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TECO Energy Reports Fourth-Quarter Results

Stocks in this article: TE

Parent & other

The cost for Parent & other in continuing operations in the fourth quarter of 2012 was $8.5 million, compared with a cost of $11.0 million in the same period in 2011. Results for the quarter include a charge of $0.8 million associated with the early retirement of the remaining $8.8 million of TECO Energy parent debt. The 2011 quarter included certain tax adjustments recorded at Parent. The full-year Parent & other cost in continuing operations was $31.4 million in 2012, compared with $36.0 million in 2011. Results for the 2012 quarter and full-year periods reflect tax items and lower interest expense as a result of the mid-year 2011 debt retirement.

The total cost for Parent & other for the fourth quarter of 2012 was $8.3 million, compared with $11.1 million for the 2011 period. The total cost for Parent & other for the 2012 full-year period was $35.4 million, compared with $36.6 million in the same period in 2011. Total cost for the 2012 fourth quarter and full-year periods includes transaction costs and tax items recorded at Parent related to the TECO Guatemala discontinued operations.

Discontinued Operations

On Sept. 28, 2012, TECO Energy announced that its international power subsidiary, TECO Guatemala, entered into agreements to sell all of its equity interests in the Alborada and San José power stations, and related solid fuel handling and port facilities in Guatemala, for a total purchase price of $227.5 million in cash. The sale of the Alborada Power Station closed on the same date for a price of $12.5 million. On Dec. 19, 2012, the sale closed on the San José Power Station and related facilities and operations for a purchase price of $215.0 million.

The fourth quarter and full-year 2012 losses in discontinued operations of $0.5 million and $33.3 million, respectively, reflect the results from operations for the generating plants in Guatemala through the closing of the sales, a $28.6 million loss on assets sold including transaction costs, and a $22.9 million charge associated with foreign tax credits.

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