-----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, ET7Rio13IppmEjKBtCBTiObxdjVZP0v6tRmgDyfBTjujAWRPj1qkbul9xgx6BbhU EV6nhPnJ6aXaHSmeUIfIxQ== 0000049816-98-000032.txt : 19981021 0000049816-98-000032.hdr.sgml : 19981021 ACCESSION NUMBER: 0000049816-98-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981020 ITEM INFORMATION: FILED AS OF DATE: 19981020 SROS: CSX SROS: NYSE 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: 98727827 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 8-K FILING TO SEC ON 10/20/98 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) October 20, 1998 Commission Registrants; State of Incorporation; IRS Employer File Number Address; and Telephone Company 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. Item 7. Exhibits - -------------------------------------------------------------------------------- (c) Exhibits (99.1) Press Release, dated October 15, 1998 (99.2) Press Release, dated October 19, 1998 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 /s / Leah Manning Stetzner --------------------------- Leah Manning Stetzner General Counsel and Corporate Secretary on behalf of Illinova Corporation Date: October 20, 1998 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 /s/ Leah Manning Stetzner ----------------------------- Leah Manning Stetzner Vice President, General Counsel, and Corporate Secretary on behalf of Illinois Power Company Date: October 20, 1998 Exhibit Index The following Exhibits are hereby filed as part of this Current Report on Form 8-K: Exhibit Number Description 99.1 Press Release, dated October 15, 1998 99.2 Press Release, dated October 19, 1998 EXHIBIT 99.1 For release: Oct. 15, 1998 For information contact: Shirley Swarthout 217-424-6400 ILLINOVA POSTS THIRD-QUARTER EARNINGS; ANNOUNCES SHARE REPURCHASE Modest earnings reflect continued impact of replacement power costs Illinova Corp. today reported earnings of $27 million, or 37 cents per share of common stock (basic and diluted), for the third quarter 1998. This compares to earnings of $64 million, or 87 cents per common share (basic and diluted), for the same period a year ago. Year-to-date earnings are 4 cents per share, compared to $1.87 per common share through third quarter 1997. The substantial decline in quarterly and year-to-date earnings is consistent with Illinova's previous projections and is due primarily to replacement power costs throughout the summer months and greater than previously projected expenditures for recovery efforts at Clinton Power Station. After experiencing unprecedented and unexpected prices for power purchases during the last week of June, Illinova announced that Illinois Power's projected replacement power costs in 1998 would significantly exceed previous projections. At its Oct. 14 meeting the Board of Directors approved the repurchase of up to 12 million shares of Illinova common stock over the next six to 12 months in conjunction with Illinois Power's upcoming issuance of securitized debt. In November IP expects to issue $864 million of securitized debt and will use the proceeds to refinance its outstanding debt, to retire preferred equity, and to repurchase common equity. EXHIBIT 99.2 For release Oct. 19, 1998 For information contact: Bruce Paulsen (217) 424-6400 WORK PROGRESSING ON CLINTON POWER STATION DECATUR, Ill. -- Illinois Power continues to make progress on work necessary to restart the Clinton Power Station and reaffirmed its commitment to quality and safety as it returns the station to service. "We want the recovery process to be thorough, because we expect Clinton to operate reliably for the long-term," said Illinois Power Chairman, President and CEO Charles E. Bayless. It now appears likely that the plant's restart will be after the first of the year. Moving restart into next year will increase the expense for the station's recovery process. 1998 operating and maintenance expenses for Clinton, previously projected at $195 million, now are expected to be about $210 million. 1999 operating and maintenance expenses for Clinton are projected to be about $150 million. -----END PRIVACY-ENHANCED MESSAGE-----