these became the Energy Manager for the Pinellas County units have raised the bar . ! school system. The move was more than an act of and are performing at a I good corporate citizenship. It reflects how important higher level. p-I the school system is to us. With 128 schools and a ' number of administrative facilities, the Pinellas school system is our largest single customer in Pir tilas County. j Prior to assuming the post as part of a one-year i pilot project, Godfrey, a 25-year veteran of the com- ! pany, was an energy services specialist. His full-time l assignment, before assuming his new duties, was to l work with the schools. Godfrey says he thought he [ thoroughly understood the needs of the school system but admits, since assuming the position full time, he l has gained a totally new perspective on the school ( system's needs. l i Since taking over the posi-tion, Godfrey helped form a
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RAll SERVICES BUILDS MUSCLE "We never take our customers for granted, and we Billy Ainsworth beheves there is always room for improve- never become complacent with the way things are, no ment, and his customers love it. That's because he and m trer how good they may seem. We are always looking the approximately 1,500 employees he leads as President r tter w ys t sene ur customers and lower our c sts," Ainsworth adds. of Progress Rail Services in Albertville, Alabama, are con-tinually seeking new and better ways to meet their cus. Ainsworth says the company is not hesitant to take tomers' needs. advantage of new opportunities. "When we see an oppor-
"" E fits our business plan, we go for it. Ifit meets Progress Rail was formed in 1993 when Electric Fuels .
our objectives, we will f nd a way to make it happen." acquired the assets of Steel Processing Services, the com-An example of this can be seen .in the way Progress Rail pany Ainsworth founded 10 years earlier. The acquisition . . . helped a number ofits major customers avoid lengthy and merger with Electric fuels. existing railcar repair and delays in the delivery of certain trackwork products. parts reconditioning business more than doubled the size Supphers were not able to keep up with demand. Sensing of the company and made it the largest integrated proces-an opportunity, Progress Rail recently constructed a large sor and suppher of railroad materials .in the country. It trackwork plant to capture a sharc of th.is market. also gave the company the financial and operational mus-cle to greatly expand the scope ofits operation. Progress Rail provides a growing number of specialized services to its customers. FM Industries, a Progress Rail Ainsworth attributes the company's success to the subsidiary, is recognized nationally as a specialist in the hard work ofits employees. their abihty to work as a team manufacture of hydraubc cushioning units for railroad and an intense focus on the customer. "If we don't take freight cars. A new rail pickup unit, specifically designed care of our customers, someone else will," says and built for Progress Rail, allows the company to offer a Ainswort h. highly specialized service that was available previously on An extremely important attribute of the business a very hmited basis. Shortline and regional railroads, and involves delivering a high-quahty product on a timely a number of Class 1 railroads without such a unit, can bas:s. A critical factor in customer satisfaction is the now rent this unit along with a trained and qualified speed of service. Progress Rail has built a solid reputation operator to remove existing rail in a highly automated and for on-time delivery, minimum delays, .omprehensive ser- efficient manner. This allows the railroad to restore its line vices and the largest in-stock invente ses in the country. to service in a more timely manner. immin ;"'Q"""*'W W e. m n ~ . m ~ +: Other examples of the company's "can do" spirit involve a series of strategic acquisitions in the western United States. In December 1995, Progress Rail pur-y chased the assets of the Glover Group, a railcar repair company based in Sidney, Nebraska. The assets included maintenance and repair facilities in Sidney and Northport, Nebraska. Progress Rail also pur-chased a 15-mile short-hne railroad that serves the Sidney facihty and industrial shippers that use the Burlington
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