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Florida Progress Corp, et al. – ‘11-K’ for 12/31/04

On: Tuesday, 6/28/05, at 2:45pm ET · For: 12/31/04 · Accession #: 357261-5-9 · File #s: 1-03274, 1-08349

  As Of                Filer                Filing    For·On·As Docs:Size

 6/28/05  Florida Progress Corp             11-K       12/31/04    1:26K
          Florida Power Corp

Annual Report of an Employee Stock Purchase, Savings or Similar Plan — Form 11-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 11-K        2004 Florida 11K                                      15     44K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Plan, The Table of Contents The Plan
1	1st Page - Filing Submission
2	Table of Contents
13	The Plan

11-K 1st Page of 15 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549

 FORM 11-K

 [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

 For the plan year ended December 31, 2004

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
 SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

 For the transition period from to .

 Commission file number 1-8349

SAVINGS PLAN FOR EMPLOYEES
OF
FLORIDA PROGRESS CORPORATION
Full title plan and the address of the
Plan, if different from that of the issuer named below

FLORIDA PROGRESS CORPORATION
100 Central Avenue
 St. Petersburg, Florida 33701
 Name of issuer of the securities held pursuant to the
plan and address of its principal executive office

Financial Statements as of and for the
Years ended December 31, 2004 and 2003

11-K 2nd Page of 15 TOC 1st Previous Next ↓Bottom Just 2nd
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION                      

TABLE OF CONTENTS                                                               
--------------------------------------------------------------------------------

                                                                      Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                    1    

FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED                              
DECEMBER 31, 2004 AND 2003:                                                   

Statements of Net Assets Available for Benefits                         2 

Statements of Changes in Net Assets Available for Benefits              3 

 Notes to Financial Statements                                           4-8

SUPPLEMENTAL SCHEDULE - FORM 5500, SCHEDULE H, PARTI IV, LINE ITEM 4i -         
(HELD AT END OF YEAR) AS OF DECEMBER 31, 2004                             10    

Note: All other schedules  required by Section  2520.130-10 of the Department of
Labor's Rules and  Regulations  for Reporting and Disclosure  under the Employee
Retirement  Income  Security Act of 1974 have been omitted  because they are not
applicable.                                                                     

11-K 3rd Page of 15 TOC 1st Previous Next ↓Bottom Just 3rd
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                         

Participants and Administrator of                                               
Savings Plan for Employees of Florida Progress Corporation                      

We have audited the accompanying statements of net assets available for benefits
of Savings Plan for Employees of Florida Progress Corporation ("the Plan") as of
December 31, 2004 and 2003, and the related  statements of changes in net assets
available  for benefits for the year ended  December 31, 2004.  These  financial
statements are the responsibility of the Plan's  management.  Our responsibility
is to express an opinion on these financial statements based on our audits.     

We conducted  our audits in  accordance  with  standards  of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  The Plan is not required to have,
nor were we engaged to perform,  an audit of its internal control over financial
reporting.  Our audits included consideration of internal control over financial
reporting as a basis for designing audit  procedures that are appropriate in the
circumstances,  but  not  for  the  purpose  of  expressing  an  opinion  on the
effectiveness  of  the  Plan's  internal   control  over  financial   reporting.
Accordingly,  we express no such opinion. An audit also includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements,  assessing the accounting  principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.                                                                        

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the net assets  available for benefits of the Plan as of December 31,
2004 and 2003 and the changes in net assets  available for benefits for the year
ended  December 31, 2004 in  conformity  with  accounting  principles  generally
accepted in the United States of America.                                       

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial  statements taken as a whole. The accompanying  supplemental  schedule
listed in the Table of  Contents as of December  31, 2004 is  presented  for the
purpose of additional analysis and is not a required part of the basic financial
statements,  but is  supplementary  information  required by the  Department  of
Labor's Rules and  Regulations  for Reporting and Disclosure  under the Employee
Retirement  Income Security Act of 1974. This schedule is the  responsibility of
the  Plan's  management.  Such  schedule  has  been  subjected  to the  auditing
procedures  applied in our audit of the basic 2004 financial  statements and, in
our  opinion,  is fairly  stated in all material  respects  when  considered  in
relation to the basic financial statements taken as a whole.                    

/s/ DELOITTE & TOUCHE LLP                                                       

June 27, 2005                                                                   

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SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS                                  
CORPORATION                                                                     

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS                                 
DECEMBER 31, 2004 AND 2003                                                      
(In thousands)                                                                  
--------------------------------------------------------------------------------

                                                                [Download Table]
                                                                          
                                                       2004        2003   

ASSETS:                                                                   
Participant-directed investments                                          
  Registered investment companies:                                        
    Goldman Sachs Growth Opportunities Fund         $       25  $        -
    American Funds Growth Fund (R5)                      1,430         292
    Dodge & Cox Stock Fund                               5,600       1,125
    Fidelity Mid-Cap Stock Fund                         29,908      33,016
    Vanguard 500 Index Fund                             48,496      46,950
    Vanguard Extended Market Index Fund                  9,330       6,602
    Vanguard International Growth Fund                   4,162       2,463
    Vanguard LifeStrategy Conservative Growth Fund       5,536       4,573
    Vanguard LifeStrategy Growth Fund                   12,396      10,437
    Vanguard LifeStrategy Moderate Growth Fund          14,763      12,852
    Vanguard Total Bond Market Index Fund                5,375       5,248
                                                    ----------  ----------

                                                       137,021     123,558

  Vanguard Retirement Savings Trust                    111,338     113,108
  Progress Energy Company Stock Fund                    41,403      44,735
  Florida Progress CVO Fund                                102         207
  Participant Loan Fund                                  7,861       7,991
                                                    ----------  ----------

           Total investments                           297,725     289,599
                                                    ----------  ----------

RECEIVABLES:                                                              
  Employer's contributions                                 163         151
  Employees' contributions                                 417         378
                                                    ----------  ----------

           Total receivables                               580         529
                                                    ----------  ----------

NET ASSETS AVAILABLE FOR BENEFITS                   $  298,305  $  290,128
                                                    ==========  ==========

See notes to financial statements.                                        

2 

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SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS                                  
CORPORATION                                                                     

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS                      
YEARS ENDED DECEMBER 31, 2004                                                   
(In thousands)                                                                  
------------------------------------------------------------------------------  

                                                                    2004

ADDITIONS:                                                                      
Investment income:                                                          
  Interest and dividend income--investments                        $   8,674
  Interest income, participant loans                                     423
  Net appreciation in fair value of investments                       11,156
                                                                   ---------

         Total investment income                                      20,253
                                                                   ---------

Contributions:                                                              
  Employer contributions                                               4,058
  Participant contributions                                           10,500
                                                                   ---------

        Total contributions                                           14,558
                                                                   ---------

         Total additions                                              34,811
                                                                   ---------

DEDUCTIONS:                                                                     
Payment of benefits                                                   26,594
Administrative expenses                                                   40
                                                                   ---------

         Total deductions                                             26,634
                                                                   ---------

NET INCREASE                                                             8,177  

NET ASSETS AVAILABLE FOR BENEFITS:                                              
Beginning of period                                                  290,128
                                                                   ---------

End of period                                                      $ 298,305
                                                                   =========

See notes to financial statements.                                              

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SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS CORPORATION                      

NOTES TO FINANCIAL STATEMENTS                                                   
YEARS ENDED DECEMBER 31, 2004 AND 2003                                          
--------------------------------------------------------------------------------

1.    DESCRIPTION OF PLAN                                                       

     The  following  description  of the Savings  Plan for  Employees of Florida
     Progress  Corporation  (the  "Plan")  provides  only  general  information.
     Participants    should   refer   to   the   Savings   Plan   Summary   Plan
     Description/Prospectus,  as amended, which is part of the Employee Handbook
     and the "Plan Highlights" booklet,  which is part of the enrollment package
     from The Vanguard Group,  Inc., the record keeper for the Plan ("Vanguard")
for more complete descriptions of the Plan's provisions.              

     General--The Plan is a qualified  defined  contribution plan subject to the
     provisions  of  the  Employee   Retirement  Income  Security  Act  of  1974
     ("ERISA").  The Plan  provides for  bargaining  unit  employees of Progress
     Energy Florida, Inc. (the "Company"),  a wholly owned subsidiary of Florida
     Progress  Corporation,  immediate  eligibility  upon  employment for making
     employee  contributions  (either  pre-tax or after-tax).  Employees  become
     eligible   to  receive   matching   employer   contributions   on  employee
     contributions  made after  completing at least six months of  uninterrupted
     employment or having worked at least 1,000 hours in a twelve-month  period.
Participation in the Plan is voluntary.                               

     As of January 1, 2003, Florida Power Corporation began doing business under
the assumed name Progress Energy Florida, Inc.                        

     Contributions--Each  year,  eligible employees may elect to contribute from
     1% to 20% of their annual base pay and may designate these contributions as
     either regular savings after-tax and/or 401(k) pretax dollars.  The Company
     contributes  each pay  period  an  amount  equal  to 75% of the  employees'
     contributions,  up to 6% of base pay, for those eligible to receive Company
contributions.                                                        

     Participants  Accounts--  Individual  accounts are maintained for each plan
     participant.  Each  participant's  account is credited with the participant
     contributions, the Company's contributions,  plan earnings and charged with
     withdrawals,  allocations  of  plan  losses  and  administrative  expenses.
     Allocations  are based on  participant  earnings  or account  balances,  as
     defined. The benefit to which a participant is entitled is the benefit that
can be provided from the participant's vested account.                

     Investments -  Participants  direct the  investment of their  contributions
     into various  investment  options  offered by the Plan.  The Plan currently
     offers eleven registered  investment  companies,  one common trust fund and
one Company stock fund as investment options for participants.        

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     Vesting--Participants  are vested  immediately in their regular savings and
     401(k)  contributions and earnings  thereon.  The Company match account and
     the  earnings  thereon  vest  gradually  based  on the  following  Years of
Continuous Service schedule:                                          

                                                                  Vested
       Years of Continuous Service                                  Percentage

      Less than two                                                      0 %
    Two but less than three                                           25
    Three but less than four                                          50
    Four but less than five                                           75
    Five or more                                                     100

     A year of continuous  service is earned when a  participant  works at least
     1,000 hours in a calendar year. A participant will also become fully vested
     in the employer contributions and earnings thereon upon death,  disability,
attainment of normal retirement or termination of the Plan.           

     Effective  January  1,  2002,  a  participant  shall be 100%  vested in all
     dividends earned on amounts  invested in the Company Stock Fund.  Dividends
     not  distributed in cash to the  participant  shall be invested in Progress
Energy Company stock in the Company Stock Fund.                       

     Participant  Loans--All  actively employed Plan participants with available
     account balances may apply for a loan from their own Plan account.  No loan
     shall exceed the lesser of $50,000 or one-half of the participant's  vested
     Plan  account   balance.   This  amount  will  be   transferred   from  the
     participant's  account and placed in a separate  Participant  Loan fund.  A
     participant  is  permitted a maximum of four  outstanding  loans at any one
     time. Each new loan shall bear a fixed rate of interest, as determined on a
     quarterly  basis,  using a comparison of the current prime rate against the
     Florida Saving  Certificate of Deposit rate as published in The Wall Street
     Journal,  rounded up to the next quarter point and taking the higher of the
     two rates.  Based on this method of  determining  the interest rate for the
     initiation  of new loans each  quarter,  there are  outstanding  loans with
     interest rates ranging from 4.25% to 9.5% as of December 31, 2004. Interest
     charged  on  employee  loans  is  credited  to the  individual  participant
accounts.                                                             

     A participant can choose repayment terms on a new loan ranging from 6 to 60
     months.  Repayments  are made via  payroll  deduction  for  active  regular
     employees,  by  automated  Clearing  House  Payment for active  non-regular
     employees  and by direct  payment  to the Plan for  inactive  participants.
     Additionally,  participants  can elect to prepay  all or a portion of their
     outstanding  loan  balance  at any  time  during  the  term  of  the  loan.
     Repayments  are  returned  to  each  participant   account   (reducing  the
     outstanding  Participant  Loan Fund  balance).  Excess loan  repayments  of
     principal  and interest over new loans issued during the year are reflected
     as interfund transfers for reinvestment to the respective investment funds.
     New loans are  reflected as transfers  out of the  investment  funds to the
Participant Loan Fund.                                                

     Payment of Benefits--Upon separation of service due to termination,  death,
     disability or  retirement,  participants  may leave their  account  balance
     within the Plan if their vested  balance is greater  than $5,000,  elect to
     receive a lump-sum amount equal to the value of their account  balance,  or
     select  from a menu of  installment  payment  options.  Although no further
     employee  contribution or partial  withdrawals  are allowed,  terminated or
     retired  employees may continue to exchange  amounts  among the  investment
options.                                                              

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     An  active  participant  can  apply  for a  hardship  withdrawal  from  the
     before-tax  savings of their  account  within the limits  specified  by the
     Internal   Revenue  Service   ("IRS").   A  participant  must  satisfy  the
     requirements in the plan document as to the hardship in order to obtain the
     withdrawal.  The  amount of the  withdrawal  cannot  exceed  the  amount of
employee contributions.                                               

     Forfeited  Accounts--Forfeitures  of non-vested  employer  contributions by
     terminated   participants   may  be  used  to  reduce   employer   matching
     contributions.   The   value  of   forfeitures   of   non-vested   employer
     contributions  were  $489,752 and $432,229,  respectively,  at December 31,
     2004  and  2003.  In 2004 and  2003,  $878 and  $100,000  respectively,  of
     forfeited  non-vested  employer  contributions  were used to offset company
contributions.                                                        

     Plan  Termination--It  is the  intention  of the Plan Sponsor that the Plan
     continue  in  operation;  however,  the  Company has the right to amend the
     Plan,  discontinue its  contributions at any time,  and/or to terminate the
     Plan  subject  to  the  provisions  of  ERISA  and  the  Bargaining  Unit's
     Memorandum of the Agreement. In the event of Plan termination, participants
will become 100% vested in their accounts.                            

2.    SUMMARY OF ACCOUNTING POLICIES                                            

     The following accounting policies,  which conform to accounting  principles
     generally  accepted  in the  United  States  of  America,  have  been  used
consistently in the preparation of the Plan's financial statements:   

     Basis of  Accounting--The  financial  statements  of the Plan are  prepared
under the accrual method of accounting.                               

     Use of  Estimates--The  preparation  of financial  statements in conformity
     with  accounting  principles  generally  accepted  in the United  States of
     America  requires plan  management to make estimates and  assumptions  that
     affect the  reported  amounts  of net assets  available  for  benefits  and
     changes therein. Actual results could differ from those estimates. The Plan
     utilizes various investment instruments. Investment securities, in general,
     are exposed to various risks,  such as interest rate,  credit,  and overall
     market  volatility.  Due to the  level  of  risk  associated  with  certain
     investment securities, it is reasonably possible that changes in the values
     of investment  securities will occur in the near term and that such changes
   could materially affect the amounts reported in the financial statements.

     Investment  Valuation and Income  Recognition--The  Plan's  investments are
     stated at fair value. Shares of registered  investment  companies are value
     at quoted market prices, which represent the net asset value of shares held
     by the Plan at year-end.  The Progress  Energy  Company  Stock Fund and the
     Contingent Value Obligation  ("CVO") Fund are valued at their year-end unit
     closing  prices  (constituting  market  value  of  shares  owned  or  CVOs,
     respectively,  plus  uninvested  cash  position).  Progress  Energy Company
     common  stock is valued at its  closing  market  price as of the end of the
     day. CVOs are valued at their last traded price which  management  believes
     is an estimate of their fair value at the valuation date. CVOs do not trade
     frequently.  Therefore, the values presented are not necessarily indicative
     of what the Plan could have recognized if CVOs were traded on the valuation
    date. Participant loans are valued at cost, which approximates fair value.

     Purchases  and sales of  investments  are recorded on a  trade-date  basis.
     Interest income is accrued when earned.  Dividend income is recorded on the
ex-dividend date.                                                     

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     Management fees and operating  expenses  charged to the Plan for investment
     in the mutual funds and common trust fund are deducted  from income  earned
     on a daily basis and are not separately reflected. Consequently, management
     fees and  operating  expenses are  reflected  as a reduction fo  investment
return for such services.                                             

     Capital gain  distributions are included in dividend income.  When Progress
     Energy Company common stock is distributed from the Progress Energy Company
     Stock Fund to participants  in settlement of their accounts,  distributions
are recorded at the value of shares distributed.                      

     Plan  Expenses--  Plan expenses  include  trustee,  audit,  and  investment
     management fees as well as any other  reasonable fees or expenses  incurred
     for the administration of the Plan and Trust. Plan expenses are paid by the
Plan to the extent not paid by the Company.                           

3.    INVESTMENTS                                                               

     The Plan's investments that represented 5% or more of the Plan's net assets
     available  for benefits as of December 31, 2004 and 2003 are as follows (in
thousands):                                                           

                                                                [Download Table]
                                                                                  
                                                                   2004      2003 

Fidelity Mid-Cap Stock Fund, 1,275,377 and 1,530,627                              
 shares respectively                                            $ 29,908  $ 33,016
Vanguard 500 Index Fund, 434,394 and 457,294                                      
 shares respectively                                              48,496    46,950
Vanguard Retirement Savings Trust, 111,338,277 and 113,107,474                    
 units respectively                                              111,338   113,108
Progress Energy Company Stock Fund, 915,193 and 988,410                           
 shares respectively                                              41,403    44,735

     During  2004,  the  Plan's  investments  (including  gains  and  losses  on
     investments  bought and sold, as well as held during the year)  appreciated
in value as follows (in thousands):                                   

                                                2004

Registered investment companies                     $ 11,132    
Common stock                                              24    
                                               ---------

Net appreciation in fair value of investments       $ 11,156    
                                               =========

4.    RELATED PARTY TRANSACTIONS                                                

     An affiliate of Vanguard  Fiduciary Trust Company  ("VFTC") manages certain
     Plan investments.  VFTC is the trustee as defined by the Plan and therefore
     these transactions qualify as party-in-interest  transactions. Fees paid by
     the Plan for investment management services were included as a reduction of
the return earned on each fund.                                       

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     Pursuant to an  acquisition  of Florida  Progress by Progress  Energy,  Inc
     ("Progress  Energy")  during 2000,  participants  with  investments  in the
     Florida  Progress  Stock Fund were  given the  option of either  cashing in
     their  investments or exchanging their existing Florida Progress Stock Fund
     shares for shares of the Progress  Energy  Company  Stock Fund and cash. In
     addition,  Florida Progress Stock Fund shareholders  received shares of the
     Florida  Progress  CVO  Fund.  The CVO Fund  invests  in  contingent  value
     obligations,  each of which  represents  the  right to  receive  contingent
     payments based on the performance of four synthetic fuel  facilities  owned
     by Progress Energy. While the Plan does not allow additional  contributions
     to the CVO Fund, participants are permitted to withdraw or exchange out all
     or a portion of their account  balance in accordance  with  applicable Plan
Provisions.                                                           

     U.S.  Trust  Company,  National  Association  ("U.S.  Trust")  serves as an
     independent fiduciary of the CVO Fund. Among other  responsibilities,  U.S.
     Trust instructs VFTC as to the management and dispositions of the CVO Fund.
     Transactions  in the CVO Fund  qualify as  party-in-interest  transactions.
     During 2000, the Plan was informed by legal counsel that the  establishment
     of the CVO Fund  represented a prohibited  transaction  in accordance  with
     ERISA.  The plan was  granted a  prohibited  transaction  exemption  by the
United States Department of Labor by a letter dated October 22, 2001. 

5.    PLAN TERMINATION                                                          

     Although it has not  expressed  any intention to do so, the Company has the
     right under the Plan to discontinue  its  contributions  at any time and to
     terminate  the Plan  subject to the  provision  set forth in ERISA.  In the
     event that the Plan is terminated, participants would become 100% vested in
their accounts.                                                       

6.    TAX STATUS                                                                

     The IRS has  determined  and  informed the Company by letter dated July 23,
     2002,  that the Plan is  qualified  under  Internal  Revenue  Code  ("IRC")
     Section  401(a).  Although the Plan has  subsequently  been  amended  since
     receiving the determination  letter,  the Company believes that the Plan is
     designed and is currently  being operated in compliance with the applicable
     requirements  of the  IRC.  Therefore,  it is  believed  that  the Plan was
     qualified  and  the  related  trust  was  tax-exempt  as of  the  financial
     statement  date. As such, no provisions for income taxes have been included
in the Plan's financial statements.                                   

******

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SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA

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SAVINGS PLAN FOR EMPLOYEES OF FLORIDA PROGRESS                                  
CORPORATION                                                                     

FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS                    
(HELD AT END OF YEAR)                                                           
DECEMBER 31, 2004                                                               
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]
                                                                                                                
                                                           Description of Investment, Including                 
                                                             Maturity Date, Rate of Interest,                   
    Identity of Issue, Borrower, Lessor, or Similar Party   Collateral, Par or Maturity Value    Cost  Value    

   Goldman Sachs Growth Opportunities Fund                  Registered Investment Company          **  $      25
   American Funds Growth Fund (R5)                          Registered Investment Company          **      1,430
   Dodge & Cox Stock Fund                                   Registered Investment Company          **      5,600
   Fidelity MidCap Stock Fund                               Registered Investment Company          **     29,908
*  Vanguard 500 Index Fund                                  Registered Investment Company          **     48,496
*  Vanguard Extended Market Index Fund                      Registered Investment Company          **      9,330
*  Vanguard International Growth Fund                       Registered Investment Company          **      4,162
*  Vanguard LifeStrategy Conservative Growth Fund           Registered Investment Company          **      5,536
*  Vanguard LifeStrategy Growth Fund                        Registered Investment Company          **     12,396
*  Vanguard LifeStrategy Moderate Growth Fund               Registered Investment Company          **     14,763
*  Vanguard Total Bond Market Index Fund                    Registered Investment Company          **      5,375
*  Vanguard Retirement Savings Trust                        Common/Collective Trust                **    111,338
*  Progress Energy Stock Fund                               Company Stock Fund                     **     41,403
*  Florida Progress CVO Fund                                Company Stock Fund                     **        102
*  Various participants                                     Participant loans (maturing                         
                                                            2005 to 2009 at interest                            
                                                            rates of 4.25% - 9.50%)                **      7,861
                                                                                                       ---------

   Total Assets Held for Investment Purposes                                                           $ 297,725
                                                                                                       =========

*     Party-in-Interest                                                         
**    Cost data omitted with respect to participant or beneficiary directed     
transactions under an individual account plan.                      

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 SIGNATURE

The Plan.  Pursuant to the requirements of the Securities  Exchange Act of 1934,
the  Savings  Plan  for   Employees  of  Florida   Progress   Corporation   Plan
Administrative  Committee has duly caused this Annual Report to be signed on its
behalf by the undersigned hereunto duly authorized.                             

                           SAVINGS PLAN FOR EMPLOYEES OF
                          FLORIDA PROGRESS CORPORATION
                      ADMINISTRATIVE COMMITTEE

                                /s/ Masceo S. DesChamps, Secretary
                                ----------------------------------
                            Masceo S. DesChamps, Secretary
                           Savings Plan for Employees of
                          Florida Progress Corporation
                      Administrative Committee

Date:  June 28, 2005                                                            

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EXHIBITS INDEX

Exhibit Number                                                                  

Exhibit No. 23  Consent of Report of Independent Registered Public Accounting   
Firm                                            

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                                                                  Exhibit No. 23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                         

We consent to the  incorporation  by reference  in  Registration  Statement  No.
333-52328 on Form S-8 of our report dated June 27, 2005  appearing in the Annual
Report  on Form 11-K of the  Savings  Plan for  Employees  of  Florida  Progress
Corporation for the year ended December 31, 2004.                               

/s/ DELOITTE & TOUCHE LLP                                                       

Raleigh, North Carolina                                                         
June 27, 2005

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘11-K’ Filing	Date	First	Last	Other Filings

Filed on:	6/28/05	13
	6/27/05	3	15
For Period End:	12/31/04	1	15	10-K, 8-K
	12/31/03	1	9	10-K, 11-K, 8-K
	1/1/03	6		8-K
	7/23/02	10
	1/1/02	7
	10/22/01	10
				List all Filings

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Filing Submission 0000357261-05-000009 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Florida Progress Corp, et al. – ‘11-K’ for 12/31/04

On: Tuesday, 6/28/05, at 2:45pm ET · For: 12/31/04 · Accession #: 357261-5-9 · File #s: 1-03274, 1-08349

Previous ‘11-K’: ‘11-K’ on 6/21/04 for 12/31/03 · Next: ‘11-K’ on 7/6/05 for 12/31/04 · Latest: ‘11-K’ on 6/24/10 for 12/31/09

Annual Report of an Employee Stock Purchase, Savings or Similar Plan — Form 11-KFiling Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual Report of an Employee Stock Purchase, Savings or Similar Plan — Form 11-K
Filing Table of Contents