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UNITED STATES FORM 8-K CURRENT REPORT Date of report (Date of earliest event reported): May 5, 2009 Commission Registrant; State of Incorporation IRS Employer File Number Address; and Telephone Number Identification No. 001-09057 39-1391525 (A Wisconsin Corporation) 231 West Michigan Street P.O. Box 1331 Milwaukee, WI 53201 (414) 221-2345
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] 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))
WISCONSIN ENERGY CORPORATION
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On Tuesday, May 5, 2009, Wisconsin Energy Corporation issued a press release announcing its financial results for the quarter ended March 31, 2009. A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99 attached hereto and incorporated herein by reference.
SIGNATURES |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has |
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duly caused this report to be signed on its behalf by the undersigned hereunto 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 5, 2009 |
Stephen P. Dickson -- Vice President and Controller |
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Exhibit 99
From: Rick James (media)
414-221-4444
Colleen F. Henderson, CFA (analysts)
414-221-2592
colleen.henderson@wisconsinenergy.com
May 5, 2009
Wisconsin Energy posts first quarter earnings
MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported net income from continuing operations of $142 million or $1.20 per share for the first quarter of 2009. This compares with earnings of $123 million or $1.04 per share from continuing operations in last year's first quarter.
Total retail sales of electricity decreased by 8.4 percent compared to the first quarter of 2008. Consumption of electricity by residential customers declined by 3.5 percent - driven by milder winter weather. Electricity use by large commercial and industrial customers was down by 17.8 percent compared with last year's first quarter, while usage by small commercial and industrial customers declined by 2.3 percent.
"The increase in earnings this quarter was largely driven by a reduction in our cost of fuel and purchased power," said Gale Klappa, Wisconsin Energy's chairman, president and chief executive officer. "On April 27, we filed a request with the Public Service Commission of Wisconsin to reduce retail prices for our electric customers in Wisconsin, in light of the significant drop we've seen in the cost of fuel, particularly natural gas and diesel," he added.
"Overall, the company is weathering the economic downturn well with solid expense control and continuing modest growth in new customers. And I'm pleased that the latest data compiled by the U.S. Department of Energy show that our retail electric rates are significantly below the national average," Klappa said.
First quarter 2009 revenues were $1.40 billion compared with $1.43 billion in the first quarter last year. At the end of March, the company was serving 4,550 more electric customers and 6,290 more natural gas customers than a year ago.
Earnings per share listed in this news release are on a fully diluted basis.
Conference Call
A conference call is scheduled for 1 p.m. Central time on Tuesday, May 5, 2009. The presentation will review 2009 first quarter earnings and will discuss the company's outlook for the future.
All interested parties, including stockholders, the news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing 888-271-8608 up to 15 minutes before the call begins. International callers may dial 913-312-0979. The confirmation code is 2489282. Access also may be gained through the company's Web site (www.wisconsinenergy.com). Click on the icon for the "First Quarter Earnings Release & Conference Call" and select "webcast audio." In conjunction with this earnings announcement, Wisconsin Energy will post on its Web site a package of detailed financial information on its first quarter performance. The materials will be available at 6 a.m. Central time on May 5, 2009. An archive of the presentation will be available on the Web site after the call. A replay of the audio portion of the presentation will be available approximately two hours following the conclusion of the presentation and will be accessible through May 12, 2009. Domestic calle rs should dial 888-203-1112. International callers should dial 719-457-0820. The replay confirmation code is 2489282.
Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million natural gas customers in Wisconsin. The company's principal utilities are We Energies and Edison Sault Electric. The company's non-utility businesses include renewable energy technology and real estate development.
Wisconsin Energy Corporation (www.wisconsinenergy.com), a component of the S&P 500, has more than $12 billion of assets, approximately 5,000 employees and 48,000 stockholders of record.
WISCONSIN ENERGY CORPORATION |
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CONSOLIDATED CONDENSED INCOME STATEMENTS |
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(Unaudited) |
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Three Months Ended March 31 |
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2009 |
2008 |
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(Millions of Dollars, Except Per Share Amounts) |
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Operating Revenues |
$1,396.2 |
$1,431.1 |
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Operating Expenses |
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Fuel and purchased power |
266.4 |
338.2 |
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Cost of gas sold |
502.7 |
560.2 |
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Other operation and maintenance |
334.4 |
369.4 |
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Depreciation, decommissioning |
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and amortization |
85.8 |
77.7 |
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Property and revenue taxes |
28.1 |
27.1 |
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Total Operating Expenses |
1,217.4 |
1,372.6 |
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Amortization of Gain |
64.2 |
159.0 |
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Operating Income |
243.0 |
217.5 |
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Equity in Earnings of Transmission Affiliate |
14.3 |
11.5 |
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Other Income, net |
6.3 |
10.6 |
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Interest Expense, net |
40.8 |
39.2 |
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Income From Continuing |
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Operations Before Income Taxes |
222.8 |
200.4 |
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Income Taxes |
81.3 |
77.4 |
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Income From Continuing Operations |
141.5 |
123.0 |
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Income From Discontinued |
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Operations, Net of Tax |
- |
0.2 |
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Net Income |
$141.5 |
$123.2 |
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Earnings Per Share (Basic) |
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Continuing operations |
$1.21 |
$1.05 |
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Discontinued operations |
- |
- |
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Total Earnings Per Share (Basic) |
$1.21 |
$1.05 |
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Earnings Per Share (Diluted) |
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Continuing operations |
$1.20 |
$1.04 |
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Discontinued operations |
- |
- |
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Total Earnings Per Share (Diluted) |
$1.20 |
$1.04 |
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Weighted Average Common |
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Shares Outstanding (Millions) |
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Basic |
116.9 |
116.9 |
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Diluted |
118.0 |
118.3 |
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Dividends Per Share of Common Stock |
$0.3375 |
$0.27 |
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WISCONSIN ENERGY CORPORATION |
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CONSOLIDATED CONDENSED BALANCE SHEETS |
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(Unaudited) |
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March 31, 2009 |
December 31, 2008 |
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(Millions of Dollars) |
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Assets |
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Net Property, Plant and Equipment |
$8,600.4 |
$8,502.6 |
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Investments |
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Restricted cash |
145.0 |
172.4 |
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Equity investment in transmission affiliate |
285.5 |
276.3 |
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Other |
39.0 |
41.6 |
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Total Investments |
469.5 |
490.3 |
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Current Assets |
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Cash and cash equivalents |
17.1 |
32.5 |
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Restricted Cash |
183.6 |
214.1 |
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Accounts receivable |
527.6 |
369.5 |
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Accrued revenues |
223.1 |
341.2 |
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Materials, supplies and inventories |
251.3 |
344.7 |
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Regulatory assets |
98.6 |
82.5 |
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Prepayments and other |
231.5 |
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323.0 |
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Total Current Assets |
1,532.8 |
1,707.5 |
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Deferred Charges and Other Assets |
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Regulatory assets |
1,211.8 |
1,261.1 |
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Goodwill |
441.9 |
441.9 |
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Other |
154.7 |
214.4 |
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Total Deferred Charges and Other Assets |
1,808.4 |
1,917.4 |
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Total Assets |
$12,411.1 |
$12,617.8 |
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Capitalization and Liabilities |
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Capitalization |
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Common equity |
$3,439.6 |
$3,336.9 |
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Preferred stock of subsidiary |
30.4 |
30.4 |
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Long-term debt |
4,083.4 |
4,074.7 |
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Total Capitalization |
7,553.4 |
7,442.0 |
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Current Liabilities |
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Long-term debt due currently |
12.3 |
61.8 |
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Short-term debt |
791.3 |
602.3 |
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Accounts payable |
303.9 |
441.0 |
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Regulatory liabilities |
263.1 |
310.8 |
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Other |
335.2 |
319.2 |
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Total Current Liabilities |
1,705.8 |
1,735.1 |
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Deferred Credits and Other Liabilities |
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Regulatory liabilities |
1,062.7 |
1,084.4 |
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Deferred income taxes - long-term |
829.4 |
814.0 |
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Deferred revenue, net |
592.2 |
545.4 |
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Pension and other benefit obligations |
317.8 |
635.0 |
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Other |
349.8 |
361.9 |
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Total Deferred Credits and Other Liabilities |
3,151.9 |
3,440.7 |
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Total Capitalization and Liabilities |
$12,411.1 |
$12,617.8 |
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WISCONSIN ENERGY CORPORATION |
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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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Three Months Ended March 31 |
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2009 |
2008 |
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(Millions of Dollars) |
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Operating Activities |
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Net income |
$141.5 |
$123.2 |
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Reconciliation to cash |
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Depreciation, decommissioning and amortization |
87.6 |
82.4 |
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Contributions to benefit plans |
(289.3) |
(48.4) |
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Deferred income taxes and investment tax credits, net |
(2.8) |
(9.9) |
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Working capital and other |
83.3 |
196.5 |
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Cash Provided by Operating Activities |
20.3 |
343.8 |
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Investing Activities |
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Capital expenditures |
(171.4) |
(348.2) |
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Change in restricted cash |
57.9 |
88.3 |
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Unrestricted proceeds from asset sales |
0.1 |
9.1 |
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Other investing activities |
(29.6) |
(20.1) |
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Cash Used in Investing Activities |
(143.0) |
(270.9) |
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Financing Activities |
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Common stock issued (repurchased), net |
(2.6) |
(2.8) |
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Dividends paid on common stock |
(39.5) |
(31.6) |
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Change in debt, net |
148.8 |
(42.3) |
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Other financing activities |
0.6 |
0.6 |
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Cash Provided by (Used in) Financing Activities |
107.3 |
(76.1) |
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Change in Cash |
(15.4) |
(3.2) |
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Cash at Beginning of Period |
32.5 |
27.4 |
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Cash at End of Period |
$17.1 |
$24.2 |
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