-----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, K0lbFqAdXyhowNZcw93NFazsIq4258ZdWCYY9HpvAWFfo0EY77zUQCtDLHu/VOEt iQi6Er7RBDSQ8kQAprX4fQ== 0000065350-03-000002.txt : 20030312 0000065350-03-000002.hdr.sgml : 20030312 20030312122142 ACCESSION NUMBER: 0000065350-03-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030312 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROPOLITAN EDISON CO CENTRAL INDEX KEY: 0000065350 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 230870160 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00446 FILM NUMBER: 03600443 BUSINESS ADDRESS: STREET 1: 2800 POTTSVILLE PIKE STREET 2: MUHLENBERG TOWNSHIP CITY: READING STATE: PA ZIP: 19640-0001 BUSINESS PHONE: 6109293601 MAIL ADDRESS: STREET 1: C/O ENERGY GPU ENERGY STREET 2: 2800 POTTERVILLE CITY: READING STATE: PA ZIP: 19640-0001 8-K 1 main.txt MET-ED UNAUDITED FINANCIAL INFORMATION 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) March 12, 2003 Commission Registrant; State of Incorporation; I.R.S. Employer File Number Address; and Telephone Number Identification No. - ----------- ----------------------------------- ------------------ 1-446 Metropolitan Edison Company 23-0870160 (A Pennsylvania Corporation) c/o FirstEnergy Corp. 76 South Main Street Akron, OH 44308 Telephone (800) 736-3402 Item 5. Other Events Metropolitan Edison Company (Met-Ed) reports unaudited financial information for the year ended December 31, 2002. Met-Ed is also providing specific disclosure with respect to the Pennsylvania Supreme Court action that was previously reported in Met-Ed's Form 8-K filed on January 21, 2003.
METROPOLITAN EDISON COMPANY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the year ended Nov 7 - Jan. 1 - December 31, 2002 Dec. 31, 2001 Nov. 6, 2001 - ---------------------------------------------------------------------------------------------------------------- (Dollars in thousands) OPERATING REVENUES............................................ $986,608 $143,760 | $824,556 -------- -------- | -------- | OPERATING EXPENSES AND TAXES: | Fuel and purchased power (A)............................... 604,305 83,275 | 478,954 Other operating costs...................................... 115,371 16,122 | 123,094 -------- -------- | -------- Total operation and maintenance expenses................. 719,676 99,397 | 602,048 Provision for depreciation and amortization................ 81,419 8,903 | 51,867 General taxes.............................................. 66,795 6,509 | 39,845 Income taxes............................................... 27,447 11,584 | 28,549 -------- -------- | -------- Total operating expenses and taxes....................... 895,337 126,393 | 722,309 -------- -------- | -------- | OPERATING INCOME.............................................. 91,271 17,367 | 102,247 | OTHER INCOME.................................................. 21,742 5,465 | 7,807 -------- -------- | -------- | INCOME BEFORE NET INTEREST CHARGES............................ 113,013 22,832 | 110,054 -------- -------- | -------- | NET INTEREST CHARGES: | Subsidiaries' preferred stock dividend requirements........ 7,559 1,102 | 6,248 Interest on long-term debt................................. 40,774 5,615 | 33,101 Allowance for borrowed funds used during | construction............................................. (470) 30 | (574) Deferred interest.......................................... (710) (276) | (321) Other interest expense .................................... 2,636 1,744 | 9,219 -------- -------- | -------- Net interest charges..................................... 49,789 8,215 | 47,673 -------- -------- | -------- | NET INCOME.................................................... $ 63,224 $ 14,617 | $ 62,381 ======== ======== | ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES............... 3.09 4.29 | 3.08 ==== ==== | ==== Transmission and Distribution Kilowatt-Hour Deliveries (Millions): Residential................................................ 4,738 793 | 3,712 Commercial................................................. 3,991 652 | 3,203 Industrial................................................. 3,972 662 | 3,506 Other...................................................... 35 6 | 27 -------- -------- | -------- Total Retail............................................... 12,736 2,113 | 10,448 Total Wholesale............................................ 840 195 | 1,067 -------- -------- | -------- Total...................................................... 13,576 2,308 | 11,515 ====== ======= | =======
Met-Ed was formerly a wholly owned subsidiary of GPU, Inc., which merged with FirstEnergy Corp. (FirstEnergy) on November 7, 2001. Pre-merger period and post-merger period financial results are separated by a heavy black line. 1
METROPOLITAN EDISON COMPANY SELECTED FINANCIAL DATA (Unaudited) December 31, 2002 December 31, 2001 - ------------------------------------------------------------------------------------------------- (Dollars in thousands) Total Assets....................................... $3,564,805 $3,607,187 ========== ========== Total Liabilities.................................. $1,618,020 $1,642,957 ========== ========== Capitalization: Common Stockholder's Equity..................... $1,315,586 $1,288,953 Company-Obligated Trust Preferred Securities 92,409 92,200 Long-Term Debt.................................. 538,790 583,077 ---------- ---------- Total Capitalization.......................... $1,946,785 $1,964,230 ========== ========== Capitalization Ratios: Common Stockholder's Equity..................... 67.6% 65.6% Company-Obligated Trust Preferred Securities ... 4.7 4.7 Long-Term Debt.................................. 27.7 29.7 ----- ----- Total Capitalization.......................... 100.0% 100.0% ===== =====
(A): On January 17, 2003, the Pennsylvania Supreme Court denied further appeals of the February 21, 2002 Pennsylvania Commonwealth Court decision related to FirstEnergy's merger with GPU, Inc. The Commonwealth Court had overturned the Pennsylvania Public Utility Commission's order allowing Met-Ed to use deferred cost accounting treatment for Provider of Last Resort costs in excess of Met-Ed's fixed generation tariff. In 2002, Met-Ed incurred a $40.2 million loss ($23.5 million net of tax) related to the energy costs (included in the fuel and purchased power costs on the Consolidated Statements of Income) that otherwise would have been deferred absent the Commonwealth Court decision through August 31, 2002. Met-Ed entered into a wholesale power sale agreement with its unregulated supply affiliate FirstEnergy Solutions Corp. (FES), effective September 1, 2002. Under the terms of the wholesale agreement, FES assumes the supply obligation and the energy supply profit and loss risk for the portion of power supply requirements not self-supplied by Met-Ed under its nonutility generation and other existing power contracts with nonaffiliated third party suppliers. This Form 8-K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Actual results may differ materially due to the speed and nature of increased competition and deregulation in the electric utility industry, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy market prices, legislative and regulatory changes or approvals (including revised environmental requirements), availability and cost of capital, inability to accomplish or realize anticipated benefits of strategic goals and other similar factors. Item 7. Exhibits Exhibit No. Description - ----------- ----------- 12 Consolidated Ratio of Earnings to Fixed Charges 2 SIGNATURE 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. March 12, 2003 METROPOLITAN EDISON COMPANY --------------------------- Registrant /s/ Harvey L. Wagner ----------------------------------------- Harvey L. Wagner Vice President and Controller 3 EX-12 3 ex12.txt
EXHIBIT 12 METROPOLITAN EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (Unaudited) Year Ended Nov. 7 - Jan. 1 - Dec. 31, 2002 Dec. 31, 2001 Nov. 6, 2001 ------------- ------------- ------------ (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items....................... $ 63,224 $14,617 | $ 62,381 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income.... 50,969 8,461 | 48,568 Provision for income taxes............................ 44,372 10,905 | 39,449 Interest element of rentals charged to income (a)..... 515 (693) | 284 -------- ------- | -------- Earnings as defined................................. $159,080 $33,290 | $150,682 ======== ======= | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt.............................. $ 40,774 $ 5,615 | $ 33,101 Other interest expense.................................. 2,636 1,744 | 9,219 Subsidiary's preferred stock dividend requirements...... 7,559 1,102 | 6,248 Interest element of rentals charged to income (a)....... 515 (693) | 284 -------- ------- | -------- Fixed charges as defined............................ $ 51,484 $ 7,768 | $ 48,852 ======== ======= | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES............ 3.09 4.29 | 3.08 ==== ==== | ==== - ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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