-----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, G2wC6jjkBp2F028Wtu6AAvCDwmpcIVWlHJJ1P39y84Wv0w3Oi766lbeipCrcSSp3 WtU9MRJDU0HXb6YjVobKUQ== 0001096385-02-000017.txt : 20020425 0001096385-02-000017.hdr.sgml : 20020425 ACCESSION NUMBER: 0001096385-02-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020331 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VECTREN UTILITY HOLDINGS INC CENTRAL INDEX KEY: 0001129542 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172] IRS NUMBER: 352104850 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16739 FILM NUMBER: 02620349 BUSINESS ADDRESS: STREET 1: 20 NW 4TH ST CITY: EVANSVILLE STATE: IN ZIP: 47708 BUSINESS PHONE: 8124914000 8-K 1 vuhi-8kearnings_mar02.txt VECTREN UTILITY HOLDING !ST QTR EARNINGS RELEASE SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 of 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 24, 2002 VECTREN UTILITY HOLDINGS, INC. (Exact name of registrant as specified in its charter) Indiana 1-16739 35-2104850 ------- ------- ---------- (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 20 N.W. Fourth Street, Evansville, Indiana 47708 ------------------------------------------ ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (812)491-4000 N/A (Former name or address, if changed since last report.) Item 5. Other Events On April 24, 2002, Vectren Corporation (the Company), the parent company of Vectren Utility Holdings, Inc. released financial information to the investment community regarding the Company's results of operations for the three and twelve month periods ended March 31, 2002. The financial information released is included herein. This information does not include footnote disclosures and should not be considered complete financial statements. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company is hereby filing cautionary statements identifying important factors that could cause actual results of the Company and its subsidiaries, including Vectren Utility Holdings, Inc., Indiana Gas Company, Inc. and Southern Indiana Gas and Electric Company, to differ materially from those projected in forward-looking statements of the Company and its subsidiaries made by, or on behalf of, the Company and its subsidiaries. Item 7. Exhibits 99-1 Press Release - First Quarter 2002 Vectren Corporation Earnings 99-2 Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995 SIGNATURES 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 hereunto duly authorized. VECTREN UTILITY HOLDINGS, INC. January 23, 2002 By: /s/ M. Susan Hardwick ---------------------------------------- M. Susan Hardwick Vice President and Controller EX-99.1 PRESS REL 3 financials-8k_mar02.txt PRESS RELEASE AND FINANCIALS Exhibit 99-1 News Release Vectren Corporation P.O. Box 209 Evansville, IN 47702-0209 April 24, 2002 FOR IMMEDIATE RELEASE Vectren Corporation Reports 1st Quarter 2002 Results Evansville, Indiana - Today, Vectren Corporation (NYSE:VVC) reported 2002 first quarter earnings of $45.6 million, or $.68 per share, compared to net income of $44.4 million, or $.68 per share, for the same period a year ago. Earnings for the first quarter of 2001, before nonrecurring items, were $42.8 million, or $.66 per share. Weather for the first quarter of 2002 was 10 percent warmer than the same period last year. "The results for the first quarter of 2002 were strong considering the warm weather and that we are just now beginning to emerge from an economic slowdown," said Niel C. Ellerbrook, Vectren's Chairman and CEO. "To date we have experienced only about one half of our heating weather and are just beginning our cooling season. In addition, our energy marketing and coal mining groups continue to be strong performers." added Ellerbrook. Specific highlights for the quarter include: o Regulated earnings increased 14 percent to $40.6 million from $35.7 million. The warm weather in the first quarter of 2002, compared to the same quarter last year, impacted earnings unfavorably by approximately $.12 per share. In 2001, the extraordinarily high gas prices had unfavorable impacts on margins and operating costs, including uncollectible accounts expense, interest and excise taxes. Any carryover impact into 2002 has been relatively minor. o Nonregulated earnings were $5.0 million for the first quarter 2002 as compared to $7.5 million for the same period last year. The first quarter of 2001 included a $2.4 million after tax gain as the result of the sale of an investment in a gathering and processing company. Please SEE ATTACHED unaudited schedules for additional financial information. Live Webcast: In conjunction with this earnings release, you are invited to listen in real-time to a conference call on April 25 at 10:00 a.m. EDT. A link to the live webcast and supporting slides will be available on Vectren's website at www.vectren.com. The call will be available for replay on Vectren's website as well as at (719) 457-0820, passcode 653812. Vectren Corporation is an energy and applied technology holding company headquartered in Evansville, Indiana. Vectren's energy delivery subsidiaries provide gas and/or electricity to nearly one million customers in adjoining service territories that cover nearly two-thirds of Indiana and west central Ohio. Vectren's non-regulated subsidiaries and affiliates currently offer energy-related products and services to customers throughout the surrounding region. These include gas marketing and related services; coal production and sales; utility infrastructure services; and broadband communication services. To learn more about Vectren, visit www.vectren.com. NOTE: Net income for the three month periods ended March 31 is not indicative of net income for an annual period due to seasonal sales of gas and electric for space heating and cooling purposes. Safe Harbor for Forward Looking Statements: This press release may contain forward-looking statements. Vectren wishes to caution readers that actual results could differ materially from those that will be projected in this news release and subsequent discussions. Additional detailed information concerning a number of factors that could cause actual results to differ materially from the information that is provided to you is readily available in our report Form 10-K filed with the Securities and Exchange Commission on March 29, 2002. Investor Contact: Steven M. Schein, (812) 491-4209, sschein@vectren.com Media Contact: Jeffrey W. Whiteside, (812) 491-4205, jwhiteside@vectren.com ###
VECTREN CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Thousands, except for share amounts) (Unaudited) Three Months Twelve Months Ended March 31 Ended March 31 -------------------- ---------------------- 2002 2001 2002 2001 --------- --------- ---------- ---------- OPERATING REVENUE: Gas utility $ 357,104 $ 523,657 $ 864,966 $1,141,565 Electric utility 126,800 88,209 417,458 351,628 Energy services and other 151,288 271,990 638,925 679,790 --------- --------- ---------- ---------- Total operating revenues 635,192 883,856 1,921,349 2,172,983 --------- --------- ---------- ---------- OPERATING EXPENSES: Cost of gas sold 230,036 404,149 534,111 838,162 Fuel for electric generation 17,790 17,984 74,208 75,482 Purchased electric energy 59,823 13,153 138,336 46,070 Cost of energy services and other 139,352 261,782 597,733 650,296 Other operating 56,578 61,356 232,139 214,363 Merger and integration costs - 962 1,847 14,926 Restructuring costs - - 19,048 - Depreciation and amortization 29,074 31,471 121,277 114,470 Taxes other than income taxes 18,257 19,543 52,267 48,953 --------- --------- ---------- ---------- Total operating expenses 550,910 810,400 1,770,966 2,002,722 --------- --------- ---------- ---------- OPERATING INCOME 84,282 73,456 150,383 170,261 OTHER INCOME: Equity in earnings of unconsolidated affiliates 2,348 5,932 10,520 13,942 Other - net 1,392 2,835 14,814 14,273 --------- --------- ---------- ---------- Total other income 3,740 8,767 25,334 28,215 --------- --------- ---------- ---------- INTEREST EXPENSE 19,844 22,819 79,604 67,678 --------- --------- ---------- ---------- INCOME BEFORE INCOME TAXES 68,178 59,404 96,113 130,798 INCOME TAXES 22,736 18,775 22,577 38,644 MINORITY INTEREST IN SUBSIDIARY (209) (22) 433 840 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARY 7 238 527 986 --------- --------- ---------- ---------- INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 45,644 $ 40,413 $ 72,576 $ 90,328 EXTRAORDINARY LOSS, NET - - (7,706) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - 3,938 - 3,938 --------- -------- --------- ---------- NET INCOME $ 45,644 $ 44,351 $ 64,870 $ 94,266 AVERAGE COMMON SHARES OUTSTANDING 67,533 65,604 67,521 62,446 DILUTED COMMON SHARES OUTSTANDING 67,806 65,758 67,658 62,498 EARNINGS PER SHARE OF COMMON STOCK BASIC: INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 0.68 $ 0.62 $ 1.07 $ 1.45 EXTRAORDINARY LOSS, NET - - (0.11) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - 0.06 - 0.06 --------- --------- --------- ---------- EARNINGS PER SHARE OF COMMON STOCK $ 0.68 $ 0.68 $ 0.96 $ 1.51 DILUTED: INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 0.67 $ 0.61 $ 1.07 $ 1.45 EXTRAORDINARY LOSS, NET - - (0.11) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - 0.06 - 0.06 --------- --------- ---------- ---------- EARNINGS PER SHARE OF COMMON STOCK $ 0.67 $ 0.67 $ 0.96 $ 1.51
VECTREN UTILITY HOLDINGS AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Thousands, except for share amounts) (Unaudited) Three Months Twelve Months Ended March 31 Ended March 31 -------------------- ---------------------- 2002 2001 2002 2001 --------- --------- ---------- ---------- OPERATING REVENUE: Gas utility $ 357,105 $ 523,658 $ 864,966 $1,141,565 Electric utility 126,800 88,209 417,458 351,628 --------- --------- ---------- ---------- Total operating revenues 483,905 611,867 1,282,424 1,493,193 --------- --------- ---------- ---------- OPERATING EXPENSES: Cost of gas sold 230,352 404,149 534,427 838,163 Fuel for electric generation 17,791 17,984 74,208 75,483 Purchased electric energy 59,823 13,153 138,336 46,070 Other operating 55,793 61,470 229,034 224,964 Merger and integration costs - 982 1,813 7,887 Restructuring costs - - 15,010 - Depreciation and amortization 23,604 24,770 95,720 86,692 Income Taxes 22,299 17,808 27,171 41,896 Taxes other than income taxes 17,923 19,136 50,112 47,182 --------- --------- ---------- ---------- Total operating expenses 427,585 559,452 1,165,831 1,368,337 --------- --------- ---------- ---------- OPERATING INCOME 56,320 52,415 116,593 124,856 OTHER INCOME: Equity in earnings of unconsolidated affiliates (575) - (575) - Other - net 1,725 (959) 7,650 3,198 --------- --------- ---------- ---------- Total other income 1,150 (959) 7,075 3,198 --------- --------- ---------- ---------- INTEREST EXPENSE 16,883 19,483 67,559 55,762 --------- --------- ---------- ---------- PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARY 7 238 527 987 --------- --------- ---------- ---------- INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 40,580 $ 31,735 $ 55,582 $ 71,305 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - 3,938 - 3,938 --------- --------- ---------- ---------- NET INCOME $ 40,580 $ 35,673 $ 55,582 $ 75,243 AVERAGE COMMON SHARES OUTSTANDING 67,533 65,604 67,521 62,446 DILUTED COMMON SHARES OUTSTANDING 67,806 65,758 67,658 62,498 EARNINGS PER SHARE OF COMMON STOCK BASIC: INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 0.60 $ 0.48 $ 0.82 $ 1.14 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - 0.06 - 0.06 --------- --------- ---------- ---------- EARNINGS PER SHARE OF COMMON STOCK $ 0.60 $ 0.54 $ 0.82 $ 1.20 DILUTED: INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 0.60 $ 0.48 $ 0.82 $ 1.14 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - 0.06 - 0.06 --------- --------- ---------- ---------- EARNINGS PER SHARE OF COMMON STOCK $ 0.60 $ 0.54 $ 0.82 $ 1.20
VECTREN CORPORATION HIGHLIGHTS 3 Months 12 Months Ended March 31 Ended March 31 (millions, except per share amounts) ---------------------------------- (Unaudited) 2002 2001 2002 * 2001 - ----------------------------------------------------------------------------------- Reported Earnings: Utility Group $ 40.6 $ 35.7 $ 55.5 $ 75.3 Non-regulated Group 5.0 7.5 9.7 21.7 Corporate and Other - 1.2 (0.3) (2.7) -------- -------- ------ ------- Vectren Consolidated $ 45.6 $ 44.4 $ 64.9 $ 94.3 Merger, Integration and Restructuring Costs: Utility Group $ - $ 2.3 $ 14.7 $ 15.5 Non-regulated Group - - 2.2 0.2 Corporate and Other - - 0.6 4.1 -------- -------- ------ ------- Total - 2.3 17.5 19.8 Other Non-Recurring Items: Utility Group-Cumulative Effect of Adoption of FAS 133 $ - $ 3.9 $ - $ 3.9 Non-regulated Group-Extraordinary Loss in 2001 - - (7.7) - -------- -------- ------ ------ Income From Operations: Utility Group $ 40.6 $ 34.1 $ 70.2 $ 86.9 Non-regulated Group Energy Marketing and Services 4.4 5.0 11.3 10.1 Coal Mining 2.9 1.9 14.4 5.8 Utility Infrastructure Services (0.5) (0.7) (0.4) (0.5) Broadband 0.1 (0.1) - (0.7) Other Businesses (1.9) 1.4 (5.7) 7.2 -------- -------- ------ ------- Total Non-regulated Group 5.0 7.5 19.6 21.9 Corporate and Other - 1.2 0.3 1.4 -------- -------- ------ ------- Vectren Consolidated $ 45.6 $ 42.8 $ 90.1 $110.2 ======== ======== ====== =======
Vectren Selected Highlights 12 months 12 months Ended Ended March 31 March 31 2002 2001 -------- -------- Dividends Paid (per common share, 12 months) $ 1.04 $ 1.00 Annualized Dividend $ 1.06 $ 1.02 Dividend Yield (at close) 4.1% 4.8% Dividend Payout Ratio 108.3% 66.2% Dividend to Book Value 8.2% 7.9% Return on Average Shareholder Equity 7.4% 11.8% Book Value Per Share $12.91 $12.92 Market to Book Value (at close) 199% 166% Common Stock Prices (VVC - NYSE) High $25.95 $24.44 Low $22.45 $20.50 Close $25.69 $21.40 Price/Earnings Ratio (trailing) 26.8 14.2 Percent Internally Generated Funds - Utility Group 70% 100% Ratio of Earnings to Fixed Charges - SEC Method Consolidated 2.2 2.9 Utility Group 2.2 3.0 * Selected highlights for the twelve months ended March 31, 2001, include five months of operations resulting from the acquisition of the Ohio operations on October 31, 2000.
SELECTED GAS DISTRIBUTION 3 Months 12 Months OPERATING STATISTICS Ended March 31 Ended March 31 ----------------------- ----------------------- (Unaudited) 2002 2001 2002 * 2001 - ------------------------------ ---------- ---------- ---------- ---------- GAS OPERATING REVENUES (Thousands): Residential $ 245,136 $ 351,990 $ 571,935 $ 750,943 Commercial 82,063 126,641 200,322 265,895 Contract 28,392 41,487 84,113 114,740 Miscellaneous Revenue 1,513 3,539 8,596 9,987 ---------- ---------- ---------- ---------- $ 357,104 $ 523,657 $ 864,966 $1,141,565 ========== ========== ========== ========== GAS MARGIN (Thousands): Operating Revenues $ 357,104 $ 523,657 $ 864,966 $1,141,565 Cost of Gas 230,036 404,149 534,111 838,162 ---------- ---------- ---------- ---------- Margin $ 127,068 $ 119,508 $ 330,855 $ 303,403 ========== ========== ========== ========== GAS SOLD & TRANSPORTED (MDth): Residential 36,064 37,791 72,347 79,884 Commercial 13,141 14,300 27,319 30,913 Contract 28,692 30,586 95,314 96,574 ---------- ---------- ---------- ---------- 77,897 82,677 194,980 207,371 ========== ========== ========== ========== AVERAGE GAS CUSTOMERS: Residential 874,605 865,040 861,180 856,226 Commercial 80,671 80,274 79,767 79,662 Contract 4,275 4,334 4,297 4,337 ---------- ---------- ---------- ---------- 959,551 949,648 945,244 940,225 ========== ========== ========== ========== WEATHER AS A PERCENT OF NORMAL: Heating Degree Days 88% 98% 85% 107%
* Gas operating statistics for the twelve months ended March 31, 2001 include five months of operations from the acquisition of the Ohio operations on October 31, 2000.
SELECTED ELECTRIC 3 Months 12 Months OPERATING STATISTICS Ended March 31 Ended March 31 ---------------------- ------------------------ (Unaudited) 2002 2001 2002 2001 ---------- ---------- ----------- ----------- ELECTRIC OPERATING REVENUES (Thousands): Residential $ 23,160 $ 21,892 $ 97,763 $ 96,035 Commercial 17,638 16,449 75,396 75,389 Industrial 20,149 18,453 83,719 83,069 Miscellaneous Revenue 933 1,395 4,264 4,528 ---------- ---------- ----------- ----------- Total Retail 61,880 58,189 261,142 259,021 ---------- ---------- ----------- ----------- Wholesale 64,920 30,020 156,316 92,607 ---------- ---------- ----------- ----------- $ 126,800 $ 88,209 $ 417,458 $ 351,628 ========== ========== =========== =========== ELECTRIC MARGIN (Thousands): Operating Revenues $ 126,800 $ 88,209 $ 417,458 $ 351,628 Cost of Fuel & Purchased Power 77,613 31,137 212,544 121,552 ---------- ---------- ----------- ----------- Margin $ 49,187 $ 57,072 $ 204,914 $ 230,076 ========== ========== =========== =========== ELECTRICITY SOLD (MWh): Residential 353,239 351,407 1,413,094 1,418,536 Commercial 321,837 301,865 1,403,327 1,347,295 Industrial 580,691 576,290 2,431,157 2,469,862 Miscellaneous Sales 4,807 5,287 18,686 19,249 ---------- ---------- ----------- ----------- Total Retail 1,260,574 1,234,849 5,266,264 5,254,942 Wholesale 2,602,604 918,836 5,581,999 2,673,874 ---------- ---------- ----------- ----------- 3,863,178 2,153,685 10,848,263 7,928,816 ========== ========== =========== =========== AVERAGE ELECTRIC CUSTOMERS: Residential 115,905 115,025 115,365 113,309 Commercial 17,348 17,217 17,359 17,024 Industrial 175 164 171 177 All Others 23 23 23 23 ---------- ---------- ----------- ----------- 133,451 132,429 132,918 130,533 ========== ========== =========== =========== WEATHER AS A PERCENT OF NORMAL: Heating Degree Days 88% 98% 85% 107% Cooling Degree Days - - 97% 91%
EX-99.2 SAFE HARBOR 4 safeharbor-exh99_2.txt SAFE HARBOR STATEMENT Exhibit 99-2 Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. A "safe harbor" for forwarding-looking statements is provided by the Private Securities Litigation Reform Act of 1995 (Reform Act of 1995). The Reform Act of 1995 was adopted to encourage such forward-looking statements without the threat of litigation, provided those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause the actual results to differ materially from those projected in the statement. Forward-looking statements have been and will be made in written documents and oral presentations of Vectren Corporation and its subsidiaries. Such statements are based on management's beliefs, as well as assumptions made by and information currently available to management. When used in Vectren Corporation and its subsidiaries' documents or oral presentations, the words "believe," "anticipate," "endeavor," "estimate," "expect," "objective," "projection," "forecast," "goal," and similar expressions are intended to identify forward-looking statements. In addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements, factors that could cause Vectren Corporation and its subsidiaries' actual results to differ materially from those contemplated in any forward-looking statements included, among others, the following: |X| Factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unusual maintenance or repairs; unanticipated changes to fossil fuel costs; unanticipated changes to gas supply costs, or availability due to higher demand, shortages, transportation problems or other developments; environmental or pipeline incidents; transmission or distribution incidents; unanticipated changes to electric energy supply costs, or availability due to demand, shortages, transmission problems or other developments; or electric transmission or gas pipeline system constraints. |X| Increased competition in the energy environment including effects of industry restructuring and unbundling. |X| Regulatory factors such as unanticipated changes in rate-setting policies or procedures, recovery of investments and costs made under traditional regulation, and the frequency and timing of rate increases. |X| Financial or regulatory accounting principles or policies imposed by the Financial Accounting Standards Board, the Securities and Exchange Commission (Commission), the Federal Energy Regulatory Commission, state public utility commissions, state entities which regulate natural gas transmission, gathering and processing, and similar entities with regulatory oversight. |X| Economic conditions including the effects of an economic downturn, inflation rates and monetary fluctuations. |X| Changing market conditions and a variety of other factors associated with physical energy and financial trading activities including, but not limited to, price, basis, credit, liquidity, volatility, capacity, interest rate, and warranty risks. |X| Availability or cost of capital, resulting from changes in Vectren Corporation and its subsidiaries, including its security ratings, changes in interest rates, and/or market perceptions of the utility industry and energy-related industries. |X| Employee workforce factors including changes in key executives, collective bargaining agreements with union employees, or work stoppages. |X| Legal and regulatory delays and other obstacles associated with mergers, acquisitions, and investments in joint ventures. |X| Costs and other effects of legal and administrative proceedings, settlements, investigations, claims, and other matters, including, but not limited to, those described in periodic filings made with the Commission by Vectren Corporation and its subsidiaries, Vectren Utility Holdings, Inc., Indiana Gas Company, Inc. and Southern Indiana Gas and Electric Company. |X| Changes in federal, state or local legislature requirements, such as changes in tax laws or rates, environmental laws and regulations. Vectren Corporation and its subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of changes in actual results, changes in assumptions, or other factors affecting such statements. -----END PRIVACY-ENHANCED MESSAGE-----