Teco Reschedules Q4 Q4 2014 Earnings Release, Cites $11M Charge

TECO Energy Inc. TE, -0.12% today announced that it has rescheduled its fourth quarter earnings release, webcast and conference call to Monday Feb. 9, 2015. In October 2014, an initial agreement was signed to sell TECO Coal. Since that time, coal market conditions have deteriorated, and negotiations are underway to amend the terms and conditions and to extend the termination date of the agreement. As a result, TECO Energy's fourth quarter and full-year 2014 results will reflect an additional non-cash after-tax impairment charge of approximately $11.0 million in discontinued operations. TECO Energy Inc. TE, -0.12% is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. Tampa Electric serves more than 700,000 customers in West Central Florida; Peoples Gas System serves more than 350,000 customers across Florida; and New Mexico Gas Co. serves more than 513,000 customers across New Mexico. Other TECO Energy subsidiaries include TECO Coal, which owns and operates coal-production facilities in Kentucky, Tennessee and Virginia. Note: This press release may be deemed to contain 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. Factors that could impact actual results include: the ability of the purchaser to obtain suitable financing, for other closing conditions to be satisfied or waived, and for TECO Energy to successfully close the sale transaction. Additional information is contained under "Risk Factors" in TECO Energy, Inc.'s Annual Report on Form 10-K for the period ended Dec. 31, 2013, and as updated in subsequent filings with the Securities and Exchange Commission. SOURCE: TECO Energy Inc. TECO Energy Inc. News Media: Cherie Jacobs, 813-228-4945 Investor Relations: Mark Kane, 813-228-1772 Internet: www.tecoenergy.com Copyright Business Wire 2015