TECO Energy Reports Third Quarter Results.TECO Energy TECO Energy, Inc. (NYSE: TE) is an S&P 500 electrical power company located in Tampa, Florida."TECO" is short for "Tampa Electric Co." Environmental record , Inc. today reported third quarter net income of $15.0 million compared with $118.9 million in the third quarter of 2002. Earnings per share were $0.08, compared with $0.76 for the same period in 2002. The loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $19.2 million in the third quarter, compared with net income of $110.6 million for the same period in 2002. On an earnings- per-share basis, the loss from continuing operations was $0.11 for the third quarter, compared with earnings per share of $0.71 in the 2002 period. Discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in the quarter reflect the results from Hardee Power Partners (the owner of the Hardee Power Station), which was sold Sept. 30, 2003. The number of common shares outstanding was 15 percent higher for the quarter than for the same period in 2002.
Results for the quarter included:
* $6.8 million in after-tax costs resulting from the corporate
restructuring announced September 2;
* A $25.9-million after-tax charge associated with the recognition of a
reserve for an arbitration award against a TECO Power Services
subsidiary, TMDP, related to its indirect ownership interest of the
Commonwealth Chesapeake Power Station;
* The deferral of recognition of $18 million of tax credits related to
the production of synthetic fuel at TECO Coal;
* A $3.2-million after-tax charge for the cumulative effect of an
accounting change to reflect the implementation of FAS 150, Accounting
for Certain Financial Instruments with Characteristics of Both
Liabilities and Equity; and
* A $34.5-million after-tax gain on the sale of the Hardee Power Station.
TECO Energy Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert Fagan Robert Fagan (c. 1761 – 1816) was an Irish painter, diplomat and archaeologist. Career Born in Cork during the mid 18th century, Fagan would spend much time abroad. said, "Our overall results and our operating results for the quarter were much lower than expected. Our disappointing operating results were driven primarily by the negative results from our wholesale merchant plants, which have been coming online throughout 2003. Total results were driven by the costs associated with: our actions to limit our merchant exposure at TPS (1) (Transactions Per Second) The number of transactions processed within one second. TPS is a better rating for the performance of hardware and software than the common MHz and GHz rating of the computer. , synfuel syn·fu·el n. A liquid or gaseous fuel derived from coal, shale, or tar sand, or obtained by fermentation of certain substances, such as grain. [syn(thetic) + fuel.] issues, and reorganization of our company to best accomplish our goal of focusing on our core Florida operations. "We are aggressively looking at ways to improve our financial performance and are focused on improving the results from the merchant assets while considering all of our alternatives to insulate in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. TECO Energy from the impact from these plants, such that the company would put minimal, if any, cash in our merchant portfolio going forward. "We believe we've made significant progress thus far this year addressing the corporate-wide issues, including progress on the synfuel issue, asset sales, overall liquidity improvement, positioning ourselves to limit our merchant exposure, and focusing on the utility operations. Now we must quickly make significant strides on our continuing strategy to rationalize ra·tion·al·ize v. 1. To make rational. 2. To devise self-satisfying but false or inconsistent reasons for one's behavior, especially as an unconscious defense mechanism through which irrational acts or feelings are made to appear the merchant portfolio.
Third quarter events
* Completed the major construction activities at both the Union and Gila
River power stations with the final phases of Gila River ahead of
schedule;
* Completed the sale of Hardee Power Partners, raising $100 million of
net proceeds;
* Completed a common equity sale, raising $129 million;
* Completed the acquisition of Panda's interest in the Odessa and
Guadalupe power stations (Texas Independent Energy or TIE) and started
marketing our interest in these plants; and
* Announced a corporate restructuring in September, to better align the
organization with the strategic focus, and completed these activities
in October.
Year-to-date results
The year-to-date loss was $84.2 million, compared with net income of $280.0 million for the same period in 2002. The loss on an earnings-per-share basis was $0.47, compared with earnings-per-share of $1.91 for the same period in 2002. The year-to-date loss from continuing operations was $146.6 million, compared with net income of $256.9 million for the same period in 2002. The loss from continuing operations on an earnings-per-share basis was $0.83, compared with earnings-per-share of $1.75 for the same period in 2002. Year-to-date discontinued operations reflect the results from Hardee Power Partners (the owner of the Hardee Power Station). Shares outstanding for the first nine months were 21 percent higher than for the same period in 2002. In addition to the third quarter factors, discussed above, these results also include:
* $94.7 million of after-tax accounting charges related to the Panda
partnership termination and resulting consolidation of Panda Energy's
interest in the Union and Gila River power stations in the second
quarter;
* $61.2 million of after-tax goodwill impairments required under FAS 142,
Goodwill and Other Intangible Assets, for the Frontera and Commonwealth
Chesapeake power stations in the second quarter;
* A $64.2-million after-tax write-off in the first quarter related to
turbine purchase cancellations;
* A $1.1-million after-tax charge in the first quarter for the cumulative
effect of an accounting change to reflect the adoption of FAS 143,
Accounting for Asset Retirement Obligations;
* A $28.5-million deferral of Section 29 tax credits primarily due to the
uncertainty created by the IRS's suspension of issuance of private
letter rulings (PLRs); and
* A $23.1-million after-tax gain from discontinued operations, primarily
from the completion of the sale of TECO Coalbed Methane in the first
quarter.
Non-GAAP Earnings
Third quarter non-GAAP after-tax income from continuing operations, excluding the effects of the corporate reorganization charges and the TMDP arbitration award An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. reserve, was $13.5 million and $0.07 per share, compared with $110.6 million and $0.71 per share in 2002. Year-to-date non-GAAP net income from continuing operations was $106.2 million and $0.59 per share, compared with net income of $258.9 million and $1.66 per share in 2002, excluding third quarter charges described above, the effects of charges related to the consolidation of Union and Gila River power stations, write-offs related to FAS 142, and the first quarter adjustments. The table below reconciles quarterly and year-to-date net income after elimination of the adjustments referred to above. Management believes that this non-GAAP presentation provides useful supplemental information by providing a measure that is more closely related to the company's ongoing operations.
Net Income Reconciliation: Three months ended Nine months ended
($ millions) Sept. 30 Sept. 30
2003(1) 2002 2003(1) 2002
GAAP net income (loss) $15.0 $118.9 ($84.2) $280.0
Add change in accounting
(FAS 150) 3.2 -- 3.2 --
Add change in accounting
(FAS 143) -- -- 1.1 --
Exclude discontinued operations 37.4 8.3 66.7 23.1
GAAP net income (loss) from
continuing operations ($19.2) $110.6 ($146.6) $256.9
Add corporate restructuring costs 6.8 6.8 2.0
Add CCC arbitration charge 25.9 25.9
Add TPGC JV write-offs -- -- 94.7 --
Add FAS 142 adjustments -- -- 61.2
Add turbine purchase cancellations -- -- 64.2 --
Non-GAAP net income from
continuing operations (2) (3) $13.5 $110.6 $106.2 $258.9
(1) Includes the deferral of $18.0 million of tax credits in the third
quarter, and a deferral of $28.5 million for the year-to-date period.
(2) Excludes adoption of FAS 143, FAS 142 adjustments, corporate
restructuring costs, arbitration settlement costs, TPGC joint venture
termination costs, discontinued operations, and turbine purchase
cancellations.
(3) A non-GAAP financial measure is a numerical measure of historical or
future financial performance, financial position or cash flow that
includes amounts, or is subject to adjustments that have the effect
of including amounts, that are excluded from the most directly
comparable measure so calculated and presented.
Non-operating Items Affecting Net Income
Results for the quarter and year-to-date periods include the non-operating items and charges detailed above. The interim tax credit deferrals are primarily due to Section 29 tax credits from the production of synfuel at TECO (Text Editor and COrrector) A text editor written in 1963 by Dan Murphy at MIT for editing paper tape on a Digital PDP-1 computer (it was originally called "Tape Editor and Corrector"). Coal that were deferred pending resolution of the uncertainty over the company's level of taxable income to be able to utilize the credits, given the rules that require a taxpayer have sufficient taxable income to use the projected credits, as a result of TECO Energy's sale of a 49 percent interest in the company's synthetic fuel Synthetic fuel or synfuel is any liquid fuel obtained from coal, natural gas, or biomass. It can sometimes refer to fuels derived from other solids such as oil shale, tar sand, waste plastics, or from the fermentation of biomatter. production capabilities and the delay in selling the second 40 percent interest. The amount of tax credits generated for the company's use was significantly more in the third quarter than in the second quarter. The recognition of these deferred tax credits is dependent upon the issuance of a PLR PLR pupillary light reflex. reflecting the new ownership structure, which has been delayed due to the IRS' suspension of the issuance of PLRs while it resolves taxpayer positions related to chemical change. The deferral deferral - Waiting for quiet on the Ethernet. of these tax credits is included in the "Parent/other" line for segment reporting segment reporting A type of financial reporting in which the firm discloses information by identifiable industry segments. For example, Union Pacific Corporation reports revenues, income, assets, depreciation, and capital expenditures for each of four purposes. Interest expense increased due to no longer capitalizing interest on the non-recourse debt for the Union and Gila River power stations, and no longer capitalizing interest on the Dell and McAdams power stations where construction was suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. at the end of 2002, and higher overall levels of debt in support of TECO Energy's capital investment program.
Operating Results:
Segment Information Three Months Nine Months Twelve Months
(in millions) Ended Sept. 30 Ended Sept. 30 Ended Sept. 30
Net Income (loss) Summary 2003 2002 2003 2002 2003 2002
Tampa Electric(1) $53.3 $63.1 $83.8 $144.5 $111.1 $173.1
Peoples Gas System 2.9 3.1 19.6 17.3 26.5 23.2
Total regulated 56.2 66.2 103.4 161.8 137.6 196.3
TECO Power Services(1)(2) (62.2) 23.4 (266.3) 32.7 (274.0) 32.4
TECO Transport(3) 2.6 4.7 12.4 15.8 17.6 21.8
TECO Coal(3) 18.4 21.7 64.9 58.8 82.6 77.2
Other Diversified Companies -- (1.0) (1.0) 3.6 2.2 5.2
Parent/other(4) (34.2) (4.4) (60.0) (15.8) (80.4) (19.2)
Total unregulated (75.4) 44.4 (250.0) 95.1 (252.0) 117.4
Net income from continuing
operations before
cumulative effect of an
accounting change (19.2) 110.6 (146.6) 256.9 (114.4) 313.7
Discontinued Operations 37.4 8.3 66.7 23.1 84.6 31.2
Cumulative effect of an
accounting change (3.2) -- (4.3) -- (4.3) --
Total net income (loss) $15.0 $118.9 ($84.2) $280.0 ($34.1)$344.9
1) Includes the effects of charges related to turbine purchase
cancellations in the first quarter.
2) Includes the effects of FAS 142 charges and TPGC joint venture
termination costs.
3) Excludes charges related to the adoption of FAS 143.
4) Includes the effects of the interim tax benefit deferral/recognition.
Tampa Electric
Tampa Electric's net income for the third quarter was $53.3 million, compared with $63.1 million for the same period in 2002 due primarily to lower earnings from the equity component of allowance for funds used during construction (AFUDC AFUDC Allowance for Funds Used During Construction AFUDC Accumulated Funds Used During Construction , which represents allowed equity cost capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. to construction costs) and higher depreciation expense. The lower AFUDC was driven primarily by the Gannon / Bayside bay·side adj. Situated very close to or on the shore of a bay: bayside cottages. repowering project, for which AFUDC decreased to $3.9 million for the quarter, from $6.9 million for the same period in 2002, reflecting the commercial operation of Bayside Unit 1 in April 2003. Depreciation expense increased, reflecting $6 million pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern of accelerated depreciation Accelerated Depreciation Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. Notes: The straight-line depreciation method spreads the cost evenly over the life of an asset. on the Gannon coal assets scheduled for retirement at the end of 2003, the April in-service of Bayside Unit 1, and normal electric plant additions to support customer growth, partially offset by the retirement of the Hookers Point and Dinner Lake power stations. Interest expense increased due to higher long-term debt balances. Lower operations and maintenance expenses for the quarter reflected lower expenditures on generating units. Tampa Electric recorded a $1.3-million after-tax charge in the third quarter for costs associated with the corporate restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). announced Sept. 2, 2003. Retail energy sales increased 3.9 percent in the quarter, reflecting an improved local economy, average customer growth of 2.5 percent, and increased per-customer usage, which more than offset milder weather and decreased sales to industrial phosphate phosphate, salt or ester of phosphoric acid, H3PO4. Because phosphoric acid is tribasic (having three replaceable hydrogen atoms), it forms monophosphate, diphosphate, and triphosphate salts in which one, two, or three of the hydrogens of the customers. Cooling degree-days in the quarter were 5.5 percent lower than 2002 and 1.5 percent lower than normal. Tampa Electric's year-to-date net income, excluding the $48.9-million charge recorded in the first quarter related to turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. purchase cancellations, was $132.7 million, compared to $144.5 million in 2002. The equity component of AFUDC decreased to $15.7 million, from $16.9 million for the same period in 2002, reflecting the commercial operation of Bayside Unit 1 in April 2003. These results also reflect customer growth of 2.4 percent and 2.3 percent higher retail energy sales. Total heating and cooling degree-days were 4.9 percent above normal due to colder than normal winter weather, but 2.4 percent lower than 2002 due to mild summer weather in 2003. Depreciation expense increased and operations and maintenance expense decreased as a result of the factors discussed for the quarter. Results in 2002 also included a $3.2-million after-tax charge related to an early retirement program in the second quarter. Tampa Electric's year-to-date net income, including the turbine purchase cancellation charge, was $83.8 million. Peoples Gas Peoples Gas System reported net income of $2.9 million for the quarter, compared with $3.1 million recorded in the same period in 2002. Quarterly results reflected customer growth of more than 5 percent, offset by a $1.1-million after-tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and lower volumes for the low-margin transportation service for interruptible customers and electric power generators due to higher gas prices. These customers are sensitive to the commodity price of gas, and many have the ability to switch to alternative fuels or to simply alter consumption patterns. Year-to-date net income was $19.6 million, compared with $17.3 million for the same period in 2002. Customer growth of approximately 5 percent, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. winter weather in the first quarter and a base rate increase effective in January 2003 contributed to these results. Volumes were lower for the lower-margin transportation service for interruptible customers and electric power generators primarily due to higher gas prices. TECO Power Services TECO Power Services' (TPS) loss for the third quarter was $62.2 million, compared with net income of $23.4 million for the same period in 2002. Included in these results were continued strong earnings at the Guatemalan operations, offset by a $25.9-million after-tax charge associated with the recognition of a reserve for an arbitration award against TMDP, the indirect owner of the Commonwealth Chesapeake Power Station, significant losses from the Union and Gila River stations, both of which were in full commercial operation at the end of the quarter, and therefore incurred significant incremental depreciation and interest expense, the end of interest payments on the loan to Panda related to the TIE projects and the notes receivable from TECO - Panda Generating Company (TPGC). Third quarter results in 2002 included a $6.0-million after-tax benefit related to a settlement agreement with ERCOT ERCOT Electric Reliability Council Of Texas, Inc. and higher earnings from a reliability-must-run contract on the Frontera Station in Texas. Interest expense allocated to TPS was $18.5 million for the quarter, compared to $6.0 million in the third quarter of 2002. Interest expense also increased due to lower capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. , including the recognition of interest expense on the suspended Dell and McAdams power stations. The third quarter loss for the Union and Gila River power stations was $26.1 million. Actual spark spreads from commercial operations realized for Union and Gila River were $8.75 / MWh and $16.58 / MWh, respectively. These actual spark spreads reflect the fact that the non-contract sales are being made in the lower-margin non-firm spot market rather than the firm market. The plants operated at capacity factors of 32 percent for Union and 40 percent for Gila River in the quarter. (The spark spread Spark Spread The difference between the market price of electricity and its cost of production. Notes: This measure is important because it helps utility companies determine their bottom line (profit). , a non-GAAP measure, reflects the relative profitability of converting natural gas into electricity, but does not include the cost of transmission service, gas transportation service and other services. The capacity factor is a relative indication of actual generation compared to a theoretical maximum sustainable generation.) There was significant performance and warranty testing required at the Union Station through July and at the Gila River Station through August, which reduced the amount of energy available for commercial sale. TPS' year-to-date loss, excluding the third quarter $25.9-million after-tax charge associated with the recognition of a reserve for an arbitration award against TMDP, the $155.9 million of charges recorded in the second quarter related to the Panda partnership termination and resulting consolidation of Panda Energy's interest in the Union and Gila River power stations and the goodwill impairments required under FAS 142, Goodwill and Other Intangible Assets, for the Frontera and Commonwealth Chesapeake power stations, and the $15.3-million charge recorded in the first quarter related to turbine purchase cancellations was $69.2 million, compared with net income of $32.7 million for the same period in 2002. The year-to-date loss at TPS, including all charges, was $266.3 million. TECO Transport TECO Transport recorded net income of $2.6 million in the third quarter compared with $4.7 million for the same period last year. These results reflect lower Tampa Electric volumes as a result of the Bayside repowering, as well as higher fuel and repair costs. Year-to-date net income was $12.4 million, excluding a $0.8-million after-tax charge due to the adoption of FAS 143, compared to $15.8 million for the same period in 2002. Year-to-date results were driven by the same factors as in the third quarter, weak pricing and lower northbound river shipments, and a $1.5-million after-tax gain on the disposition of oceangoing equipment no longer used by the TECO Ocean Shipping subsidiary. TECO Coal TECO Coal achieved third quarter net income of $18.4 million, compared to $21.7 million reported in the same period in 2002. Results for the quarter were driven primarily by lower volumes and lower prices for conventional metallurgical and steam coals, which were partially offset by higher volumes of synthetic fuel. These results also reflect the effect of the sale of the 49 percent interest in the synfuel facilities to a third party. Year-to-date net income was $64.9 million excluding a $0.3-million after-tax charge due to the adoption of FAS 143, compared with $58.8 million reported in 2002. Results were driven primarily by lower volumes and prices for conventional metallurgical and steam coals and slightly higher mining costs due to the use of marginal coals for the production of synfuel, more than offset by higher volumes of synthetic fuel and the sale of a 49 percent interest in the synfuel production facilities. For segment reporting, the deferral of tax credits discussed under Non-operating Items Affecting Net Income is reported in the "Parent/other" line item for the quarter and year-to-date results. Other Unregulated Adj. 1. unregulated - not regulated; not subject to rule or discipline; "unregulated off-shore fishing" regulated - controlled or governed according to rule or principle or law; "well regulated industries"; "houses with regulated temperature" 2. Companies TECO Energy's other unregulated companies essentially broke even for the third quarter, compared to a loss of $1.0 million for the same period in 2002. The year-to-date loss was $1.0 million, compared with net income of $3.6 million for the same period in 2002. Discontinued Operations Year-to-date discontinued operations of $66.7 million reflect the $34.5-million after-tax gain on the Hardee sale and a $22.7-million after-tax gain on the final installment of the TECO Coalbed Methane methane (mĕth`ān), CH4, colorless, odorless, gaseous saturated hydrocarbon; the simplest alkane. It is less dense than air, melts at −184°C;, and boils at −161.4°C;. sale in January 2003. Liquidity TECO Energy consolidated cash and cash equivalents, excluding all restricted cash, totaled $409.2 million at Sept. 30, 2003, reflecting a net increase of $141.2 million in the third quarter, and a $1.9 million decrease for the year-to-date period. The third quarter increase was driven primarily by the issuance of common stock and changes in working capital accounts at TPGC, which more than offset dividend payments of $33.6 million and capital expenditures of $149.8 million. The year-to-date results reflect the repayment of the $375 million equity bridge loan at TPS in the second quarter; repayment of $75 million of first mortgage bonds at Tampa Electric and a $25 million capital lease at TECO Transport; and dividend payments of $129.5 million; partially offset by the $129 million equity issuance In financial markets, an Equity Issuance is the sale of new equity or "stocks" by a firm to investors. Equity Issuance can involve a private sale, in which the transaction between investors and the firm takes place directly, or publicly, in which case the firm has to , the $300 million of notes issued at TECO Energy and $250 million of notes issued at Tampa Electric. Restricted cash of $113.8 million is related to proceeds from the sale of interest in the synthetic coal production facilities and cash trapped by the Union and Gila River construction accounts. Cash at the end of the quarter does not include the proceeds from the sale of Hardee Power Partners due to the timing of the receipt of the cash in October. In addition, at Sept. 30, 2003, availability under bank credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities totaled $674 million net of letters of credit of $116 million outstanding under these facilities. Therefore, total liquidity, cash plus credit facilities, totaled $1.1 billion, including $347 million at Tampa Electric, at the end of the third quarter. TECO Suspension Agreement TECO Energy and the Union and Gila River project companies have entered into a Suspension Agreement with the lending group for the Union and Gila River projects to suspend until January 31, 2004 the quarterly calculation of the 3.0 times EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become to interest coverage ratio covenant in the TECO Energy Construction Undertakings for the performance by the construction contractor for those projects and other project-related TECO Energy guarantee agreements. The Suspension Agreement contemplates discussions among TECO Energy, the Union and Gila River project companies and the lending group to reach an understanding regarding the projects' operating budgets and performance before expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the suspension period on February 1, 2004 at which time the September 30 and December 31, 2003 quarterly calculations would be made. In the absence of an understanding, the lenders could seek to accelerate the non-recourse project debt starting as early as February 1, 2004 for non-compliance with the EBITDA to interest covenant requirements for the quarters ended September 30 or December 31, 2003, and thus the consolidated $1.395 billion non-recourse debt is now reflected as current. TECO Energy and the project companies would be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to assert their rights under the Construction Undertakings at that time. (TECO Energy has provided additional information regarding this matter in a Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed today.) Additional financial information related to the company's results through September 30, 2003, including unaudited financial statements, segment information, and electric and gas volumes, is available at the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of TECO Energy's web site at http://www.tecoenergy.com/. TECO Energy is a diversified diversified (di·verˑ·s energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, Peoples Gas System, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions. Note: This press release may be deemed to contain forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. Certain factors that could impact actual results include the company's ability to successfully rationalize its merchant generation portfolio or otherwise insulate itself from the impact of these plants. Additional information is contained under "Investment Considerations" in the company's Annual Report on Form 10-K for the period ended December 31, 2002 and under "Risk Factors" in the company's prospectus supplement filed with the Securities and Exchange Commission on September 11, 2003.
Summary Information (as of Sept. 30, 2003)
Three Months Nine Months Twelve Months
Ended Ended Ended
(millions except per share amounts)
2003 2002 2003 2002 2003 2002
Revenues $940.7 $725.6 $2,322.1 $1,994.4 $2,971.4 $2,560.2
Net income (loss) from
continuing
operations (19.2) 110.6 (146.6) 256.9 (114.4) 313.7
Net income from
discontinued
operations 37.4 8.3 66.7 23.1 84.6 31.2
Total net income (loss)
before cumulative effect
of change in accounting
principle 18.2 118.9 (79.9) 280.0 (29.8) 344.9
Cumulative effect
of change in
accounting principle (3.2) -- (4.3) -- (4.3) --
Net income $15.0 $118.9 ($84.2) $280.0 ($34.1) $344.9
Earnings (loss) per
share from continuing
operations - basic ($0.11) $0.71 ($0.83) $1.75 ($0.65) $2.17
Earnings per share from
discontinued
operations - basic $0.21 0.05 0.38 0.16 0.48 0.21
Earnings (loss) per share
from cumulative effect
of change in
accounting
principle - basic ($0.02) -- ($0.02) -- ($0.02) --
Total earnings (loss)
per share - basic $0.08 $0.76 ($0.47) $1.91 ($0.19) $2.38
Total earnings (loss)
per share - basic $0.08 $0.76 ($0.47) $1.91 ($0.19) $2.38
Total earnings (loss) per
share - diluted $0.08 $0.76 ($0.47) $1.91 ($0.19) $2.38)
Average common
shares outstanding
- basic 179.5 156.1 177.5 146.4 175.6 144.6
Average common shares
outstanding
- diluted 179.8 156.1 177.8 146.7 176.0 144.9
CONTACT: News Media: Laura Plumb, +1-813-228-1572, or Investor Relations: Mark Kane, +1-813-228-1772, both of TECO Energy, Inc. Web site: http://www.tecoenergy.com/ |
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