-----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, DVxacDO69LwLXGvT5rq1MNSf6KsXHarWfzj2BCUem9PeE7Z7ekugccwSupVSLeBe PNCPhcTW+7EpW/t8HJkBUg== 0001046861-04-000028.txt : 20040507 0001046861-04-000028.hdr.sgml : 20040507 20040507172621 ACCESSION NUMBER: 0001046861-04-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040507 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENERGY EAST CORP CENTRAL INDEX KEY: 0001046861 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 141798693 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14766 FILM NUMBER: 04790277 BUSINESS ADDRESS: STREET 1: PO BOX 12904 STREET 2: STE 2006A 20TH FL CITY: ALBANY STATE: NY ZIP: 12212-2904 BUSINESS PHONE: 5184343014 MAIL ADDRESS: STREET 1: PO BOX 12904 STREET 2: SUITE 2006A 20TH FLOOR CITY: ALBANY STATE: NY ZIP: 12212-2904 FORMER COMPANY: FORMER CONFORMED NAME: NGE RESOURCES INC DATE OF NAME CHANGE: 19970924 8-K 1 e8k050704.htm ENERGY EAST'S FORM 8-K DATED MAY 7, 2004 Form 8-K dated May 7, 2004

 

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): May 7, 2004

_____________________

 

Commission
file number

Exact name of Registrant as specified in its charter,
State of incorporation, Address and Telephone number

IRS Employer
Identification No.

1-14766

Energy East Corporation
(A New York Corporation)
P. O. Box 12904
Albany, New York 12212-2904
(518) 434-3049
www.energyeast.com

14-1798693

 

 

Not Applicable
(Former name or former address, if changed since last report.)

 

 

 

Item 7.  Financial Statements and Exhibits

(c)  Exhibits

99-1

Energy East Corporation's news release dated May 7, 2004.

 

Item 9.  Regulation FD Disclosure and Item 12. Results of Operation and Financial Condition

News Release Concerning First Quarter 2004 Financial Results

On May 7, 2004, Energy East Corporation issued a news release concerning its financial results for the quarter and 12 months ended March 31, 2004.

The news release is attached as Exhibit 99-1 to this document and is being furnished under Item 9, Regulation FD Disclosure and Item 12, Disclosure of Results of Operations and Financial Condition, of Form 8-K.

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.

 





Date:  May 7, 2004

ENERGY EAST CORPORATION
              (Registrant)


By   /s/Robert D. Kump                                             
           Robert D. Kump
           Vice President, Treasurer
           and Secretary

EX-99.1 2 e8k050704e99-1.htm EXHIBIT 99-1, EARNINGS NEWS RELEASE MAY 7, 2004 Form 8-K Exhibit 99-1

Exhibit 99-1

Energy East Corporation Announces First Quarter 2004 Financial Results

 

FOR IMMEDIATE RELEASE

Albany, NY, and Portland, ME, May 7, 2004, Energy East Corporation [NYSE:EAS] today announced the following financial results.

Earnings per share for the quarter ended March 31, 2004, were 83 cents while earnings per share for the 12 months ended March 31, 2004, were $1.35. These results exclude discontinued operations which reflect the results of three non-utility businesses sold in 2002 and 2003.

Earnings of 83 cents per share for the quarter ended March 31, 2004, were 7 cents lower than earnings from continuing operations of 90 cents per share for the quarter ended March 31, 2003. First quarter earnings were impacted by a modest decrease in sales as natural gas retail deliveries declined 1.8% and electric retail deliveries declined 0.5% for the quarter primarily because of warmer winter weather in 2004 as compared to 2003. First quarter earnings also reflect higher stock-based compensation costs. Items which contributed to earnings include integration savings and interest cost reductions.

Earnings per share from continuing operations for the 12 months ended March 31, 2004, were down 21 cents compared to $1.56 for the 12 months ended March 31, 2003. Items that contributed to the change in earnings for the 12-month period include: lower deliveries primarily due to the effects of weather, an electric rate reduction effective in March 2002 for New York State Electric & Gas Corporation, lower pension income, and higher stock based compensation costs. Those decreases were partially offset by savings from integration initiatives, interest cost reductions, and a restructuring charge that was recorded in 2002. Financial results for RGS Energy Group, Inc. are included in the company's results beginning July 1, 2002.

Preliminary Consolidated Statements of Income and Energy Delivery Statistics are presented on the following pages.

Energy East is a respected super-regional energy services and delivery company that our customers can depend on every day. We are a motivated and skilled team of professionals dedicated to creating shareholder value through our focus on profitable growth, operational excellence and strong customer partnerships. We serve about 3 million customers throughout upstate New York and New England.

Contact:

Scott Martin

 

Manager, Investor Relations

 

(207) 688-4336

 

Energy East Corporation
Consolidated Statements of Income - (Unaudited)

 

 

Three Months

Twelve Months

Periods Ended March 31

2004

2003

2004

2003

(Thousands, except per share amounts)

       

Operating Revenues

       

  Sales and services

$1,586,091 

$1,508,295 

$4,671,616 

$4,319,337 

Operating Expenses

 

 

 

 

  Electricity purchased and fuel used in generation

396,654 

358,368 

1,367,729 

1,328,503 

  Natural gas purchased

499,849 

451,051 

1,050,446 

844,578 

  Other operating expenses

218,408 

199,701 

856,661 

752,104 

  Maintenance

43,212 

46,204 

199,926 

171,622 

  Depreciation and amortization

85,498 

75,759 

311,003 

271,877 

  Other taxes

75,446 

85,290 

260,635 

264,190 

  Restructuring expenses

-      

-      

-      

40,567 

      Total Operating Expenses

1,319,067 

1,216,373 

4,046,400 

3,673,441 

Operating Income

267,024 

291,922 

625,216 

645,896 

Writedown of Investment

-      

-      

-      

2,094 

Other (Income)

(5,639)

(4,652)

(23,061)

(23,880)

Other Deductions

3,145 

1,878 

34,570 

29,351 

Interest Charges, Net

69,990 

67,736 

287,056 

268,240 

Preferred Stock Dividends of Subsidiaries

988 

8,419 

11,578 

32,955 

Income from Continuing Operations
  Before Income Taxes


198,540 


218,541 


315,073 


337,136 

Income Taxes

77,988 

88,032 

117,643 

121,725 

Income From Continuing Operations

120,552 

130,509 

197,430 

215,411 

Discontinued Operations

       

  Income (loss) from businesses sold

-      

7,952 

(17,906)

5,800 

  Income taxes (benefits)

-      

2,997 

(16,009)

2,713 

Income (Loss) From Discontinued Operations

-      

4,955 

(1,897)

3,087 

Net Income

$120,552 

$135,464 

$195,533 

$218,498 

Earnings Per Share From Continuing
  Operations, basic


$.83 


$.90 


$1.35 


$1.56 

Earnings Per Share From Continuing
  Operations, diluted


$.82 


$.90 


$1.35 


$1.56 

Total Earnings Per Share, basic

$.83 

$.93 

$1.34 

$1.58 

Total Earnings Per Share, diluted

$.82 

$.93 

$1.34 

$1.58 

Dividends Paid Per Share

$.26 

$.25 

$1.01 

$.97 

Average Common Shares Outstanding, basic

146,085 

145,096 

145,780 

138,114 

Average Common Shares Outstanding, diluted

146,428 

145,215 

146,030 

138,143 

 

 

Energy Delivery Statistics - (Unaudited)

 

Three Months

Twelve Months

Periods Ended March 31

2004

2003

2004

2003

         

Electricity (thousands of megawatt-hours)

       

   Residential

3,358

3,352

11,682

11,156

   Commercial

2,335

2,311

9,290

8,696

   Industrial

1,761

1,806

7,367

7,018

   Other

597

621

2,215

2,110

     Total retail

8,051

8,090

30,554

28,980

   Wholesale

2,094

1,411

6,417

5,344

     Total

10,145

9,501

36,971

34,324

Natural Gas (thousands of dekatherms)

       

   Residential

41,293

42,205

84,489

82,068

   Commercial

13,019

12,314

26,643

25,314

   Industrial

1,623

1,522

3,558

3,495

   Other

3,178

3,429

11,050

13,959

   Transportation of customer-owned gas

28,484

29,746

85,386

90,131

     Total retail

87,597

89,216

211,126

214,967

   Wholesale

-     

2,303

3,057

7,419

      Total

87,597

91,519

214,183

222,386

 

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