CP&L reports fourth-quarter, year-end earnings.RALEIGH Raleigh (rôl`ē, räl`ē), city (1990 pop. 207,951), state capital, and seat of Wake co., central N.C.; the site was selected for the capital in 1788, and the city was laid out and inc. 1792. , N.C.--(BUSINESS WIRE)--Jan. 23, 1997--Carolina Power & Light (NYSE NYSE See: New York Stock Exchange : CPL CPL - Combined Programming Language. U Cambridge and U London. A very complex language, syntactically based on ALGOL 60, with a pure functional subset. Provides the ..where.. form of local definitions. Strongly typed but has a "general" type enabling a weak form of polymorphism. ) today reported earnings of $2.66 per share of common stock for 1996, a 7.3 percent increase over the $2.48 per share reported for 1995. Net income for the year rose to $391.3 million, compared to $372.6 million for 1995. Higher energy sales, customer growth and lower interest expense contributed to the increased earnings and net income. Operation and maintenance expenses continued a downward trend with an $8 million decrease from 1995, even though expenses of about $6 million related to ice storms and Hurricane hurricane, tropical cyclone in which winds attain speeds greater than 74 mi (119 km) per hr. Wind speeds reach over 190 mi (289 km) per hr in some hurricanes. Bertha ber·tha n. A wide deep collar, often of lace, that covers the shoulders of a dress. [French berthe, after Bertha (died 783), Carolingian queen as the wife of Pepin the Short.] negatively impacted the operating and maintenance expenses for the year. Hurricane Fran's impact on 1996 earnings was moderated by the N.C. Utilities Commission's decision to allow CP&L to write off Fran-related operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. over 40 months. For the year, total energy sales rose 2.9 percent, compared to 1995. Strong customer growth - CP&L's service area grew by nearly 34,000 customers, or 3.1 percent, during 1996 - led to a 4.5 percent increase in residential sales. Commercial sales rose 3.7 percent, and industrial sales increased 1.0 percent, reflecting general business growth. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the year totaled approximately $3.0 billion. Earnings were $0.55 per share for the fourth quarter of 1996, compared to $0.45 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the same period in 1995. Operating revenues for the fourth quarter of 1996 were $694.6 million, compared to $720.9 million for the same period of 1995. Net income for the fourth quarter rose to $81.1 million, compared to $66.7 million for the fourth quarter of 1995. Milder temperatures during the fourth quarter led to a decrease in total energy sales of 2.7 percent. Residential sales were down 3.5 percent for the quarter. Commercial sales rose 0.7 percent, and industrial sales rose 1.2 percent for the quarter. CP&L provides electric service to more than 1.1 million customers in a 30,000-square-mile service area in the Carolinas Car·o·li·nas The colonies (after 1729) or present-day states of North Carolina and South Carolina. Noun 1. Carolinas - the area of the states of North Carolina and South Carolina Carolina . -0-
CAROLINA POWER & LIGHT COMPANY (CPL)
Earnings Release For Period Ending Dec. 31, 1996
Three Months Ended Dec. 31
Earnings statistics 1996 1995 %Change
(000s except EPS)
Revenues $694,572 $720,850 -3.65%
Net Income $ 81,116 $ 66,704 21.61
Earnings for Common 78,713 64,301 22.41
Earnings/Share of Common Stock 0.55 0.45 22.22
Average Common Shares
Outstanding 143,315 144,349 -0.72
Three Months Ended Dec. 31
1996 1995 %Change
Operating Revenues (000's)
Residential $224,021 $231,664 -3.30
Commercial 149,403 149,007 0.27
Industrial 178,988 180,088 -0.61
Government and municipal 17,715 19,185 -7.66
Power Agency 17,820 20,301 -12.22
NCEMC 45,082 67,222 -32.94
Other Wholesale 24,372 20,746 17.48
Other Utilities 22,471 20,135 11.60
Miscellaneous revenue 14,700 12,502 17.58
Total Operating Revenues $694,572 720,850 -3.65
12 Months Ended Dec. 31
Earnings statistics 1996 1995 %Change
(000s except EPS)
Revenues $2,995,715 $3,006,553 -0.36%
Net Income 391,277 372,604 5.01
Earnings for Common 381,668 362,995 5.14
Earnings/Share of Common Stock 2.66 2.48 7.26
Average Common Shares
Outstanding 143,621 146,232 -1.79
12 Months Ended Dec. 31
1996 1995 %Change
Operating Revenues (000's)
Residential $992,152 969,112 2.38
Commercial 627,880 618,394 1.53
Industrial 721,588 733,448 -1.62
Government and municipal 75,391 78,400 -3.84
Power Agency 96,795 100,951 -4.12
NCEMC 234,653 299,171 -21.57
Other Wholesale 87,463 82,407 6.14
Other Utilities 105,077 78,147 34.46
Miscellaneous revenue 54,716 46,523 17.61
Total Operating Revenues $2,995,715 $3,006,553 -0.36
Three Months Ended Dec. 31
1996 1995 %Change
Energy Sales (Millions of kWh)
Residential 2,875 2,979 -3.49
Commercial 2,276 2,260 0.71
Industrial 3,681 3,636 1.24
Government and municipal 285 315 -9.52
Power Agency 445 571 -22.07
NCEMC 872 1,268 -31.23
Other Wholesale 567 493 15.01
Other Utilities 1,108 926 19.65
Total Energy Sales 12,109 12,448 -2.72
Three Months Ended December 31
Weighted Degree Days 1996 1995 Normal
Heating 1,226 1,345 1,204
Cooling 40 105 65
Twelve Months Ended December 31
1996 1995 %Change
Energy Sales (Millions of kWh)
Residential 12,611 12,074 4.45
Commercial 9,615 9,276 3.65
Industrial 14,456 14,312 1.01
Government and municipal 1,263 1,288 -1.94
Power Agency 2,523 2,338 7.91
NCEMC 3,947 5,454 -27.63
Other Wholesale 2,014 1,915 5.17
Other Utilities 4,899 3,233 51.53
Total Energy Sales 51,328 49,890 2.88
Twelve Months Ended Dec. 31
Weighted Degree Days 1996 1995 Normal
Heating 3,440 3,166 3,244
Cooling 1,622 1,814 1,551
CONTACT: Carolina Carolina (kärōlē`nä), city (1990 pop. 177,806), Puerto Rico. Located 7 mi (11 km) SE of San Juan, it is a residential suburb of the capital, as well as a commercial and industrial center. Power & Light, Raleigh Mike Hughes Mike Hughes (b. November 17, 1974) is an Canadian professional wrestler who has competed on the North American independent promotions throughout the late 1990s and early 2000s as a co-founder and mainstay of Real Action Wrestling [1] , 919/546-6189 KEYWORDS Keywords are the words that are used to reveal the internal structure of an author's reasoning. While they are used primarily for rhetoric, they are also used in a strictly grammatical sense for structural composition, reasoning, and comprehension. : NORTH CAROLINA North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. SOUTH CAROLINA South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. INDUSTRY KEYWORD (1) A word used in a text search. (2) A word in a text document that is used in an index to best describe the contents of the document. (3) A reserved word in a programming or command language. 1. : UTILITIES EARNINGS REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-752-9600 or 800-221-2462; Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. 617-236-4266 or |
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