SCANA Corporation, a Fortune 500 company headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. The Company serves approximately 664,000 electric customers in South Carolina and more than 1.2 million natural gas customers in South Carolina, North Carolina and Georgia. Information about SCANA and its businesses is available on the Company’s website at www.scana.com.
SAFE HARBOR STATEMENT
Statements included in this press release which are not statements of historical fact are intended to be, and are hereby identified as, “forward-looking statements” for purposes of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements concerning key earnings drivers, customer growth, environmental regulations and expenditures, leverage ratio, projections for pension fund contributions, financing activities, access to sources of capital, impacts of the adoption of new accounting rules and estimated construction and other expenditures. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “expects,” “forecasts,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential” or “continue” or the negative of these terms or other similar terminology. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the following: (1) the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment; (2) regulatory actions, particularly changes in rate regulation, regulations governing electric grid reliability, and environmental regulations, and actions affecting the construction of new nuclear units; (3) current and future litigation; (4) changes in the economy, especially in areas served by subsidiaries of SCANA Corporation (SCANA, and together with its subsidiaries, the Company); (5) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial interruptible markets; (6) growth opportunities for SCANA’s regulated and diversified subsidiaries; (7) the results of short- and long-term financing efforts, including future prospects for obtaining access to capital markets and other sources of liquidity; (8) changes in SCANA’s or its subsidiaries’ accounting rules and accounting policies; (9) the effects of weather, including drought, especially in areas where the Company’s generation and transmission facilities are located and in areas served by SCANA's subsidiaries; (10) payment by counterparties as and when due; (11) the results of efforts to license, site, construct and finance facilities for baseload electric generation and transmission; (12) maintaining creditworthy joint venture partners for South Carolina Electric & Gas Company’s new nuclear generation project; (13) the ability of suppliers, both domestic and international, to timely provide the components, parts, tools, equipment and other supplies needed for our construction program, operations and maintenance; (14) the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased power; (15) the availability of skilled and experienced human resources to properly manage, operate, and grow the Company’s businesses; (16) labor disputes; (17) performance of SCANA’s pension plan assets; (18) changes in taxes; (19) inflation or deflation; (20) compliance with regulations; and (21) the other risks and uncertainties described from time to time in the periodic reports filed by SCANA or SCE&G with the United States Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements.
|FINANCIAL AND OPERATING INFORMATION|
|Condensed Consolidated Statements of Income (Millions, except per share amounts) (Unaudited)|
|Quarter Ended June 30,||Six Months Ended June 30,|
|Operating Revenues: Electric (1)||$616||$575||$1,174||$1,115|
|Total Operating Revenues||1,000||939||2,281||2,367|
|Fuel Used in Electric Generation||251||222||462||456|
|Gas Purchased for Resale||297||277||810||936|
|Other Operation and Maintenance||165||167||334||339|
|Depreciation and Amortization||86||83||172||166|
|Total Operating Expenses||858||802||1,891||2,000|
|Other Income (Expense)|
|Interest Charges, Net||(70||)||(66||)||(139||)||(131||)|
|Allowance for Equity Funds Used During Construction||5||7||8||10|
|Total Other Expense||(63||)||(54||)||(126||)||(113||)|
|Income Before Income Tax Expense||79||83||264||254|
|Income Tax Expense (1)||(23||)||(29||)||(80||)||(74||)|
|Income Available to Common Shareholders of SCANA Corporation||56||54||184||180|
|Basic Earnings Per Share of Common Stock (2)||$.44||$.43||$1.44||$1.45|
|Diluted Earnings Per Share of Common Stock||$.43||$.43||$1.42||$1.45|
|Weighted Average Shares Outstanding (Millions):|
|Dividends Declared Per Share of Common Stock||$.485||$.475||$.97||$.95|
Note (1): In the first quarter of 2010, pursuant to authorization by the Public Service Commission of South Carolina (SCPSC) in connection with its annual review of fuel cost and rates, the Company accelerated the recognition of previously deferred state income tax credits (EIZ credits) in the amount of $17 million, or 9 cents per share, (thereby lowering income tax expense) and recorded an offsetting reduction of 2010’s recovery of fuel costs (electric revenue). Similarly, in July of 2010, pursuant to a retail electric base rate increase authorized by the SCPSC, the Company began the accelerated amortization of additional previously deferred EIZ credits over two years, thereby lowering income tax expense and electric revenue in the amount of $6 million, or 3 cents per share in the second quarter of 2011, and $12 million, or 6 cents per share for the six months ended June 30, 2011.
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