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SCANA Reports Financial Results for Third Quarter 2012

            SCANA Reports Financial Results for Third Quarter 2012

PR Newswire

CAYCE, S.C., Nov. 6, 2012

CAYCE, S.C., Nov.6, 2012 /PRNewswire/ --SCANA Corporation (NYSE: SCG) today
announced earnings for the third quarter of 2012 of $122 million, or 93 cents
basic earnings per share, compared to earnings of $105 million, or 81 cents
basic earnings per share, for the third quarter of 2011. During the third
quarter, increases in electric and gas margins principally from base rate
increases were partially offset by increases in interest and depreciation
expenses, and share dilution.

(Logo: http://photos.prnewswire.com/prnh/20111004/CH80784LOGO )

For the nine months ended September 30, 2012, SCANA reported earnings of $315
million, or $2.41 basic earnings per share, compared to earnings of $289
million, or $2.25 basic earnings per share, for the same period in 2011.

"We are pleased with the results for the third quarter of 2012," said Jimmy
Addison, executive vice president and chief financial officer. "Margins were
higher than last year due to customer growth and base rate increases under the
Base Load Review Act. We are tightening our earnings guidance for the year to
be in the range of $3.10 to $3.25 basic earnings per share and maintaining our
internal target of $3.17 per share."

FINANCIAL RESULTS BY MAJOR LINES OF BUSINESS

South Carolina Electric & Gas Company

Earnings in the third quarter of 2012 at South Carolina Electric & Gas Company
(SCE&G), SCANA's principal subsidiary, were $132 million, or $1.01 basic
earnings per share compared to earnings of $120 million, or 92 cents basic
earnings per share, in 2011. The increase in earnings was due to higher
margins from base rate increases under the Base Load Review Act and the Rate
Stabilization Act, along with lower operating and maintenance expenses. These
increases were partially offset by increases in interest and depreciation
expense and share dilution. At September 30, 2012, SCE&G was serving
approximately 669,000 electric customers and approximately 317,000 natural gas
customers, up 0.6 and 1.5 percent, respectively, over 2011.

PSNC Energy

For the third quarter of 2012, PSNC Energy, the Company's North Carolina-based
retail natural gas distribution subsidiary, reported a seasonal loss of $4
million, or 3 cents per share compared to a loss of $5 million, or 3 cents per
share, in the third quarter of 2011. Increases in margin due to customer
growth were offset by higher depreciation and interest expenses. At September
30, 2012, PSNC Energy was serving approximately 485,000 customers, an increase
of 2.0 percent over the previous year.

SCANA Energy - Georgia

SCANA Energy, the Company's retail natural gas marketing business in Georgia,
reported a seasonal loss of $5 million, or 3 cents per share, in the third
quarter of 2012 compared to a loss of $4 million, or 3 cents per share, in the
third quarter of the prior year. At September 30, 2012, SCANA Energy was
serving approximately 440,000 customers.

Corporate and Other, Net

SCANA's corporate and other businesses, which include Carolina Gas
Transmission (CGT), SCANA Communications, ServiceCare, SCANA Energy Marketing
and the holding company, reported a loss of $2 million, or 2 cents per share,
in the current quarter, compared to a loss of $6 million, or 5 cents per share
in the third quarter of 2011. The results for 2011 reflect a slightly higher
quarterly effective income tax rate at the holding company, while 2012's
results also reflect revenue growth at CGT.

EARNINGS OUTLOOK

The Company tightened its guidance for 2012 basic earnings per share to be in
the range of $3.10 to $3.25. These estimates assume the sale of the shares
under the 2010 equity forward in the first quarter of 2013. Other factors and
risks that could impact future earnings are discussed in the Company's filings
with the Securities and Exchange Commission and below under the Safe Harbor
Statement.

CONFERENCE CALL NOTICE

SCANA will host its quarterly conference call for security analysts at 11:00
a.m. ET on Tuesday, November6, 2012. The call-in numbers for the conference
call are 1-800-860-2442 (US), 1-866-605-3852 (Canada) and 1-412-858-4600
(International). Participants should call in 5 to 10 minutes prior to the
scheduled start time. A replay of the conference call will be available
approximately 2 hours after conclusion of the call through November 21, 2012.
The telephone replay numbers are 1-877-344-7529 (US) and 1-412-317-0088
(Canada/International). The passcode for the telephone replay is 10019124.

All interested persons, including investors, media and the general public, may
listen to a live webcast and access related presentation materials of the
conference call at the Company's website at www.scana.com. Participants
should go to the website at least 5 to 10 minutes prior to the call start time
and follow the instructions.

PROFILE

SCANA Corporation, headquartered in Cayce, S.C., 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 669,000 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 Section27A of the Securities Act
of 1933, as amended, and Section21E 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,
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; (5) the impact of
competition from other energy suppliers, including competition from alternate
fuels in industrial markets; (6) the impact of conservation efforts and/or
technological advances on customer usage; (7) growth opportunities for SCANA's
regulated and diversified subsidiaries; (8) the results of short- and
long-term financing efforts, including prospects for obtaining access to
capital markets and other sources of liquidity; (9) changes in SCANA's or its
subsidiaries' accounting rules and accounting policies; (10) the effects of
weather, including drought, especially in areas where the generation and
transmission facilities of SCANA and its subsidiaries (the Company) are
located and in areas served by SCANA's subsidiaries; (11) payment and
performance by counterparties and customers as contracted and when due; (12)
the results of efforts to license, site, construct and finance facilities for
electric generation and transmission; (13) maintaining creditworthy joint
owners for SCE&G's new nuclear generation project; (14) the ability of
suppliers, both domestic and international, to timely provide the labor,
components, parts, tools, equipment and other supplies needed, at agreed upon
prices, for our construction program, operations and maintenance; (15) the
results of efforts to ensure the physical and cyber security of key assets and
processes; (16) 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; (17) the availability of skilled
and experienced human resources to properly manage, operate, and grow the
Company's businesses; (18) labor disputes; (19) performance of SCANA's pension
plan assets; (20) changes in taxes; (21) inflation or deflation; (22)
compliance with regulations; (23) natural disasters and man-made mishaps that
directly affect our operations or the regulations governing them; and (24) 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           Nine Months Ended
                               September 30,           September 30,
                               2012        2011        2012          2011
Operating Revenues:
 Electric                $714        $728        $1,851        $1,903
 Gas-Regulated               109         115         513           613
 Gas-Nonregulated            215         249         690           858
 Total Operating           1,038       1,092       3,054         3,374
Revenues
Operating Expenses:
 Fuel Used in Electric       239         277         617           739
Generation
 Purchased Power             9           6           20            16
 Gas Purchased for Resale    248         291         837           1,101
 Other Operation and         165         166         510           501
Maintenance
 Depreciation and            89          87          267           259
Amortization
 Other Taxes                 50          50          156           153
 Total Operating           800         877         2,407         2,769
Expenses
Operating Income               238         215         647           605
Other Income (Expense)
 Other Income                13          12          39            36
 Other Expense               (9)         (10)        (29)          (29)
 Interest Charges, Net       (75)        (73)        (219)         (212)
 Allowance for Equity
Funds Used During              6           5           13            13
Construction
 Total Other Expense       (65)        (66)        (196)         (192)
Income Before Income Tax       173         149         451           413
Expense
Income Tax Expense         51          44          136           124
Net Income                     122         105         315           289
Basic Earnings Per Share of    $0.93       $0.81       $2.41         $2.25
Common Stock
Diluted Earnings Per Share     $0.91       $0.81       $2.37         $2.23
of Common Stock^(1)
Weighted Average Shares
Outstanding (Millions):
 Basic                        131.4       129.1       130.8         128.5
 Diluted^(1)                  133.8       130.3       133.1         129.8
Dividends Declared Per         $0.495      $0.485      $1.485        $1.455
Share of Common Stock


Note (1): 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 using the treasury stock
method.



Earnings per Share by Company:
(Unaudited)
                                  Quarter Ended   Nine Months Ended
                                  September 30,   September 30,
                                  2012    2011    2012      2011
SC Electric & Gas                 $1.01   $0.92   $2.15     $1.95
PSNC Energy                       (0.03)  (0.03)  0.21      0.21
SCANA Energy-Georgia              (0.03)  (0.03)  0.02      0.11
Corporate and Other               (0.02)  (0.05)  0.03      (0.02)
 Basic Earnings per Share       $0.93   $0.81   $2.41     $2.25
 Diluted Earnings per Share^(1) $0.91   $0.81   $2.37     $2.23



Variances in Earnings per Share:
(Unaudited)
                                           Quarter Ended    Nine Months Ended
                                           September 30,    September 30,
2011 Basic Earnings per Share              $0.81            $2.25
Variances:
 Electric Margin                        0.11             0.36
 Natural Gas Margin                     0.02             (0.02)
 Operations & Maintenance Expense     0.01             (0.05)
 Interest Expense (Net of AFUDC)        (0.01)           (0.04)
 Depreciation                           (0.01)           (0.04)
 Other Taxes                            0.00             (0.02)
 Other                                  0.01             0.01
 Dilution                               (0.01)           (0.04)
 Variances in Earnings per Share     0.12             0.16
2012 Basic Earnings per Share              $0.93            $2.41
Additional dilution re: potential common   (0.02)           (0.04)
stock^(1)
2012 Diluted Earnings per Share^(1)        $0.91            $2.37



Consolidated Operating Statistics:
                 Quarter Ended September 30,       Nine Months Ended September 30,
                 2012      2011        % Change    2012         2011         %
                                                                             Change
Electric
Operations:
Sales (GWh):
 Residential   2,372     2,542       (6.7)       5,861        6,609        (11.3)
 Commercial    2,132     2,180       (2.2)       5,622        5,769        (2.5)
 Industrial    1,531     1,586       (3.5)       4,430        4,536        (2.3)
 Other         167       169         (1.2)       449          440          2.0
 Total       6,202     6,477       (4.2)       16,362       17,354       (5.7)
Retail Sales
 Wholesale     677       619         9.4         1,935        1,618        19.6
 Total       6,879     7,096       (3.1)       18,297       18,972       (3.6)
Sales
Customers (Period-End, Thousands)                  669          665          0.6
                     Quarter Ended September 30,       Nine Months Ended September
                                                       30,
                     2012      2011        %           2012         2011      %
                                           Change                             Change
Natural Gas Operations:
Sales (Thousand
Dekatherms):
 Residential     4,283       4,304       (0.5)       35,348       45,041    (21.5)
 Commercial      6,055       5,694       6.3         25,163       26,947    (6.6)
 Industrial      58,359      51,525      13.3        155,908      139,871   11.5
 Total         68,697      61,523      11.7        216,419      211,859   2.2
Retail Sales
 Sales for       1,740       1,190       46.2        6,259        5,807     7.8
Resale
 Total         70,437      62,713      12.3        222,678      217,666   2.3
Sales

Transportation     35,111      35,849      (2.1)       111,109      116,872   (4.9)
Volumes
Customers (Period-End, Thousands)                      1,242        1,237     0.4



Security Credit Ratings (as of 11/6/12):
                                       Moody's Standard & Poor's Fitch
SCANA Corporation:
 Senior Unsecured                    Baa3    BBB               BBB+
 Junior Subordinated Debt            Ba1     BBB-              BBB-
 Commercial Paper                    P-3     A-2               F-2
 Outlook                             Stable  Stable            Stable
South Carolina Electric & Gas Company:
 Senior Secured                      A3      A                 A
 Senior Unsecured                    Baa2    BBB+              A-
 Commercial Paper                    P-2     A-2               F-2
 Outlook                             Stable  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



Media Contact:        Investor Contacts:
Eric Boomhower        Iris Griffin        Byron Hinson
(803) 217-7701        (803) 217-6642      (803) 217-5352
eboomhower@scana.com  igriffin@scana.com  bhinson@scana.com

SOURCE SCANA Corporation

Website: http://www.scana.com
 
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