Progress Energy 2004 Annual Report Download - page 111

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CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly financial data is as follows:
109
Progress Energy Annual Report 2004
(in millions except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Year ended December 31, 2004
Operating revenues $2,245 $2,408 $2,761 $2,358
Operating income 296 305 584 291
Income from continuing operations before cumulative effect of changes in accounting principles 108 153 303 189
Net income 108 154 303 194
Common stock data:
Basic earnings per common share
Income from continuing operations before cumulative effect of changes in accounting principles 0.45 0.63 1.25 0.78
Net income 0.45 0.63 1.25 0.80
Diluted earnings per common share
Income from continuing operations before cumulative effect of changes in accounting principles 0.45 0.63 1.24 0.78
Net income 0.45 0.63 1.24 0.80
Dividends declared per common share 0.575 0.575 0.575 0.590
Market price per share – High 47.95 47.50 44.32 46.10
– Low 43.02 40.09 40.76 40.47
Year ended December 31, 2003
Operating revenues $2,187 $2,050 $2,457 $2,047
Operating income 357 274 478 248
Income from continuing operations before cumulative effect of changes in accounting principles 207 154 337 113
Net income 219 157 318 88
Common stock data:
Basic earnings per common share
Income from continuing operations before cumulative effect of changes in accounting principles 0.89 0.65 1.41 0.47
Net income 0.94 0.66 1.33 0.37
Diluted earnings per common share
Income from continuing operations before cumulative effect of changes in accounting principles 0.89 0.65 1.39 0.47
Net income 0.94 0.66 1.31 0.37
Dividends declared per common share 0.560 0.560 0.560 0.575
Market price per share – High 46.10 48.00 45.15 46.00
– Low 37.45 38.99 39.60 41.60
In the opinion of management, all adjustments necessary
to fairly present amounts shown for interim periods have
been made. Results of operations for an interim period
may not give a true indication of results for the year. The
2003 amounts were restated for the cessation of
reporting results for portions of the Fuels’ segment
operations one month in arrears (See Note 1B) and for
discontinued operations (See Note 4C). Fourth quarter
2004 includes a $31 million after-tax gain on sale of
natural gas assets (See Note 4A) and $90 million of
Section 29 tax credits being recorded (See Note 23E).
Third quarter 2004 includes reversal of $79 million of
Section 29 tax credits (See Note 23E). Second quarter
2004 includes the settlement of a civil proceeding related
to SRS of $43 million ($29 million after-tax). Fourth quarter
2003 includes impairments related to Kentucky May and
Affordable Housing investment of $38 million ($24 million
after-tax) (See Note 10). Fourth quarter 2003 includes a
cumulative effect for DIG Issue 20 of $38 million
($23 million after-tax) (See Note 18).
Selected Consolidated Financial Data (Unaudited)