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 TAMPA, Fla., Jan. 17 /PRNewswire/ -- TECO Energy, Inc. (NYSE:TE) today announced earnings of $1.40 per share for 1993, up 8 percent from the $1.30 per share recorded in 1992.
 Chairman and CEO Timothy L. Guzzle credited the 10-cent increase in earnings per share to the continued outstanding performance of the company's diversified businesses. "The on-time, on-budget start-up of our Hardee Power Station last January enabled our independent power business to make its initial contribution, while earnings in our natural gas business grew nearly 50 percent through increased production and improved gas prices," said Guzzle. Tampa Electric's contribution to earnings was level with last year's, excluding a non-recurring coal settlement charge in 1993.
 Guzzle said, "This was our seventh consecutive year of earnings growth, despite some troublesome economic times. Results like these confirm our strategy of maximizing returns by developing our family of well-managed, energy-related businesses."
 Consolidated net income increased 8 percent to $161.5 million on revenues of $1,283.9 million for 1993 from $149.0 million on revenues of $1,183.2 million for 1992.
 Operating income from the diversified businesses increased 23 percent to $75.9 million on revenues of $474.4 million in 1993, up from $61.5 million on revenues of $375.8 million in 1992. TECO Power Services' Hardee Power Project and increased production and higher gas prices at TECO Coalbed Methane more than offset somewhat lower results from TECO Coal. The coal business' results were affected by lower pricing on Tampa Electric business, while third-party coal sales continued to increase. Operating income from the diversified companies includes a tax credit on coalbed methane production and is net of interest costs on the non-recourse debt related to independent power operation.
 Tampa Electric's operating income of $214.6 million on revenues of $1,041.3 million in 1993 was flat with 1992's $215.0 million on revenues of $1,005.8 million. Higher base revenues associated with customer growth of 1.7 percent were offset by higher operating expenses.
 Three non-operating items netting to a 1-cent per share benefit were included in 1993's results: a one-time 10-cent-per-share increase resulting from the adoption of Financial Accounting Standard No. 109 on accounting for income taxes; a 5-cent-per-share non-recurring charge at Tampa Electric associated with a coal pricing settlement; and a 4-cent- per-share charge reflecting the increase in the federal corporate income tax rate from 34 percent to 35 percent.
 Earnings per share for the quarter ended Dec. 31, 1993 were 31 cents compared to 30 cents for the fourth quarter last year. Consolidated net income increased to $35.4 million on revenues of $322.3 million from $34.5 million on revenues of $295.8 million for the same quarter in 1992. The increase in income resulted from the contribution from TECO Power Services and lower interest costs, partly offset by a $3.3 million charge related to the adoption of Financial Accounting Standard No. 112 (FAS 112) on accounting for postemployment benefits which reduced earnings per share by 2 cents.
 Revenues for the fourth quarter from the diversified companies were $123.3 million, up 22 percent from $100.7 million in 1992. Operating income for the quarter was $18.8 million, after a $1.6 million charge related to FAS 112, compared to $20.3 million in 1992. The level of business at the ocean-going water transportation company was affected by the United Mine Workers strike and flooding conditions on the upper Mississippi River.
 Tampa Electric's fourth-quarter operating income was $44.5 million on revenues of $251.5 million compared to $45.6 million on revenues of $241.8 million for the same period last year. Higher retail sales during the quarter were offset by lower sales to other utilities and higher operating expenses, including $1.7 million related to FAS 112.
 Earnings per share and common shares outstanding reflect the company's two-for-one-stock split effective Aug. 30, 1993.
 TECO Energy is a diversified energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, TECO Transport & Trade, TECO Coal, TECO Coalbed Methane and TECO Power Services.
 Summary information:
 Quarter ended 12 Months ended
 Dec. 31, Dec. 31,
 1993 1992 1993 1992
 Revenues (millions) $322.3 $295.8 $1,283.9 $1,183.2
 Income before
 cumulative effect of
 change in accounting
 principle (millions) $ 35.4 $ 34.5 $ 150.3 $ 149.0
 Cumulative effect on
 income of adopting
 FAS 109 (millions) --- --- $ 11.2 ---
 Net income (millions) $ 35.4 $ 34.5 $ 161.5 $ 149.0
 Earnings per share
 before cumulative
 effect of change in
 accounting principle $ .31 $ .30 $ 1.30 $ 1.30
 Cumulative effect on
 earnings per share
 of adopting FAS 109 --- --- $ .10 ---
 Earnings per share $ .31 $ .30 $ 1.40 $ 1.30
 Average common
 shares outstanding
 (thousands) 115,569 114,897 115,340 114,611
 -0- 1/17/94
 /CONTACT: Mike Mahoney of TECO Energy, 813-228-4271 (office) or 813- 961-9456 (home)/

CO: TECO Energy, Inc. ST: Florida IN: UTI SU: ERN

DP-SS -- FL009 -- 1339 01/17/94 12:55 EST
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Publication:PR Newswire
Date:Jan 17, 1994

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