Printer Friendly

TECO ENERGY'S EARNINGS UP 37 PERCENT FOR FIRST QUARTER

 TAMPA, Fla., April 15 /PRNewswire/ -- TECO Energy, Inc. (NYSE: TE) today reported that earnings per share for the quarter ended March 31, 1993 were up 37 percent to 63 cents compared to 46 cents for the first quarter of 1992. Two non-recurring items were included in 1993's reported results, an 11-cent per share charge associated with a coal pricing settlement agreement and a 20-cent per share increase resulting from a new income tax accounting standard.
 Chairman and CEO Timothy L. Guzzle said, "The outstanding performance of our diversified businesses contributed heavily to our 8- cent increase in earnings per share, excluding the non-recurring items. Our independent power business made its initial contribution following the on-time start-up of its new power plant in January. The water transportation and natural gas businesses also were strong performers, and Tampa Electric added two cents per share."
 Consolidated net income for 1993's first quarter was $36.0 million, including the two non-recurring items, on revenues of $282.3 million. This compared to net income of $26.4 million on revenues of $262.6 million for the first quarter of 1992. The cumulative effect of the adoption of Financial Accounting Standard No. 109 on accounting for income taxes increased consolidated net income by $11.2 million in 1993. This favorable impact resulted from the restatement of deferred tax balances related to the diversified businesses to reflect current income tax rates.
 Tampa Electric's first-quarter operating income increased 2 percent to $42.3 million on revenues of $227.8 million, compared to $41.5 million on revenues of $226.6 million for the same period last year. The effect of higher non-fuel revenues from sales to other utilities was partially offset by lower retail base revenues due to milder weather and slightly higher operating expenses. The 1993 operating income excludes the one-time $10-million pre-tax charge associated with the settlement agreement approved by the Florida Public Service Commission related to the price Tampa Electric paid for coal purchased from TECO Coal in 1990, 1991 and 1992.
 "We were particularly pleased that Tampa Electric was able to show an increase in operating income despite very mild weather," Guzzle said.
 First quarter operating income for TECO Energy's diversified companies increased 49 percent to $17.4 million on revenues of $109.3 million, up from $11.7 million on revenues of $86.2 million for the same period in 1992. This improvement in operating income was due to the start-up of TECO Power Services' Hardee Power Station, higher production and improved pricing at TECO Coalbed Methane and additional third-party volume at TECO Transport & Trade and TECO Coal. Operating income for 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 operations.
 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.
 TECO ENERGY, INC.
 Summary information:
 Quarter ended 12 Months ended
 1993 1992 1993 1992
 Revenues (millions) $282.3 $262.6 $1,202.8 $1,164.1
 Income before the
 cumulative effect of
 change in accounting
 principle (millions) $ 24.8 $ 26.4 $ 147.4 $ 145.3
 Cumulative effect on
 income of adopting
 FAS 109 (millions) $ 11.2 --- $ 11.2 ---
 Net income (millions) $ 36.0 $ 26.4 $ 158.6 $ 145.3
 Earnings per share
 before the cumulative
 effect of change
 in accounting
 principle $ .43 $ .46 $ 2.56 $ 2.55
 Cumulative effect on
 earnings per share
 of adopting FAS 109 $ .20 --- $ .20 ---
 Earnings per share $ .63 $ .46 $ 2.76 $ 2.55
 Average shares
 outstanding
 (thousands) 57,529 57,149 57,400 57,032
 -0- 4/15/93
 /CONTACT: Mike Mahoney of TECO Energy, 813-228-4271 or home, 813-961-9456/
 (TE)


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

AW-JB -- FL005 -- 6207 04/15/93 11:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 15, 1993
Words:647
Previous Article:DIAGNON CORPORATION REPORTS THIRD QUARTER RESULTS
Next Article:GRACO REPORTS IMPROVED FIRST QUARTER RESULTS
Topics:


Related Articles
TECO ENERGY REPORTS RESULTS
TECO ENERGY REPORTS THIRD QUARTER EARNINGS UP 8 PERCENT
TECO ENERGY REPORTS 1992 EARNINGS UP 2 PERCENT; FOURTH QUARTER EARNINGS UP 7 PERCENT
TECO ENERGY'S SECOND QUARTER EARNINGS UP 8 PERCENT
TECO ENERGY REPORTS INCREASE IN OPERATING INCOME
/C O R R E C T I O N -- TECO ENERGY, INC./(Correction Notice)
TECO ENERGY REPORTS 16 PERCENT HIGHER FIRST QUARTER EARNINGS
TECO Energy Reports First Quarter Earnings Of $.40 Per Share
TECO Energy Reports First Quarter Earnings Per Share Up 11 Percent.
TECO Energy Reports Second Quarter Earnings per Share Up 15 Percent to $.53 Per Share.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters