-----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, CpoY3GSQavhkqUwHYWSaVX9GDynQvknZmW+6uLquIclZYcL6zcLBFhhv6N8HINVf 3Ai/QVU/qJEwa1DQQuiJiQ== 0000043704-03-000016.txt : 20030805 0000043704-03-000016.hdr.sgml : 20030805 20030805164442 ACCESSION NUMBER: 0000043704-03-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030805 ITEM INFORMATION: FILED AS OF DATE: 20030805 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: 03824162 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 earningsrelease.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): AUGUST 5, 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 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On August 5, 2003, the Company issued a press release regarding its earnings for the three and six months ended June 30, 2003. A copy of this release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. 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 and six months ended June 30, 2003 and 2002, respectively. 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: August 5, 2003 By:/s/ Robert J. Griffin ------------------------ ROBERT J. GRIFFIN, CONTROLLER AND TREASURER DATED: August 5, 2003 By:/s/Robert J. Griffin ---------------------- ROBERT J. GRIFFIN, CONTROLLER AND TREASURER(AS PRINCIPAL FINANCIAL OFFICER) EX-99 3 newsrelease.txt SEC Form 8-K Exhibit 99.1 NEWS FOR IMMEDIATE RELEASE - ---- ----------------------- #12-03 August 5, 2003 Green Mountain Power Reports Second Quarter Earnings ---------------------------------------------------- COLCHESTER, VT Green Mountain Power Corporation (NYSE: GMP) today announced consolidated earnings of $0.22 per share of common stock, diluted, for the second quarter of 2003, compared with earnings of $0.32 per share, diluted, for the same period in 2002. Year to date earnings for 2003 are $1.01 per share, diluted, compared with earnings of $0.89 per share, diluted, for the same period in 2002. "We are pleased with our results during the first half of 2003, which exceeded our forecast and showed strong growth in sales to residential customers," said Christopher L. Dutton, President and Chief Executive Officer. "We expect that our year-end return on equity, consistent with the new rate agreement described below, will be approximately 10.5% for core electric operations, which translates to earnings of approximately $1.90 per share." The Vermont Public Service Board's January 2001 rate order authorized the Company to defer revenues of approximately $8.5 million, generated by leveling winter/summer rates during 2001, and to recognize those revenues during 2001 through 2003 to help the Company realize its allowed rate of return. During the second quarter of 2003, the Company deferred an additional $300,000 of revenue. By contrast, in the second quarter of 2002, the Company's earnings included approximately $2.1 million or $0.22 per share of deferred revenues. Deferred revenues available at June 30, 2003, total $4.1 million. Retail operating revenues decreased by $2.3 million, or 4.8 percent in the second quarter of 2003, from the prior year, reflecting the decline in deferred revenue from rate leveling discussed above. Total retail sales of electricity in the second quarter of 2003 decreased by 1.4 percent from the prior year, with a decline in sales to commercial and industrial customers due to the soft economy being partially offset by increased sales to higher-margin residential customers. Power supply costs were $600,000 higher in the second quarter of 2003, compared with the same quarter of 2002, reflecting increased sales of electricity to wholesale customers. The increase in power supply costs in the second quarter of 2003 was partially offset by lower costs arising from decreased pricing under our power supply agreement with Morgan Stanley. On July 11, 2003, the Company entered into a comprehensive three-year rate agreement with the Vermont Department of Public Service that included a reduction in the allowed rate of return to 10.5 percent and a freeze in rates through 2004. Under the rate arrangement, the parties agreed that the Company's retail rates would increase by 1.9 percent and 0.9 percent in January 2005 and January 2006, respectively, following the Company's submission of supporting financial information. Under the rate agreement, earnings in excess of the Company's allowed rate of return would be used to write off regulatory assets or be refunded to customers. The agreement also allows the Company to carry over any unutilized deferred revenue allowed under the Vermont Public Service Board's 2001 rate order through 2004. The agreement is subject to the approval of the Vermont Public Service Board. "This agreement is good for customers and shareholders," said Mr. Dutton. "If approved, it provides rate stability through 2006, avoids costly rate proceedings, lowers costs of capital and improves our access to financial markets."
Quarterly Earnings Summary Three months ended Six months ended June 30 June 30 2003 2002 2003 2002 -------- ------- --------- -------- in thousands except per share amounts Operating revenues. . . . . . . . . . . . . . . . . . . . . $64,455 $65,135 $137,400 $134,001 Net income. . . . . . . . . . . . . . . . . . . . . . . . . 1,113 1,886 5,186 5,326 Net income applicable to common stock . . . . . . . . . . . 1,112 1,875 5,184 5,231 Net income-continuing operations. . . . . . . . . . . . . . 1,120 1,875 5,205 5,231 Net income(loss)-discontinued operations. . . . . . . . . . (8) - (21) - Basic earnings per share-continuing operations. . . . . . . $ 0.22 $ 0.33 $ 1.04 $ 0.92 Basic earnings(loss) per share-discontinued operations. . . - - - - -------- ------- --------- -------- Basic earnings per common share . . . . . . . . . . . . . . $ 0.22 $ 0.33 $ 1.04 $ 0.92 ======== ======= ========= ======== Diluted earnings per share-continuing operations. . . . . . $ 0.22 $ 0.32 $ 1.01 $ 0.89 Diluted earnings(loss) per share-discontinued operations. . - - - - -------- ------- --------- -------- Fully diluted earnings per common share . . . . . . . . . . $ 0.22 $ 0.32 $ 1.01 $ 0.89 ======== ======= ========= ======== Dividends declared per share. . . . . . . . . . . . . . . . $0.1900 $0.1375 $ 0.3800 $ 0.2750 Weighted average shares of common stock outstanding-Basic . 4,969 5,711 4,964 5,701 Weighted average shares of common stock outstanding-Diluted 5,129 5,877 5,125 5,866
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-----