-----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, FiM++ay0WhHZwRT1HCsOMhlhpTo+ZAUabvEDDC3G43jOomiMCe24rrVELn6I/qbH DaKzcDvUGP5nk2yn2smO6Q== 0000066756-97-000011.txt : 19970123 0000066756-97-000011.hdr.sgml : 19970123 ACCESSION NUMBER: 0000066756-97-000011 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19970122 SROS: AMEX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MINNESOTA POWER & LIGHT CO CENTRAL INDEX KEY: 0000066756 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 410418150 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-03548 FILM NUMBER: 97508745 BUSINESS ADDRESS: STREET 1: 30 W SUPERIOR ST CITY: DULUTH STATE: MN ZIP: 55802 BUSINESS PHONE: 2187222641 MAIL ADDRESS: STREET 1: 30 W SUPERIOR STREET CITY: DULUTH STATE: MN ZIP: 55802 10-Q/A 1 FORM 10-Q/A MARCH 31, 1996 Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q/A Amendment No. 1 (Mark One) /X/ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 1996 or / / Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 1-3548 Minnesota Power & Light Company A Minnesota Corporation IRS Employer Identification No. 41-0418150 30 West Superior Street Duluth, Minnesota 55802 Telephone - (218) 722-2641 Indicate by check mark whether the registrant (1) has 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 and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- Common Stock, no par value, 31,673,778 shares outstanding as of April 30, 1996 - ------------------------------------------------------------------------------- This Amendment No. 1 to Minnesota Power & Light Company's (Company) Quarterly Report on Form 10-Q for the quarter ended March 31, 1996 (Form 10-Q) is being filed to reflect a reclassification of distributions on Company obligated mandatorily redeemable preferred securities of subsidiary MP&L Capital I. This Amendment No. 1 includes only those portions of the Form 10-Q which have been changed as a result of such reclassification. - ------------------------------------------------------------------------------- -1- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Minnesota Power Consolidated Balance Sheet In Thousands March 31, December 31, 1996 1995 Unaudited Audited - -------------------------------------------------------------------------------- Assets Plant and Other Assets Electric operations $ 802,417 $ 800,477 Water operations 316,807 323,182 Automobile auctions 134,043 123,632 Investments 196,279 201,360 ----------- ----------- Total plant and other assets 1,449,546 1,448,651 ----------- ----------- Current Assets Cash and cash equivalents 60,270 31,577 Trading securities 45,955 40,007 Trade accounts receivable (less reserve of $3,716 and $3,325) 173,207 128,072 Notes and other accounts receivable 18,172 12,220 Fuel, material and supplies 22,799 26,383 Prepayments and other 14,213 13,706 ----------- ----------- Total current assets 334,616 251,965 ----------- ----------- Deferred Charges Regulatory 82,946 88,631 Other 26,438 25,037 ----------- ----------- Total deferred charges 109,384 113,668 ----------- ----------- Intangible Assets Goodwill 121,124 120,245 Other 13,038 13,096 ----------- ----------- Total intangible assets 134,162 133,341 ----------- ----------- Total Assets $ 2,027,708 $ 1,947,625 - -------------------------------------------------------------------------------- Capitalization and Liabilities Capitalization Common stock without par value, 65,000,000 shares authorized 31,647,679 and 31,467,650 shares outstanding $ 379,925 $ 377,684 Unearned ESOP shares (71,964) (72,882) Net unrealized gain on securities investments 819 3,206 Cumulative translation adjustment (191) (177) Retained earnings 278,665 276,241 ----------- ----------- Total common stock equity 587,254 584,072 Cumulative preferred stock 28,547 28,547 Redeemable serial preferred stock 20,000 20,000 Company obligated mandatorily redeemable preferred securities of subsidiary MP&L Capital I which holds solely Company Junior Subordinated Debentures 75,000 - Long-term debt 576,362 639,548 ----------- ----------- Total capitalization 1,287,163 1,272,167 ----------- ----------- Current Liabilities Accounts payable 101,615 68,083 Accrued taxes 62,334 40,999 Accrued interest and dividends 9,744 14,471 Notes payable 45,096 96,218 Long-term debt due within one year 68,821 9,743 Other 35,470 27,292 ----------- ----------- Total current liabilities 323,080 256,806 ----------- ----------- Deferred Credits Accumulated deferred income taxes 162,532 164,737 Contributions in aid of construction 96,467 98,167 Regulatory 57,221 57,950 Other 101,245 97,798 ----------- ----------- Total deferred credits 417,465 418,652 ----------- ----------- Total Capitalization and Liabilities $ 2,027,708 $ 1,947,625 - -------------------------------------------------------------------------------- The accompanying notes are an integral part of this statement. -2- Minnesota Power Consolidated Statement of Income In Thousands Except Per Share Amounts - Unaudited Quarter Ended March 31, 1996 1995 - -------------------------------------------------------------------------------- Operating Revenue and Income Electric operations $ 131,501 $ 120,754 Water operations 19,227 15,600 Automobile auctions 39,693 - Investments 12,255 10,332 ----------- ----------- Total operating revenue and income 202,676 146,686 ----------- ----------- Operating Expenses Fuel and purchased power 43,643 40,310 Operations 86,030 62,142 Administrative and general 33,792 18,459 Interest expense 14,160 11,100 ----------- ----------- Total operating expenses 177,625 132,011 ----------- ----------- Income (Loss) from Equity Investments 3,777 (6,271) ----------- ----------- Operating Income from Continuing Operations 28,828 8,404 Distributions on Redeemable Preferred Securities of Subsidiary 201 - Income Tax Expense (Benefit) 10,324 (15,401) ----------- ----------- Income from Continuing Operations 18,303 23,805 Income from Discontinued Operations - 1,652 ----------- ----------- Net Income 18,303 25,457 Dividends on Preferred Stock 800 800 ----------- ----------- Earnings Available for Common Stock $ 17,503 $ 24,657 =========== =========== Average Shares of Common Stock 28,786 28,368 Earnings Per Share of Common Stock Continuing operations $ .61 $ .81 Discontinued operations - .06 ----- ----- Total $ .61 $ .87 ===== ===== Dividends Per Share of Common Stock $ .51 $ .51 - -------------------------------------------------------------------------------- The accompanying notes are an integral part of this statement. -3- Minnesota Power Consolidated Statement of Cash Flows In Thousands - Unaudited Quarter Ended March 31, 1996 1995 - -------------------------------------------------------------------------------- Operating Activities Net income $ 18,303 $ 25,457 Depreciation and amortization 16,216 13,766 Deferred income taxes (742) (17,415) Deferred investment tax credits (623) (620) Pre-tax gain on sale of plant (1,073) - Changes in operating assets and liabilities Trading securities (5,948) 2,336 Notes and accounts receivable (45,776) 8,763 Fuel, material and supplies 3,584 (1,613) Accounts payable 33,532 (7,052) Other current assets and liabilities 24,279 16,104 Other - net 5,342 3,698 --------- -------- Cash from operating activities 47,094 43,424 --------- -------- Investing Activities Proceeds from sale of investments in securities 7,849 26,466 Additions to investments (4,449) (20,042) Additions to plant (25,427) (17,027) Changes to other assets - net 250 1,035 --------- -------- Cash for investing activities (21,777) (9,568) --------- -------- Financing Activities Issuance of common stock 4,546 829 Issuance of long-term debt 77,108 305 Issuance of Company obligated mandatorily redeemable preferred securities of subsidiary MP&L Capital I - net 72,638 - Changes in notes payable (53,821) (23,931) Reductions of long-term debt (81,217) (989) Dividends on preferred and common stock (15,878) (15,720) --------- -------- Cash from (for) financing activities 3,376 (39,506) --------- -------- Change in Cash and Cash Equivalents 28,693 (5,650) Cash and Cash Equivalents at Beginning of Period 31,577 27,001 --------- -------- Cash and Cash Equivalents at End of Period $ 60,270 $ 21,351 ========= ======== Supplemental Cash Flow Information Cash paid during the period for Interest (net of capitalized) $ 17,781 $ 16,616 Income taxes $ 2,844 $ 982 - -------------------------------------------------------------------------------- The accompanying notes are an integral part of this statement. -4- Note 1. Business Segments In Thousands
Investments ---------------------- Corporate Electric Water Automobile Portfolio & Real Charges Consolidated Operations Operations Auctions Reinsurance Estate & Other ------------ ----------- ---------- ------------ ----------- ------ ---------- Quarter Ended March 31, 1996 - ---------------------------- Operating revenue and income $ 202,676 $ 131,501 $ 19,227 $ 39,693 $ 3,869 $ 8,676 $ (290) Operation and other expense 147,249 95,307 11,518 34,202 523 3,213 2,486 Depreciation and amortization expense 16,216 10,499 3,137 2,550 - 30 - Interest expense 14,160 5,674 3,190 1,291 1 2 4,002 Income from equity investments 3,777 - - - 3,777 - - ---------- ---------- ---------- ---------- ---------- ---------- --------- Operating income from continuing operations 28,828 20,021 1,382 1,650 7,122 5,431 (6,778) Distributions on redeemable preferred securities of subsidiary 201 77 - - - - 124 Income tax expense (benefit) 10,324 7,742 449 662 2,322 2,363 (3,214) ---------- ---------- ---------- ---------- ---------- ---------- --------- Net income $ 18,303 $ 12,202 $ 933 $ 988 $ 4,800 $ 3,068 $ (3,688) ========== ========== ========== ========== ========== ========== ========= Total assets $2,027,708 $ 990,018 $ 340,312 $ 429,604 $ 210,973 $ 55,225 $ 1,576 Accumulated depreciation $ 631,694 $ 518,311 $ 110,536 $ 2,847 - - - Accumulated amortization $ 4,195 - - $ 3,398 - $ 797 - Construction work in progress $ 55,491 $ 27,715 - $ 27,776 - - - Quarter Ended March 31, 1995 - ---------------------------- Operating revenue and income $ 146,686 $ 120,754 $ 15,600 - $ 6,739 $ 4,265 $ (672) Operation and other expense 108,310 87,037 11,055 - 935 7,134 2,149 Depreciation and amortization expense 12,601 10,021 2,520 - - 60 - Interest expense 11,100 5,497 2,463 - 2 2 3,136 Income (loss) from equity investments (6,271) - - - 2,257 - (8,528) ---------- ---------- ---------- ---------- ---------- --------- Operating income (loss) from continuing operations 8,404 18,199 (438) - 8,059 (2,931) (14,485) Income tax expense (benefit) (15,401) 7,782 (395) - 1,775 (18,015) (6,548) ---------- ---------- ---------- ---------- ---------- --------- Income (loss) from continuing operations 23,805 $ 10,417 $ (43) - $ 6,284 $ 15,084 $ (7,937) ========== ========== ========== ========== ========= Income from discontinued operations 1,652 ---------- Net income $ 25,457 ========== Total assets $1,786,626 $ 992,699 $ 310,776 - $ 274,383 $ 34,443 $ 362 Accumulated depreciation $ 598,644 $ 501,545 $ 91,334 - - - - Accumulated amortization $ 507 - - - - $ 507 - Construction work in progress $ 37,155 $ 30,432 $ 6,723 - - - - - -------------------------------- Purchased July 1, 1995. Includes an $8.5 million pre-tax provision for exiting the equipment manufacturing business. Includes $3.7 million of minority interest relating to the recognition of tax benefits. (See Note 4.) Includes $18.4 million of tax benefits. (See Note 4.) Includes $174 million related to operations discontinued in 1995. Includes $5.8 million related to operations discontinued in 1995.
Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule -5- 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. Minnesota Power & Light Company ------------------------------- (Registrant) January 22, 1997 D. G. Gartzke ------------------------------- D. G. Gartzke Senior Vice President - Finance and Chief Financial Officer January 22, 1997 Mark A. Schober ------------------------------- Mark A. Schober Corporate Controller -6- EX-27 2
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MINNESOTA POWER'S CONSOLIDATED BALANCE SHEET, STATEMENT OF INCOME, AND STATEMENT OF CASH FLOW FOR THE PERIOD ENDED MARCH 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 PER-BOOK 1,119,224 330,322 334,616 109,384 134,162 2,027,708 379,925 0 278,665 587,254 75,000 48,547 576,362 45,096 0 0 68,821 0 0 0 555,292 2,027,708 202,676 10,324 163,465 177,625 28,828 3,576 32,463 14,160 18,303 800 17,503 15,078 0 47,094 .61 .61 Includes $3,777,000 of Income from Equity Investments and $201,000 for Distributions on Redeemable Preferred Securities of Subsidiary.
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