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PROGRESS ENERGY, INC.
                                        UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION



STATEMENTS OF INCOME
                                                                                       Three Months Ended                     Nine Months Ended
                                                                                                                                 September 30
                                                                                           September 30
(In thousands except per share amounts)                                             2001                  2000              2001                  2000
Operating Revenues
 Electric                                                                     $     1,879,934    $           919,547    $   5,077,928   $         2,474,847
 Natural gas                                                                           51,671                 75,645          258,820               223,093
 Diversified businesses                                                               398,942                 69,716        1,217,532               133,334
   Total Operating Revenues                                                         2,330,547               1,064,908       6,554,280             2,831,274

Operating Expenses
 Fuel used in electric generation                                                    446,309                 175,090        1,194,453              472,479
 Purchased power                                                                     268,794                  98,172          698,218              253,498
 Gas purchased for resale                                                             36,282                  62,736          203,060              166,471
 Other operation and maintenance                                                     290,651                 169,912          890,148              533,128
 Depreciation and amortization                                                       268,475                 137,183          849,395              411,903
 Taxes other than on income                                                          105,125                  39,884          298,716              112,729
 Diversified businesses                                                              461,393                 104,630        1,372,840              207,551
   Total Operating Expenses                                                         1,877,029                787,607        5,506,830             2,157,759

Operating Income                                                                     453,518                 277,301        1,047,450              673,515
Other Income (Expense)
 Interest income                                                                       3,018                   2,686          20,132                 7,997
 Other, net                                                                           16,724                 216,654           6,544               217,754

   Total Other Income (Expense)                                                       19,742                 219,340          26,676               225,751

Income before Interest Charges and Income Taxes                                      473,260                 496,641        1,074,126              899,266

Interest Charges
 Long-term debt                                                                      152,505                  50,703         435,011               155,625
 Other interest charges                                                               15,061                   5,092          89,713                14,373
 Allowance for borrowed funds used during construction                                (4,206)                 (4,728)         (9,559)              (15,657)
   Net Interest Charges                                                              163,360                  51,067         515,165               154,341
Income before Income Taxes                                                           309,900                 445,574         558,961               744,925
Income Taxes                                                                         (56,543)                148,493         (73,187)              255,124
Net Income                                                                    $      366,443     $           297,081    $    632,148    $          489,801

Average Common Shares Outstanding                                                    205,866                 153,324         201,925               153,230
Basic Earnings per Common Share                                               $         1.78     $              1.94    $       3.13    $             3.20
Diluted Earnings per Common Share                                             $         1.77     $              1.93    $       3.12    $             3.19
Dividends Declared per Common Share                                           $        0.530     $             0.515    $      1.590    $            1.545



This financial information should be read in conjunction with the Company's 2000 Annual Report to shareholders. These
statements have been prepared for the purpose of providing information concerning the Company and not in connection
with any sale, offer for sale, or solicitation of an offer to buy any securities.
Progress Energy, Inc.
BALANCE SHEETS                                                                          September 30        December 31
(In thousands)                                                                             2001                2000

                                            ASSETS

Utility Plant
 Electric utility plant in service                                                  $     18,955,425    $      18,124,036
 Gas utility plant in service                                                                487,700              378,464
 Accumulated depreciation                                                                 (9,948,848)          (9,350,172)
      Utility plant in service, net                                                        9,494,277            9,152,328
 Held for future use                                                                          15,380               16,302
 Construction work in progress                                                               917,158            1,043,376
 Nuclear fuel, net of amortization                                                           247,244              224,692
    Total Utility Plant, Net                                                              10,674,059           10,436,698

Current Assets
 Cash and cash equivalents                                                                   103,863             101,296
 Accounts receivable                                                                       1,139,800             925,911
 Taxes receivable                                                                             14,444                   -
 Inventory                                                                                   842,052             420,985
 Deferred fuel cost                                                                          189,871             217,806
 Prepayments                                                                                  32,878              50,040
 Assets Held for Sale, net                                                                     5,485             747,745
 Other current assets                                                                        177,371             192,347
     Total Current Assets                                                                  2,505,764            2,656,130

Deferred Debits and Other Assets
 Income taxes recoverable through future rates                                               241,379              228,686
 Harris Plant deferred costs                                                                  35,661               44,813
 Unamortized debt expense                                                                     42,276               38,771
 Nuclear decommissioning trust funds                                                         811,055              811,998
 Diversified business property, net                                                        1,127,828              720,231
 Miscellaneous other property and investments                                                589,560              636,677
 Deferred purchased power contract termination costs                                         138,601              226,656
 Goodwill, net                                                                             3,751,088            3,652,429
 Other assets and deferred debits                                                            755,718              657,612
     Total Deferred Debits and Other Assets                                                7,493,166            7,017,873
     Total Assets                                                                   $     20,672,989    $     20,110,701

                            CAPITALIZATION AND LIABILITIES

Capitalization
 Common stock equity                                                                $      6,203,097    $       5,424,201
 Preferred stock of subsidiary - redemption not required                                      92,831               92,831
 Long-term debt, net                                                                       8,627,029            5,890,099
     Total Capitalization                                                                 14,922,957          11,407,131

Current Liabilities
 Current portion of long-term debt                                                           719,483              184,037
 Accounts payable                                                                            715,925              828,568
 Taxes accrued                                                                                     -                  932
 Interest accrued                                                                            124,895              121,433
 Dividends declared                                                                          114,650              107,645
 Short-term Obligations                                                                      664,045            3,972,674
 Other current liabilities                                                                   613,308              447,370
     Total Current Liabilities                                                             2,952,306            5,662,659

Deferred Credits and Other Liabilities
 Accumulated deferred income taxes                                                         1,615,144            1,807,192
 Accumulated deferred investment tax credits                                                 230,782              261,255
 Other liabilities and deferred credits                                                      951,800              972,464
     Total Deferred Credits and Other Liabilities                                          2,797,726            3,040,911

     Total Capitalization and Liabilities                                           $     20,672,989    $     20,110,701

SCHEDULES OF COMMON STOCK EQUITY
(In thousands)
  Common stock (without par value, authorized 500,000,000, issued and outstanding   $      4,106,101    $       3,608,902
                 218,739,274 and 206,089,047 shares, respectively)
  Unearned ESOP common stock                                                                (114,914)            (127,211)
  Accumulated other comprehensive loss                                                       (37,609)                   -
  Retained earnings                                                                        2,249,519            1,942,510

     Total Common Stock Equity                                                      $      6,203,097    $       5,424,201
Progress Energy, Inc.
SUPPLEMENTAL DATA                                                     Three Months Ended                      Nine Months Ended
                                                                          September 30                           September 30
                                                                   2001                  2000             2001             2000
Operating Revenues (in thousands)
Electric
 Retail                                                    $       1,591,713    $         758,104 $       4,214,165 $      1,990,575
 Wholesale                                                           256,113              150,902           731,642          416,503
 Unbilled                                                             (7,493)              (9,606)          (54,272)          14,615
 Miscellaneous revenue                                                39,601               20,147           186,393           53,154
       Total Electric                                              1,879,934               919,547        5,077,928        2,474,847
 Natural gas                                                          51,671                75,645          258,820          223,093
 Diversified businesses                                              398,942                69,716        1,217,532          133,334
       Total Operating Revenues                                $   2,330,547    $        1,064,908    $   6,554,280    $   2,831,274

Energy Sales
Electric (millions of kWh)
  Retail
   Residential                                                        9,385                 3,924           25,310              10,876
   Commercial                                                         6,597                 3,353           17,553               8,713
   Industrial                                                         4,473                 3,892           13,068              10,969
   Other retail                                                       1,164                   416            3,135               1,079
     Total Retail                                                    21,619                11,585           59,066              31,637
  Unbilled                                                             (350)                 (371)            (893)                (11)
  Wholesale                                                           5,087                 3,569           13,946              10,572
       Total Electric                                                26,356                14,783           72,119              42,198

Natural Gas (thousands of dt)                                        13,080                12,119           39,022              42,960

Energy Supply (millions of kWh)
 Generated - steam                                                   13,451                 7,674           37,242              22,019
             nuclear                                                  7,553                 5,975           21,503              17,072
             hydro                                                       83                    71              200                 404
             combustion turbines                                      2,461                   309            5,270                 624
 Purchased                                                            3,945                 1,447           11,330               3,778
      Total Energy Supply (Company Share)                            27,493                15,476           75,545              43,897

Detail of Income Taxes (in thousands)
  Income tax expense (credit) - current                        $      (4,197)    $        174,747     $      24,279    $    337,681
                                deferred                             (47,082)             (23,655)          (78,987)        (74,760)
                                investment tax credit                 (5,264)              (2,599)          (18,479)         (7,797)
         Total Income Tax Expense                              $     (56,543)    $        148,493     $     (73,187)   $    255,124

FINANCIAL STATISTICS
Ratio of earnings to fixed charges                                                                            1.74                4.71
Return on average common stock equity                                                                        11.98 %             16.33    %
Book value per common share                                                                           $      29.14 $             23.99
Capitalization ratios
  Common stock equity                                                                                        41.57 %             50.89 %
  Preferred stock of subsidiary- redemption not required                                                      0.62                0.82
  Long-term debt, net                                                                                        57.81               48.29
       Total                                                                                                100.00 %            100.00 %
Progress Energy, Inc.
                                                 Segment Earnings Variance Analysis
                                                 Year-to-Date September 2001 vs. 2000

                                              Florida           Regulated                           Other
($ per share)                   CP&L          Power              Natural       Progress          Diversified        Corporate      Consolidated
                              (Electric)     (Electric)           Gas          Ventures          Businesses
2000 earnings                      2.11            -                0.05           0.50                0.54                              3.20
Weather                            0.04                                                                                                  0.04
Customer growth and usage         (0.03) (A)                                                                                            (0.03)
Other margin                       0.03                                                                                                  0.03

Addition of FPC operations                         1.25   (C)                       0.59               (0.10)           (0.11)           1.63
Operating expenses                 0.04    (E)                     (0.04)                                                                 -

Interest charges                  (0.12)                                                                                (0.56)          (0.68)
Goodwill amortization                                                                                                   (0.33)          (0.33)

Diversified businesses                                                              0.11               (0.41) (G)                       (0.30)

CVO mark-to-market                                                                                                      0.04             0.04
Intraperiod tax adjustment                                                                                              0.13             0.13

Share dilution                    (0.50) (B)                       (0.01)          (0.12) (B)          (0.11) (B)                       (0.74) (B)
Eliminations/other                 0.05                                                                                  0.09            0.14
2001 earnings                      1.62            1.25   (C)        -              1.08   (D)         (0.08)           (0.74)           3.13



Regulated Natural Gas includes NCNG
Progress Ventures includes Electric Fuels (less Rail & Barge), Progress Ventures, Monroe Power, and Energy Marketing & Trading
Other Diversified Businesses includes SRS, Progress Telecom and Progress Rail
Corporate includes eliminations, interest expense, goodwill, CVO mark-to-market, and intra-period tax allocations

(A) Residential and commercial increase $.11, offset by industrial decrease of $.14.
(B) Related to issuance of 46.5 million common shares in connection with FPC acquisition in Dec 2000, and issuance of 12.65 million shares in Aug 2001
(C) See Table 1
(D) Approximately $.20 per share in CP&L and $.09 per share in Florida Power related to functions managed by Progress Ventures.
(E) Establishment of service company reduced CP&L share of costs, $.04 related to Jan 2000 ice storm, offset by planned nuclear outage costs,
    and transmission expenses in 2001.
(G) Includes sale of Bellsouth PCS assets in 2000




Table 1
               Florida Power
      Segment Earnings Variance Analysis
           September 2001 vs 2000

                                 YTD
2000 earnings             $        2.69
Weather                           (0.05)
Customer growth and usage          0.03
Other margin                       0.02
Operating expenses                (0.05)
Share dilution                    (1.35)
Interest expense                   0.03
Trading and marketing             (0.09)
Eliminations/other                 0.02
2001 earnings             $        1.25
Progress Energy, Inc.
                                                     Segment Earnings Variance Analysis
                                                        Third Quarter 2001 vs. 2000

                                                  Florida           Regulated                           Other
($ per share)                     CP&L            Power              Natural      Progress           Diversified        Corporate        Consolidated
                                (Electric)       (Electric)           Gas         Ventures           Businesses
2000 earnings                        1.01              -                 -            0.23                 0.70               -               1.94
Weather                              0.04                                                                                                     0.04
Customer growth and usage            0.01 (A)                                                                                                 0.01
Other margin                         0.03                               0.01                                                                  0.04

Addition of FPC operations                           0.52     (C)                      0.20                (0.02)           (0.01)             0.69
Operating expenses                  (0.09) (E)                         (0.02)                                                                 (0.11)

Interest charges                    (0.03)                                                                                  (0.18)            (0.21)
Goodwill amortization                                                                                                       (0.11)            (0.11)

Diversified businesses                                                                 0.02                (0.51) (G)                         (0.49)

CVO mark-to-market                                                                                                          0.08              0.08
Intraperiod tax adjustment                                                                                                  0.36              0.36

Share dilution                      (0.26) (B)                                        (0.06) (B)           (0.19) (B)                         (0.51) (B)
Eliminations/other                   0.03                                                                                   0.02               0.05
2001 earnings                        0.74            0.52     (C)      (0.01)          0.39   (D)          (0.02)           0.16               1.78



Regulated Natural Gas includes NCNG
Progress Ventures includes Electric Fuels (less Rail & Barge), Progress Ventures, Monroe Power, and Energy Marketing & Trading
Other Diversified Businesses includes SRS, Progress Telecom and Progress Rail
Corporate includes eliminations, interest expense, goodwill, CVO mark-to-market, and intra-period tax allocations

(A)   Residential and commercial increase of $.05, industrial decrease of $.04
(B)   Related to issuance of 46.5 million common shares in connection with FPC acquisition in Dec 2000, and issuance of 12.65 million shares in Aug 2001
(C)   See Table 1
(D)   Approximately $.06 per share in CP&L and $.03 per share in Florida Power are related to functions managed by Progress Ventures.
(E)   Primarily costs related to planned nuclear outages, increased transmission expenses.
(G)   Includes sale of Bellsouth PCS assets in 2000




Table 1
                Florida Power
      Segment Earnings Variance Analysis
         Third Quarter 2001 vs. 2000

2000 earnings             $          1.24
Weather                             (0.05)
Customer growth and usage            0.04
Other margin                        (0.01)
Operating expenses                  (0.01)
Share dilution                      (0.65)
Interest expense                     0.01
Trading and marketing               (0.03)
Eliminations/other                  (0.02)
2001 earnings             $          0.52

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progress energy statement_2001_3

  • 1. PROGRESS ENERGY, INC. UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION STATEMENTS OF INCOME Three Months Ended Nine Months Ended September 30 September 30 (In thousands except per share amounts) 2001 2000 2001 2000 Operating Revenues Electric $ 1,879,934 $ 919,547 $ 5,077,928 $ 2,474,847 Natural gas 51,671 75,645 258,820 223,093 Diversified businesses 398,942 69,716 1,217,532 133,334 Total Operating Revenues 2,330,547 1,064,908 6,554,280 2,831,274 Operating Expenses Fuel used in electric generation 446,309 175,090 1,194,453 472,479 Purchased power 268,794 98,172 698,218 253,498 Gas purchased for resale 36,282 62,736 203,060 166,471 Other operation and maintenance 290,651 169,912 890,148 533,128 Depreciation and amortization 268,475 137,183 849,395 411,903 Taxes other than on income 105,125 39,884 298,716 112,729 Diversified businesses 461,393 104,630 1,372,840 207,551 Total Operating Expenses 1,877,029 787,607 5,506,830 2,157,759 Operating Income 453,518 277,301 1,047,450 673,515 Other Income (Expense) Interest income 3,018 2,686 20,132 7,997 Other, net 16,724 216,654 6,544 217,754 Total Other Income (Expense) 19,742 219,340 26,676 225,751 Income before Interest Charges and Income Taxes 473,260 496,641 1,074,126 899,266 Interest Charges Long-term debt 152,505 50,703 435,011 155,625 Other interest charges 15,061 5,092 89,713 14,373 Allowance for borrowed funds used during construction (4,206) (4,728) (9,559) (15,657) Net Interest Charges 163,360 51,067 515,165 154,341 Income before Income Taxes 309,900 445,574 558,961 744,925 Income Taxes (56,543) 148,493 (73,187) 255,124 Net Income $ 366,443 $ 297,081 $ 632,148 $ 489,801 Average Common Shares Outstanding 205,866 153,324 201,925 153,230 Basic Earnings per Common Share $ 1.78 $ 1.94 $ 3.13 $ 3.20 Diluted Earnings per Common Share $ 1.77 $ 1.93 $ 3.12 $ 3.19 Dividends Declared per Common Share $ 0.530 $ 0.515 $ 1.590 $ 1.545 This financial information should be read in conjunction with the Company's 2000 Annual Report to shareholders. These statements have been prepared for the purpose of providing information concerning the Company and not in connection with any sale, offer for sale, or solicitation of an offer to buy any securities.
  • 2. Progress Energy, Inc. BALANCE SHEETS September 30 December 31 (In thousands) 2001 2000 ASSETS Utility Plant Electric utility plant in service $ 18,955,425 $ 18,124,036 Gas utility plant in service 487,700 378,464 Accumulated depreciation (9,948,848) (9,350,172) Utility plant in service, net 9,494,277 9,152,328 Held for future use 15,380 16,302 Construction work in progress 917,158 1,043,376 Nuclear fuel, net of amortization 247,244 224,692 Total Utility Plant, Net 10,674,059 10,436,698 Current Assets Cash and cash equivalents 103,863 101,296 Accounts receivable 1,139,800 925,911 Taxes receivable 14,444 - Inventory 842,052 420,985 Deferred fuel cost 189,871 217,806 Prepayments 32,878 50,040 Assets Held for Sale, net 5,485 747,745 Other current assets 177,371 192,347 Total Current Assets 2,505,764 2,656,130 Deferred Debits and Other Assets Income taxes recoverable through future rates 241,379 228,686 Harris Plant deferred costs 35,661 44,813 Unamortized debt expense 42,276 38,771 Nuclear decommissioning trust funds 811,055 811,998 Diversified business property, net 1,127,828 720,231 Miscellaneous other property and investments 589,560 636,677 Deferred purchased power contract termination costs 138,601 226,656 Goodwill, net 3,751,088 3,652,429 Other assets and deferred debits 755,718 657,612 Total Deferred Debits and Other Assets 7,493,166 7,017,873 Total Assets $ 20,672,989 $ 20,110,701 CAPITALIZATION AND LIABILITIES Capitalization Common stock equity $ 6,203,097 $ 5,424,201 Preferred stock of subsidiary - redemption not required 92,831 92,831 Long-term debt, net 8,627,029 5,890,099 Total Capitalization 14,922,957 11,407,131 Current Liabilities Current portion of long-term debt 719,483 184,037 Accounts payable 715,925 828,568 Taxes accrued - 932 Interest accrued 124,895 121,433 Dividends declared 114,650 107,645 Short-term Obligations 664,045 3,972,674 Other current liabilities 613,308 447,370 Total Current Liabilities 2,952,306 5,662,659 Deferred Credits and Other Liabilities Accumulated deferred income taxes 1,615,144 1,807,192 Accumulated deferred investment tax credits 230,782 261,255 Other liabilities and deferred credits 951,800 972,464 Total Deferred Credits and Other Liabilities 2,797,726 3,040,911 Total Capitalization and Liabilities $ 20,672,989 $ 20,110,701 SCHEDULES OF COMMON STOCK EQUITY (In thousands) Common stock (without par value, authorized 500,000,000, issued and outstanding $ 4,106,101 $ 3,608,902 218,739,274 and 206,089,047 shares, respectively) Unearned ESOP common stock (114,914) (127,211) Accumulated other comprehensive loss (37,609) - Retained earnings 2,249,519 1,942,510 Total Common Stock Equity $ 6,203,097 $ 5,424,201
  • 3. Progress Energy, Inc. SUPPLEMENTAL DATA Three Months Ended Nine Months Ended September 30 September 30 2001 2000 2001 2000 Operating Revenues (in thousands) Electric Retail $ 1,591,713 $ 758,104 $ 4,214,165 $ 1,990,575 Wholesale 256,113 150,902 731,642 416,503 Unbilled (7,493) (9,606) (54,272) 14,615 Miscellaneous revenue 39,601 20,147 186,393 53,154 Total Electric 1,879,934 919,547 5,077,928 2,474,847 Natural gas 51,671 75,645 258,820 223,093 Diversified businesses 398,942 69,716 1,217,532 133,334 Total Operating Revenues $ 2,330,547 $ 1,064,908 $ 6,554,280 $ 2,831,274 Energy Sales Electric (millions of kWh) Retail Residential 9,385 3,924 25,310 10,876 Commercial 6,597 3,353 17,553 8,713 Industrial 4,473 3,892 13,068 10,969 Other retail 1,164 416 3,135 1,079 Total Retail 21,619 11,585 59,066 31,637 Unbilled (350) (371) (893) (11) Wholesale 5,087 3,569 13,946 10,572 Total Electric 26,356 14,783 72,119 42,198 Natural Gas (thousands of dt) 13,080 12,119 39,022 42,960 Energy Supply (millions of kWh) Generated - steam 13,451 7,674 37,242 22,019 nuclear 7,553 5,975 21,503 17,072 hydro 83 71 200 404 combustion turbines 2,461 309 5,270 624 Purchased 3,945 1,447 11,330 3,778 Total Energy Supply (Company Share) 27,493 15,476 75,545 43,897 Detail of Income Taxes (in thousands) Income tax expense (credit) - current $ (4,197) $ 174,747 $ 24,279 $ 337,681 deferred (47,082) (23,655) (78,987) (74,760) investment tax credit (5,264) (2,599) (18,479) (7,797) Total Income Tax Expense $ (56,543) $ 148,493 $ (73,187) $ 255,124 FINANCIAL STATISTICS Ratio of earnings to fixed charges 1.74 4.71 Return on average common stock equity 11.98 % 16.33 % Book value per common share $ 29.14 $ 23.99 Capitalization ratios Common stock equity 41.57 % 50.89 % Preferred stock of subsidiary- redemption not required 0.62 0.82 Long-term debt, net 57.81 48.29 Total 100.00 % 100.00 %
  • 4. Progress Energy, Inc. Segment Earnings Variance Analysis Year-to-Date September 2001 vs. 2000 Florida Regulated Other ($ per share) CP&L Power Natural Progress Diversified Corporate Consolidated (Electric) (Electric) Gas Ventures Businesses 2000 earnings 2.11 - 0.05 0.50 0.54 3.20 Weather 0.04 0.04 Customer growth and usage (0.03) (A) (0.03) Other margin 0.03 0.03 Addition of FPC operations 1.25 (C) 0.59 (0.10) (0.11) 1.63 Operating expenses 0.04 (E) (0.04) - Interest charges (0.12) (0.56) (0.68) Goodwill amortization (0.33) (0.33) Diversified businesses 0.11 (0.41) (G) (0.30) CVO mark-to-market 0.04 0.04 Intraperiod tax adjustment 0.13 0.13 Share dilution (0.50) (B) (0.01) (0.12) (B) (0.11) (B) (0.74) (B) Eliminations/other 0.05 0.09 0.14 2001 earnings 1.62 1.25 (C) - 1.08 (D) (0.08) (0.74) 3.13 Regulated Natural Gas includes NCNG Progress Ventures includes Electric Fuels (less Rail & Barge), Progress Ventures, Monroe Power, and Energy Marketing & Trading Other Diversified Businesses includes SRS, Progress Telecom and Progress Rail Corporate includes eliminations, interest expense, goodwill, CVO mark-to-market, and intra-period tax allocations (A) Residential and commercial increase $.11, offset by industrial decrease of $.14. (B) Related to issuance of 46.5 million common shares in connection with FPC acquisition in Dec 2000, and issuance of 12.65 million shares in Aug 2001 (C) See Table 1 (D) Approximately $.20 per share in CP&L and $.09 per share in Florida Power related to functions managed by Progress Ventures. (E) Establishment of service company reduced CP&L share of costs, $.04 related to Jan 2000 ice storm, offset by planned nuclear outage costs, and transmission expenses in 2001. (G) Includes sale of Bellsouth PCS assets in 2000 Table 1 Florida Power Segment Earnings Variance Analysis September 2001 vs 2000 YTD 2000 earnings $ 2.69 Weather (0.05) Customer growth and usage 0.03 Other margin 0.02 Operating expenses (0.05) Share dilution (1.35) Interest expense 0.03 Trading and marketing (0.09) Eliminations/other 0.02 2001 earnings $ 1.25
  • 5. Progress Energy, Inc. Segment Earnings Variance Analysis Third Quarter 2001 vs. 2000 Florida Regulated Other ($ per share) CP&L Power Natural Progress Diversified Corporate Consolidated (Electric) (Electric) Gas Ventures Businesses 2000 earnings 1.01 - - 0.23 0.70 - 1.94 Weather 0.04 0.04 Customer growth and usage 0.01 (A) 0.01 Other margin 0.03 0.01 0.04 Addition of FPC operations 0.52 (C) 0.20 (0.02) (0.01) 0.69 Operating expenses (0.09) (E) (0.02) (0.11) Interest charges (0.03) (0.18) (0.21) Goodwill amortization (0.11) (0.11) Diversified businesses 0.02 (0.51) (G) (0.49) CVO mark-to-market 0.08 0.08 Intraperiod tax adjustment 0.36 0.36 Share dilution (0.26) (B) (0.06) (B) (0.19) (B) (0.51) (B) Eliminations/other 0.03 0.02 0.05 2001 earnings 0.74 0.52 (C) (0.01) 0.39 (D) (0.02) 0.16 1.78 Regulated Natural Gas includes NCNG Progress Ventures includes Electric Fuels (less Rail & Barge), Progress Ventures, Monroe Power, and Energy Marketing & Trading Other Diversified Businesses includes SRS, Progress Telecom and Progress Rail Corporate includes eliminations, interest expense, goodwill, CVO mark-to-market, and intra-period tax allocations (A) Residential and commercial increase of $.05, industrial decrease of $.04 (B) Related to issuance of 46.5 million common shares in connection with FPC acquisition in Dec 2000, and issuance of 12.65 million shares in Aug 2001 (C) See Table 1 (D) Approximately $.06 per share in CP&L and $.03 per share in Florida Power are related to functions managed by Progress Ventures. (E) Primarily costs related to planned nuclear outages, increased transmission expenses. (G) Includes sale of Bellsouth PCS assets in 2000 Table 1 Florida Power Segment Earnings Variance Analysis Third Quarter 2001 vs. 2000 2000 earnings $ 1.24 Weather (0.05) Customer growth and usage 0.04 Other margin (0.01) Operating expenses (0.01) Share dilution (0.65) Interest expense 0.01 Trading and marketing (0.03) Eliminations/other (0.02) 2001 earnings $ 0.52