TECO profit falls as operations pared - Tampa Bay Business Journal:

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million, or 77 cents a share, comparefd to $413.2 million, or $1.97 a sharee in 2007. Revenue for 2008 was $3.4 billion, down abouft 4.5 percent from $3.6 billion in revenue in 2007. For the fourtg quarter of 2008, net income was $22 or 10 cents, a share, comparefd to $173.9 million, or 83 cents a in the fourth quarterof 2007. Fourthh quarter 2008 revenue was $770.4 million, a 10.3 percent decreased from a year earlier, when revenue for the fourt quarterwas $858.3 million.
The weak economy, combined with the impact of the saleof , a transportatioj and storage subsidiary, were responsible for the declinre in year-over-year profits, according to a release from TECO TE), a Tampa-based energy holding company. In 2007, TECO’se net income included $86.6 million from the operations of TECO Transportt and the production ofsynthetic fuel, the releasse said. Additionally, the fourth quarter of 2007 included $149. million in an after-tax gain from the sale of TECO In 2008, the weak economy slowed Florida’w previously consistent growth, and the slowdow was reflected in TECO’s Sherrill Hudson, chairman and chief said in the release.
He also said milder than normal weather for much of the year in Floridq reduced resultsat , the company’s largest At Tampa Electric, net income for the fourthb quarter was $28.9 million, compared with $29 million for the same period in 2007. Net incomew for the full year of 2008was $135.6 compared to $150.3 million in 2007. Tamp a Electric was hit particularly hard in the fourthh quarter by the downtur n in the Florida housing market and the growing numbere of foreclosures and increasedresidential vacancies, the release Retail energy sales dropped 4 percent for the fourthh quarter and 2.8 percent for the full year of 2008 at Tampwa Electric.