Sept. 24, 2002 — TECO Energy announced Monday that it expects 2002 earnings per share to increase over 2001, and that net income is expected to grow by more than 10 percent. The company also provided its initial 2003 outlook.
Tampa Electric Co., the principal subsidiary of TECO Energy, is projected to complete its third straight year of increased net income. In 1999, Tampa Electric’s net income, excluding one-time charges, was $138.8 million.
In 2000, it increased net income by 4 percent to $144.5 million. In 2001, it increased net income to $154 million, a 6.6 percent increase over the previous year. For 2002, Tampa Electric expects net income to increase again by more than 6 percent.
Restructuring activity at Tampa Electric is also part of TECO Energy’s 2003 business plan. The company will be making personnel reductions of about 5 percent, on top of a 2 percent reduction earlier this year. Personnel reductions at Tampa Electric are not expected to affect service to customers.
In 2003, Tampa Electric expects continued retail energy sales growth of about 2.5 percent and significant operations and maintenance cost savings from the reduction in the number of coal-fired units at Gannon Station, and the completion of Bayside Unit 1.
Long-term, the company feels it is well-positioned with assets that will serve future energy needs.
“Though 2003 is going to be a transitional year for us, that is in keeping with the long-term view we have taken about our business and our proven core assets,” said Bob Fagan, chairman and CEO of Tampa Electric’s parent company, TECO Energy.
Tampa Electric is the principal subsidiary of TECO Energy, Inc., an energy-related holding company based in Tampa. In addition to Tampa Electric, TECO Energy’s mix of regulated utility operations and unregulated businesses includes Peoples Gas, TECO Power Services, TECO Transport, TECO Coal, TECO Coalbed Methane and TECO Solutions. For more information, visit online: www.tecoenergy.com or www.tampaelectric.com .