Progress Energy 2004 Annual Report Download - page 57

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Progress Energy Annual Report 2004
Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF INCOME
(in millions except per share data)
Years ended December 31 2004 2003 2002
Operating Revenues
Electric $7,153 $6,741 $6,601
Diversified business 2,619 2,000 1,490
Total Operating Revenues 9,772 8,741 8,091
Operating Expenses
Utility
Fuel used in electric generation 2,011 1,695 1,586
Purchased power 868 862 862
Operation and maintenance 1,475 1,421 1,390
Depreciation and amortization 878 883 820
Taxes other than on income 425 405 386
Diversified business
Cost of sales 2,288 1,748 1,410
Depreciation and amortization 190 157 118
Impairment of long-lived assets –17 364
(Gain)/loss on the sale of assets (57) 1–
Other 218 195 145
Total Operating Expenses 8,296 7,384 7,081
Operating Income 1,476 1,357 1,010
Other Income (Expense)
Interest income 14 11 15
Impairment of investments –(21) (25)
Other, net 8(16) 27
Total Other Income (Expense) 22 (26) 17
Interest Charges
Net interest charges 653 635 641
Allowance for borrowed funds used during construction (6) (7) (8)
Total Interest Charges, Net 647 628 633
Income from Continuing Operations before Income Tax, Minority Interest, and
Cumulative Effect of Changes in Accounting Principles 851 703 394
Income Tax Expense (Benefit) 115 (111) (158)
Income from Continuing Operations before Minority Interest and
Cumulative Effect of Changes in Accounting Principles 736 814 552
Minority Interest, Net of Tax (17) 3–
Income from Continuing Operations Before Cumulative Effect of Changes in Accounting Principles 753 811 552
Discontinued Operations, Net of Tax 6 (8) (24)
Cumulative Effect of Changes in Accounting Principles, Net of Tax – (21) –
Net Income $759 $782 $528
Average Common Shares Outstanding 242 237 217
Basic Earnings per Common Share
Income from continuing operations before cumulative effect of changes in accounting principles $3.11 $3.42 $2.54
Discontinued operations, net of tax .02 (.03) (.11)
Cumulative effect of changes in accounting principles, net of tax –(.09) –
Net Income $3.13 $3.30 $2.43
Diluted Earnings per Common Share
Income from continuing operations before cumulative effect of changes in accounting principles $3.10 $3.40 $2.53
Discontinued operations, net of tax .02 (.03) (.11)
Cumulative effect of changes in accounting principles, net of tax –(.09) –
Net Income $3.12 $3.28 $2.42
Dividends Declared per Common Share $2.32 $2.26 $2.20
See Notes to Consolidated Financial Statements.
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