-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A3OxtHPVLBL+kxXi2o+ORJa565AgoJC7PFi0Zcw1CT78Em7otK8PfC68mKrfen07 Z+p66l2HyuN9UpsvmXMgeQ== 0001004858-98-000044.txt : 19981020 0001004858-98-000044.hdr.sgml : 19981020 ACCESSION NUMBER: 0001004858-98-000044 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981019 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW CENTURY ENERGIES INC CENTRAL INDEX KEY: 0001004858 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 841334327 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12927 FILM NUMBER: 98727564 BUSINESS ADDRESS: STREET 1: 1225 17TH ST CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3035717511 MAIL ADDRESS: STREET 1: 1225 17TH ST CITY: DENVER STATE: CO ZIP: 80202 8-K 1 NCE PRESS RELEASE FOR 1998 3RD QTR EARNINGS SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) of the SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) October 19, 1998 NEW CENTURY ENERGIES, INC. ---------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware -------------------- (State or Other Jurisdiction of Incorporation) 1-12927 84-1334327 ---------------- ----------------- (Commission File No.) (IRS Employer Identification No.) 1225 Seventeenth Street, Denver, Colorado 80202 --------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code(303) 571-7511 Item 5. OTHER EVENTS Reference is made to the press release filed as an exhibit hereto for information with respect to the Company's earning release for the quarter ended September 30, 1998. Item 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Exhibit 99: Press Release, dated October 19, 1998, of New Century Energies, Inc. 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NEW CENTURY ENERGIES, INC. /s/Richard C. Kelly ----------------------------- Richard C. Kelly Executive Vice President and Chief Financial Officer Dated: October 19, 1998 2 EX-99 2 PRESS RELEASE EARNINGS FOR NCE 1998 3RD QTR. EXHIBIT 99 NCE Company Logo Here News Release - -------------------------------------------------------------------------------- New Century Energies, Inc. Contact: Media Relations 1225 17th Street, Suite 2000 (303) 294-8900 Denver, Colo. 80202 For Immediate Release Reference: NCE Earnings Results October 19, 1998 DENVER - New Century Energies, Inc. on Monday reported net income of $90.8 million, or 82 cents per share, on revenues of $915.9 million for the third quarter ended September 30, 1998. For the same period in 1997 - excluding the extraordinary United Kingdom windfall tax of $1.06 per share associated with the company's 50 percent interest in Yorkshire Electricity - NCE reported net income of $63.3 million, or 61 cents per share, on revenues of $793.5 million. Including the extraordinary item, NCE reported a third quarter net loss of $47.2 million or 45 cents per share. The increase in third quarter earnings as compared to the same period in 1997 - before the extraordinary item - is attributable to continuing customer growth and higher electric sales due to warmer than normal weather in the third quarter of 1998. In addition, the 1997 earnings were reduced by significant costs associated with the merger between Public Service Co. of Colorado and Southwestern Public Service Co., which resulted in the creation of NCE. For the nine months ended September 30, 1998, New Century Energies reported net income of $233.5 million, or $2.10 per share, on revenues of $2.7 billion. For the same period in 1997 net income-before the extraordinary item - was $175.5 million or $1.68 per share, on revenues of $2.5 billion. Net income including the extraordinary item was $65.0 million, or 62 cents per share. - more - Page 2 of 3 Net income for the 12 months ended September 30, 1998, was $319.5 million, or $2.90 per share, on revenues of $3.6 billion. This compared to net income - before the extraordinary item - of $235.7 million, or $2.26 per share on revenues of $3.3 billion for the same 12-month period a year ago. Net income including the extraordinary item was $125.1 million, or $1.20 per share. income statement on next page NEW CENTURY ENERGIES, INC. SUMMARY INCOME STATEMENT INFORMATION (Unaudited) (Thousands of Dollars, Except Earnings Per Share Data)
Three Months Nine Months Twelve Months September 30, September 30, September 30, % Change % Change % Change Increase or Increase or Increase or 1998 1997 (Decrease) 1998 1997 (Decrease) 1998 1997 (Decrease) - ------------------------------------------------------------------------------------------------------------------------------------ Operating Revenues: Electric $ 784,465 $ 670,787 16.9 $ 2,044,218 $ 1,853,809 10.3 $2,663,768 $2,454,688 8.5 Gas 115,526 109,396 5.6 613,363 571,494 7.3 858,465 771,004 11.3 Other 15,907 13,289 19.7 57,442 33,332 72.3 76,680 43,770 75.2 - ------------------------------------------------------ ------------------------ ----------------------- 915,898 793,472 15.4 2,715,023 2,458,635 10.4 3,598,913 3,269,462 10.1 - ------------------------------------------------------ ------------------------ ----------------------- Operating Expenses: Electric energy costs 423,724 337,875 25.4 1,038,980 902,423 15.1 1,339,849 1,193,072 12.3 Gas purchased for resale 70,054 63,403 10.5 419,364 385,898 8.7 576,757 510,299 13.0 Other operating expenses 157,851 144,241 9.4 468,499 427,757 9.5 635,101 586,915 8.2 Depreciation and amortization 65,520 61,359 6.8 195,012 182,843 6.7 255,247 241,289 5.8 Taxes (other than income taxes) 34,576 33,426 3.4 100,492 100,007 0.5 129,765 128,787 0.8 - ------------------------------------------------------ ------------------------ ----------------------- 751,725 640,304 17.4 2,222,347 1,998,928 11.2 2,936,719 2,660,362 10.4 - ------------------------------------------------------ ------------------------ ----------------------- Operating Income 164,173 153,168 7.2 492,676 459,707 7.2 662,194 609,100 8.7 Other Income and Deductions 11,152 (1,700) - 5,390 (36,211) - 14,412 (53,863) - Interest Charges and Preferred Dividends 52,140 54,413 (4.2) 155,230 153,290 1.3 208,570 197,383 5.7 - ------------------------------------------------------ ------------------------ ----------------------- Income Before Income Taxes 123,185 97,055 26.9 342,836 270,206 26.9 468,036 357,854 30.8 Income Taxes 32,413 33,715 (3.9) 109,322 94,665 15.5 148,576 122,189 21.6 - ------------------------------------------------------ ------------------------ ----------------------- Income Before Extraordinary Item 90,772 63,340 43.3 233,514 175,541 33.0 319,460 235,665 35.6 Extraordinary Item - U.K. Windfall Tax - (110,565) - - (110,565) - - (110,565) - - ------------------------------------------------------ ------------------------ ----------------------- Net Income (Loss) $ 90,772 $ (47,225) - $ 233,514 $ 64,976 - $ 319,460 $ 125,100 - ====================================================== ======================== ======================= Shares of Common Stock Outstanding (thousands): End of period 111,731 104,603 6.8 111,731 104,603 6.8 111,731 104,603 6.8 Weighted Average 111,606 104,481 6.8 111,320 104,247 6.8 110,113 104,090 5.8 Earnings Per Weighted Average Share of Common Stock Outstanding: Income before extraordinary item $0.82 $0.61 34.4 $2.10 $1.68 25.0 $2.90 $2.26 28.3 Extraordinary item - ($1.06) - - ($1.06) - - ($1.06) - - ------------------------------------------------------ ------------------------ ----------------------- Net Income (Loss) $0.82 ($0.45) - $2.10 $0.62 - $2.90 $1.20 - ====================================================== ======================== =======================
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