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SCANA Reports Financial Results For Second Quarter

Note (2): In May 2010, SCANA entered into an equity forward sales agreement. During periods when the average market price of SCANA’s common stock is above the per share adjusted forward sales price, the Company computes diluted earnings per share giving effect to this dilutive potential common stock utilizing the treasury stock method.

Condensed Consolidated Balance Sheets

(Millions) (Unaudited)

          June 30,       December 31,
2011 2010
ASSETS:
Utility Plant, Net $9,949 $9,662
Nonutility Property and Investments, Net 469 453
Total Current Assets 1,435 1,631
Total Regulatory Assets and Deferred Debits 1,291 1,222
Total $13,144 $12,968
CAPITALIZATION AND LIABILITIES:
Capitalization:
Common Equity $3,805 $3,702
Long-Term Debt, Net 4,379 4,152
Total Capitalization 8,184 7,854
Current Liabilities:
Short-Term Borrowings 546 420
Current Portion of Long-Term Debt 286 337
Other 821 1,110
Total Current Liabilities 1,653 1,867

Total Regulatory Liabilities and Deferred Credits

3,307 3,247
Total $13,144 $12,968
 
 
Earnings per Share by Company:

(Unaudited)

    Quarter Ended June 30,     Six Months Ended June 30,
2011     2010   2011   2010
SC Electric & Gas $.48

$.50

$1.03 $1.02
PSNC Energy (.01 ) (.01 ) .24 .24
SCANA Energy-Georgia (.02 ) (.05 ) .14 .19
Corporate and Other (.01 ) (.01 ) .03 .00
Basic Earnings per Share $.44   $.43   $1.44 $1.45
Diluted Earnings per Share (2) $.43   $.43   $1.42 $1.45
 
 
Variances in Earnings per Share:

(Unaudited)

   

Quarter Ended

June 30

    Six Months Ended

June 30

2010 Basic and Diluted Earnings per Share $.43 $1.45
 
Variances:
Electric Margin (1) .06 .22
Natural Gas Margin .00 (.10)
Operations & Maintenance Expense .01 .02
Interest Expense (Net of AFUDC) (.02) (.04)
Property Taxes .00 (.02)
Depreciation (.02) (.03)
Dilution (.01) (.04)
Other (.01) (.02)
Variances in Earnings per Share .01 (.01)
 
2011 Basic Earnings per Share .44 1.44
Additional dilution re: potential common stock (2) ( .01) (.02)
2011 Diluted Earnings per Share $.43 $1.42
 
 

 

Consolidated Operating Statistics

             
 
Quarter Ended June 30, Six Months Ended June 30,
2011     2010     % Change 2011 2010 % Change
Electric Operations:
Sales (GWh):
Residential 2,009 1,981 1.4 4,068 4,280 (5.0 )
Commercial 1,939 1,941 (0.1 ) 3,589 3,685 (2.6 )
Industrial 1,534 1,493 2.7 2,950 2,846 3.7
Other 145 143 1.4 272 273 (0.4 )
Total Retail Sales 5,627 5,558 1.2 10,879 11,084 (1.8 )
Wholesale 517 468 10.5 998 901 10.8
Total Sales 6,144 6,026 2.0 11,877 11,985 (0.9 )
 
Customers (Period-End, Thousands) 664 660 0.6
 
Natural Gas Operations:  
Sales (Thousand Dekatherms):
Residential 6,371 5,527 15.3 40,737 46,960 (13.3 )
Commercial 6,458 6,278 2.9 21,254 23,060 (7.8 )
Industrial 47,546 41,792 13.8 88,346 81,231 8.8
Total Retail Sales 60,375 53,597 12.7 150,337 151,251 (0.6 )
Sales for Resale 1,640 1,351 21.4 4,616 4,272 8.1
Total Sales 62,015 54,948 12.9 154,953 155,523 (0.4 )
 
Transportation Volumes 35,818 31,958 12.1 81,024 75,212 7.7
 
Customers (Period-End, Thousands) 1,247 1,231 1.3
 
 
Security Credit Ratings (as of 08/04/11):
 
Moody’s         Standard & Poor’s       Fitch
SCANA Corporation:
Senior Unsecured Baa2* BBB BBB+
Junior Subordinated Debt

Commercial Paper

Baa3*

P-2*

BBB-

A-2

BBB-

F-2

Outlook Negative* Stable Stable
 
South Carolina

Electric & Gas Company

 

Senior Secured A3 A A
Senior Unsecured Baa1* BBB+ A-
Commercial Paper P-2 A-2 F-2
Outlook Negative* Stable Stable
 
PSNC Energy:
Senior Unsecured A3 BBB+ A-
Commercial Paper P-2 A-2 F-2
Outlook Stable Stable Stable
 
South Carolina Fuel Company:
Commercial Paper P-2 A-2 F-2

*On August 1, 2011, Moody’s placed the ratings of SCANA and certain ratings of SCE&G on review for downgrade.

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