Virginia
(State or other jurisdiction
of incorporation)
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001-08489
(Commission
File Number)
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54-1229715
(IRS Employer
Identification No.)
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120 Tredegar Street
Richmond, Virginia
(Address of Principal Executive Offices)
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23219
(Zip Code)
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Exhibit
|
|
99
|
Dominion Resources, Inc. press release dated October 25, 2012
|
DOMINION RESOURCES, INC.
Registrant
|
/s/Carter M. Reid
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Carter M. Reid
Vice President, General Counsel, Chief Compliance Officer & Corporate Secretary
|
FOR IMMEDIATE RELEASE
|
October 25, 2012
|
Company:
|
Dominion
|
Contacts:
|
|
Media:
|
Ryan Frazier (804) 819-2521, C.Ryan.Frazier@dom.com
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Analysts:
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Nathan Frost (804) 819-2187, Nathan.J.Frost@dom.com
|
|
· Third-quarter 2012 operating earnings of 92 cents per share compared to guidance of 90 cents to $1.00 per share
|
|
|
· Third-quarter 2012 GAAP earnings of 36 cents per share
|
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· Conference call scheduled for 10 a.m. EDT today
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Schedule 1 - Segment Operating Earnings
|
||||||||
Preliminary, Unaudited
|
||||||||
(millions, except earnings per share)
|
Three months ended September 30,
|
|||||||
2012
|
2011*
|
Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power
|
$119
|
$125
|
$(6)
|
|||||
Dominion Energy
|
104
|
95
|
9
|
|||||
Dominion Generation
|
363
|
394
|
(31)
|
|||||
Corporate and Other
|
(60)
|
(73)
|
13
|
|||||
OPERATING EARNINGS
|
$526
|
$541
|
$(15)
|
|||||
Items excluded from operating earnings 2, 3
|
(317)
|
(149)
|
(168)
|
|||||
REPORTED EARNINGS 1
|
$209
|
$392
|
$(183)
|
|||||
Common Shares Outstanding (average, diluted)
|
574.7
|
571.2
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
|
$0.21
|
$0.22
|
$(0.01)
|
|||||
Dominion Energy
|
0.18
|
0.17
|
0.01
|
|||||
Dominion Generation
|
0.63
|
0.69
|
(0.06)
|
|||||
Corporate and Other
|
(0.10)
|
(0.13)
|
0.03
|
|||||
OPERATING EARNINGS
|
$0.92
|
$0.95
|
$(0.03)
|
|||||
Items excluded from operating earnings 2
|
(0.56)
|
(0.26)
|
(0.30)
|
|||||
REPORTED EARNINGS 1
|
$0.36
|
$0.69
|
$(0.33)
|
|||||
(millions, except earnings per share)
|
Nine months ended September 30,
|
|||||||
2012
|
2011*
|
Change
|
||||||
Earnings:
|
||||||||
Dominion Virginia Power
|
$428
|
$389
|
$39
|
|||||
Dominion Energy
|
362
|
368
|
(6)
|
|||||
Dominion Generation
|
737
|
886
|
(149)
|
|||||
Corporate and Other
|
(178)
|
(223)
|
45
|
|||||
OPERATING EARNINGS
|
$1,349
|
$1,420
|
$(71)
|
|||||
Items excluded from operating earnings 2, 4
|
(388)
|
(213)
|
(175)
|
|||||
REPORTED EARNINGS 1
|
$961
|
$1,207
|
$(246)
|
|||||
Common Shares Outstanding (average, diluted)
|
573.2
|
575.6
|
||||||
Earnings Per Share (EPS):
|
||||||||
Dominion Virginia Power
|
$0.75
|
$0.68
|
$0.07
|
|||||
Dominion Energy
|
0.63
|
0.64
|
(0.01)
|
|||||
Dominion Generation
|
1.29
|
1.54
|
(0.25)
|
|||||
Corporate and Other
|
(0.31)
|
(0.39)
|
0.08
|
|||||
OPERATING EARNINGS
|
$2.36
|
$2.47
|
$(0.11)
|
|||||
Items excluded from operating earnings 2
|
(0.68)
|
(0.37)
|
(0.31)
|
|||||
REPORTED EARNINGS 1
|
$1.68
|
$2.10
|
$(0.42)
|
|||||
1)
|
Determined in accordance with Generally Accepted Accounting Principles (GAAP).
|
|||||||
2)
|
Items excluded from operating earnings are reported in Corporate and Other segment. Refer to Schedules
|
|||||||
2 and 3 for details, or find "GAAP Reconciliation" on Dominion's website at www.dom.com/investors.
|
||||||||
3)
|
Pre-tax amounts for the current period and the prior period are ($480) million and ($263) million, respectively.
|
|||||||
4)
|
Pre-tax amounts for the current period and the prior period are ($596) million and ($350) million, respectively.
|
|||||||
*
|
Reflects amounts as originally reported prior to recast of results for State Line and Salem Harbor generating
|
|||||||
stations as discontinued operations.
|
·
|
$297 million net loss, including impairment charges, primarily resulting from the planned shutdown of our Kewaunee nuclear merchant power station.
|
·
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$45 million net loss from operations of Brayton Point, Kincaid, and Elwood fossil fuel-fired merchant power stations which Dominion decided to market for sale in the third quarter of
2012.
|
·
|
$42 million of restoration costs associated with summer storms that occurred in late June throughout the Dominion Virginia Power and Dominion North Carolina Power service
territories.
|
·
|
$22 million net loss from discontinued operations of two merchant power stations (State Line and Salem Harbor) which were sold in 2012.
|
·
·
|
$9 million net gain related to our investments in nuclear decommissioning trust funds.
$9 million net benefit related to other items.
|
(millions, except per share amounts)
|
1Q12
|
2Q12
|
3Q12
|
4Q12
|
YTD 2012
|
2
|
|
Operating earnings
|
$486
|
$337
|
$526
|
$1,349
|
|||
Items excluded from operating earnings (after-tax):
|
|||||||
Kewaunee
|
2
|
(18)
|
(281)
|
(297)
|
|||
Brayton Point, Kincaid, Elwood operations
|
(45)
|
(45)
|
|||||
Late June summer storms
|
(45)
|
3
|
(42)
|
||||
Discontinued operations - State Line & Salem Harbor
|
1
|
(18)
|
(5)
|
(22)
|
|||
Net gain in nuclear decommissioning trust funds
|
5
|
2
|
2
|
9
|
|||
Other
|
9
|
9
|
|||||
Total items excluded from operating earnings (after-tax) 1
|
8
|
(79)
|
(317)
|
(388)
|
|||
Reported net income
|
$494
|
$258
|
$209
|
$961
|
|||
Common shares outstanding (average, diluted)
|
571.9
|
573.1
|
574.7
|
573.2
|
|||
Operating earnings per share
|
$0.85
|
$0.59
|
$0.92
|
$2.36
|
|||
Items excluded from operating earnings (after-tax)
|
0.01
|
(0.14)
|
(0.56)
|
(0.68)
|
|||
Reported earnings per share
|
$0.86
|
$0.45
|
$0.36
|
$1.68
|
|||
1)
|
Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
|
||||||
Items excluded from operating earnings:
|
1Q12
|
2Q12
|
3Q12
|
4Q12
|
YTD 2012
|
||
Kewaunee
|
3
|
(26)
|
(435)
|
(458)
|
|||
Brayton Point, Kincaid, Elwood operations
|
(34)
|
(34)
|
|||||
Late June summer storms
|
(74)
|
5
|
(69)
|
||||
Discontinued operations - State Line & Salem Harbor
|
2
|
(32)
|
(19)
|
(49)
|
|||
Net gain in nuclear decommissioning trust funds
|
8
|
3
|
3
|
14
|
|||
Total items excluded from operating earnings
|
$13
|
($129)
|
($480)
|
($596)
|
|||
2)
|
YTD 2012 EPS may not equal sum of quarters due to share count differences.
|
·
|
$178 million of impairment charges related to certain utility ($139 million) and merchant ($39 million) coal-fired power stations.
|
·
|
$59 million of restoration costs associated with Hurricane Irene.
|
·
|
$39 million net loss from operations at our Kewaunee nuclear merchant power station.
|
·
|
$34 million impairment of excess emission allowances resulting from a new EPA air pollution rule.
|
·
|
$21 million of severance costs and other charges related to our State Line and Salem Harbor merchant power stations.
|
·
|
$19 million net charge in connection with the Virginia Commission’s final ruling associated with its biennial review of Virginia Power’s base rates for 2009-2010 test years.
|
·
|
$13 million of earthquake related costs, largely related to inspections following the safe shutdown of reactors at our North Anna nuclear power station.
|
·
·
|
$14 million benefit related to litigation with the Department of Energy for spent nuclear fuel-related costs at Millstone nuclear power station.
$3 million net benefit related to other items.
|
(millions, except per share amounts)
|
1Q11
|
2Q11
|
3Q11
|
4Q11
|
YTD 2011
|
2
|
||
Operating earnings
|
$541
|
$338
|
$541
|
$334
|
$1,754
|
|||
Items excluded from operating earnings (after-tax):
|
||||||||
Impairment of generation assets
|
(39)
|
(139)
|
(178)
|
|||||
Hurricane Irene costs
|
(74)
|
15
|
(59)
|
|||||
Kewaunee operations
|
(19)
|
(1)
|
(12)
|
(7)
|
(39)
|
|||
Emission allowances impairments
|
(34)
|
(34)
|
||||||
Charges related to State Line & Salem Harbor operations
|
(11)
|
(10)
|
(21)
|
|||||
Impact of Virginia Power biennial review order
|
(19)
|
(19)
|
||||||
Earthquake costs
|
(13)
|
(13)
|
||||||
Recoverable spent nuclear fuel-related costs
|
14
|
14
|
||||||
Other items
|
(4)
|
(4)
|
(6)
|
17
|
3
|
|||
Total items excluded from operating earnings (after-tax) 1
|
(62)
|
(2)
|
(149)
|
(133)
|
(346)
|
|||
Reported net income
|
$479
|
$336
|
$392
|
$201
|
$1,408
|
|||
Common shares outstanding (average, diluted)
|
580.5
|
575.2
|
571.2
|
571.2
|
574.6
|
|||
Operating earnings per share
|
$0.93
|
$0.59
|
$0.95
|
$0.58
|
$3.05
|
|||
Items excluded from operating earnings (after-tax)
|
(0.11)
|
(0.01)
|
(0.26)
|
(0.23)
|
(0.60)
|
|||
Reported earnings per share
|
$0.82
|
$0.58
|
$0.69
|
$0.35
|
$2.45
|
|||
1)
|
Pre-tax amounts for items excluded from operating earnings are reflected in the following table:
|
|||||||
Items excluded from operating earnings:
|
1Q11
|
2Q11
|
3Q11
|
4Q11
|
YTD 2011
|
|||
Impairment of generation assets
|
(55)
|
(228)
|
(283)
|
|||||
Hurricane Irene costs
|
(121)
|
25
|
(96)
|
|||||
Kewaunee operations
|
(32)
|
(5)
|
(19)
|
(10)
|
(66)
|
|||
Emission allowances impairments
|
(57)
|
(57)
|
||||||
Charges related to State Line & Salem Harbor operations
|
(17)
|
(16)
|
(33)
|
|||||
Impact of Virginia Power biennial review order
|
(31)
|
(31)
|
||||||
Earthquake costs
|
(21)
|
(21)
|
||||||
Recoverable spent nuclear fuel-related costs
|
24
|
24
|
||||||
Other items
|
6
|
(8)
|
(29)
|
(11)
|
(42)
|
|||
Total items excluded from operating earnings
|
($81)
|
($6)
|
($263)
|
($255)
|
($605)
|
|||
2)
|
YTD 2011 EPS may not equal sum of quarters due to share count differences.
|
|||||||
3)
|
Reflects amounts as originally reported prior to recast of results for State Line and Salem Harbor generating stations
|
|||||||
as discontinued operations.
|
Schedule 4 - Reconciliation of 3Q12 Earnings to 3Q11
|
|||
Preliminary, unaudited
|
Three Months Ended
|
||
(millions, except EPS)
|
September 30,
|
||
2012 vs. 20111
|
|||
Increase / (Decrease)
|
|||
Reconciling Items
|
Amount
|
EPS
|
|
Dominion Virginia Power
|
|||
Regulated electric sales:
|
|||
Weather
|
($11)
|
($0.02)
|
|
Other
|
7
|
0.01
|
|
FERC Transmission equity return
|
3
|
0.01
|
|
Retail energy marketing operations
|
(6)
|
(0.01)
|
|
Storm damage and service restoration
|
2
|
0.00
|
|
Other
|
(1)
|
0.00
|
|
Share accretion
|
---
|
0.00
|
|
Change in contribution to operating earnings
|
($6)
|
($0.01)
|
|
Dominion Energy
|
|||
Gas Distribution weather
|
1
|
0.00
|
|
Producer Services margin
|
7
|
0.01
|
|
Other
|
1
|
0.00
|
|
Share accretion
|
---
|
0.00
|
|
Change in contribution to operating earnings
|
$9
|
$0.01
|
|
Dominion Generation
|
|||
Regulated electric sales:
|
|||
Weather
|
($29)
|
($0.05)
|
|
Other
|
19
|
0.03
|
|
Merchant generation margin
|
(20)
|
(0.04)
|
|
Brayton Point, Kincaid and Elwood 2011 earnings
|
(9)
|
(0.02)
|
|
State Line and Salem Harbor 2011 earnings
|
(14)
|
(0.03)
|
|
Rate adjustment clause equity return
|
6
|
0.01
|
|
PJM ancillary services
|
(3)
|
(0.01)
|
|
Net capacity expenses
|
3
|
0.01
|
|
Outage costs
|
5
|
0.01
|
|
Other
|
11
|
0.02
|
|
Share accretion
|
---
|
0.01
|
|
Change in contribution to operating earnings
|
($31)
|
($0.06)
|
|
Corporate and Other
|
|||
Change in contribution to operating earnings
|
$13
|
$0.03
|
|
Change in consolidated operating earnings
|
($15)
|
($0.03)
|
|
Change in items excluded from operating earnings 2
|
($168)
|
($0.30)
|
|
Change in reported earnings (GAAP)
|
($183)
|
($0.33)
|
|
1)
|
Reflects 2011 amounts prior to recast of operating results of State Line and Salem Harbor generating
|
||
stations as discontinued operations.
|
|||
2)
|
Refer to Schedules 2 and 3 for details of items excluded from operating earnings, or find "GAAP Reconciliation"
|
||
on Dominion's website at www.dom.com/investors.
|