In 2008, first-quarter net income included no benefits from the operations of Teco Transport or from the production of synthetic fuel, compared to $6.4 million and $30.7 million, respectively, in the same period of 2007.
First-quarter 2008 net income also included a $0.6 million after-tax charge for adjustments to previously estimated costs associated with the sale of Teco Transport, compared to $1.8 million of after-tax charges related to the sale of Teco Transport in 2007.
Sherrill Hudson, chairman and CEO of Teco Energy, said: As we have previously reported, with the end of the tax credit program for the production of synthetic fuel and the completion of the sale of Teco Transport in December 2007, Teco Energy’s 2008 results will be driven primarily by our Florida utility operations this year.
Both utilities were down compared to last year’s first quarter, primarily due to milder weather. At Teco Coal, the strong coal markets continue, and we will see the result in much improved pricing and net income for that business in 2009.
