-----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, IEyr/v5B3RYY1U870qZCVgNE9Yqkr6HmaZ83v9B2qgrqLdut2hvPqjYLOPeKWlsi FXUFnn1Us7emCUR0EPFEYg== 0000897069-99-000525.txt : 19991102 0000897069-99-000525.hdr.sgml : 19991102 ACCESSION NUMBER: 0000897069-99-000525 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19991101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANT ENERGY CORP CENTRAL INDEX KEY: 0000352541 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 391380265 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 002-73138 FILM NUMBER: 99738817 BUSINESS ADDRESS: STREET 1: 222 WEST WSHNGTON AVENUE CITY: MADISON STATE: WI ZIP: 53703 BUSINESS PHONE: 6082523110 MAIL ADDRESS: STREET 1: P O BOX 2568 CITY: MADISON STATE: WI ZIP: 53701-2568 FORMER COMPANY: FORMER CONFORMED NAME: INTERSTATE ENERGY CORP DATE OF NAME CHANGE: 19980427 FORMER COMPANY: FORMER CONFORMED NAME: WPL HOLDINGS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IES UTILITIES INC CENTRAL INDEX KEY: 0000052485 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 420331370 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-04117 FILM NUMBER: 99738818 BUSINESS ADDRESS: STREET 1: 200 FIRST ST SE STREET 2: IES TOWER CITY: CEDAR RAPIDS STATE: IA ZIP: 52401 BUSINESS PHONE: 3193984411 FORMER COMPANY: FORMER CONFORMED NAME: IOWA ELECTRIC LIGHT & POWER CO DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: IOWA RAILWAY & LIGHT CORP DATE OF NAME CHANGE: 19670629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WISCONSIN POWER & LIGHT CO CENTRAL INDEX KEY: 0000107832 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 390714890 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-00337 FILM NUMBER: 99738819 BUSINESS ADDRESS: STREET 1: 222 W WASHINGTON AVE CITY: MADISON STATE: WI ZIP: 53703 BUSINESS PHONE: 6082523311 10-Q/A 1 FORM 10-Q/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q/A AMENDMENT NO. 1 TO [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1999 or [X] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______
Commission Name of Registrant, State of Incorporation, IRS Employer File Number Address of Principal Executive Offices and Telephone Number Identification Number - ----------- ----------------------------------------------------------- --------------------- 1-9894 ALLIANT ENERGY CORPORATION 39-1380265 (a Wisconsin corporation) 222 West Washington Avenue Madison, Wisconsin 53703 Telephone (608)252-3311 0-4117-1 IES UTILITIES INC. 42-0331370 (an Iowa corporation) Alliant Energy Tower Cedar Rapids, Iowa 52401 Telephone (319)398-4411 0-337 WISCONSIN POWER AND LIGHT COMPANY 39-0714890 (a Wisconsin corporation) 222 West Washington Avenue Madison, Wisconsin 53703 Telephone (608)252-3311 Interstate Energy Corporation (Former name of Alliant Energy Corporation)
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past (90) days. Yes X No _____ This combined Form 10-Q/A is separately filed by Alliant Energy Corporation, IES Utilities Inc. and Wisconsin Power and Light Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. Number of shares outstanding of each class of common stock as of July 31, 1999: Alliant Energy Corporation Common stock, $.01 par value, 78,457,664 shares outstanding IES Utilities Inc. Common stock, $2.50 par value, 13,370,788 shares outstanding (all of which are owned beneficially and of record by Alliant Energy Corporation) Wisconsin Power and Light Company Common stock, $5 par value, 13,236,601 shares outstanding (all of which are owned beneficially and of record by Alliant Energy Corporation) The undersigned registrants hereby amend Item 1 of their combined Quarterly Report on Form 10-Q for the six months ended June 30, 1999 to provide in its entirety as follows: 2 DEFINITIONS Certain abbreviations or acronyms used in the text and notes of this combined Form 10-Q/A are defined below: Abbreviation or Acronym Definition - ----------------------- ---------- Alliant Energy Alliant Energy Corporation Corporate Services Alliant Energy Corporate Services, Inc. IESU IES Utilities Inc. IPC Interstate Power Company McLeod McLeodUSA Incorporated Resources Alliant Energy Resources, Inc. SEC Securities and Exchange Commission WP&L Wisconsin Power and Light Company 3 PART I. FINANCIAL INFORMATION ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS ALLIANT ENERGY CORPORATION CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months For the Six Months Ended June 30, Ended June 30, 1999 1998 1999 1998 - -------------------------------------------------------------------------------------------------------------------------------- (in thousands, except per share amounts) Operating revenues: Electric utility $ 366,152 $ 380,414 $ 717,490 $ 738,165 Gas utility 46,200 45,267 179,885 175,313 Nonregulated and other 73,762 65,331 135,594 133,817 -------------- -------------- -------------- -------------- 486,114 491,012 1,032,969 1,047,295 -------------- -------------- -------------- -------------- - -------------------------------------------------------------------------------------------------------------------------------- Operating expenses: Electric and steam production fuels 53,360 69,538 118,763 139,094 Purchased power 72,440 73,417 124,505 129,563 Cost of utility gas sold 22,666 23,907 104,009 101,186 Other operation 148,291 158,679 278,657 316,033 Maintenance 31,934 33,389 55,746 58,647 Depreciation and amortization 70,475 72,857 144,115 142,690 Taxes other than income taxes 26,690 26,598 53,929 53,575 -------------- -------------- -------------- -------------- 425,856 458,385 879,724 940,788 -------------- -------------- -------------- -------------- - -------------------------------------------------------------------------------------------------------------------------------- Operating income 60,258 32,627 153,245 106,507 -------------- -------------- -------------- -------------- - -------------------------------------------------------------------------------------------------------------------------------- Interest expense and other: Interest expense 34,715 32,231 68,114 63,155 Allowance for funds used during construction (1,782) (1,638) (3,716) (3,141) Preferred dividend requirements of subsidiaries 1,677 1,675 3,353 3,349 Miscellaneous, net (37,065) 11,035 (43,834) 7,159 -------------- -------------- -------------- -------------- (2,455) 43,303 23,917 70,522 -------------- -------------- -------------- -------------- - -------------------------------------------------------------------------------------------------------------------------------- Income (loss) before income taxes 62,713 (10,676) 129,328 35,985 -------------- -------------- -------------- -------------- - -------------------------------------------------------------------------------------------------------------------------------- Income taxes 24,167 (1,578) 49,039 16,208 -------------- -------------- -------------- -------------- - -------------------------------------------------------------------------------------------------------------------------------- Net income (loss) $ 38,546 $ (9,098) $ 80,289 $ 19,777 ============== ============== ============== ============== - -------------------------------------------------------------------------------------------------------------------------------- Average number of common shares outstanding 78,214 76,800 77,997 76,689 ============== ============== ============== ============== - -------------------------------------------------------------------------------------------------------------------------------- Earnings per average common share (basic and diluted) $ 0.49 $ (0.12) $ 1.03 $ 0.26 ============== ============== ============== ============== - -------------------------------------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
4 ALLIANT ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS
June 30, 1999 December 31, ASSETS (Unaudited) 1998 - -------------------------------------------------------------------------------------------------------------- (in thousands) Property, plant and equipment: Utility - Plant in service - Electric $ 4,923,657 $ 4,866,152 Gas 522,436 515,074 Other 432,694 409,711 ---------------- ---------------- 5,878,787 5,790,937 Less - Accumulated depreciation 2,985,592 2,852,605 ---------------- ---------------- 2,893,195 2,938,332 Construction work in progress 128,757 119,032 Nuclear fuel, net of amortization 54,762 44,316 ---------------- ---------------- 3,076,714 3,101,680 Other property, plant and equipment, net of accumulated depreciation and amortization of $191,728 and $178,248, respectively 357,856 355,100 ---------------- ---------------- 3,434,570 3,456,780 ---------------- ---------------- - -------------------------------------------------------------------------------------------------------------- Current assets: Cash and temporary cash investments 29,403 31,827 Accounts receivable: Customer, less allowance for doubtful accounts of $2,201 and $2,518, respectively 84,415 102,966 Other, less allowance for doubtful accounts of $807 and $490, respectively 25,734 26,054 Notes receivable, less allowance for doubtful accounts of $114 and $120, respectively 5,579 13,392 Income tax refunds receivable 18,399 14,826 Production fuel, at average cost 42,323 54,140 Materials and supplies, at average cost 55,081 53,490 Gas stored underground, at average cost 12,518 26,013 Regulatory assets 25,139 30,796 Prepaid gross receipts tax 21,912 22,222 Other 17,663 15,941 ---------------- ---------------- 338,166 391,667 ---------------- ---------------- - -------------------------------------------------------------------------------------------------------------- Investments: Investment in McLeodUSA Inc. 527,800 320,280 Nuclear decommissioning trust funds 251,475 225,803 Investment in foreign entities 133,745 68,882 Other 52,977 54,776 ---------------- ---------------- 965,997 669,741 ---------------- ---------------- - -------------------------------------------------------------------------------------------------------------- Other assets: Regulatory assets 272,086 284,467 Deferred charges and other 166,317 156,682 ---------------- ---------------- 438,403 441,149 ---------------- ---------------- - -------------------------------------------------------------------------------------------------------------- Total assets $ 5,177,136 $ 4,959,337 ================ ================ - -------------------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
5 ALLIANT ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (CONTINUED)
June 30, 1999 December 31, CAPITALIZATION AND LIABILITIES (Unaudited) 1998 - ------------------------------------------------------------------------------------------------------------------------ (in thousands, except share amounts) Capitalization: Common stock - $.01 par value - authorized 200,000,000 shares; outstanding 78,424,441 and 77,630,043 shares, respectively $ 784 $ 776 Additional paid-in capital 926,242 905,130 Retained earnings 539,769 537,372 Accumulated other comprehensive income 300,613 163,017 ----------------- ----------------- Total common equity 1,767,408 1,606,295 ----------------- ----------------- Cumulative preferred stock of subsidiaries: Par/Stated Authorized Shares Mandatory Value Shares Outstanding Series Redemption $ 100 * 449,765 4.40% - 6.20% No 44,977 44,977 $ 25 * 599,460 6.50% No 14,986 14,986 $ 50 466,406 366,406 4.30% - 6.10% No 18,320 18,320 $ 50 ** 216,381 4.36% - 7.76% No 10,819 10,819 $ 50 ** 545,000 6.40% Yes *** 27,250 27,250 ----------------- ----------------- 116,352 116,352 Less: unamortized expenses (2,784) (2,854) ----------------- ----------------- Total cumulative preferred stock of subsidiaries 113,568 113,498 ----------------- ----------------- Long-term debt (excluding current portion) 1,514,498 1,543,131 ----------------- ----------------- 3,395,474 3,262,924 ----------------- ----------------- * 3,750,000 authorized shares in total between the two classes ** 2,000,000 authorized shares in total between the two classes *** $53.20 mandatory redemption price - ------------------------------------------------------------------------------------------------------------------------ Current liabilities: Current maturities and sinking funds 53,740 63,414 Variable rate demand bonds 56,975 56,975 Commercial paper 125,500 64,500 Notes payable 50,024 51,784 Capital lease obligations 12,277 11,978 Accounts payable 145,888 204,297 Accrued taxes 84,622 84,921 Other 107,544 111,685 ----------------- ----------------- 636,570 649,554 ----------------- ----------------- - ------------------------------------------------------------------------------------------------------------------------ Other long-term liabilities and deferred credits: Accumulated deferred income taxes 774,492 691,624 Accumulated deferred investment tax credits 74,585 77,313 Environmental liabilities 68,917 68,399 Customer advances 35,416 37,171 Capital lease obligations 25,611 13,755 Other 166,071 158,597 ----------------- ----------------- 1,145,092 1,046,859 ----------------- ----------------- - ------------------------------------------------------------------------------------------------------------------------ Total capitalization and liabilities $ 5,177,136 $ 4,959,337 ================= ================= - ------------------------------------------------------------------------------------------------------------------------ The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
6 ALLIANT ENERGY CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six Months Ended June 30, 1999 1998 - ------------------------------------------------------------------------------------------------- (in thousands) Cash flows from operating activities: Net income $ 80,289 $ 19,777 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 144,115 142,690 Amortization of nuclear fuel 9,142 8,555 Amortization of deferred energy efficiency expenditures 13,250 14,443 Deferred taxes and investment tax credits (8,487) (13,075) Refueling outage provision 4,412 (9,341) Impairment of oil and gas properties - 6,746 (Gain) loss on disposition of assets, net (37,591) (1,020) Other 1,502 4,998 Other changes in assets and liabilities: Accounts receivable 18,871 25,338 Notes receivable 7,813 6,396 Production fuel 11,817 242 Gas stored underground 13,495 22,232 Accounts payable (58,409) (35,181) Accrued taxes (299) (6,049) Adjustment clause balances (9,240) 5,791 Benefit obligations and other 13,094 28,786 ----------------- ---------------- Net cash flows from operating activities 203,774 221,328 ----------------- ---------------- - ------------------------------------------------------------------------------------------------- Cash flows used for financing activities: Common stock dividends declared (77,892) (63,649) Dividends payable 287 (15,806) Proceeds from issuance of common stock 20,888 10,634 Net change in Alliant Energy Resources, Inc. credit facility 15,495 71,587 Proceeds from issuance of other long-term debt 12,144 2,516 Reductions in other long-term debt (67,016) (1,262) Net change in short-term borrowings 59,240 (42,525) Principal payments under capital lease obligations (6,869) (8,116) Other (2) (36) ----------------- ---------------- Net cash flows used for financing activities (43,725) (46,657) ----------------- ---------------- - ------------------------------------------------------------------------------------------------- Cashflows used for investing activities: Construction and acquisition expenditures: Utility (105,054) (93,508) Nonregulated businesses (78,654) (63,928) Nuclear decommissioning trust funds (17,658) (15,863) Proceeds from disposition of assets 47,209 3,997 Shared savings expenditures (10,594) (3,117) Other 2,278 2,138 ----------------- ---------------- Net cash flows used for investing activities (162,473) (170,281) ----------------- ---------------- - ------------------------------------------------------------------------------------------------- Net increase (decrease) in cash and temporary cash investments (2,424) 4,390 ----------------- ---------------- - ------------------------------------------------------------------------------------------------- Cash and temporary cash investments at beginning of period 31,827 27,329 ----------------- ---------------- - ------------------------------------------------------------------------------------------------- Cash and temporary cash investments at end of period $ 29,403 $ 31,719 ================= ================ - ------------------------------------------------------------------------------------------------- Supplemental cash flow information: Cash paid during the period for: Interest $ 68,166 $ 62,132 ================= ================ Income taxes $ 56,130 $ 45,435 ================= ================ Noncash investing and financing activities: Capital lease obligations incurred $ 18,252 $ 1,271 ================= ================ - ------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
7 ALLIANT ENERGY CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. At the Annual Shareowners meeting on May 19, 1999, the shareowners approved a proposal to change the name of the corporation from Interstate Energy Corporation to Alliant Energy Corporation. The name change was effective May 20, 1999. The interim consolidated financial statements included herein have been prepared by Alliant Energy, without audit, pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. The consolidated financial statements include Alliant Energy and its consolidated subsidiaries (WP&L, IESU, IPC, Resources and Corporate Services). These financial statements should be read in conjunction with the financial statements and the notes thereto included in Alliant Energy's, IESU's and WP&L's latest Annual Report on Form 10-K. In the opinion of management, all adjustments, which are normal and recurring in nature, necessary for a fair presentation of (a) the consolidated results of operations for the three and six months ended June 30, 1999 and 1998, (b) the consolidated financial position at June 30, 1999 and December 31, 1998, and (c) the consolidated statement of cash flows for the six months ended June 30, 1999 and 1998, have been made. Because of the seasonal nature of IESU's, WP&L's and IPC's operations, results for the three and six months ended June 30, 1999 are not necessarily indicative of results that may be expected for the year ending December 31, 1999. Certain prior period amounts have been reclassified on a basis consistent with the 1999 presentation. 2. Alliant Energy's comprehensive income (loss), and the components of other comprehensive income (loss), net of taxes, were as follows (in thousands):
For the Three Months For the Six Months Ended June 30, Ended June 30, 1999 1998 1999 1998 ------------ ---------- ------------ ---------- Net income (loss) $ 38,546 ($ 9,098) $ 80,289 $19,777 Other comprehensive income (loss): Unrealized gains (losses) on securities: Unrealized holding gains (losses) arising during period, net of tax (1) 84,742 (20,358) 159,773 41,471 Less: reclassification adjustment for gains included in net income, net of tax (2) (21,324) -- (21,324) -- ------------ ---------- ------------ ---------- Net unrealized gains (losses) 63,418 (20,358) 138,449 41,471 ------------ ---------- ------------ ---------- Foreign currency translation adjustments (239) 1 (853) 56 ------------ ---------- ------------ ---------- Other comprehensive income (loss) 63,179 (20,357) 137,596 41,527 ============ ========== ============ ========== Comprehensive income (loss) $101,725 ($29,455) $217,885 $61,304 ============ ========== ============ ========== (1) Primarily due to quarterly adjustments to the estimated fair value of Alliant Energy's investment in McLeod. 8 (2) The second quarter 1999 earnings included a pre-tax gain of $33.8 million ($0.27 per share) from the sale of approximately 640,000 shares of McLeod stock held by Alliant Energy. Following completion of the May 1999 sale, Alliant Energy still held beneficial ownership in approximately 9.6 million shares of McLeod stock. McLeod declared a 2-for-1 stock split effective July 1999.
IESU and WP&L had no comprehensive income in the periods presented. 3. Certain financial information relating to Alliant Energy's significant business segments is presented below:
Alliant ------------------------------------------- Regulated Domestic Utilities Nonregulated Energy ------------------------------------------- Electric Gas Other Total Businesses Other Consolidated ---------------------------------------------------------------------------------------- (in thousands) Three Months Ended June 30, 1999 Operating revenues $366,152 $46,200 $7,820 $420,172 $66,595 ($653) $486,114 Operating income (loss) 56,155 (2,018) 1,529 55,666 4,101 491 60,258 Net income (loss) 17,138 21,560 (152) 38,546 Three Months Ended June 30, 1998 Operating revenues $380,414 $45,267 $7,424 $433,105 $58,305 ($398) $491,012 Operating income (loss) 38,826 (7,404) 1,327 32,749 689 (811) 32,627 Net loss (3,024) (2,925) (3,149) (9,098) Six Months Ended June 30, 1999 Operating revenues $717,490 $179,885 $17,024 $914,399 $119,794 ($1,224) $1,032,969 Operating income 124,770 21,921 3,883 150,574 2,265 406 153,245 Net income (loss) 61,905 19,654 (1,270) 80,289 Six Months Ended June 30, 1998 Operating revenues $738,165 $175,313 $15,833 $929,311 $118,627 ($643) $1,047,295 Operating income (loss) 94,664 14,971 3,158 112,793 (4,810) (1,476) 106,507 Net income (loss) 30,153 (6,925) (3,451) 19,777
Resources' (i.e., the nonregulated businesses) assets increased $263 million during the first six months of 1999, primarily due to the increase in market value of its investment in McLeod and additional investments in foreign entities. Intersegment revenues were not material to Alliant Energy's operations and there was no single customer whose revenues exceeded 10% or more of Alliant Energy's consolidated revenues. 4. The provisions for income taxes are based on the estimated annual effective tax rate, which differs from the federal statutory rate of 35% principally due to: state income taxes, tax credits, effects of utility rate making and certain nondeductible expenses. 5. At June 30, 1999, Alliant Energy had $133.7 million of investments in foreign entities on its Consolidated Balance Sheets that primarily included investments in several New Zealand utility entities and investments in several generation facilities in China. Alliant Energy accounts for the China investments under the equity method and the other investments under the cost method. The geographic concentration of Alliant Energy's investments in foreign entities at June 30, 1999, included investments of approximately $96.2 million in New Zealand, $37.0 million in China and $0.5 million in other countries. 6. Summary financial information for Resources was as follows (in thousands): June 30, 1999 -------------- Current assets $79,479 Non-current assets 1,052,828 Current liabilities 55,860 Non-current liabilities (excludes minority interest) 250,265 Minority interest 7,128 Refer to the "Nonregulated Businesses" column of Note 3 for summary income statement data of Resources. 9
IES UTILITIES INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Three Months For the Six Months Ended June 30, Ended June 30, 1999 1998 1999 1998 - ----------------------------------------------------------------------------------------------------------------------------- (in thousands) Operating revenues: Electric utility $ 142,209 $ 147,640 $ 282,226 $ 288,290 Gas utility 22,012 20,921 83,308 81,316 Steam and other 6,572 6,172 14,524 13,405 --------------- --------------- --------------- --------------- 170,793 174,733 380,058 383,011 --------------- --------------- --------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- Operating expenses: Electric and steam production fuels 12,285 21,284 38,873 51,933 Purchased power 27,142 25,768 40,292 36,817 Cost of gas sold 11,623 10,782 49,535 48,439 Other operation 45,167 44,869 92,607 91,871 Maintenance 12,572 13,960 22,477 24,951 Depreciation and amortization 25,481 23,907 50,963 48,242 Taxes other than income taxes 12,468 12,407 25,083 24,713 --------------- --------------- --------------- --------------- 146,738 152,977 319,830 326,966 --------------- --------------- --------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- Operating income 24,055 21,756 60,228 56,045 --------------- --------------- --------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- Interest expense and other: Interest expense 14,434 12,955 27,638 26,030 Allowance for funds used during construction (535) (801) (1,384) (1,566) Miscellaneous, net (2,499) 4,167 (3,355) 4,446 --------------- --------------- --------------- --------------- 11,400 16,321 22,899 28,910 --------------- --------------- --------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- Income before income taxes 12,655 5,435 37,329 27,135 --------------- --------------- --------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- Income taxes 5,611 2,474 15,828 12,515 --------------- --------------- --------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- Net income 7,044 2,961 21,501 14,620 --------------- --------------- --------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- Preferred dividend requirements 229 229 457 457 --------------- --------------- --------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- Earnings available for common stock $ 6,815 $ 2,732 $ 21,044 $ 14,163 =============== =============== =============== =============== - ----------------------------------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
10 IES UTILITIES INC. CONSOLIDATED BALANCE SHEETS
June 30, 1999 December 31, ASSETS (Unaudited) 1998 - ---------------------------------------------------------------------------------------------------------------- (in thousands) Property, plant and equipment: Utility - Plant in service - Electric $ 2,163,280 $ 2,140,322 Gas 200,955 198,488 Steam 55,794 55,797 Common 126,385 106,940 ----------------- ----------------- 2,546,414 2,501,547 Less - Accumulated depreciation 1,266,117 1,209,204 ----------------- ----------------- 1,280,297 1,292,343 Construction work in progress 44,849 48,991 Leased nuclear fuel, net of amortization 37,804 25,644 ----------------- ----------------- 1,362,950 1,366,978 Other property, plant and equipment, net of accumulated depreciation and amortization of $2,021 and $1,948, respectively 5,549 5,623 ----------------- ----------------- 1,368,499 1,372,601 ----------------- ----------------- - ---------------------------------------------------------------------------------------------------------------- Current assets: Cash and temporary cash investments 2,195 4,175 Temporary cash investments with associated companies - 53,729 Accounts receivable: Customer, less allowance for doubtful accounts of $593 and $1,058, respectively 5,420 16,703 Associated companies 1,718 2,662 Other, less allowance for doubtful accounts of $672 and $357, respectively 9,036 10,346 Production fuel, at average cost 11,445 11,863 Materials and supplies, at average cost 25,050 25,591 Gas stored underground, at average cost 3,798 12,284 Regulatory assets 16,790 23,487 Prepayments and other 10,788 4,185 ----------------- ----------------- 86,240 165,025 ----------------- ----------------- - ---------------------------------------------------------------------------------------------------------------- Investments: Nuclear decommissioning trust funds 99,459 91,691 Other 6,457 6,019 ----------------- ----------------- 105,916 97,710 ----------------- ----------------- - ---------------------------------------------------------------------------------------------------------------- Other assets: Regulatory assets 130,217 137,908 Deferred charges and other 15,038 15,734 ----------------- ----------------- 145,255 153,642 ----------------- ----------------- - ---------------------------------------------------------------------------------------------------------------- Total assets $ 1,705,910 $ 1,788,978 ================= ================= - ---------------------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
11 IES UTILITIES INC. CONSOLIDATED BALANCE SHEETS (CONTINUED)
June 30, 1999 December 31, CAPITALIZATION AND LIABILITIES (Unaudited) 1998 - -------------------------------------------------------------------------------------------------------------------- (in thousands, except share amounts) Capitalization: Common stock - $2.50 par value - authorized 24,000,000 shares; 13,370,788 shares outstanding $ 33,427 $ 33,427 Additional paid-in capital 279,042 279,042 Retained earnings 237,783 275,372 ------------------ ----------------- Total common equity 550,252 587,841 Cumulative preferred stock, not mandatorily redeemable - $50 par value - authorized 466,406 shares; 366,406 shares outstanding 18,320 18,320 Long-term debt (excluding current portion) 550,952 602,020 ------------------ ----------------- 1,119,524 1,208,181 ------------------ ----------------- - -------------------------------------------------------------------------------------------------------------------- Current liabilities: Current maturities and sinking funds 51,196 50,140 Capital lease obligations 12,263 11,965 Notes payable to associated companies 29,706 - Accounts payable 23,733 43,953 Accounts payable to associated companies 20,140 22,487 Accrued payroll and vacations 7,546 6,365 Accrued interest 10,817 12,045 Accrued taxes 47,128 55,295 Accumulated refueling outage provision 11,017 6,605 Environmental liabilities 5,448 5,660 Other 7,823 17,617 ------------------ ----------------- 226,817 232,132 ------------------ ----------------- - -------------------------------------------------------------------------------------------------------------------- Other long-term liabilities and deferred credits: Accumulated deferred income taxes 221,362 224,510 Accumulated deferred investment tax credits 27,963 29,243 Environmental liabilities 28,243 29,195 Pension and other benefit obligations 28,317 25,655 Capital lease obligations 25,541 13,679 Other 28,143 26,383 ------------------ ----------------- 359,569 348,665 ------------------ ----------------- - -------------------------------------------------------------------------------------------------------------------- Total capitalization and liabilities $ 1,705,910 $ 1,788,978 ================== ================= - -------------------------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
12 IES UTILITIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six Months Ended June 30, 1999 1998 - ------------------------------------------------------------------------------------------------------------------------ (in thousands) Cash flows from operating activities: Net income $ 21,501 $ 14,620 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 50,963 48,242 Amortization of leased nuclear fuel 6,092 5,549 Amortization of deferred energy efficiency expenditures 9,518 10,103 Deferred taxes and investment tax credits (6,745) (4,040) Refueling outage provision 4,412 (9,341) Other 529 536 Other changes in assets and liabilities: Accounts receivable 13,537 26,121 Gas stored underground 8,486 15,056 Accounts payable (22,567) (10,188) Accrued taxes (8,167) (13,734) Adjustment clause balances (8,488) 2,157 Benefit obligations and other 10,397 20,444 ------------------- ------------------ Net cash flows from operating activities 79,468 105,525 ------------------- ------------------ - ------------------------------------------------------------------------------------------------------------------------ Cash flows used for financing activities: Common stock dividends declared (58,633) (18,840) Dividends payable (4,840) 4,840 Preferred stock dividends (457) (457) Reductions in long-term debt (50,140) (140) Net change in short-term borrowings 29,706 - Principal payments under capital lease obligations (6,869) (8,116) Other (3) - ------------------- ------------------ Net cash flows used for financing activities (91,236) (22,713) ------------------- ------------------ - ------------------------------------------------------------------------------------------------------------------------ Cash flows used for investing activities: Utility construction expenditures (41,173) (42,404) Nuclear decommissioning trust funds (3,004) (3,004) Other 236 100 ------------------- ------------------ Net cash flows used for investing activities (43,941) (45,308) ------------------- ------------------ - ------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in cash and temporary cash investments (55,709) 37,504 ------------------- ------------------ - ------------------------------------------------------------------------------------------------------------------------ Cash and temporary cash investments at beginning of period 57,904 230 ------------------- ------------------ - ------------------------------------------------------------------------------------------------------------------------ Cash and temporary cash investments at end of period $ 2,195 $ 37,734 =================== ================== - ------------------------------------------------------------------------------------------------------------------------ Supplemental cash flow information: Cash paid during the period for: Interest $ 24,714 $ 24,702 =================== ================== Income taxes $ 30,824 $ 33,468 =================== ================== Noncash investing and financing activities - Capital lease obligations incurred $ 18,252 $ 1,271 =================== ================== - ------------------------------------------------------------------------------------------------------------------------ The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
13 IES UTILITIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Except as modified below, the Alliant Energy Notes to Consolidated Financial Statements are incorporated by reference insofar as they relate to IESU. Alliant Energy Note 5 does not relate to IESU and, therefore, is not incorporated by reference. 1. The interim consolidated financial statements included herein have been prepared by IESU, without audit, pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. The consolidated financial statements include IESU and its consolidated wholly-owned subsidiary, IES Ventures Inc. IESU is a subsidiary of Alliant Energy. These financial statements should be read in conjunction with the financial statements and the notes thereto included in IESU's latest Annual Report on Form 10-K. In the opinion of management, all adjustments, which are normal and recurring in nature, necessary for a fair presentation of (a) the consolidated results of operations for the three and six months ended June 30, 1999 and 1998, (b) the consolidated financial position at June 30, 1999 and December 31, 1998, and (c) the consolidated statement of cash flows for the six months ended June 30, 1999 and 1998, have been made. Because of the seasonal nature of IESU's operations, results for the three and six months ended June 30, 1999 are not necessarily indicative of results that may be expected for the year ending December 31, 1999. Certain prior period amounts have been reclassified on a basis consistent with the 1999 presentation. 14 WISCONSIN POWER AND LIGHT COMPANY CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months For the Six Months Ended June 30, Ended June 30, 1999 1998 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------ (in thousands) Operating revenues: Electric utility $ 150,510 $ 154,314 $ 300,455 $ 305,624 Gas utility 15,358 16,943 67,151 67,261 Water 1,248 1,252 2,500 2,428 --------------- --------------- --------------- --------------- 167,116 172,509 370,106 375,313 --------------- --------------- --------------- --------------- - ------------------------------------------------------------------------------------------------------------------------------ Operating expenses: Electric production fuels 26,014 29,471 53,380 58,368 Purchased power 28,425 30,238 52,424 58,839 Cost of gas sold 5,798 8,515 36,979 39,229 Other operation 35,432 39,894 61,540 73,897 Maintenance 13,775 14,479 22,879 24,447 Depreciation and amortization 28,407 31,580 59,546 60,838 Taxes other than income taxes 7,355 7,504 15,057 15,215 --------------- --------------- --------------- --------------- 145,206 161,681 301,805 330,833 --------------- --------------- --------------- --------------- - ------------------------------------------------------------------------------------------------------------------------------ Operating income 21,910 10,828 68,301 44,480 --------------- --------------- --------------- --------------- - ------------------------------------------------------------------------------------------------------------------------------ Interest expense and other: Interest expense 10,078 8,984 19,943 17,367 Allowance for funds used during construction (1,109) (742) (2,032) (1,398) Miscellaneous, net 1,996 3,142 (2,348) 1,276 --------------- --------------- --------------- --------------- 10,965 11,384 15,563 17,245 --------------- --------------- --------------- --------------- - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) before income taxes 10,945 (556) 52,738 27,235 --------------- --------------- --------------- --------------- - --------------------------------------------------------------------------------------- ---------------------------------- Income taxes 3,992 677 19,497 10,870 --------------- --------------- --------------- --------------- - ------------------------------------------------------------------------------------------------------------------------------ Net income (loss) 6,953 (1,233) 33,241 16,365 --------------- --------------- --------------- --------------- - ------------------------------------------------------------------------------------------------------------------------------ Preferred dividend requirements 828 828 1,656 1,656 --------------- --------------- --------------- --------------- - ------------------------------------------------------------------------------------------------------------------------------ Earnings available for common stock $ 6,125 $ (2,061) $ 31,585 $ 14,709 =============== =============== =============== =============== - ------------------------------------------------------------------------------------------------------------------------------ The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
15 WISCONSIN POWER AND LIGHT COMPANY CONSOLIDATED BALANCE SHEETS
June 30, 1999 December 31, ASSETS (Unaudited) 1998 - --------------------------------------------------------------------------------------------------------------- (in thousands) Property, plant and equipment: Utility - Plant in service - Electric $ 1,863,733 $ 1,839,545 Gas 248,576 244,518 Water 26,769 26,567 Common 222,206 219,268 ----------------- ----------------- 2,361,284 2,329,898 Less - Accumulated depreciation 1,231,444 1,168,830 ----------------- ----------------- 1,129,840 1,161,068 Construction work in progress 72,024 56,994 Nuclear fuel, net of amortization 16,958 18,671 ----------------- ----------------- 1,218,822 1,236,733 Other property, plant and equipment, net of accumulated depreciation and amortization of $49 and $44, respectively 627 630 ----------------- ----------------- 1,219,449 1,237,363 ----------------- ----------------- - --------------------------------------------------------------------------------------------------------------- Current assets: Cash and temporary cash investments 4,279 1,811 Accounts receivable: Customer 5,092 13,372 Associated companies 1,869 3,019 Other 8,378 8,298 Income tax refunds receivable 10,844 2,715 Production fuel, at average cost 15,477 20,105 Materials and supplies, at average cost 22,154 20,025 Gas stored underground, at average cost 7,801 10,738 Regulatory assets 3,707 3,707 Prepaid gross receipts tax 21,912 22,222 Other 1,399 4,272 ----------------- ----------------- 102,912 110,284 ----------------- ----------------- - --------------------------------------------------------------------------------------------------------------- Investments: Nuclear decommissioning trust funds 152,015 134,112 Other 15,408 15,960 ----------------- ----------------- 167,423 150,072 ----------------- ----------------- - --------------------------------------------------------------------------------------------------------------- Other assets: Regulatory assets 73,244 76,284 Deferred charges and other 121,508 111,147 ----------------- ----------------- 194,752 187,431 ----------------- ----------------- - --------------------------------------------------------------------------------------------------------------- Total assets $ 1,684,536 $ 1,685,150 ================= ================= - --------------------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
16 WISCONSIN POWER AND LIGHT COMPANY CONSOLIDATED BALANCE SHEETS (CONTINUED)
June 30, 1999 December 31, CAPITALIZATION AND LIABILITIES (Unaudited) 1998 - ----------------------------------------------------------------------------------------------------------------------------------- (in thousands, except share amounts) Capitalization: Common stock - $5 par value - authorized 18,000,000 shares; 13,236,601 shares outstanding $ 66,183 $ 66,183 Additional paid-in capital 199,438 199,438 Retained earnings 296,718 294,309 ------------------- ------------------ Total common equity 562,339 559,930 ------------------- ------------------ Cumulative preferred stock, not mandatorily redeemable without par value - authorized 3,750,000 shares, maximum aggregate stated value $150,000,000: $100 stated value - 449,765 shares outstanding 44,977 44,977 $25 stated value - 599,460 shares outstanding 14,986 14,986 ------------------- ------------------ Total cumulative preferred stock 59,963 59,963 ------------------- ------------------ Long-term debt (excluding current portion) 414,626 414,579 ------------------- ------------------ 1,036,928 1,034,472 ------------------- ------------------ - ----------------------------------------------------------------------------------------------------------------------------------- Current liabilities: Variable rate demand bonds 56,975 56,975 Notes payable 50,000 50,000 Notes payable to associated companies 59,035 26,799 Accounts payable 62,920 84,754 Accounts payable to associated companies 21,790 20,315 Accrued payroll and vacations 8,227 5,276 Accrued interest 4,240 6,863 Other 8,014 14,600 ------------------- ------------------ 271,201 265,582 ------------------- ------------------ - ----------------------------------------------------------------------------------------------------------------------------------- Other long-term liabilities and deferred credits: Accumulated deferred income taxes 240,909 245,489 Accumulated deferred investment tax credits 32,240 33,170 Customer advances 32,687 34,367 Environmental liabilities 11,366 11,683 Other 59,205 60,387 ------------------- ------------------ 376,407 385,096 ------------------- ------------------ - ----------------------------------------------------------------------------------------------------------------------------------- Total capitalization and liabilities $ 1,684,536 $ 1,685,150 =================== ================== - ----------------------------------------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
17 WISCONSIN POWER AND LIGHT COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six Months Ended June 30, 1999 1998 - -------------------------------------------------------------------------------------------------------------------------------- (in thousands) Cash flows from operating activities: Net income $ 33,241 $ 16,365 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 59,546 60,838 Amortization of nuclear fuel 3,050 3,006 Deferred taxes and investment tax credits (4,258) (1,736) Other (620) (3,927) Other changes in assets and liabilities: Accounts receivable 9,350 20,317 Income tax refunds receivable (8,129) (11,224) Production fuel 4,628 2,402 Gas stored underground 2,937 5,732 Accounts payable (20,359) 154 Benefit obligations and other (7,192) 14,869 --------------------- --------------------- Net cash flows from operating activities 72,194 106,796 --------------------- --------------------- - -------------------------------------------------------------------------------------------------------------------------------- Cash flows from (used for) financing activities: Common stock dividends (29,176) (29,170) Preferred stock dividends (1,656) (1,656) Net change in short-term borrowings 32,236 (23,697) --------------------- --------------------- Net cash flows from (used for) financing activities 1,404 (54,523) --------------------- --------------------- - -------------------------------------------------------------------------------------------------------------------------------- Cash flows used for investing activities: Utility construction expenditures (48,600) (38,980) Nuclear decommissioning trust funds (14,654) (12,859) Shared savings expenditures (7,723) (3,021) Other (153) 2,023 --------------------- --------------------- Net cash flows used for investing activities (71,130) (52,837) --------------------- --------------------- - -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in cash and temporary cash investments 2,468 (564) --------------------- --------------------- - -------------------------------------------------------------------------------------------------------------------------------- Cash and temporary cash investments at beginning of period 1,811 2,492 --------------------- --------------------- - -------------------------------------------------------------------------------------------------------------------------------- Cash and temporary cash investments at end of period $ 4,279 $ 1,928 ===================== ===================== - -------------------------------------------------------------------------------------------------------------------------------- Supplemental cash flow information: Cash paid during the period for: Interest $ 21,860 $ 13,085 ===================== ===================== Income taxes $ 32,885 $ 22,784 ===================== ===================== - -------------------------------------------------------------------------------------------------------------------------------- The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
18 WISCONSIN POWER AND LIGHT COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Except as modified below, the Alliant Energy Notes to Consolidated Financial Statements are incorporated by reference insofar as they relate to WP&L. Alliant Energy Note 5 does not relate to WP&L and, therefore, is not incorporated by reference. 1. The interim consolidated financial statements included herein have been prepared by WP&L, without audit, pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. The consolidated financial statements include WP&L and its consolidated subsidiary. WP&L is a subsidiary of Alliant Energy. These financial statements should be read in conjunction with the financial statements and the notes thereto included in WP&L's latest Annual Report on Form 10-K. In the opinion of management, all adjustments, which are normal and recurring in nature, necessary for a fair presentation of (a) the consolidated results of operations for the three and six months ended June 30, 1999 and 1998, (b) the consolidated financial position at June 30, 1999 and December 31, 1998, and (c) the consolidated statement of cash flows for the six months ended June 30, 1999 and 1998, have been made. Because of the seasonal nature of WP&L's operations, results for the three and six months ended June 30, 1999 are not necessarily indicative of results that may be expected for the year ending December 31, 1999. Certain prior period amounts have been reclassified on a basis consistent with the 1999 presentation. 19 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Alliant Energy Corporation, IES Utilities Inc. and Wisconsin Power and Light Company have each duly caused this amendment to be signed on its behalf by the undersigned thereunto duly authorized on the 1st day of November 1999.
ALLIANT ENERGY CORPORATION - -------------------------- Registrant By: /s/ John E. Ebright Vice President-Controller (Principal Accounting Officer) John E. Ebright IES UTILITIES INC. - ------------------ Registrant By: /s/ John E. Ebright Vice President-Controller (Principal Accounting Officer) John E. Ebright WISCONSIN POWER AND LIGHT COMPANY - --------------------------------- Registrant By: /s/ John E. Ebright Vice President-Controller (Principal Accounting Officer) John E. Ebright
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