-----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, QaDz40fq+FAUEQyN6ymsCXcze0W8O2XX9xFEisUQ9xvFrvhlErKqkcbGR4q9CGNQ SgNHVsr7NPG3mY/XKX7wTw== 0000049816-00-000032.txt : 20000307 0000049816-00-000032.hdr.sgml : 20000307 ACCESSION NUMBER: 0000049816-00-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000229 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ILLINOIS POWER CO CENTRAL INDEX KEY: 0000049816 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 370344645 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-03004 FILM NUMBER: 558227 BUSINESS ADDRESS: STREET 1: 500 S 27TH ST STREET 2: C/O HARRIS TRUST & SAVINGS BANK CITY: DECATUR STATE: IL ZIP: 62525-1805 BUSINESS PHONE: 2174246600 FORMER COMPANY: FORMER CONFORMED NAME: ILLINOIS IOWA POWER CO DATE OF NAME CHANGE: 19660822 8-K 1 EARNINGS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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) February 29, 2000 Commission Registrants; State of Incorporation; IRS Employer File Number Address; and Telephone Number Identification No. 1-11327 Illinova Corporation 37-1319890 (an Illinois Corporation) 500 S. 27th Street Decatur, IL 62525 (217) 424-6600 1-3004 Illinois Power Company 37-0344645 (an Illinois Corporation) 500 S. 27th Street Decatur, IL 62525 (217) 424-6600 Total number of sequentially numbered pages is 6. 1 Item 5. Other Events Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the effects of the restatement of Illinova's financial statements and Illinova's merger with Dynegy Inc. Although the companies believe that this forward-looking information is accurate, their businesses are dependent on various regulatory issues, general economic conditions and future trends, and these factors can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside of the companies' control. ILLINOVA ANNOUNCES 1999 RESULTS On February 28, 2000, Illinova Corporation reported 1999 earnings of $42 million, or 60 cents per basic and diluted share. For the fourth quarter, Illinova reported a loss of $36 million, or 51 cents per basic and diluted share. Illinova's 1999 results reflect certain one-time items, including $34 million, or 48 cents per share, of expenses related to its recently completed merger with Dynegy Inc. In pulling together the pieces related to the Clinton Power Station sale and the business segment restructuring, a change in the calculation of the net Clinton write-off on which Illinova based its quasi-reorganization at year-end 1998 was identified. Accordingly, Illinova has filed amended 1998 financial statements with the Securities and Exchange Commission (SEC). With the correction, Illinova's net loss for 1998 increased by $197 million to $1.58 billion, or $22.04 per share versus a previously reported loss of $19.30 per share. In addition, as part of the restatement, the transition regulatory asset has been reduced by $326 million, to $457 million. Amending the financial statements has no impact on the company's rates or the reliability of service to its customers, and it has no impact on Illinova's merger with Dynegy. Illinova has also provided the SEC its amended financial statements for the first, second, and third quarters of 1999, incorporating the effects of the 1998 change. Previously reported 1999 quarterly earnings were unaffected. In 1999, Illinova became the first energy company in the nation to transfer its entire fleet of fossil-fueled generating units into a separate, unregulated affiliated company. The integration of these generating assets into Dynegy's national power portfolio will provide greater flexibility and improved power supply reliability for Illinois Power. In December 1999 Illinova sold its Clinton Power Station to AmerGen Energy Co. -- a transaction that was completed more quickly than any other nuclear plant sale, either planned or completed to date, in the United States. As a result of the sale of Clinton, net equity increased $88 million, since the quasi-reorganization, as adjusted, originally assumed a shutdown and decommissioning scenario. Illinova is the parent company of Decatur, Ill. - based Illinois Power, a regulated energy delivery company that provides electricity and natural gas service to 650,000 customers over a 15,000-square-mile territory throughout much of Illinois. 2 Item 7. Financial Statements (A) Financial Statements (99.1) Illinova Consolidated Income Statements 3 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 thereunto duly authorized. ILLINOVA CORPORATION (Registrant) By --------------------------- Larry F. Altenbaumer President on behalf of Illinova Corporation Date: February 29, 2000 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 thereunto duly authorized. ILLINOIS POWER COMPANY (Registrant) By --------------------------- Larry F. Altenbaumer President on behalf of Illinois Power Company Date: February 29, 2000 4 Exhibit Index The following Exhibits are hereby filed as part of this Current Report on Form 8-K: Exhibit Number Description 99.1 Illinova Consolidated Income Statements 5
Illinova Condensed Consolidated Statements of Income Three Months Ended * Twelve Months Ended December 31, December 31, --------------------------------- ------------------------------ As % Change As % Change Restated Fav/ Restated Fav/ 1999 1998 (Unfav) 1999 1998 (Unfav) (Millions) (Millions) Operating Revenues Electric $ 257.0 $ 251.1 2 % $ 1,174.8 $ 1,224.2 (4)% Electric interchange 48.0 63.1 (24) 445.9 557.2 (20) Gas 92.7 83.2 11 303.7 287.8 6 Diversified enterprises 98.6 87.2 13 500.4 361.4 38 --------- --------- --------- ---------- Total 496.3 484.6 2 2,424.8 2,430.6 (0) --------- --------- --------- ---------- Operating Expenses Fuel for electric plants 57.7 67.2 14 246.9 250.2 1 Power purchased 30.6 91.0 66 328.1 735.2 55 Gas purchased for resale 54.7 45.9 (19) 164.6 149.6 (10) Diversified enterprises 118.9 96.8 (23) 546.9 392.0 (40) Other operating and maintenance 175.4 173.2 (1) 603.8 537.9 (12) Depreciation and amortization 43.9 51.4 15 176.6 203.6 13 Amortization of regulatory asset 17.2 - (100) 26.4 - (100) General Taxes 24.1 22.9 (5) 102.6 123.2 17 Clinton plant impairment loss - 2,666.9 100 - 2,666.9 100 --------- --------- --------- ---------- Total 522.5 3,215.3 84 2,195.9 5,058.6 57 --------- --------- --------- ---------- Operating Income (Loss) (26.2) (2,730.7) 99 228.9 (2,628.0) 109 --------- --------- --------- ---------- Other Income Miscellaneous - net (3.7) 0.3 - 18.7 3.1 - Equity earnings in affiliates 6.0 10.8 (44) 12.9 22.5 (43) --------- --------- --------- ---------- Total 2.3 11.1 (79) 31.6 25.6 23 --------- --------- --------- ---------- Income (Loss) Before Interest Charges and Income Taxes (23.9) (2,719.6) 99 260.5 (2,602.4) 110 --------- --------- --------- ---------- Interest Charges Interest expense 22.0 36.7 40 163.5 146.0 (12) Allowance for borrowed funds used during construction (0.2) 0.6 133 (4.2) (3.2) 31 Preferred dividend requirements of subsidiary 4.8 4.9 2 19.2 19.8 3 --------- --------- --------- ---------- Total 26.6 42.2 37 178.5 162.6 (10) --------- --------- --------- ---------- Income (Loss) Before Income Taxes (50.5) (2,761.8) 98 82.0 (2,765.0) 103 --------- --------- --------- ---------- Income Taxes Income tax - impairment loss - (982.8) (100) - (982.8) (100) ITC - Clinton impairment - (160.4) (100) - (160.4) (100) Other income taxes (14.5) (36.5) (60) 41.4 (42.3) - --------- --------- --------- ---------- Total (14.5) (1,179.7) (99) 41.4 (1,185.5) (103) --------- --------- --------- ---------- Net Income (Loss) (36.0) (1,582.1) 98 40.6 (1,579.5) 103 Carrying amount over (under) consideration paid for redeemed preferred stock of subsidiary 0.2 - 100 1.7 - 100 --------- --------- --------- ---------- Net Income (Loss) Applicable to Common Stock $ (35.8)$ (1,582.1) 98 $ 42.3 $ (1,579.5) 103 ========= ========= ========= ========== Weighted average common shares 70.0 71.5 69.9 71.7 Earnings (loss) per common share (basic and diluted($0.51) ($22.13) $0.60 ($22.04) Cash dividends declared per common share $0.31 $0.31 $1.24 $1.24 Cash dividends paid per common share $0.31 $0.31 $1.24 $1.24
* UNAUDITED These statements are submitted as a matter of general information and are not intended to induce, or to be used in connection with, any sale or purchase of securities. These statements should be read in conjunction with Illinova's and Illinois Power Company's 1999 Quarterly Reports on Form 10-Q/A and Form 8-K and 8-K/A filings to the Securities and Exchange Commission, and Illinova and Illinois Power Company's 1998 Form 10-K/A and 1999 Form 10-K filings to the Securities and Exchange Commission. -----END PRIVACY-ENHANCED MESSAGE-----