ML20206R519
ML20206R519 | |
Person / Time | |
---|---|
Site: | Summer |
Issue date: | 12/31/1998 |
From: | Timmerman W SCANA CORP. |
To: | |
Shared Package | |
ML20206R517 | List: |
References | |
NUDOCS 9905200142 | |
Download: ML20206R519 (65) | |
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1 FELLOW SHAREHOLDERS: I i 3
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sk . y& 1 f t is my pleasure to present to you SCANA Corporation's 1998 annual report. This report focuses on how SCANA achieves success through shared values. Values are defined as principles or qualities that are intrinsically desirable. At SCANA, we have our own set of val-ues. We live them. Our success today and into the future belongs to our employees who bring these desirable traits into the workplace and the communities we serve each and every day. I hope you enjoy meeting some of our employees as you read this report. Before I take you through a financial and operational review of 1998, let me discuss some exciting recent events that will help shape the future growth of our Company. On February 16, 1999, we reached an agreement to acquire Public Service Company of North Carohna Inc., a Gastonia, North Carolina-based natural gas distribution company in a transaction valued at approximately $900 million, including the assumption of debt. Incorporated in 1938, PSNC transports and sells natural gas to approximately 340,000 resi-dential, commercial and industrial customers in a 31-county service territory covering 95 cities and communities spanning from the Research Triangle area of Raleigh, Durham and Chapel Hill in the north central portion of the state to the Concord, Statesville, Gastonia region in the Piedmont to Asheville in the west. 7 Following the completion of this transaction, which we expect by the end of 1999, PSNC will become a wholly owned subsidiary of SCANA. PSNC's Chairman, President and Chief Executive Omccr Charles E. Zeigler, Jr., will become president and chief operating omcer o.f
, the PSNC subsidiary and a member of a three-person Omce of the Chairman that will include myself and Jack Skolds, president and chief operating omcer of South Carolina Electric & Gas Company. Charlie and two other PSNC directors also will be joining SCANA's Board.
t This acquisition is an important growth opportunity for SCANA that will allow us to further maximize shareholder value in the face of a changing utility industry. It will allow our Company to extend natural gas service into some of the fastest growing markets in North Carolina while doubling our gas customer base to more than 750,000 stretching from Georgia through the Carolinas. h
SCANA and PSNC share a common mission, vision and values that are focused on compet-itive prices, high-quality customer service, serving our communities and increasing share-holder value. PSNC's management team has built one of the most competitive gas distribu-tion companies in the nation, and their expertise will be a valuable addition. Financially in 1998, we carned $2.12 per share, up from $2.06 per share in 1997. Earnings for 1998 included a nonrecurring gain of 5 cents per share re!ated to a retroactive change in electric depreciation rates in the first quarter of 1998. Earnings for 1997 included a one-time gain of 16 cents per share from the sale of our oil and natural gas exploration and production subsidiary. The increase in 1998 earnings was driven primarily by higher sales of electricity, which increased 12.5 percent as a result of one of the warmest summers on record. True growth in electric customer base increased 2.7 percent. The 1998 earnings per share results also beneGred from the completion of a $110 million stock repurchase program that reduced our outstanding common shares by approximately 3.7 million. At the close of the year the Public Service Commission of South Carolina ordered a reduction of $22.7 million in retail electric rates for SCE&G beginning in 1999. The Commission ordered the reduction because SCE&G earned more than the allowed return on common equi-ty as a result of record breaking hot weather during the summer. However, the Commission did reaHirm our authorized return on common equity of 12 percent. In conjunction with the PSNC transaction, your Board of Directors adopted a common stock dividend policy that will bring the Company's dividend payout more in line with growth-ori-ented utilities and increase retained cash How to position the Company for growth. The Board declared a Grst quarter 1999 dividend of 381/2 cents per share of common stock. Under the new policy, the Board anticipates declaring a 381/2 cents per share dividend in the second quarter and reducing the dividend to 271/2 cents per share thereafter. This will make the Company's indicated annual dividend rate on common stock of $1.10 per share or 52 per-cent of 1998 earnings per share. The Board will review the dividend on an annual basis. The decision to reposition the dividend was a difGcult one, but it will provide us the Dexibil-ity to deal with the demands of a more competitive utility industry while implementing our growth strategies. Our Company has historically paid 70 percent to 75 percent ofits annual earnings in dividends to common shareholders. As competition in our industry intensiGes, we need to retain more of our earnings to position the Company for growth. Reducing the dividend lowers our payout ratio to 50 to 55 percent of earnings, which is more in line with other growth-oriented utilities with whom we are competing. It strengthens our Gnancial position and broadens our ability to make additional investments in our energy and telecom-munications businesses. We believe this strength-through-growth strategy will increase future earnings, providing a sound basis for future growth in the dividend and in stock price. Total return to shareholders in 1998 was approximately 13 percent, which compared favor- - ably to other utilities. Forba picked SCANA as one of only 15 energy distribution compa-nies in the country in its Platinum 400 list of superior performing large companies. However, in the Grst few months of this year, SCANA's stock price has declined, along with other util-ities, because of mild weather, concerns over rising interest rates and reaction to the PSC's order reducing electric rates. Despite this short-term set back, we believe the Company's long-term outlook is bright as we move toward more aggressive growth. Operationally,1998 was an active year for the Company. Summer Station continued its record of excellence, becoming one of only four nuclear plants in the nation to earn all h
Category I ratings from the Nuclear Regulatory Commission. In addition, the 1,000-megawatt facility led the nation in capacity factor averaged over the past three years and was second in the world in capacity factor in 1998. Our overall electric generating system also performed excelkntly as we were able to meer record energy demand of our customers this past summer without needing to purchase very expensive supplemental power. We also were successful in pursuing our goal of finding growth opportunities outside of our traditional utility service territories. Using a comprehensive marketing strategy to introduce the SCANA brand to Georgia's natural gas customers, we have signed up more than 175,000 new customers in a little more than four months in that state's newly opened retail market. Start-up costs associated with entering this market are affecting earnings. But we are build-ing on our proven strengths in customer service and competitive pricing in quickly growing revenues from this new market. On a similar note, we continue to be pleased with our various te!ecommunications invest-ments and the added value they give SCANA from exposure to their marketing practices and the opportunity to sell our products and services on an amliated basis in the future. In June, we invested an additional 575 million in convertible preferred stock of Powertel, Inc., a lead-ing provider of digital wireless Personal Communications Services (PCS), as that company continues the buildout ofinfrastructure needed to provide contiguous service across much of the Southeast. The Year 2000 is an issue to SCANA and other companies because many computers, systems and software were originally programmed using two digits rather than four to identify the year, which may prevent them from accurately processing information with dates beyond 1999. Because this issue could have a material impact on the operations of the Company if not addressed, our goal is to be Year 2000 ready and we are on schedule to have all critical systems corrected by July 31,1999. On a personal note, I would like to thank Bill Cassels and Creighton McMaster for their many dedicated years of service to SCANA as members of our Board of Directors. Both will turn 70 before the 2000 Annual Meeting and are therefore retiring from the Board in April 1999. Their wisdom and counsel have been very important to SCANA's development, and they will be missed. In closing. let me once again praise our dedicated team of employees. Collectively, SCANA's employees own 12 percent of the outstanding shares of common stock. Not only do they own a large portion of the Company, but they ensure SCANA's continued success by putting our shared values to work every day. Respectfully submitted, W.B. Timmerman Chairman, President and Chief Executive Officer February 22,1999 h _
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WE'RE PRODUCING LOW-COST ELECTRICITY AND DEllVERING IT SAFE, REllABLE AND ENVIRONMENTALLY SENSITIVE MANNER TO MORE THAN HALF A MILLION HOMES AND BUSINESSES. The V.C. Summer Nuclear Station typifies our excellent operating and safety records in the elec-tric generation business. This 1,000-megawatt facility tied for second place in the world for capacity factor in 1998 and led the nation in the same category as averaged over the past three years. Our cooperative preventive maintenance programs proved their worth during the extreme summer weather of 1998. Our system of 22 fossil, hydro, nuclear and internal combustion facil-ities never wavered as our customers set five new records for electric demand in the span ofone month. Operationally, our system availability and heat rate factors continue to outpace indus-try averages, and continuing system improvements are helping us reduce our emissions, lower our production costs and increase electric output. And that translates into afTordable, responsi-ble and reliable comfort and convenience for consumers. pn F Lawrence Youmans, Jr., Plant Mechanic "I love working with World Changers, a church-oriented youth group that helps those less fortunate. It really gives you satisfaction to help those who can't TO 3.; ' q ; *l help themselves." w
.y 4 Jack Skolds is Group Executive of SCANfs Electric Group and President and Chief Operating Officer of South Carolina flectric & Gas Company. He is responsibic for all electric generation, transmission and distribution operations. 'g
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WE'RE EXPANDING OUR NATURAL GAS TRANSPORTATION AND DEl SYSTEMS TO PROVIDE ENERGY ALTERNATIVES FOR OUR GROWING (USTOMER BASE. Our gas group is cor,tinually assessing SCANA's transmission and distribution systems to ensure reliability now and into the future for more than 256,000 South Carolina homes and businesses. At the same time, we're evaluating systemwide capacity needs to maintain pace with a rapidly growing economy. Most of the major growth areas - Myrtle lleach and the IllufTton area outside Hilton H:ad are two prime examples - are located at the far ends of our system delivery points. While this makes pipeline expansion more challenging, these areas offer sig-nificant new opportunities for gas sales. Our transportation and delivery systems have out-standing safety and reliability records. Our distribution system is one of the most eflicient in the Southeast when measured in terms of the number of customers served and revenue gener-ated per employee. Safety and reliability remain the cornerstones of SCANA's pipeline network as we strive daily to find ways to continue to better serve our customers, reduce costs and bring value to our shareholders. lb y Jy Barney Murphy, Director of System Control l l (M f QL I
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I our jobs are important to benefit our customers, community, shareholders and fellow employees. I'm proud to be a part of the leading edge: SCANA.* l 4 Berry Gibbes is Group Executive of SCANA's Gas Group and President of South Corolina Pipeline Corporation. He is responsible for 0!I natural gas transmission and distribution operations and propone businesses. 2
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WE'RE AGGRESSIVELY BREt. KING OUT OF OUR TRADITIONAL NATURAL GAS SERVICE AREA AND EMERGING AS THE TOP NEW MARKETER IN l GEORGIA'S RESIDENTIAL AND COMMERCIAL MARKETS. In the fall of 1998, Georgia became the first state in the nation to deregulate natural gas ser-vice to residential and commercial customers. Deregulation of the natural gas business began in 1978 at the well head. It spread to the pipelines and eventually to the industrial sector, where we provide natural gas and other energy marketing services to approximately 180 cus-tomers, including more than 100 in Georgia, in more than 20 states. Expanding into Georgia's residential and commercial markets is a natural extension for SCANA's gas busi-nesses. In a little over four months' time, more than 175,000 residential and commercial cus-comers had chosen SCANA as their natural gas provider, making us the top new marketer. We achieved this success by focusing on customer service, eH'ective marketing and the forma-tion of strategic alliances. In the latter part of 1998 we opened six customer service oHices and placed full-service kiosks at 30 Kroger grocery store locations. Alliances and partnerships with electric cooperatives, AAA, schools, churches, municipalities and other groups also offer new opportunities for Georgia consumers to choose SCANA and save on a variety of goods and services. We will continue to aggressively marker natural gas and, in the future, offer our customers additional products and services, such as home security and appliance maintenance pro-grams, wireless communications and internet access. Derrick Johnson, Commercial Sales Representative "If you say you're going to do something, complete the task. I mink people respect that." 4 Kiosks at 30 Kroger grocery stores in Georgia make it easy for customers to choose SCANA as their natural gas supplier. F
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