FILE NO. 69-250
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-3A-2/A
Statement by Holding Company Claiming
Exemption under Rule U-3A-2 from the
Provisions of the Public Utility Holding
Company Act of 1935
To be Filed Annually Prior to March 1
TECO Energy, Inc., TECO Power Services Corporation and Hardee Power I, Inc.,
hereby file with the Securities and Exchange Commission, pursuant to Rule 2,
their statements claiming exemption as holding companies from the provisions of
the Public Utility Holding Company Act of 1935 (the "Act") and submit the
following information:
The Exhibit A Section in TECO Energy, Inc.'s Form U-3A-2 for the year ended
2002, filed with the Securities and Exchange Commission on February 28, 2002,
is hereby amended to update 2001 data of page 8 to 2002 data.
Exhibit A
Page 1 of 20
TECO ENERGY, INC.
CONSOLIDATING BALANCE SHEET
December 31, 2002
(thousands of dollars)
TAMPA TECO
ELECTRIC DIVERSIFIED TECO ENERGY- TECO ENERGY, INC.
COMPANY COMPANIES(1) PARENT/OTHER(2) FINANCE ELIMINATIONS (CONSOLIDATED)
------------ ------------ -------------- ------- ------------ --------------
Assets
Current Assets:
Cash and Cash Equ. $ 6,946 $ 31,582 $ 372,042 $ 572 $ -- $ 411,142
Restricted Cash 1,624 -- -- -- 1,624
Short Term Inv. -- 6 -- -- -- 6
Receiv. less allow for uncollect 193,413 804,074 2,361,169 3,639 (2,704,569) 657,726
Interest Receivable Affiliates -- -- 12,765 -- (12,765) --
Current Derivative Asset 3,420 9,022 -- -- -- 12,442
Inventories at average cost:
Fuel 79,103 34,621 -- -- -- 113,724
Materials & Supplies 48,112 48,004 -- -- -- 96,116
Prepayments 14,904 15,522 -- -- -- 30,426
------------ ---------- ---------- ------ ----------- -----------
345,898 944,455 2,745,976 4,211 (2,717,334) 1,323,206
Investment in subsidiaries -- -- 2,659,669 -- (2,659,669) --
Property, plant & equip. orig cost
Utility plant in svc - ele 4,310,836 743,518 -- -- -- 5,054,354
Utility plant in svc - gas 746,731 -- -- -- -- 746,731
CWIP 768,496 788,342 -- -- -- 1,556,838
Other property 7,899 848,915 7 -- 582 857,403
------------ ---------- ---------- ------ ----------- -----------
5,833,962 2,380,775 7 -- 582 8,215,326
Less Accum. Depr. (2,161,004) (590,282) -- -- -- (2,751,286)
------------ ---------- ---------- ------ ----------- -----------
3,672,958 1,790,493 7 -- 582 5,464,040
Other Assets
Intangible Asset -- 11,139 -- -- -- 11,139
Goodwill -- 193,660 -- -- -- 193,660
Long Term Derivative Asset -- 122 -- -- -- 122
Other investments -- 984,763 9,696 -- 994,459
Deferred income tax 133,305 16,179 206,483 -- (15,734) 340,233
Deferred charges & other assets 192,516 93,134 45,548 -- (20,253) 310,945
------------ ---------- ---------- ------ ----------- -----------
325,821 1,298,997 261,727 -- (35,987) 1,850,558
------------ ---------- ---------- ------ ----------- -----------
$ 4,344,677 $4,033,945 $5,667,379 $4,211 $(5,412,408) $ 8,637,804
============ ========== ========== ====== =========== ===========
(1) Diversified companies consist of: TECO Diversified Consolidated, TECO
Power Services Consolidated and TECO Stevedoring.
(2) TECO Energy Parent/Other consist of: TECO Energy Parent, TECO Investments
and several other non-operating subsidiaries.
Exhibit A
Page 2 of 20
TECO ENERGY, INC.
CONSOLIDATING BALANCE SHEET
December 31, 2002
(thousands of dollars)
TAMPA TECO
ELECTRIC DIVERSIFIED TECO ENERGY- TECO ENERGY, INC.
COMPANY COMPANIES(1) PARENT/OTHER(2) FINANCE ELIMINATIONS (CONSOLIDATED)
------------ ------------ ---------------- ----------- ------------- --------------
Current liabilities
Long-term debt due w/i 1 year $ 81,050 $ 46,068 $ -- $ -- $ -- $ 127,118
Notes payable 10,500 -- 379,684 -- (29,684) 360,500
Accounts payable 185,651 2,470,309 262,611 134,740 (2,675,885) 377,426
Interest payable - affiliates -- 12,765 -- -- (12,765) --
Current derivative liability (77) 4,025 -- -- -- 3,948
Customer deposits 94,628 3 -- -- -- 94,631
Interest accrued 18,333 2,597 28,844 -- -- 49,774
Taxes accrued 46,928 54,145 (5,000) (454) 226 95,845
----------- ----------- ----------- ----------- ----------- -----------
437,013 2,589,912 666,139 134,286 (2,718,108) 1,109,242
Deferred income taxes 483,074 24,955 2,712 -- (15,734) 495,007
Investment tax credit 27,138 358 -- -- -- 27,496
Regulatory liability-tax related 36,602 -- -- -- -- 36,602
Other deferred credits 177,221 165,390 61,955 -- (20,253) 384,313
Long-term deb, less amt due w/i 1 yr 1,345,598 322,223 1,656,515 -- -- 3,324,336
Preferred stock of Tpa Electric -- -- 649,125 -- -- 649,125
Common stock 1,535,125 821,988 1,293,792 100 (2,380,634) 1,270,371
Retained earnings 302,906 109,119 1,368,234 (130,175) (277,679) 1,372,405
Unearned comp.related to ESOP -- -- (31,093) -- -- (31,093)
----------- ----------- ----------- ----------- ----------- -----------
$ 4,344,677 $ 4,033,945 $ 5,667,379 $ 4,211 $(5,412,408) $ 8,637,804
=========== =========== =========== =========== =========== ===========
(1) Diversified companies consist of: TECO Diversified Consolidated, TECO
Power Services Consolidated and TECO Stevedoring.
(2) TECO Energy Parent/Other consist of: TECO Energy Parent, TECO Investments
and several other non-operating subsidiaries.
Exhibit A
Page 3 of 20
TECO ENERGY, INC.
CONSOLIDATING STATEMENT OF INCOME
TWELVE MONTHS ENDED December 31, 2002
(thousands of dollars)
TAMPA TECO
ELECTRIC DIVERSIFIED TECO ENERGY- TECO ENERGY, INC.
COMPANY COMPANIES(1) PARENT/OTHER(2) FINANCE ELIMINATIONS (CONSOLIDATED)
----------- ------------- -------------- ---------- ------------ --------------
Revenue $ 1,901,345 $ 992,143 $ -- $ 1,928 $ (219,584) $ 2,675,832
Expenses
Operation 1,100,573 762,592 8,587 2,025 (225,606) 1,648,171
Maintenance 111,974 50,160 -- -- -- 162,134
Depreciation 220,267 83,098 -- -- 44 303,409
Asset Adjustment -- -- -- -- -- --
Taxes-other than income 132,629 40,554 -- -- -- 173,183
Taxes-Fed & State income 100,338 (107,295) -- -- 6,957 --
----------- ----------- ----------- --------- ---------- -----------
1,665,781 829,109 8,587 2,025 (218,605) 2,286,897
----------- ----------- ----------- --------- ---------- -----------
Income from operations 235,564 163,034 (8,587) (97) (979) 388,935
Other income (expense)
Allowance for other funds 24,928 -- -- -- -- 24,928
Other income (expense), net 1,745 58,347 (28,023) -- (3,775) 28,294
Earnings from equity investment -- (5,949) (55) -- -- (6,004)
----------- ----------- ----------- --------- ---------- -----------
26,673 52,398 (28,078) -- (3,775) 47,218
----------- ----------- ----------- --------- ---------- -----------
Income before Int. & income taxes 262,237 215,432 (36,665) (97) (4,754) 436,153
Interest charges
Interest expense 75,889 76,140 (12,926) 4,293 3,727 147,123
Distribution on redeemable pref. sec -- -- 38,900 -- -- 38,900
Allow. for borrowed funds (9,627) -- -- -- -- (9,627)
----------- ----------- ----------- --------- ---------- -----------
66,262 76,140 25,974 4,293 3,727 176,396
----------- ----------- ----------- --------- ---------- -----------
Income before prov. for inc. tax 195,975 139,292 (62,639) (4,390) (8,481) 259,757
Prov for income taxes -- (499) (27,771) (1,693) (8,454) (38,417)
----------- ----------- ----------- --------- ---------- -----------
Net Income $ 195,975 $ 139,791 $ (34,868) $ (2,697) $ (27) $ 298,174
=========== =========== =========== ========= ========== ===========
(1) Diversified companies consist of: TECO Diversified Consolidated, TECO
Power Services Consolidated and TECO Stevedoring.
(2) TECO Energy Parent/Other consist of: TECO Energy Parent, TECO Investments
and several other non-operating subsidiaries.
Exhibit A
Page 4 of 20
TECO ENERGY, INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED December 31, 2002
(thousands of dollars)
TAMPA TECO
ELECTRIC DIVERSIFIED TECO ENERGY - TECO ENERGY, INC.
COMPANY COMPANIES(1) PARENT/OTHER(2) FINANCE ELIMINATIONS (CONSOLIDATED)
----------- ------------- --------------- ------------- ------------- --------------
Balance, beginning of period $ 304,288 $ 71,057 $ 1,257,448 $ (127,478) $ (229,681) $ 1,275,634
Add:
Net Income 195,975 139,791 328,926(3) (2,697) (363,821) 298,174
Comprehensive Income 81 (14,481) (4,430) -- (18,830)
Tax benefits - ESOP Dividends -- 1,287 -- 1,287
----------- ----------- ----------- ----------- ----------- -----------
500,344 196,367 1,583,231 (130,175) (593,502) 1,556,265
Deduct:
Cash dividends on capital stock
Preferred -- -- -- -- -- --
Common 197,438 118,630 215,795 -- (316,068) 215,795
Other - Adjustment -- (31,382)(4) (798)(5) -- 245 (31,935)
----------- ----------- ----------- ----------- ----------- -----------
Balance, end of period $ 302,906 $ 109,119 $ 1,368,234 $ (130,175) $ (277,679) $ 1,372,405
=========== =========== =========== =========== =========== ===========
(1) Diversified companies consist of: TECO Diversified Consolidated, TECO
Power Services Consolidated and TECO Stevedoring.
(2) TECO Energy Parent/Other consist of: TECO Energy Parent, TECO Investments
and several other non-operating subsidiaries.
(3) Includes $363,794 of TECO Energy's equity in earnings of subsidiaries.
(4) Net income from TECO Coalbed Methane is classified as discontinued
operations on TECO Energy's consolidated Income Statement.
(5) Net gain from discontinued operations and reclass of Suwanee to
TECO Energy.
Exhibit A
Page 5 of 20
TECO DIVERSIFIED, INC.
CONSOLIDATING BALANCE SHEET
December 31, 2001
(thousands of dollars)
TECO TECO
TECO TECO TECO TECO DIVERSIFIED DIVERSIFIED
SOLUTIONS COAL TRANSPORT CBM PARENT ELIMINATIONS (CONSOLIDATED)
----------- ----------- ----------- ----------- ----------- ------------ --------------
Assets
Current Assets:
Cash and Cash Equ. $ 2,683 $ 2,507 $ 380 $ 267 $ 299 $ -- $ 6,136
Restricted Cash -- -- -- -- -- -- --
Short Term Inv. -- 6 -- -- -- -- 6
Receiv. less allow for uncollect. 153,446 43,441 154,834 103,545 116,914 (1) 572,179
Interest Receivable Affiliates -- -- -- -- -- -- --
Current Derivative Asset 4,349 -- 1,448 -- -- -- 5,797
Inventories at average cost:
Fuel 9,856 16,635 -- -- -- -- 26,491
Materials & Supplies 61 5,513 15,592 -- -- -- 21,166
Prepayments 1,492 7,103 2,211 -- -- -- 10,806
----------- ----------- ----------- ----------- ----------- ----------- -----------
171,887 75,205 174,465 103,812 117,213 (1) 642,581
Investment in subsidiaries -- -- -- -- 457,079 (457,079) --
Property, plant & equip. orig cost
Utility plant in svc - ele -- -- -- -- -- -- --
Utility plant in svc - gas -- -- -- -- -- -- --
CWIP 534 7,514 8,841 -- -- -- 16,889
Other property 28,530 298,080 508,952 -- -- -- 835,562
----------- ----------- ----------- ----------- ----------- ----------- -----------
29,064 305,594 517,793 -- -- -- 852,451
Less Accum. Depr. 4,651 140,560 337,817 -- -- -- 483,028
----------- ----------- ----------- ----------- ----------- ----------- -----------
24,413 165,034 179,976 -- -- -- 369,423
Other Assets
Intangible Asset 4,465 -- -- -- -- -- 4,465
Goodwill 39,143 -- -- -- -- -- 39,143
Long Term Derivative Asset 36 -- -- -- -- -- 36
Other investments 51,764 -- -- -- -- -- 51,764
Deferred income tax (1,136) 11,491 125 -- -- -- 10,480
Deferred charges & other assets 7,563 31,772 552 -- 2 -- 39,889
----------- ----------- ----------- ----------- ----------- ----------- -----------
101,835 43,263 677 -- 2 -- 145,777
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 298,135 $ 283,502 $ 355,118 $ 103,812 $ 574,294 $ (457,080) $ 1,157,781
=========== =========== =========== =========== =========== =========== ===========
Exhibit A
Page 6 of 20
TECO DIVERSIFIED, INC.
CONSOLIDATING BALANCE SHEET
December 31, 2002
(thousands of dollars)
TECO TECO
TECO TECO TECO TECO DIVERSIFIED DIVERSIFIED
SOLUTIONS COAL TRANSPORT CBM PARENT ELIMINATIONS (CONSOLIDATED)
----------- ----------- ----------- ----------- ----------- ------------ --------------
Current liabilities
Long-term debt due w/i 1 year $ -- $ -- $ 25,309 $ -- $ -- $ -- $ 25,309
Notes payable -- -- -- -- -- -- --
Accounts payable 139,378 71,797 26,702 15,867 -- (1) 253,743
Interest Payable - Affiliates 375 669 (146) 189 -- -- 1,087
Current Derivative Liability -- -- -- -- -- -- --
Customer deposits 3 -- -- -- -- -- 3
Interest accrued -- -- 1,864 -- -- -- 1,864
Taxes accrued 7,848 2,620 19,715 13,516 -- -- 43,699
----------- ----------- ----------- ----------- ----------- ----------- -----------
147,604 75,086 73,444 29,572 -- (1) 325,705
-- --
Deferred income taxes 869 603 1,370 18,724 -- -- 21,566
Investment tax credit -- -- 358 -- -- -- 358
Regulatory liability-tax related -- -- -- -- -- -- --
Other deferred credits 1,466 7,833 72,510 38,084 -- -- 119,893
Long-term deb, less amt due w/i 1 yr -- -- 110,601 -- -- -- 110,601
--
Preferred stock of Tpa Electric -- -- -- -- -- -- --
Common stock 136,575 164,519 53,456 -- 487,646 (354,550) 487,646
Retained earnings 11,621 35,461 43,379 17,432 86,648 (102,529) 92,012
Unearned comp.related to ESOP -- -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 298,135 $ 283,502 $ 355,118 $ 103,812 $ 574,294 $ (457,080) $ 1,157,781
=========== =========== =========== =========== =========== =========== ===========
Exhibit A
Page 7 of 20
TECO DIVERSIFIED, INC.
CONSOLIDATING STATEMENT OF INCOME
TWELVE MONTHS ENDED December 31, 2002
(thousands of dollars)
TECO TECO
TECO TECO TECO TECO DIVERSIFIED DIVERSIFIED
SOLUTIONS COAL TRANSPORT CBM PARENT ELIMINATIONS (CONSOLIDATIONS)
--------- --------- --------- ------ ----------- ------------ ----------------
Revenue $ 105,186 $ 317,135 $ 254,618 $ -- $ -- $ -- $ 676,939
Expenses
Operation 90,430 285,018 168,465 -- -- -- 543,913
Maintenance 3 20,471 20,025 -- -- -- 40,499
Depreciation 1,257 31,446 22,254 -- -- -- 54,957
Asset Adjustment -- -- -- -- -- -- --
Taxes-other than income 472 25,734 5,900 -- -- -- 32,106
Taxes-Fed & State income -- (107,295) -- -- -- -- (107,295)
--------- --------- --------- ----- ----- --------- ---------
92,162 255,374 216,644 -- -- -- 564,180
--------- --------- --------- ----- ----- --------- ---------
Income from operations 13,024 61,761 37,974 -- -- -- 112,759
Other income (expense)
Allowance for other funds -- -- -- -- -- -- --
Other income (expense), net 1,998 -- 108 -- -- -- 2,106
Earnings from equity investment 217 -- -- -- -- -- 217
--------- --------- --------- ----- ----- --------- ---------
2,215 -- 108 -- -- -- 2,323
--------- --------- --------- ----- ----- --------- ---------
Income before Int. & income taxes 15,239 61,761 38,082 -- -- -- 115,082
Interest charges
Interest expense 4,504 8,164 6,332 -- -- -- 19,000
Distribution on redeemable pref. sec
Allow. for borrowed funds -- -- -- -- -- -- --
--------- --------- --------- ----- ----- --------- ---------
4,504 8,164 6,332 -- -- -- 19,000
--------- --------- --------- ----- ----- --------- ---------
Income before prov. for inc. tax 10,735 53,597 31,750 -- -- -- 96,082
Prov for income taxes 2,422 (22,859) 10,777 -- -- -- (9,660)
--------- --------- --------- ----- ----- --------- ---------
Net Income $ 8,313 $ 76,456 $ 20,973 $ -- $ -- $ -- $ 105,742
========= ========= ========= ===== ===== ========= =========
Exhibit A
Page 8 of 20
TECO DIVERSIFIED, INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED December 31, 2002
(thousands of dollars)
TECO TECO TECO TECO
Solutions Coal Transport CBM Div.Parent
--------- ------- --------- -------- ----------
Balance, beginning of period $(4,988) $28,506 $43,939 $ 8,582 $ 68,154
Add:
Net Income 8,313 76,456 20,973 -- 105,742
Earnings of sub's
Comprehensive Income 12,564 -- 1,085 (289) --
Tax benefits - ESOP Dividends
------- ------- ------- -------- --------
15,889 104,962 65,997 8,293 173,896
Deduct:
Cash dividends on capital stock -- -- -- -- --
Preferred -- -- -- -- --
Common 4,268 69,501 22,618 22,243 118,630
Other - Adjustment -- -- -- (31,382)(1) (31,382)(1)
------- ------- ------- -------- --------
Balance, end of period $11,621 $35,461 $43,379 $ 17,432 $ 86,648
======= ======= ======= ======== ========
TECO
Diversified
Eliminations (Consolidated)
------------ --------------
Balance, beginning of period (84,035) 60,158
Add:
Net Income (105,742) 105,742
Earnings of sub's
Comprehensive Income -- 13,360
Tax benefits - ESOP Dividends
--------- --------
(189,777) 179,260
Deduct:
Cash dividends on capital stock -- --
Preferred -- --
Common (118,630) 118,630
Other - Adjustment 31,382 (31,382)
--------- --------
Balance, end of period $(102,529) $ 92,012
========= ========
(1) Net income from TECO Coalbed Methane is classified as discontinued
operations on TECO Energy's consolidated Income Statement
Exhibit A
Page 9 of 20
TECO SOLUTIONS, INC.
CONSOLIDATING BALANCE SHEET
December 31, 2002
(thousands of dollars)
TECO TECO
BCH TECO GAS TECO PROPANE PRIOR TECO
MECHANICAL BGA SERVICES PARTNERS VENTURES ENERGY PROPERTIES
---------- ------- -------- -------- -------- -------- ----------
Assets
Current Assets:
Cash and Cash Equ. $ 479 $ 374 $ 820 $ 354 $ 206 $ (143) $ 246
Restricted Cash -- -- -- -- -- -- --
Short Term Inv. -- -- -- -- -- -- --
Receiv. less allow for uncollect 19,715 11,211 6,765 626 9,035 78,365 26,078
Interest Receivable Affiliates -- -- -- -- -- -- --
Current Derivative Asset -- -- -- -- -- 4,349 --
Inventories at average cost: -- --
Fuel -- -- -- -- -- 9,856 --
Materials & Supplies 61 -- -- -- -- -- --
Prepayments 232 293 5 17 -- 945 --
------- ------- ------ ------ ------- -------- -------
20,487 11,878 7,590 997 9,241 93,372 26,324
Investment in subsidiaries -- -- -- -- -- -- --
Property, plant & equip. orig cost
Utility plant in svc - ele -- -- -- -- -- -- --
Utility plant in svc - gas -- -- -- -- -- -- --
CWIP 534 -- -- -- -- -- --
Other property 2,244 13,965 46 1,452 -- 1,141 9,682
------- ------- ------ ------ ------- -------- -------
2,778 13,965 46 1,452 -- 1,141 9,682
Less Accum. Depr. 2,021 1,585 10 423 -- 184 428
------- ------- ------ ------ ------- -------- -------
757 12,380 36 1,029 -- 957 9,254
Other Assets
Intangible Asset -- -- -- -- -- 4,465 --
Goodwill 27,900 1,663 -- -- -- 9,580 --
Long Term Derivative Asset -- -- -- -- -- 36 --
Other investments -- 471 -- 4,752 35,150 -- 11,391
Deferred income tax -- -- -- -- -- (2,780) 1,644
Deferred charges & other assets 96 7,352 253 (204) -- -- 66
------- ------- ------ ------ ------- -------- -------
27,996 9,486 253 4,548 35,150 11,301 13,101
------- ------- ------ ------ ------- -------- -------
$49,240 $33,744 $7,879 $6,574 $44,391 $105,630 $48,679
======= ======= ====== ====== ======= ======== =======
(TABLE CONTINUED BELOW)
TECO
SOLUTIONS SOLUTIONS
PARENT ELIMINATIONS (CONSOLIDATED)
--------- ------------ --------------
Assets
Current Assets:
Cash and Cash Equ. $ 347 $ -- $ 2,683
Restricted Cash -- -- --
Short Term Inv. -- -- --
Receiv. less allow for uncollect 2,836 (1,185) 153,446
Interest Receivable Affiliates -- -- --
Current Derivative Asset -- -- 4,349
Inventories at average cost:
Fuel -- -- 9,856
Materials & Supplies -- -- 61
Prepayments -- -- 1,492
-------- --------- ---------
3,183 (1,185) 171,887
Investment in subsidiaries 140,514 (140,514) --
Property, plant & equip. orig cost
Utility plant in svc - ele -- -- --
Utility plant in svc - gas -- -- --
CWIP -- -- 534
Other property -- -- 28,530
-------- --------- ---------
-- -- 29,064
Less Accum. Depr. -- -- 4,651
-------- --------- ---------
-- -- 24,413
Other Assets
Intangible Asset -- -- 4,465
Goodwill -- -- 39,143
Long Term Derivative Asset -- -- 36
Other investments -- -- 51,764
Deferred income tax -- -- (1,136)
Deferred charges & other assets -- 7,563
-------- --------- ---------
-- -- 101,835
-------- --------- ---------
$143,697 $(141,699) $ 298,135
======== ========= =========
Exhibit A
Page 10 of 20
TECO SOLUTIONS, INC.
CONSOLIDATING BALANCE SHEET
December 31, 2002
(thousands of dollars)
TECO TECO
BCH TECO GAS TECO PROPANE PRIOR
MECHANICAL BGA SERVICES PARTNERS VENTURES ENERGY
---------- --------- -------- --------- --------- ---------
Current liabilities
Long-term debt due w/i 1 year $ -- $ -- $ -- $ -- $ -- $ --
Notes payable -- -- -- -- -- --
Accounts payable 13,105 32,342 6,240 6,950 -- 81,982
Interest payable - Affiliates 108 86 8 21 64 15
Current Derivative Liability -- -- -- -- -- --
Customer deposits -- -- 3 -- -- --
Interest accrued -- -- -- -- -- --
Taxes accrued 836 (1,122) (12) (136) 54 7,841
--------- --------- -------- --------- --------- ---------
14,049 31,306 6,239 6,835 118 89,838
Deferred income taxes 399 (44) (24) 89 12,723 (12,482)
Investment tax credit -- -- -- -- -- --
Regulatory liability-tax related -- -- -- -- -- --
Other deferred credits 854 1,043 -- -- -- (431)
Long-term deb, less amt due w/i 1 yr -- -- -- -- -- --
Preferred stock of Tpa Electric -- -- --
Common stock 30,257 3,669 1 -- 19,560 23,000
Retained earnings 3,681 (2,230) 1,663 (350) 11,990 5,705
Unearned comp.related to ESOP -- -- -- -- -- --
--------- --------- -------- --------- --------- ---------
$ 49,240 $ 33,744 $ 7,879 $ 6,574 $ 44,391 $ 105,630
========= ========= ======== ========= ========= =========
(TABLE CONTINUED BELOW)
TECO
TECO SOLUTIONS SOLUTIONS
PROPERTIES PARENT ELIMINATIONS (CONSOLIDATED)
---------- --------- ------------ --------------
Current liabilities
Long-term debt due w/i 1 year $ -- $ -- $ -- $ --
Notes payable -- -- -- --
Accounts payable 4 (60) (1,185) 139,378
Interest payable - Affiliates 73 -- -- 375
Current Derivative Liability -- -- -- --
Customer deposits -- -- -- 3
Interest accrued -- -- -- --
Taxes accrued 387 -- -- 7,848
--------- --------- --------- ---------
464 (60) (1,185) 147,604
Deferred income taxes 208 -- -- 869
Investment tax credit -- -- -- --
Regulatory liability-tax related -- -- -- --
Other deferred credits -- -- -- 1,466
Long-term deb, less amt due w/i 1 yr -- -- -- --
Preferred stock of Tpa Electric -- -- -- --
Common stock 49,985 136,575 (126,472) 136,575
Retained earnings (1,978) 7,182 (14,042) 11,621
Unearned comp.related to ESOP -- -- -- --
--------- --------- --------- ---------
$ 48,679 $ 143,697 $(141,699) $ 298,135
========= ========= ========= =========
Exhibit A
Page 11 of 20
TECO SOLUTIONS, INC.
CONSOLIDATING STATEMENT OF INCOME
TWELVE MONTHS ENDED December 31, 2002
(thousands of dollars)
TECO TECO
BCH TECO GAS TECO PROPANE PRIOR
MECHANICAL BGA SERVICES PARTNERS VENTURES ENERGY
---------- -------- -------- -------- -------- --------
Revenue $ 57,594 $ 30,271 $ 2,310 $ 14,152 $ -- $ 11,781
Expenses
Operation 49,956 32,282 1,528 13,111 -- 4,364
Maintenance -- -- 3 -- --
Depreciation 89 745 4 237 -- 176
Asset Adjustment -- -- -- -- -- --
Taxes-other than income -- 280 39 -- -- 118
Taxes-Fed & State income -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
50,045 33,307 1,571 13,351 -- 4,658
-------- -------- -------- -------- -------- --------
Income from operations 7,549 (3,036) 739 801 -- 7,123
Other income (expense)
Allowance for other funds -- -- -- -- -- --
Other income (expense), net (858) 538 -- (56) (47) (30)
Earnings from equity investment -- -- -- (1,071) 485 --
-------- -------- -------- -------- -------- --------
(858) 538 -- (1,127) 438 (30)
-------- -------- -------- -------- -------- --------
Income before Int. & income taxes 6,691 (2,498) 739 (326) 438 7,093
Interest charges
Interest expense 1,243 1,025 133 243 788 215
Distribution on redeemable pref. sec
Allow. for borrowed funds -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
1,243 1,025 133 243 788 215
-------- -------- -------- -------- -------- --------
Income before prov. for inc. tax 5,448 (3,523) 606 (569) (350) 6,878
Prov for income taxes 2,109 (1,115) 236 (186) (2,187) 2,709
-------- -------- -------- -------- -------- --------
Net Income $ 3,339 $ (2,408) $ 370 $ (383) $ 1,837 $ 4,169
======== ======== ======== ======== ======== ========
(TABLE CONTINUED BELOW)
TECO
TECO SOLUTIONS SOLUTIONS
PROPERTIES PARENT ELIMINATIONS (CONSOLIDATED)
---------- --------- ------------ --------------
Revenue $ 471 $ -- $(11,393) $105,186
Expenses
Operation 582 -- (11,393) 90,430
Maintenance -- -- -- 3
Depreciation 6 -- -- 1,257
Asset Adjustment -- -- -- --
Taxes-other than income 35 -- -- 472
Taxes-Fed & State income -- -- -- --
-------- -------- -------- --------
623 -- (11,393) 92,162
-------- -------- -------- --------
Income from operations (152) -- -- 13,024
Other income (expense)
Allowance for other funds -- -- -- --
Other income (expense), net 2,451 -- -- 1,998
Earnings from equity investment 803 -- -- 217
-------- -------- -------- --------
3,254 -- -- 2,215
-------- -------- -------- --------
Income before Int. & income taxes 3,102 -- -- 15,239
Interest charges
Interest expense 857 -- -- 4,504
Distribution on redeemable pref. sec
Allow. for borrowed funds -- -- -- --
-------- -------- -------- --------
857 -- -- 4,504
-------- -------- -------- --------
Income before prov. for inc. tax 2,245 -- -- 10,735
Prov for income taxes 856 -- -- 2,422
-------- -------- -------- --------
Net Income $ 1,389 $ -- $ -- $ 8,313
======== ======== ======== ========
Exhibit A
Page 12 of 20
TECO SOLUTIONS, INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED December 31, 2002
(thousands of dollars)
TECO TECO
BCH TECO GAS TECO PROPANE PRIOR TECO
MECHANICAL BGA SERVICES PARTNERS ENERGY ENERGY PROPERTIES
---------- -------- -------- -------- -------- -------- ----------
Balance, beginning of period $ 2,973 $ 178 $ 2,026 $ 33 $ 10,154 $ (7,925) $ (3,367)
Add:
Net Income 3,339 (2,408) 370 (383) 1,836 1,389 8,313
Earnings of sub's -- -- -- -- -- -- --
Comprehensive Income -- -- -- -- --
Tax benefits - ESOP Dividends -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
6,312 (2,230) 2,396 (350) 11,990 8,808 (1,978)
Deduct:
Cash dividends on capital stock
Preferred -- -- -- -- -- -- --
Common 2,631 -- 733 -- -- 3,103 --
Other - Adjustment -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Balance, end of period $ 3,681 $ (2,230) $ 1,663 $ (350) $ 11,990 $ 5,705 $ (1,978)
======== ======== ======== ======== ======== ======== ========
(TABLE CONTINUED BELOW)
TECO
SOLUTIONS SOLUTIONS
PARENT ELIMINATIONS (CONSOLIDATED)
--------- ------------ --------------
Balance, beginning of period $ 3,137 $(12,197) $ (4,988)
Add:
Net Income (8,312) 8,313
Earnings of sub's -- --
Comprehensive Income -- 12,564
Tax benefits - ESOP Dividends -- --
-------- -------- --------
11,450 (20,509) 15,889
Deduct:
Cash dividends on capital stock
Preferred -- -- --
Common 4,268 (6,467) 4,268
Other - Adjustment --
-------- -------- --------
Balance, end of period $ 7,182 $(14,042) $ 11,621
======== ======== ========
Exhibit A
Page 13 of 20
TECO POWER SERVICES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2002
(thousands of dollars)
TECO POWER TECO PASCO HARDEE HARDEE TPS OPS
(PARENT ONLY) ENERGY SOURCE POWER G.P. POWER I, INC. POWER II, INC. TPS GO, INC. HOLDING CO.
------------- ------------- ----------- ------------- -------------- ------------ ------------
Current assets
Cash and cash equivalents $ 93,736 $ 669 $ 5 $ 1,802 $ -- $ 831 $ 2,119
Restricted cash 1,624
Receivables 607,790 3,710 2 22,027 14,796 637 3,074
Inventories at average cost
Fuel -- -- 2,998 -- -- --
Materials and supplies -- -- 3,672 -- 1,424 --
Prepayments 1,818 (116) -- 131 -- 722 (6)
----------- ----------- ----------- ----------- ----------- ----------- -----------
703,344 4,263 7 32,254 14,796 3,614 5,187
Investment in subsidiaries 850,072 -- -- -- 38,452 -- --
Property, plant & equipment
at original cost
Plant in service -- -- -- 197,870 -- 42,253 38
Construction work
in Process (CWIP) 99,357 -- -- -- -- --
Other property 12,765 -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
112,122 -- -- 197,870 -- 42,253 38
Less accum. deprec. (2,895) -- -- (56,751) -- (10,460) --
----------- ----------- ----------- ----------- ----------- ----------- -----------
109,227 -- -- 141,119 -- 31,793 38
Other assets
Notes Receivable 960,170 -- -- -- -- -- --
Deferred charges &
other assets 44,266 -- 7 5,270 -- 10,825 120
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 2,667,079 $ 4,263 $ 14 $ 178,643 $ 53,248 $ 46,232 $ 5,345
=========== =========== =========== =========== =========== =========== ===========
Exhibit A
Page 14 of 20
TECO POWER SERVICES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2002
(thousands of dollars)
TM POWER TECO
TPS INT'L VENTURES POWER TPS HAMAKUA/ TECO POWER
POWER LLC VENTURES INC. GP/LP HAWAII ELIMINATIONS (CONSOLIDATED)
--------- ----------- ------------- -------- ----------- ------------ --------------
Current assets
Cash and cash equivalents $ 14,502 $ 7,765 $ (100,326) $ 2,697 $ 1,073 $ -- $ 24,873
Cash and cash equivalents 1,624
Receivables 12,680 2,972 15,525 -- -- (599,410) 83,803
Inventories at average cost
Fuel 2,949 2,183 8,130
Materials and supplies 3,478 1,562 16,702 -- -- 26,838
Prepayments 867 321 979 -- -- 4,716
-------- ----------- ----------- -------- ----------- ----------- -----------
34,476 14,803 (67,120) 2,697 1,073 (599,410) 149,984
Investment in subsidiaries 118,878 13,650 -- (38,215) 16,744 (888,526) 111,055
Property, plant & equipment
at original cost
Plant in service 155,155 162,733 186,924 -- (1,455) 743,518
Construction work
in Process (CWIP) -- -- 672,096 -- -- 771,453
Other property 573 15 -- -- -- 13,353
-------- ----------- ----------- -------- ----------- ----------- -----------
155,728 162,748 859,020 -- -- (1,455) 1,528,324
Less accum. deprec (16,154) (9,863) (11,272) 141 (107,254)
-------- ----------- ----------- -------- ----------- ----------- -----------
139,574 152,885 847,748 -- -- (1,314) 1,421,070
Other assets
Notes Receivable 11,067 1,423 -- -- -- 972,660
Deferred charges &
other assets 73,883 4,634 75,804 5,411 -- 220,220
-------- ----------- ----------- -------- ----------- ----------- -----------
$377,878 $ 187,395 $ 856,432 $(30,107) $ 17,817 $(1,489,250) $ 2,874,989
======== =========== =========== ======== =========== =========== ===========
Exhibit A
Page 15 of 20
TECO POWER SERVICES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2002
(thousands of dollars)
TECO POWER TECO PASCO HARDEE HARDEE TPS OPS
(PARENT ONLY) ENERGY SOURCE POWER G.P. POWER I, INC. POWER II, INC. TPS GO, INC. HOLDING CO.
------------- ------------- ----------- ------------- -------------- ------------ -----------
Current Liabilities
Long-term debt due
within one year $ -- $ -- $ -- $ 8,114 $ -- $ -- $ --
Accounts payable 30,184 3,685 3 6,325 -- 24,232 4,696
Interest accrued 11,678 -- -- 722 -- -- --
Taxes accrued 3,283 (20) -- 2,585 332 2,499 50
----------- ----------- ----------- ----------- ----------- ----------- -----------
45,145 3,665 3 17,746 332 26,731 4,746
Deferred income taxes (4,289) 1 5,645 16,936 1,200 (303)
Other deferred credits 41,020 630 -- 1,858 -- 119 --
Sub debt - TECO Finance 13,750 -- -- -- (10,168) --
Long-term debt, less
amount due within one year -- -- 102,947 -- 25,000 --
Advances from TECO Energy 2,180,466 --
Other liabilities - MI 38,453 -- 1,179 --
Common stock 334,341 8 10,973 32,919 1 7
Retained earnings 56,646 (32) 2 1,021 3,061 2,170 895
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 2,667,079 $ 4,263 $ 14 $ 178,643 $ 53,248 $ 46,232 $ 5,345
=========== =========== =========== =========== =========== =========== ===========
Exhibit A
Page 16 of 20
TECO POWER SERVICES CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2002
(thousands of dollars)
TM POWER TECO
TPS INT'L VENTURES POWER TPS HAMAKUA/ TECO POWER
POWER LLC VENTURES INC. GP/LP HAWAII ELIMINATIONS (CONSOLIDATED)
----------- ----------- ------------- ----------- ----------- ------------ --------------
Current Liabilities
Long-term debt due
within one year $ 12,645 $ -- $ -- $ -- $ -- $ -- $ 20,759
Accounts payable 122,334 4,020 582,809 -- 428 (742,755) 35,961
Interest accrued 11 -- -- -- -- -- 12,411
Taxes accrued 2,076 -- 2,199 (2,432) (560) -- 10,012
----------- ----------- ----------- ----------- ----------- ----------- -----------
137,066 4,020 585,008 (2,432) (132) (742,755) 79,143
Deferred income taxes -- -- 347 (18,226) 3,072 (1) 4,382
Other deferred credits 149 -- 198 -- -- (1,314) 42,660
Sub debt - TECO Finance -- -- -- -- -- -- 3,582
Long-term debt, less
amount due within one year 83,675 -- -- -- -- -- 211,622
Advances from TECO
Energy 2,180,466
Other liabilities - MI -- -- -- -- -- (38,453) 1,179
Common stock 75,615 189,959 265,333 36,323 16,859 (627,997) 334,341
Retained earnings 81,373 (6,584) 5,546 (45,772) (1,982) (78,730) 17,614
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 377,878 $ 187,395 $ 856,432 $ (30,107) $ 17,817 $(1,489,250) $ 2,874,989
=========== =========== =========== =========== =========== =========== ===========
Exhibit A
Page 17 of 20
TECO POWER SERVICES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED DECEMBER 31, 2002
(thousands of dollars)
TECO POWER TECO PASCO HARDEE HARDEE TPS OPS
(PARENT ONLY) ENERGY SOURCE POWER G.P. POWER I, INC. POWER II, INC. TPS GO, INC. HOLDING CO.
------------- ------------- --------- ------------- -------------- ------------ -----------
Revenues $ 1,113 $ 115,253 $ 1 $ 111,494 $ -- $ 19,629 $ 1,065
Expenses
Operation 29,677 -- -- 8,361 -- 3,746 24
Maintenance -- -- -- 4,683 -- 322 --
Fuel -- 115,306 -- 34,553 -- -- --
Depreciation & Amortization 1,587 -- -- 6,241 -- 2,160 --
BB4 - Pass Through -- -- -- 31,098 -- -- --
Taxes Other Than Income 952 -- -- 2,932 -- 239 --
--------- --------- --------- --------- --------- --------- ---------
32,216 115,306 -- 87,868 -- 6,467 24
--------- --------- --------- --------- --------- --------- ---------
Income from Operations (31,103) (53) 1 23,626 -- 13,162 1,041
Other Income 59,321 -- -- (10,886) 10,924 (604) --
--------- --------- --------- --------- --------- --------- ---------
Income Before Interest &
Income Taxes 28,218 (53) 1 12,740 10,924 12,558 1,041
--------- --------- --------- --------- --------- --------- ---------
Interest Charges
Long-Term Debt 39,358 -- -- 9,120 -- 1,539 --
Other Interest Expense -- -- -- (22) -- -- --
--------- --------- --------- --------- --------- --------- ---------
39,358 -- -- 9,098 -- 1,539 --
--------- --------- --------- --------- --------- --------- ---------
Income Before Provision
for Income Taxes (11,140) (53) 1 3,642 10,924 11,019 1,041
Equity Earnings in Subsidiaries 41,852 -- -- -- -- -- --
Provision for Income Taxes (991) (21) -- 1,383 4,150 3,871 400
--------- --------- --------- --------- --------- --------- ---------
Net Income $ 31,703 $ (32) $ 1 $ 2,259 $ 6,774 $ 7,148 $ 641
========= ========= ========= ========= ========= ========= =========
Exhibit A
Page 18 of 20
TECO POWER SERVICES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED DECEMBER 31, 2002
(thousands of dollars)
TM POWER TECO
TPS INT'L VENTURES POWER TPS HAMAKUA/ TECO POWER
POWER LLC VENTURES INC. GP/LP HAWAII ELIMINATIONS (CONSOLIDATED)
--------- ---------- ------------- --------- --------- ------------ --------------
Revenues $ 67,469 23,135 $ 82,461 $ -- $ -- $(111,829) $ 309,791
Expenses
Operation 9,248 8,887 6,212 -- -- (2,045) 64,110
Maintenance 1,661 673 1,662 -- -- -- 9,001
Fuel 18,278 6,149 54,070 -- -- (109,783) 118,573
Depreciation & Amortization 6,239 5,250 6,721 -- -- (56) 28,142
BB4 - Pass Through -- -- -- -- -- -- 31,098
Taxes Other Than Income 566 905 2,850 -- -- -- 8,444
--------- --------- --------- --------- --------- --------- ---------
35,992 21,864 71,515 -- -- (111,884) 259,368
--------- --------- --------- --------- --------- --------- ---------
Income from Operations 31,477 1,271 10,946 -- -- 55 50,423
Other Income 6,939 (6,084) 21 (11,504) 1,995 (56) 50,066
--------- --------- --------- --------- --------- --------- ---------
Income Before Interest &
Income Taxes 38,416 (4,813) 10,967 (11,504) 1,995 (1) 100,489
--------- --------- --------- --------- --------- --------- ---------
Interest Charges
Long-Term Debt 7,166 -- -- -- -- -- 57,183
Other Interest Expense -- -- -- -- -- -- (22)
--------- --------- --------- --------- --------- --------- ---------
7,166 -- -- -- -- -- 57,161
--------- --------- --------- --------- --------- --------- ---------
Income Before Provision
for Income Taxes 31,250 (4,813) 10,967 (11,504) 1,995 (1) 43,328
Equity Earnings in Subsidiaries -- -- -- -- -- (41,852) --
Provision for Income Taxes 901 (1,754) 3,852 (4,451) 1,870 1 9,211
--------- --------- --------- --------- --------- --------- ---------
Net Income $ 30,349 $ (3,059) $ 7,115 $ (7,053) $ 125 $ (41,854) $ 34,117
========= ========= ========= ========= ========= ========= =========
Exhibit A
Page 19 of 20
TECO POWER SERVICES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED DECEMBER 31, 2002
(thousands of dollars)
TECO POWER TECO PASCO HARDEE HARDEE TPS OPS
(PARENT ONLY) ENERGY SOURCE POWER G.P. POWER I, INC. POWER II, INC. TPS GO, INC. HOLDING CO.
------------- ------------- ---------- ------------- -------------- ------------ -----------
Balance, beginning of period $ 22,533 $ -- $ 2 $ 1,075 $ 3,225 $ 1,527 $ 254
Add: Net income 31,701(1) (32) 1 2,259 6,774 7,148 641
Comprehensive Income -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
54,234 (32) 3 3,334 9,999 8,675 895
Deduct:
Cash dividends on capital
stock - Common (2,412) 1 2,313 6,938 6,505 --
-------- -------- -------- -------- -------- -------- --------
Balance, end of period $ 56,646 $ (32) $ 2 $ 1,021 $ 3,061 $ 2,170 $ 895
======== ======== ======== ======== ======== ======== ========
(1) Includes $41,850 of TECO Power Service's equity in earnings of
subsidiaries.
Exhibit A
Page 20 of 20
TECO POWER SERVICES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED DECEMBER 31, 2002
(thousands of dollars)
TM POWER TECO
TPS INT'L VENTURES POWER TPS HAMAKUA/ TECO POWER
POWER LLC VENTURES INC. GP/LP HAWAII ELIMINATIONS (CONSOLIDATED)
---------- --------- ------------- --------- -------- ------------ --------------
Balance, beginning of period $ 52,264 $ (1,112) $ (1,033) $(12,651) $(54,742) $ 11,342
Add: Net income 30,349 (3,059) 7,115 (7,053) 125 (41,852) 34,117
Comprehensive Income (1,238.00) -- (536) (26,067) -- -- (27,841)
---------- -------- -------- -------- -------- -------- --------
81,375 (4,171) 5,546 (45,771) 125 (96,595) 17,617
Deduct:
Cash dividends on capital
stock - Common 2 2,413 -- 1 2,107 (17,865) 3
---------- -------- -------- -------- -------- -------- --------
Balance, end of period $ 81,373 $ (6,584) $ 5,546 $(45,772) $ (1,982) $(78,730) $ 17,614
========== ======== ======== ======== ======== ======== ========