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Proc-Type: 2001,MIC-CLEAR
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Current Report On
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
MAY 3, 2004
Commission |
Registrant; State of Incorporation |
IRS Employer |
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File Number |
Address; and Telephone Number |
Identification No. |
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001-09057 |
WISCONSIN ENERGY CORPORATION |
39-1391525 |
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(A Wisconsin Corporation) |
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231 West Michigan Street |
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P.O. Box 2949 |
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Milwaukee, WI 53201 |
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(414) 221-2345 |
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Form 8-K
WISCONSIN ENERGY CORPORATION
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
Wisconsin Energy Corporation issued a press release announcing its financial results for the quarter ended March 31, 2004 on Monday, May 3, 2004. A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99.1 filed herewith and incorporated herein by reference.
Form 8-K
SIGNATURES |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly |
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caused this report to be signed on its behalf by the undersigned thereunto duly authorized. |
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WISCONSIN ENERGY CORPORATION |
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(Registrant) |
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/s/ STEPHEN P. DICKSON |
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Date: May 3, 2004 |
Stephen P. Dickson -- Controller and |
Principal Accounting Officer |
Exhibit 99.1
From: Jack Powell (media)
414-221-4444
jack.powell@we-energies.com
Colleen Henderson (investors)
414-221-2592
colleen.henderson@we-energies.com
May 3, 2004
Wisconsin Energy Corporation posts first quarter results
MILWAUKEE -- Wisconsin Energy Corp. (NYSE: WEC) today reported first quarter 2004 net income of $91 million, or $0.76 per share, compared with net income of $92 million, or $0.79 per share, in the first three months of 2003. The results are in line with the annual earnings guidance the company issued earlier this year.
In this year's first quarter, the company recorded a charge of $0.03 per share for early debt-redemption costs. Adjusting for this item, earnings from normal operations were $0.79 per share in the first quarter of 2004 compared to $0.79 per share in the same period last year.
In addition, earnings for the first quarter of last year were boosted by $0.05 per share from the impact of abnormally cold weather.
Wisconsin Energy's results included $8 million, or $0.07 per share, associated with the company's pump manufacturing business, which is reported as discontinued operations. In February, Wisconsin Energy announced it would sell the business to Pentair, Inc., a transaction that is currently being reviewed by the Federal Trade Commission. The sale is expected to close in the third quarter of 2004.
First quarter revenues from continuing operations were $1.07 billion, compared with $1.05 billion in the same period a year earlier.
"Overall, we delivered a solid quarter, and we're on track for the year," said Gale E. Klappa, Wisconsin Energy Corporation's chairman, president and chief executive officer. "We're making progress in executing our Power the Future plan, reducing debt and repurchasing our common stock. In addition, we are continuing to improve our operational efficiency. We remain optimistic about our prospects for 2004 and beyond."
All earnings per share numbers listed in this news release are on a fully-diluted basis.
Conference Call
A conference call is scheduled for 1 p.m. Central Daylight Time (CDT) on Monday,
May 3. The presentation will review 2004 first quarter earnings and discuss the company's outlook for the future. All interested parties, including shareholders, reporters and the general public, are invited to listen to the presentations.
To listen to the conference call on the phone
Dial (800) 360-9865 up to 15 minutes before the call begins. No password is required.
To listen to the conference call on the Web
Access also can be gained through the company's Web site (www.WisconsinEnergy.com) by clicking on the icon for the "2004 First Quarter Earnings Release & Conference Call" and selecting "Webcast audio" up to 15 minutes before 1 p.m. CDT.
In conjunction with this earnings announcement, Wisconsin Energy has posted on its Web site a package of detailed financial information on its first quarter performance. The materials are available at 7 a.m. CDT on May 3. An archive of the presentation will be available on the Web site after the call.
Non-GAAP earnings measures
Earnings from normal operations (non-GAAP earnings), which generally exclude non-operational items as well as one-time charges or credits that are not associated with the company's ongoing operations, are provided as a complement to earnings presented in accordance with GAAP. These items are not indicative of the company's operating performance. Therefore, we believe that the presentation of earnings from normal operations is relevant and useful to investors to understand Wisconsin Energy's operating performance. Management uses such measures internally to evaluate the company's performance and manage its operations.
Wisconsin Energy Corporation (NYSE: WEC) is a Milwaukee-based Fortune 500 holding company with utility and non-utility subsidiaries. The company, through We Energies and its utility subsidiary Edison Sault Electric Company, serves more than one million electric customers in Wisconsin and Michigan's Upper Peninsula and 980,000 natural gas customers in Wisconsin. We Energies is the trade name of Wisconsin Electric Power Company and Wisconsin Gas Company, the company's principal utility subsidiaries. Its non-utility businesses include energy development, pump manufacturing, recycling and renewable energy and real estate development. One of the Midwest's premier energy companies, Wisconsin Energy Corporation (www.WisconsinEnergy.com) has 9,000 employees, 62,000 shareholders and approximately $10 billion in assets.
Forward-looking statements
Some matters discussed above are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are subject to various risks and uncertainties. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions,
Tables Follow
# # #
WISCONSIN ENERGY CORPORATION |
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Three Months Ended March 31 |
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2004 |
2003 |
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(Millions of Dollars) |
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Operating Revenues |
$1,066 |
$1,051 |
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Operating Expenses |
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Fuel and purchased power |
144 |
139 |
|
Cost of gas sold |
386 |
395 |
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Other operation and maintenance |
255 |
243 |
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Depreciation, decommissioning |
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and amortization |
77 |
81 |
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Property and revenue taxes |
22 |
21 |
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Total Operating Expenses |
884 |
879 |
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Operating Income |
182 |
172 |
|
Other Income, Net |
4 |
8 |
|
Financing Costs |
54 |
51 |
|
Income From Continuing |
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Operations Before Income Taxes |
132 |
129 |
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Income Taxes |
49 |
46 |
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Income From Continuing Operations |
83 |
83 |
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Income From Discontinued |
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Operations, Net of Tax |
8 |
9 |
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Net Income |
$91 |
$92 |
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Earnings Per Share (Basic) |
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Continuing operations |
$0.70 |
$0.71 |
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Discontinued operations |
0.07 |
0.08 |
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Total Earnings Per Share (Basic) |
$0.77 |
$0.79 |
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Earnings Per Share (Diluted) |
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Continuing operations |
$0.69 |
$0.71 |
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Discontinued operations |
0.07 |
0.08 |
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Total Earnings Per Share (Diluted) |
$0.76 |
$0.79 |
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Weighted Average Common |
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Shares Outstanding (Millions) |
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Basic |
118.5 |
116.2 |
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Diluted |
120.2 |
116.9 |
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Dividends Per Share of Common Stock |
$0.21 |
$0.20 |
WISCONSIN ENERGY CORPORATION |
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Three Months Ended March 31 |
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2004 |
2003 |
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(Millions of Dollars) |
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Operating Income |
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Utility Energy Segment |
$187 |
$180 |
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Non-Utility Energy Segment |
(3) |
(6) |
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Corporate and Other |
(2) |
(2) |
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Total Operating Income |
182 |
172 |
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Other Income, Net |
4 |
8 |
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Financing Costs |
54 |
51 |
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Income From Continuing |
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Operations Before Income Taxes |
132 |
129 |
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Income Taxes |
49 |
46 |
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Income From Continuing Operations |
83 |
83 |
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Income From Discontinued |
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Operations, Net of Tax |
8 |
9 |
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Net Income |
$91 |
$92 |
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WISCONSIN ENERGY CORPORATION |
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(Unaudited) |
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March 31, 2004 |
December 31, 2003 |
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(Millions of Dollars) |
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Assets |
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Property, Plant and Equipment |
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In Service |
$8,401 |
$8,342 |
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Accumulated depreciation |
(3,088) |
(3,021) |
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5,313 |
5,321 |
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Construction work in progress |
355 |
296 |
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Leased facilities, net |
103 |
105 |
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Nuclear fuel, net |
72 |
78 |
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Net Property, Plant and Equipment |
5,843 |
5,800 |
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Investments |
945 |
951 |
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Current Assets |
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Cash and cash equivalents |
18 |
28 |
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Accounts receivable |
446 |
334 |
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Accrued revenues |
145 |
212 |
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Materials, supplies and inventories |
227 |
386 |
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Assets held for sale |
953 |
938 |
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Other |
168 |
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168 |
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Total Current Assets |
1,957 |
2,066 |
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Deferred Charges and Other Assets |
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Regulatory assets |
610 |
613 |
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Goodwill, net |
442 |
442 |
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Other |
155 |
154 |
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Total Deferred Charges and Other Assets |
1,207 |
1,209 |
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Total Assets |
$9,952 |
$10,026 |
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Capitalization and Liabilities |
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Capitalization |
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Common equity |
$2,413 |
$2,359 |
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Preferred stock of subsidiary |
30 |
30 |
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Long-term debt |
3,358 |
3,571 |
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Total Capitalization |
5,801 |
5,960 |
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Current Liabilities |
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Long-term debt due currently |
166 |
166 |
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Short-term debt |
580 |
591 |
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Accounts payable |
214 |
249 |
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Accrued liabilities |
156 |
126 |
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Liabilities held for sale |
252 |
252 |
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Other |
173 |
114 |
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Total Current Liabilities |
1,541 |
1,498 |
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Deferred Credits and Other Liabilities |
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Regulatory liabilities |
876 |
887 |
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Asset retirement obligations |
741 |
732 |
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Deferred income taxes - long-term |
604 |
571 |
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Other |
389 |
378 |
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Total Deferred Credits and Other Liabilities |
2,610 |
2,568 |
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Total Capitalization and Liabilities |
$9,952 |
$10,026 |
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WISCONSIN ENERGY CORPORATION |
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Three Months Ended March 31 |
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2004 |
2003 |
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(Millions of Dollars) |
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Operating Activities |
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Net income |
$91 |
$92 |
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Income from discontinued operations, net of tax |
(8) |
(9) |
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Reconciliation to cash |
|||||||
Depreciation, decommissioning and amortization |
90 |
87 |
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Deferred income taxes and investment tax credits, net |
22 |
(15) |
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Working capital and other |
191 |
117 |
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Cash Provided by Operating Activities |
386 |
272 |
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Investing Activities |
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Capital expenditures |
(134) |
(137) |
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Other investing activities |
6 |
(36) |
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Cash Used in Investing Activities |
(128) |
(173) |
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Financing Activities |
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Common stock issued (repurchased), net |
(19) |
4   |
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Dividends paid on common stock |
(24) |
(23) |
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Change in debt, net |
(225) |
(92) |
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Other |
- |
(4) |
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Cash Used in Financing Activities |
(268) |
(115) |
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Change in Cash From Continuing Operations |
(10) |
(16) |
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Cash at Beginning of Period |
28 |
35 |
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Cash at End of Period |
$18 |
$19 |
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Supplemental Information - Cash Paid For |
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Interest (net of amount capitalized) |
$21 |
$27 |
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Income taxes (net of refunds) |
$16 |
$38 |