CP&L shareholders meet; board declares dividends.RALEIGH, N.C.--(BUSINESS WIRE)--May 10, 1995--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. ) continues to take aggressive steps to strengthen its position in a changing electric utility environment, Sherwood H. Smith Jr., chairman and chief executive officer, told CP&L shareholders today at the company's annual meeting in Raleigh. Smith, surrounded by exhibits that illustrated the benefits of all-electric living, including an electric car, said that CP&L focused its energies in 1994 on meeting the needs of its customers -- through programs, products and services -- and on decreasing costs and increasing performance. The shareholders approved a change to the company's charter, establishing a variable number for the size of the board of directors. They also approved a by-law amendment that provides for staggered terms staggered terms Membership terms for a firm's directors that expire in different years. A firm with 12 directors might have 4-year terms with 3 seats up for election each year. Staggered terms make it more difficult for a raider to gain control of a board. for directors. In keeping with the new flexibility, the shareholders approved a reduction of the board size from 14 members to 12. The members will serve staggered three-year terms. Shareholders elected Leslie M. "Bud" Baker Jr. to the new board of directors. Baker is president and chief executive officer of Wachovia Corp. Retiring from the board are Charles D. Barham Jr., William E. Graham Jr. and Gordon C. Hurlbert. Smith praised each for his service to the company over many years. Following the shareholders meeting, CP&L's board of directors, also meeting in Raleigh, declared quarterly dividends on the company's common and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The quarterly common stock dividend of 44 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. is payable Aug. 1, 1995, to shareholders of record as of July 10, 1995. Dividends at the prescribed rate for preferred stock -- payable Oct. 2, 1995, to shareholders of record as of Sept. 20, 1995 -- are $1.25 per share on the $5 series; $1.05 per share on the $4.20 series; $1.36 on the $5.44 series; $1.93 on the $7.72 series; and $1.9875 on the $7.95 series. Speaking to CP&L's shareholders, Smith reviewed a number of the company's accomplishments during 1994, including the performance of its generating plants. CP&L's nuclear plants produced a record amount of electricity, nearly 42% of the company's total system energy supply. And the company's coal-fired and hydroelectric plants continued to perform well. Also in 1994, CP&L installed a new state-of-the-art central energy control system, which enables CP&L to deliver the most reliable and cost-effective mix of power for its customers 24 hours a day. Through the company's new Marketing and Customer Energy Services departments, CP&L continues to focus attention on expanding service in the residential, commercial and industrial customer segments. Smith pointed to a number of other key developments during the year, including establishment of a telecommunications subsidiary in December, CP&L's investment in affordable housing and the continued company emphasis on promoting economic development. "We are driving costs down," Smith said. "We are driving performance up; we are benchmarking against the best. We're improving efficiency, streamlining our internal organization, re-engineering many processes, leveraging technology and mobilizing mobilizing, v 1. freeing or making loose and able to move. 2. observing any ongoing movements in a client's body, whether small or large, assisted or not, that identify strengths and weaknesses, as well as the client's physical and employees to be efficient, cut costs and improve performance wherever possible." CONTACT: Carolina Power & Light Co., 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: 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: ENERGY 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 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion