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TECO Energy Reports Fourth-Quarter Results

Full-year net income was $34.1 million, compared with $32.6 million in 2011. The 2012 results reflect customer growth of 1.2%, lower sales to residential customers due to mild winter weather more than offset by higher sales to commercial and industrial customers and power generation customers as discussed above. Non-fuel operations and maintenance expense decreased $2.1 million, compared with 2011, due in part to an insurance recovery of legal expenses associated with environmental-contamination claims. In 2011, operations and maintenance expenses included $2.5 million related to legal expenses associated with environmental-contamination claims. Interest expense decreased $1.0 million due to the reasons discussed above. Depreciation expense increased $1.4 million reflecting additions to facilities to serve customers.

TECO Coal

TECO Coal reported fourth quarter net income of $10.8 million on sales of 1.4 million tons, compared with $13.4 million on sales of 1.9 million tons in the same period in 2011.

In 2012, fourth quarter results reflect an average net per-ton selling price, excluding transportation allowances, of almost $95 per ton. In the fourth quarter of 2012, the all-in total per-ton cost of sales was more than $85, 3.3% higher than in the 2011 period. The 2012 per-ton cost of sales increase was driven by spreading fixed costs over fewer tons and included costs associated with personnel reductions and with idling certain mining operations. TECO Coal's effective income tax rate in the fourth quarter of 2012 was 19%, compared with 26% in the 2011 period.

TECO Coal recorded full-year net income of $50.2 million on sales of 6.3 million tons in 2012, compared with $51.5 million on sales of 8.1 million tons in 2011. Lower sales volumes in the 2012 full-year period reflect the current coal market conditions. The 2012 full-year average net per-ton selling price was more than $95 per ton, compared with almost $88 per ton in 2011, and the all-in total per-ton cost of sales was more than $85 per ton compared with almost $80 per ton in 2011. The 2012 full-year cost of sales reflects spreading fixed costs over fewer tons, and costs associated with personnel reductions and with idling certain mining operations. TECO Coal's effective income tax rate was 24%, compared with 23% in the 2011 full-year period.

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