-----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, J7sTYwdIGrLgiHbGO/ksolyLFYmtAwus274TkV5Rx8zBsNQKXDQKMm/nDALEtUoU U+N/41leKwMkiTx3rhEOAg== 0000897069-99-000516.txt : 19991027 0000897069-99-000516.hdr.sgml : 19991027 ACCESSION NUMBER: 0000897069-99-000516 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991022 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WICOR INC CENTRAL INDEX KEY: 0000314890 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 391346701 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-07951 FILM NUMBER: 99733922 BUSINESS ADDRESS: STREET 1: 626 E WISCONSIN AVE STREET 2: PO BOX 334 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4142917026 MAIL ADDRESS: STREET 1: 626 E WISCONSIN AVE CITY: MILWAUKEE STATE: WI ZIP: 53202 8-K 1 FORM 8-K 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 22, 1999 WICOR, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Wisconsin 1-7951 39-1346701 - --------------- --------------- --------------- (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 626 East Wisconsin Avenue, Milwaukee, Wisconsin 53202 ------------------------------------------------------------ (Address of principal executive offices, including zip code) (414) 291-7026 ------------------------------- (Registrant's telephone number) Item 5. Other Events. - ------ ------------ On October 22, 1999, WICOR, Inc. (the "Company") issued a press release announcing the Company's financial results for the three and nine month periods ended September 30, 1999. A copy of the Company's press release announcing these results is attached as Exhibit 99 to this Current Report on Form 8-K. Item 7. Financial Statements and Exhibits. - ------ --------------------------------- (a) Not applicable. (b) Not applicable. (c) Exhibits. The following exhibit is being filed herewith: -------- (99) Press Release of WICOR, Inc., dated October 22, 1999. -2- 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. WICOR, INC. Date: October 22, 1999 By: /s/ Joseph P. Wenzler ------------------------------------ Joseph P. Wenzler Senior Vice President and Chief Financial Officer -3- WICOR, INC. Exhibit Index to Current Report on Form 8-K Dated October 22, 1999 Exhibit Number - ------ (99) Press Release of WICOR, Inc., dated October 22, 1999. -4- EX-99 2 PRESS RELEASE Media Contact: Kathleen Sieja 414/291-6950 FOR IMMEDIATE RELEASE: Analyst Contact: October 22, 1999 Joe Wenzler 414/291-6550 (WICOR POSTS RECORD THIRD QUARTER) MILWAUKEE, WI (NYSE:WIC)-- Sustained strength in its manufacturing business put WICOR's third-quarter earnings in the black for the first time in what historically has been a loss quarter. Diluted earnings per share rose to 2 cents for the quarter, compared with a loss of 3 cents a year ago. Quarterly earnings climbed to $0.6 million from a $1.2 million loss in 1998. Revenues increased 14% to $197 million. WICOR's results improved despite expenses related to a proposed merger with Wisconsin Energy Corporation, said George E.Wardeberg, WICOR's chairman and chief executive officer. Merger costs of approximately $0.8 million, or approximately 2 cents per share, were charged against earnings for the period. Without the merger costs, WICOR would have posted diluted earnings per share of 4 cents, Wardeberg said. On June 27, 1999, WICOR entered into a merger agreement in which it will combine with Wisconsin Energy Corporation. "Over the years, we have steadily improved WICOR's performance during the non-heating season," Wardeberg said. "The positive results this quarter are no anomaly, but the results of a focused effort to increase profitability, manage costs and strategically grow the company." Manufacturing earnings jumped 31% to $7.2 million for the quarter, topping 1998's record third quarter performance, while revenues increased 17% to $127.8 million. Wardeberg attributed the earnings gain to higher sales and cost improvements. "Greater market penetration of our products, favorable weather and the strong American economy all contributed to the manufacturing group's stellar performance," Wardeberg said. Quarterly sales were up across the board, with the water systems and filtration markets turning in the most impressive increases. Hurricane-related flooding in the eastern United States generated heavy demand for drainer and utility pumps, Wardeberg (more) WICOR/2 said. Filtration revenues tripled, reflecting the second-quarter acquisition of Omni Corporation. International sales rose 11% to $32.7 million during the quarter, helped by more favorable economies and improving market conditions in most sectors, Wardeberg said. The energy group improved its third-quarter performance, posting a loss of $6.5 million versus a loss of $6.7 million a year ago. Wardeberg noted that the group's results were reduced by the $0.8 million in merger costs for the period. For segment reporting purposes, all merger-related costs are reflected in the energy group's results. Without the merger costs, the energy group's loss would have been $5.7 million. Improved results from its two unregulated subsidiaries contributed to the energy group's stronger quarterly performance, Wardeberg said. For the nine months ending September 30, WICOR's earnings were up 19% to $35.5 million, or 94 cents per diluted share. Excluding merger costs, year-to-date earnings would have been $37.5 million and 98 cents per diluted share. "WICOR's unique combination of energy and manufacturing businesses continues to provide strength and balance, resulting in another solid performance for our shareholders," Wardeberg said. "We're well on the way to achieving our earnings goals for the year."* WICOR is a Milwaukee-based company operating six subsidiaries in energy services and pump manufacturing. They are Wisconsin Gas, WICOR Energy, FieldTech, Sta-Rite Industries, Hypro Corporation and SHURflo Pump Manufacturing Company. WICOR's Internet address is www.wicor.com. **** * This is a forward-looking statement about WICOR's future plans and prospects that involves risks and uncertainties, including but not limited to general economic conditions, market demand for the company's products and services, the impact of weather on the company's businesses, and other factors described in the company's periodic reports filed with the Securities and Exchange Commission. WICOR, Inc. and Subsidiaries (Figures In Thousands Except per Share Amounts)
Quarter Ended Year-to-Date Year-to-Date September 30, September 30, June 30, ----------------------- % ----------------------- % ----------------------- 1999 1998 Change 1999 1998 Change 1999 1998 ----------- ----------- ------- ----------- ----------- ------ ----------- ----------- Consolidated Operating Data Operating revenues $ 196,956 $ 172,746 14.0 $ 726,529 $ 695,952 4.4 $ 529,573 $ 523,206 Operating income $ 5,961 $ 797 647.9 $ 71,231 $ 57,686 23.5 $ 65,270 $ 56,889 Net earnings (loss) $ 642 $ (1,211) 153.0 $ 35,500 $ 29,776 19.2 $ 34,858 $ 30,987 Basic earnings (loss) per share $ 0.02 $ (0.03) 166.7 $ 0.95 $ 0.80 18.8 Diluted earnings (loss) per share $ 0.02 $ (0.03) 166.7 $ 0.94 $ 0.79 19.0 Average shares outstanding (000's) 37,560 37,335 0.6 37,481 37,297 0.5 Average diluted shares outstanding (000's) 38,169 37,335 2.2 37,891 37,602 0.8 Consolidated Balance Sheet Short-term debt $ 51,257 $ 58,205 (11.9) Long-term debt and current maturities $ 193,691 $ 183,010 5.8 Common equity $ 417,686 $ 395,082 5.7 Total assets $ 975,467 $ 934,991 4.3 Selected Consolidated Cash Flow Items Net earnings $ 642 $ (1,211) 153.0 $ 35,500 $ 29,776 19.2 $ 34,858 $ 30,987 Depreciation and amortization $ 14,411 $ 13,418 7.4 $ 42,944 $ 41,231 4.2 $ 28,533 $ 27,813 Deferred income taxes $ 221 $ 247 (10.5) $ 442 $ 650 (32.0) $ 221 $ 403 Capital expenditures $ 16,580 $ 13,430 23.5 $ 37,086 $ 33,896 9.4 $ 20,506 $ 20,466 Energy Operations Revenues $ 69,110 $ 63,351 9.1 $ 343,666 $ 340,615 0.9 $ 274,556 $ 277,264 Cost of gas sold 42,298 39,728 6.5 201,678 211,226 (4.5) 159,380 171,498 ---------- ---------- ---------- ----------- ---------- ---------- Gross margin 26,812 23,623 13.5 141,988 129,389 9.7 115,176 105,766 ---------- ---------- ---------- ----------- ---------- ---------- Operation and maintenance 22,518 21,846 3.1 77,359 73,684 5.0 54,841 51,838 Depreciation 8,975 8,418 6.6 26,605 25,139 5.8 17,630 16,721 Taxes, other than income taxes 1,964 2,196 (10.6) 6,186 7,022 (11.9) 4,222 4,826 ---------- ---------- ---------- ---------- ---------- ---------- Total operating expenses 33,457 32,460 3.1 110,150 105,845 4.1 76,693 73,385 ---------- ---------- ---------- ---------- ---------- ---------- Operating (loss) income (6,645) (8,837) 24.8 31,838 23,544 35.2 38,483 32,381 Interest expense (2,817) (2,996) 6.0 (8,951) (9,125) 1.9 (6,134) (6,129) Other income, net (485) 1,148 (142.2) (637) 2,991 (121.3) (152) 1,843 ---------- ---------- ---------- ---------- ---------- ---------- (Loss) income before income taxes (9,947) (10,685) 6.9 22,250 17,410 27.8 32,197 28,095 Income tax (benefit) expense (3,401) (4,003) 15.0 9,089 6,406 41.9 12,490 10,409 ---------- ---------- ---------- ---------- ---------- ---------- Net (loss) earnings $ (6,546) $ (6,682) 2.0 $ 13,161 $ 11,004 19.6 $ 19,707 $ 17,686 ---------- ---------- ---------- ---------- ---------- ---------- Gas sold and transported (MDth) 15,296 14,327 6.8 85,908 79,933 7.5 70,612 65,606 Degree days 121 47 157.4 4,231 3,857 9.7 4,110 3,810 % (warmer) colder than 20-year normal (21.9) (69.7) (6.9) (15.0) (6.4) (13.1) Manufacturing Operations Revenues Domestic $ 95,152 $ 79,838 19.2 $ 279,824 $ 249,649 12.1 $ 184,672 $169,811 International 32,694 29,557 10.6 103,039 105,688 (2.5) 70,345 76,131 ---------- ---------- ---------- ---------- ---------- ---------- Total revenues 127,846 109,395 16.9 382,863 355,337 7.7 255,017 245,942 Cost of sales 89,786 78,443 14.5 268,574 253,261 6.0 178,788 174,818 ---------- ---------- ---------- ---------- ---------- ---------- Gross profit 38,060 30,952 23.0 114,289 102,076 12.0 76,229 71,124 Operating expenses 25,454 21,318 19.4 74,896 67,934 10.2 49,442 46,616 ---------- ---------- ---------- ---------- ---------- ---------- Operating income 12,606 9,634 30.8 39,393 34,142 15.4 26,787 24,508 Interest expense (857) (1,092) 21.5 (2,955) (3,618) 18.3 (2,098) (2,526) Other income (expenses), net 32 191 (83.2) 124 84 47.6 92 (107) ---------- ---------- ---------- ---------- ---------- ---------- Income before income taxes 11,781 8,733 34.9 36,562 30,608 19.5 24,781 21,875 Income tax expense 4,593 3,262 40.8 14,223 11,836 20.2 9,630 8,574 ---------- ---------- ---------- ---------- ---------- ---------- Net earnings $ 7,188 $ 5,471 31.4 $ 22,339 $ 18,772 19.0 $ 15,151 $ 13,301 ---------- ---------- ---------- ---------- ---------- -----------
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