-----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, QC/2kkfewNoJWGnaIwPsPakFmrS1AR56S74UHOItGD/UmE8cqiBjLu0attGOtNr9 dgBLajYAlGxtX4pNabc8DQ== 0000043704-04-000064.txt : 20040804 0000043704-04-000064.hdr.sgml : 20040804 20040804154014 ACCESSION NUMBER: 0000043704-04-000064 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040630 ITEM INFORMATION: FILED AS OF DATE: 20040804 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: 04951668 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): AUGUST 3, 2004 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 3, 2004, the Company issued a press release regarding its earnings for the quarter ended June 30, 2004. 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, 2004 and 2003, 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. ITEM 7(C) FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS. Exhibit 99.1 Press Release Announcing Earnings for the quarter ended June 30, 2004. 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 4, 2004 By:/s/Christopher L. Dutton -------------------------- Christopher L. Dutton, CHIEF EXECUTIVE OFFICER AND PRESIDENT EX-99.1 2 doc2.txt Exhibit 99.1 ------------ Green Mountain Power Reports Second Quarter Earnings ---------------------------------------------------- COLCHESTER, VT Green Mountain Power Corporation (NYSE: GMP) today announced consolidated earnings of $0.34 per share of common stock, diluted, for the second quarter of 2004, compared with $0.22 per share, diluted, for the same period in 2003. Earnings for the first six months of 2004 are $1.06 per share, diluted, compared with $1.01 per share, diluted, for the same period in 2003. "We are pleased with operating results during the first half of 2004, which show strong revenue growth from sales to all customer classes," said Christopher L. Dutton, President and Chief Executive Officer. "We continue to expect earnings for the year to range between $2.05 and $2.15 per share." The Vermont Public Service Board issued an order in December 2003 allowing the Company to carry over unused deferred revenue totaling approximately $3.0 million to 2004 and to recognize this revenue to achieve its allowed rate of return during 2004. During the second quarter of 2004, the Company's earnings benefited by $0.09 per share as a result of recognizing deferred revenues, compared with an adverse impact of $0.03 per share during the same period of 2003 as a result of deferring revenue recognition. The Company expects to recognize all remaining deferred revenues, totaling $1.5 million, during the last half of 2004 to achieve its allowed rate of return. The Public Service Board's December 2003 order also provided for a rate freeze for 2004, and retail rate increases of 1.9 percent (generating approximately $4 million in added annual revenues) in January 2005 and 0.9 percent (approximately $2 million in added revenues) in January 2006, upon the submission of supporting cost of service schedules. Retail operating revenues for the second quarter of 2004 increased by $2.0 million over the comparable 2003 period, reflecting higher sales of electricity to commercial and industrial customers, and a $1.0 million increase in the recognition of revenues deferred under the December 2003 regulatory order discussed above. A strengthening economy caused total retail megawatt hour sales of electricity to increase 2.0 percent in 2004, compared with the same period in 2003, reflecting increased sales to large commercial and industrial customers of 3.7 percent, and a 3.1 percent increase in sales to small commercial and industrial customers. Sales to residential customers declined by 1.7 percent compared with the second quarter of 2003, due primarily to milder spring temperatures during 2004, although for the first half of 2004, residential sales increased by nearly one percent. Wholesale revenues in the second quarter of 2004 decreased by $11.9 million compared with the second quarter of 2003, reflecting reduced sales of electricity to Morgan Stanley Capital Group, Inc., under a contract designed to manage price risks associated with changing fossil fuel prices. The Company does not expect the reduction in sales to Morgan Stanley to adversely affect the Company's earnings in 2004 or future years. In the second quarter of 2004, power supply expenses decreased $12 million compared with the same quarter of 2003 primarily due to decreased wholesale sales of electricity. "Our customers continue to benefit from our power supply contracts that meet expected demand through 2006 and beyond," said Mr. Dutton. "These extended contracts have permitted us to avoid much of the wholesale energy price spikes that have prevailed over the past two years and allowed us to keep rates down." The Company's second quarter customer satisfaction and opinion survey results reveal that customers rank Green Mountain Power first in terms of customer satisfaction among a number of well-known companies operating in Vermont. Over 80 percent of our customers, according to the survey, favor construction of the Northwest Reliability Project, a transmission project that will provide improved reliability to northwestern Vermont. The project is currently under review by the Vermont Public Service Board. "Our surveys indicate that we're doing a better job at meeting our customers' expectations these days, and nothing is more important to us," said Mary Powell, Chief Operating Officer. "Approval of the Northwest Reliability Project is critical to maintaining reliability for our customers over the long-term. We are also increasing spending by $600,000 (to a total of $3.5 million) this year to trim trees to reduce outages and improve system reliability for customers in the short run."
Green Mountain Power Corporation Quarterly Earnings Summary Three Months Ended Six months ended June 30 June 30 2004 2003 2004 2003 -------- -------- --------- --------- in thousands except per share amounts Retail revenues . . . . . . . . . . . . . . . . . . . . . . $48,725 $46,739 $102,930 $ 99,759 Wholesale revenues. . . . . . . . . . . . . . . . . . . . . 5,860 17,716 14,778 37,641 -------- -------- --------- --------- Total operating revenues. . . . . . . . . . . . . . . . . . 54,585 64,455 117,708 137,400 -------- -------- --------- --------- Net income. . . . . . . . . . . . . . . . . . . . . . . . . 1,782 1,113 5,515 5,186 Net income applicable to common stock . . . . . . . . . . . 1,782 1,112 5,515 5,184 Net income-continuing operations. . . . . . . . . . . . . . 1,783 1,120 5,522 5,205 Net income(loss)-discontinued operations. . . . . . . . . . (1) (8) (7) (21) Basic earnings per share-continuing operations. . . . . . . $ 0.35 $ 0.22 $ 1.09 $ 1.04 Basic earnings(loss) per share-discontinued operations. . . - - - - -------- -------- --------- --------- Basic earnings per Common share . . . . . . . . . . . . . . $ 0.35 $ 0.22 $ 1.09 $ 1.04 ======== ======== ========= ========= Diluted earnings per share-continuing operations. . . . . . $ 0.34 $ 0.22 $ 1.06 $ 1.01 Diluted earnings(loss) per share-discontinued operations. . - - - - -------- -------- --------- --------- Fully diluted earnings per common share . . . . . . . . . . $ 0.34 $ 0.22 $ 1.06 $ 1.01 ======== ======== ========= ========= Dividends declared per share. . . . . . . . . . . . . . . . $ 0.22 $ 0.19 $ 0.4400 $ 0.3800 Weighted average shares of common stock outstanding-Basic . 5,072 4,969 5,058 4,964 Weighted average shares of common stock outstanding-Diluted 5,228 5,129 5,219 5,125
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 J. Griffin, Vice President Finance, Treasurer and Controller at (802) 655-8452, or Stephen C. Terry, Senior Vice President, Corporate and Legal Affairs, (802) 655-8408. -----END PRIVACY-ENHANCED MESSAGE-----