-----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, HYJRBM7Np7fKJ0MUEI2ztFB5vgyb4FHsPzZ91oK51NBf5gmo94VvVouCE13KDSji ehJyrvFzW17+XZrWvZDlCg== 0000043704-03-000007.txt : 20030506 0000043704-03-000007.hdr.sgml : 20030506 20030506170351 ACCESSION NUMBER: 0000043704-03-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010506 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREEN MOUNTAIN POWER CORP CENTRAL INDEX KEY: 0000043704 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 030127430 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08291 FILM NUMBER: 03684719 BUSINESS ADDRESS: STREET 1: 163 ACORN LANE STREET 2: . CITY: COLCHESTER STATE: VT ZIP: 05446 BUSINESS PHONE: 8028645731 MAIL ADDRESS: STREET 1: 163 ACORN LANE STREET 2: . CITY: COLCHESTER STATE: VT ZIP: 05446 8-K 1 doc1.txt 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 6, 2003 GREEN MOUNTAIN POWER CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) VERMONT 03-0127430 (STATE OR OTHER JURISDICTION OF INCORPORATION) (I.R.S. EMPLOYER IDENTIFICATION NUMBER) 1-8291 COMMISSION FILE NUMBER 163 ACORN LANE, COLCHESTER, VERMONT 05446 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) (802) 864-5731 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ITEM 9. REGULATION FD DISCLOSURE This Current Report on Form 8-K and the earnings press release attached hereto are being furnished by Green Mountain Power Corporation (the "Company") pursuant to Item 12 of Form 8-K, in accordance with SEC Release Nos. 33-8216; 34-47583, insofar as they disclose historical information regarding the Company's results of operations or financial condition for the three months ended March 31, 2003 and 2002, respectively. On May 6, 2003, the Company issued a press release regarding its earnings for the first quarter ended March 31, 2003. A copy of this release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.6 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly cased this report to be signed on its behalf by the undersigned thereunto duly authorized. GREEN MOUNTAIN POWER CORPORATION Registrant DATED: May 6, 2003 By:/s/Robert J. Griffin ---------------------- ROBERT J. GRIFFIN, CONTROLLER AND TREASURER DATED: May 6, 2003 By:/s/Robert J. Griffin ---------------------- ROBERT J. GRIFFIN, CONTROLLER AND TREASURER(AS PRINCIPAL FINANCIAL OFFICER) EX-99 3 doc2.txt SEC Form 8-K Exhibit 99.1 NEWS FOR IMMEDIATE RELEASE - ---- ----------------------- #6-03 May 6, 2003 Green Mountain Power Reports First Quarter Earnings --------------------------------------------------- COLCHESTER, VT Green Mountain Power Corporation (NYSE: GMP) today announced consolidated earnings of $0.80 per share of common stock, diluted, for the first quarter of 2003 compared with earnings of $0.57 per share, diluted, for the same period in 2002. First quarter earnings improved due to increased wholesale and retail sales of electricity that more than offset increased power supply costs. The completion of the Company's capital restructuring plan during 2002 also helped produce favorable comparative results. On the other hand, rising employee benefit costs partially offset the improved revenues this quarter. "A unique set of circumstances enabled the Company to achieve significant improvement in first quarter earnings per share," said Christopher L. Dutton, President and Chief Executive Officer. "We were able to schedule energy deliveries under one of our power supply contracts at a time when we could sell that excess power in the wholesale market at favorable prices. Retail sales of electricity to residential customers were also strong in the first quarter of 2003 due to substantially colder weather. A 14 percent decrease in the number of shares outstanding resulting from the completion of our common equity repurchase during November 2002 also benefited earnings per share results during the first quarter of 2003." Wholesale revenues in the first quarter of 2003 increased by $4.1 million compared with the first quarter of 2002, reflecting delivery of past power supply contract deficiencies by one of the Company's energy suppliers. The Company sold the additional energy during the first quarter when market energy prices were unusually high. No further opportunities for rescheduling deliveries remain under the Company's power supply contracts, and the benefit that these sales had on Company earnings is not expected to recur. Retail operating revenues fell by $0.1 million in the first quarter of 2003 compared with the same quarter of 2002, reflecting a decrease in the recognition of revenues deferred under a previous regulatory order, which more than offset revenue gains from increased sales of electricity. Retail sales of electricity grew by 2.1 percent from the same quarter of the previous year reflecting increased sales of 9.5 percent and 4.6 percent to residential and commercial customers, respectively. Sales to industrial customers fell by 6.5 percent for the first quarter of 2003 compared with the first quarter of 2002 due to reduced energy consumption under a load management program. In the first quarter of 2003, power supply expense increased $2.0 million compared with the same quarter of 2002 primarily due to the costs of energy to supply increased wholesale and retail sales, offset in part by a decline in costs under the Company's power supply contract with Morgan Stanley. "Most of the Company's energy requirements are met by power supply contracts extending through 2006 or longer," said Mr. Dutton. "These contracts allowed the Company and its customers to avoid the high energy prices that adversely impacted other utilities this winter." The Company continues to estimate earnings at approximately $2.00 per share in 2003, and operates under an earnings cap that limits core utility operating returns on equity to 11.25 percent. If the Company's earnings were to exceed this amount then regulatory assets would be charged off in an amount sufficient to limit core return to the 11.25 percent cap. Other operating costs increased by $0.9 million or 25.5 percent for the first quarter of 2003, compared with the same quarter of 2002 primarily as a result of rising employee benefit plan expense. Employee benefit expense increased substantially reflecting diminished market returns on defined benefit plan assets over the past several years, rising medical cost assumptions and declining interest rates.
Three months ended Twelve months ended March 31 March 31 2003 2002 2003 2002 -------- -------- -------- --------- in thousands except per share amounts Operating revenues. . . . . . . . . . . . . . . . . . . . . $72,945 $68,866 $278,687 $277,534 Net income. . . . . . . . . . . . . . . . . . . . . . . . . 4,072 3,439 12,126 11,903 Net income applicable to common stock . . . . . . . . . . . 4,071 3,354 12,113 11,119 Net income-continuing operations. . . . . . . . . . . . . . 4,084 3,380 12,053 11,301 Net income(loss)-discontinued operations. . . . . . . . . . (13) (26) 60 (182) Basic earnings per share-continuing operations. . . . . . . $ 0.82 $ 0.59 $ 2.22 $ 2.00 Basic earnings(loss) per share-discontinued operations. . . - - 0.01 (0.03) -------- -------- -------- --------- Basic earnings per common share . . . . . . . . . . . . . . $ 0.82 $ 0.59 $ 2.23 $ 1.97 ======== ======== ======== ========= Diluted earnings per share-continuing operations. . . . . . $ 0.80 $ 0.57 $ 2.16 $ 1.94 Diluted earnings(loss) per share-discontinued operations. . - - 0.01 (0.03) -------- -------- -------- --------- Fully diluted earnings per common share . . . . . . . . . . $ 0.80 $ 0.57 $ 2.17 $ 1.91 ======== ======== ======== ========= Dividends declared per share. . . . . . . . . . . . . . . . $0.1900 $0.1375 $ 0.6550 $ 0.5500 Weighted average shares of common stock outstanding-Basic . 4,959 5,691 5,424 5,652 Weighted average shares of common stock outstanding-Diluted 5,118 5,870 5,585 5,816
There are statements in this information release that contain projections or estimates and that are considered to be "forward-looking" as defined by the Securities and Exchange Commission (the "SEC"). In these statements, you may find words such as believes, expects, plans, or similar words. These statements are not guarantees of our future performance. There are risks, uncertainties and other factors that could cause actual results to be different from those projected. For further information, please contact Robert Griffin, Controller and Treasurer of Green Mountain Power, at 802-655-8452 or Dorothy Schnure, Manager of Corporate Communications, at 802-655-8418, or 802-482-2503 after 6:00 p.m. -----END PRIVACY-ENHANCED MESSAGE-----