TECO Energy Maintains Dividend for 2013
TAMPA, Fla. -- February 5, 2013
The board of directors of TECO Energy Inc. (NYSE:TE) has declared a quarterly
dividend of 22 cents per share, or 88 cents per share on an annual basis. The
dividend is payable Feb. 28 to shareholders of record as of Feb. 15.
“We are maintaining our 2013 dividend at the current level, and this dividend
marks 89 consecutive years of cash dividends to our shareholders," said TECO
Energy President and Chief Executive Officer John Ramil. “Due to Tampa
Electric's need for rate relief and to soft coal markets, earnings in 2013
will be under pressure. With expected earnings improvements in 2014, we look
forward to returning to our pattern of predictable dividend growth.”
TECO Energy Inc. (NYSE: TE) is an energy-related holding company. Its
principal subsidiary, Tampa Electric Company, is a regulated utility in
Florida with both electric and gas divisions (Tampa Electric and Peoples Gas
System). Its other major subsidiary, TECO Coal, owns and operates coal
production facilities in Kentucky and Virginia.
Note: This press release contains forward-looking statements, which are
subject to the inherent uncertainties in predicting future results and
conditions. Actual results may differ materially from those forecasted. The
forecasted results are based on the company's current expectations and
assumptions, and the company does not undertake to update that information or
any other information contained in this press release, except as may be
required by law. Any future dividends, including those in 2013, are subject to
the decision of the board of directors at the time of declaration. Such
decisions will be dependent upon many factors, including TECO Energy’s
financial outlook and the factors that could impact its actual results.
Factors that could impact actual results include: regulatory actions by
federal, state or local authorities; unexpected capital needs or unanticipated
reductions in cash flow that affect liquidity; the ability to access the
capital and credit markets when required; the availability of adequate rail
transportation capacity for the shipment of TECO Coal's production; general
economic conditions affecting energy sales at the utility companies; economic
conditions, both national and international, affecting the Florida economy and
demand for TECO Coal's production; weather variations and changes in customer
energy usage patterns affecting sales and operating costs at Tampa Electric
and Peoples Gas and the effect of extreme weather conditions or hurricanes;
operating conditions, commodity prices; operating cost and environmental or
safety rule changes affecting the production levels and margins at TECO Coal;
fuel cost recoveries and related cash at Tampa Electric and natural gas demand
at Peoples Gas; and the ability of TECO Energy's subsidiaries to operate
equipment without undue accidents, breakdowns or failures. Additional
information is contained under "Risk Factors" in TECO Energy Inc.'s Annual
Report on Form 10-K for the period ended Dec. 31, 2011, and as updated in
subsequent SEC filings.
TECO Energy Inc.
Cherie Jacobs, 813-228-4945
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