United States
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
February 27, 2014
Date of report (date of earliest event reported)
Commission File No. |
| Name of Registrant, State of Incorporation, Address of Principal Executive Offices, and Telephone No. |
| IRS Employer Identification No. |
000-49965 |
| MGE Energy, Inc. (a Wisconsin Corporation) 133 South Blair Street Madison, Wisconsin 53788 (608) 252-7000 mgeenergy.com |
| 39-2040501 |
000-1125 |
| Madison Gas and Electric Company (a Wisconsin Corporation) 133 South Blair Street Madison, Wisconsin 53788 (608) 252-7000 mge.com |
| 39-0444025 |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition.
On February 27, 2014, MGE Energy, Inc. (the Company) issued a press release announcing its fourth-quarter 2013 earnings. The Company is furnishing a copy of that press release as Exhibit 99.1 to this report.
This combined Form 8-K is being furnished separately by the Company and Madison Gas and Electric Company. Information contained herein relating to any individual registrant has been furnished by such registrant on its own behalf. Neither registrant makes any representation as to information relating to the other registrant.
Item 9.01. Financial Statements and Exhibits.
(a)
Financial statements of businesses acquired: None
(b)
Pro forma financial information: None
(c)
Shell company transactions: None
(d)
Exhibits.
Exhibit No. |
| Description |
99.1 |
| Press release of MGE Energy, Inc., issued on February 27, 2014. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| MGE Energy, Inc. Madison Gas and Electric Company |
| (Registrants) |
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Date: February 27, 2014 | /s/ Jeffrey C. Newman |
| Jeffrey C. Newman Vice President, Chief Financial Officer, Secretary and Treasurer |
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MGE Energy, Inc.
Madison Gas and Electric Company
Exhibit Index to Form 8-K
Dated February 27, 2014
Exhibit No. |
| Description |
| Press release of MGE Energy, Inc., issued on February 27, 2014. |
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EXHIBIT 99.1
News
MGE Energy Reports Fourth-Quarter Earnings
Madison, Wis., Feb. 27, 2014—MGE Energy, Inc. (Nasdaq: MGEE) today reported earnings for the three months ended Dec. 31, 2013, of $14.1 million, or 41 cents per share, compared to $10.5 million, or 30 cents per share, for the same period in the prior year. MGE Energy reported earnings for the twelve months ended Dec. 31, 2013, of $74.9 million, or $2.16 per share, compared to $64.4 million, or $1.86 per share, for the same period in the prior year. Average shares outstanding and per share amounts for all periods presented reflect the three-for-two stock split declared on Dec. 20, 2013, effective in the form of a stock dividend distributed on Feb. 7, 2014.
During the three months ended Dec. 31, 2013, the company benefitted from higher gas sales volumes of 28.1% reflecting higher customer demand in part due to colder weather during the three months ending Dec. 31, 2013, compared to the same period in the prior year. In December 2013, the average temperature was 17.7 degrees, compared to an average temperature in December 2012 of 30.2 degrees. Normal average temperature in December is 25.1 degrees.
For the twelve months ended Dec. 31, 2013, earnings increased $10.5 million compared to the same period in the prior year. This was driven primarily by an increase in gas sales volume of 25.7% in part due to colder weather in the first and fourth quarters of 2013 compared to the same periods in the prior year. Also contributing to earnings during the year was the benefit of allowance for funds used during construction for the environmental controls at the Columbia Energy Center and savings from MGE's ongoing effort to manage costs. This was partially offset by a decrease in retail electric sales driven by a return to more normal weather in 2013 compared to warmer-than-normal summer weather in 2012. The average temperature in July 2013 was 71.9 degrees compared to 79.7 degrees in July 2012.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 141,000 customers in Dane County, Wis., and purchases and distributes natural gas to 147,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.
MGE Energy, Inc.
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Dec. 31, | 2013 |
| 2012 |
Operating revenue | $155,263 |
| $137,005 |
Operating income | $25,962 |
| $19,350 |
Net income | $14,077 |
| $10,486 |
Earnings per share (basic and diluted) | $0.41 |
| $0.30 |
Weighted average shares outstanding (basic and diluted) | 34,668 |
| 34,668 |
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Twelve Months Ended Dec. 31, | 2013 |
| 2012 |
Operating revenue | $590,887 |
| $541,323 |
Operating income | $127,987 |
| $112,763 |
Net income | $74,905 |
| $64,446 |
Earnings per share (basic and diluted) | $2.16 |
| $1.86 |
Weighted average shares outstanding (basic and diluted) | 34,668 |
| 34,668 |
Contact
Steve Kraus
Manager - Media Relations | 608-252-7907
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