0000107815-12-000026.txt : 20120202 0000107815-12-000026.hdr.sgml : 20120202 20120202073047 ACCESSION NUMBER: 0000107815-12-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120202 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20120202 DATE AS OF CHANGE: 20120202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WISCONSIN ENERGY CORP CENTRAL INDEX KEY: 0000783325 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 391391525 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09057 FILM NUMBER: 12564323 BUSINESS ADDRESS: STREET 1: 231 W MICHIGAN ST STREET 2: P O BOX 1331 CITY: MILWAUKEE STATE: WI ZIP: 53201 BUSINESS PHONE: 414-221-2345 MAIL ADDRESS: STREET 1: 231 WEST MICHIGAN STREET STREET 2: P O BOX 1331 CITY: MILWAUKEE STATE: WI ZIP: 53201 8-K 1 wec2011earnings8k.htm 2011 YEAR END EARNINGS RELEASE 8K WEC 2011 Year End Earnings Release 8K



UNITED STATES
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):

February 2, 2012
 


Commission
Registrant; State of Incorporation
IRS Employer
File Number
Address; and Telephone Number
Identification No.
 
 
 
 
 
 
001-09057
       WISCONSIN ENERGY CORPORATION
39-1391525
 
                   (A Wisconsin Corporation)
 
 
                   231 West Michigan Street
 
 
                   P.O. Box 1331
 
 
                   Milwaukee, WI 53201
 
 
                   (414) 221-2345
 
 
 
 
 
The name and address of the registrant has not changed since the last report.

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 Thursday, February 2, 2012, Wisconsin Energy Corporation issued a press release announcing its financial results for the quarter and year ended December 31, 2011. 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
 
 
 
 
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 hereunto duly authorized.
 
 
 
 
 
 
 
WISCONSIN ENERGY CORPORATION
 
(Registrant)
 
 
 
/s/ STEPHEN P. DICKSON
Date: February 2, 2012
Stephen P. Dickson -- Vice President and Controller
 
 
 
 
 
 
 
 




 EX-99 2 wec2011exhibit99.htm EXHIBIT 99 WEC 2011 Exhibit 99


Exhibit 99



From:    Brian Manthey (news media)
414-221-4444
brian.manthey@we-energies.com

Colleen F. Henderson, CFA (analysts)
414-221-2592
colleen.henderson@wisconsinenergy.com

Feb. 2, 2012

Wisconsin Energy posts fourth quarter and full-year results for 2011

MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported net income from continuing operations of $114.1 million or 49 cents a share for the fourth quarter of 2011. This compares with net income from continuing operations of $125.6 million or 53 cents a share for the fourth quarter of 2010.

Fourth quarter 2011 revenues were $1.11 billion, compared with $1.09 billion in the corresponding quarter a year ago. For the full year 2011, revenues rose to $4.49 billion, up from $4.20 billion in 2010.

Net income from continuing operations for 2011 totaled $512.8 million or $2.18 a share - up from $454.4 million or $1.92 a share in 2010.

A major factor contributing to the year's strong performance was income from the company's Power the Future plan. Earnings from Power the Future assets increased by 18 cents a share, driven by investment in the second new generating unit at the company's Oak Creek site. The second expansion unit at Oak Creek began commercial service in January 2011.

For the year, consumption of electricity by large commercial and industrial customers grew slightly - by 0.3 percent - while electricity use by small commercial and industrial customers was down by 0.3 percent. Residential electricity use declined by 1.8 percent from the prior year because of milder summer weather.

“Our sales to large commercial and industrial customers came in better than forecast,” said Gale Klappa, chairman, president, and chief executive. “We expected a decline in sales because of known plant closings in the region. As the year progressed, however, we saw strength in several sectors - including iron ore mining, specialty steel, industrial machinery, and printing and publishing.”


1


At the end of December, the company was serving 2,267 more electric customers and 3,748 more natural gas customers than a year ago.

“By virtually every meaningful measure, 2011 was an exceptional year for Wisconsin Energy,” noted Klappa. “We achieved milestones in customer satisfaction, employee safety, and network reliability. We delivered solid earnings growth and made significant progress toward a dividend payout that is more competitive with our peers.”

Earnings per share listed in this news release are on a fully diluted basis. Prior year earnings per share were restated to reflect the two-for-one stock split that occurred on March 1, 2011.

Conference call
A conference call is scheduled for 1 p.m. Central time on Feb. 2, 2012. The presentation will review 2011 fourth quarter and year-end earnings and will discuss the company's outlook for the future.

All interested parties, including stockholders, news media and general public, are invited to listen to the presentation. The conference call may be accessed by dialing
866-439-9410 up to 15 minutes before the call begins. International callers may dial 706-643-5658. The conference ID is 41739267. Access also may be gained through the company's website (wisconsinenergy.com). Click 'Fourth Quarter, Year-End Earnings Release and Conference Call' and then click 'Go to webcast.' In conjunction with this earnings announcement, Wisconsin Energy will post on its website a package of detailed financial information on its fourth quarter and year-end performance. The materials will be available at 6:30 a.m. Central time on Feb. 2, 2012.

Replay
A replay will be available on the website and by phone after the presentation. Access to the webcast replay will be available on the website about two hours after the presentation. Access to a phone replay also will be available approximately two hours after the presentation and remain accessible through Feb. 16, 2012. Domestic callers should dial 855-859-2056. International callers should dial 404-537-3406. The replay conference ID is 41739267.

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 utility is We Energies. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.

Wisconsin Energy Corporation (www.wisconsinenergy.com), a component of the S&P 500, has more than $13 billion of assets, approximately 4,600 employees and more than 43,000 stockholders of record.

# # #
Tables Follow



2



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31
 
Year Ended December 31
 
2011
 
2010
 
2011
 
2010
 
(Millions of Dollars, Except Per Share Amounts)
 
 
 
 
 
 
 
 
Operating Revenues
$
1,113.2

 
$
1,089.8

 
$
4,486.4

 
$
4,202.5

 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
Fuel and purchased power
265.2

 
228.5

 
1,169.7

 
1,099.9

Cost of gas sold
195.3

 
232.5

 
728.7

 
751.5

Other operation and maintenance
347.5

 
356.5

 
1,256.8

 
1,327.5

Depreciation and amortization
84.0

 
77.0

 
330.2

 
305.6

Property and revenue taxes
28.2

 
26.2

 
113.7

 
106.0

Total Operating Expenses
920.2

 
920.7

 
3,599.1

 
3,590.5

 
 
 
 
 
 
 
 
Amortization of Gain
—

 
46.6

 
—

 
198.4

 
 
 
 
 
 
 
 
Operating Income
193.0

 
215.7

 
887.3

 
810.4

 
 
 
 
 
 
 
 
Equity in Earnings of Transmission Affiliate
16.1

 
14.6

 
62.5

 
60.1

Other Income and Deductions, net
19.6

 
14.7

 
62.7

 
40.2

Interest Expense, net
58.2

 
51.5

 
235.8

 
206.4

 
 
 
 
 
 
 
 
Income from Continuing Operations Before Income Taxes
170.5

 
193.5

 
776.7

 
704.3

 
 
 
 
 
 
 
 
Income Tax Expense
56.4

 
67.9

 
263.9

 
249.9

 
 
 
 
 
 
 
 
Income from Continuing Operations
114.1

 
125.6

 
512.8

 
454.4

 
 
 
 
 
 
 
 
Income from Discontinued Operations, Net of Tax
1.9

 
0.3

 
13.4

 
2.1

Net Income
$
116.0

 
$
125.9

 
$
526.2

 
$
456.5

 
 
 
 
 
 
 
 
Earnings Per Share (Basic)
 
 
 
 
 
 
 
Continuing operations
$
0.49

 
$
0.54

 
$
2.20

 
$
1.94

Discontinued operations
0.01

 
—

 
0.06

 
0.01

Total Earnings Per Share (Basic)
$
0.50

 
$
0.54

 
$
2.26

 
$
1.95

 
 
 
 
 
 
 
 
Earnings Per Share (Diluted)
 
 
 
 
 
 
 
Continuing operations
$
0.49

 
$
0.53

 
$
2.18

 
$
1.92

Discontinued operations
0.01

 
—

 
0.06

 
0.01

Total Earnings Per Share (Diluted)
$
0.50

 
$
0.53

 
$
2.24

 
$
1.93

 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding (Millions)
 
 
 
 
 
 
 
Basic
230.9

 
233.8

 
232.6

 
233.8

Diluted
233.6

 
236.8

 
235.4

 
236.7

 
 
 
 
 
 
 
 
Dividends Per Share of Common Stock
$
0.26

 
$
0.20

 
$
1.04

 
$
0.80




3



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
 
 
December 31
 
2011
 
2010
 
(Millions of Dollars)
Assets
 
 
 
 
 
 
 
Property, Plant and Equipment, Net
$
10,160.4

 
$
9,601.5

 
 
 
 
Investments
 
 
 
Equity investment in transmission affiliate
349.7

 
330.5

Other
43.6

 
45.8

Total Investments
393.3

 
376.3

 
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
14.1

 
24.5

Restricted cash
45.5

 
8.3

Accounts receivable
349.4

 
344.6

Income taxes receivable
155.1

 
83.7

Accrued revenues
252.7

 
280.3

Materials, supplies and inventories
382.0

 
379.1

Prepayments
140.3

 
125.6

Other
87.1

 
85.0

Total Current Assets
1,426.2

 
1,331.1

 
 
 
 
Deferred Charges and Other Assets
 
 
 
Regulatory assets
1,238.7

 
1,090.1

Goodwill
441.9

 
441.9

Other
201.6

 
218.9

Total Deferred Charges and Other Assets
1,882.2

 
1,750.9

 
 
 
 
Total Assets
$
13,862.1

 
$
13,059.8

 
 
 
 
Capitalization and Liabilities
 
 
 
 
 
 
 
Capitalization
 
 
 
Common equity
$
3,963.3

 
$
3,802.1

Preferred stock of subsidiary
30.4

 
30.4

Long-term debt
4,614.3

 
3,932.0

Total Capitalization
8,608.0

 
7,764.5

 
 
 
 
Current Liabilities
 
 
 
Long-term debt due currently
32.6

 
473.4

Short-term debt
669.9

 
657.9

Accounts payable
325.7

 
315.4

Accrued payroll and vacation
105.9

 
88.3

Other
230.4

 
186.1

Total Current Liabilities
1,364.5

 
1,721.1

 
 
 
 
Deferred Credits and Other Liabilities
 
 
 
Regulatory liabilities
902.0

 
883.8

Deferred income taxes - long-term
1,696.1

 
1,154.8

Deferred revenue, net
754.5

 
805.5

Pension and other benefit obligations
222.7

 
353.2

Other
314.3

 
376.9

Total Deferred Credits and Other Liabilities
3,889.6

 
3,574.2

 
 
 
 
Total Capitalization and Liabilities
$
13,862.1

 
$
13,059.8

 
 
 
 

4



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 
 
 
 
 
 
Year Ended December 31
 
2011
 
2010
 
(Millions of Dollars)
Operating Activities
 
 
 
Net income
$
526.2

 
$
456.5

Reconciliation to cash
 
 
 
Depreciation and amortization
336.4

 
317.4

Contributions to qualified benefit plans
(277.4
)
 
—

Deferred income taxes and investment tax credits, net
430.6

 
104.9

Working capital and other
(22.4
)
 
(68.4
)
Cash Provided by Operating Activities
993.4

 
810.4

 
 
 
 
Investing Activities
 
 
 
Capital expenditures
(830.8
)
 
(798.2
)
Proceeds from asset sales
41.5

 
68.7

Change in restricted cash
(37.2
)
 
186.2

Other investing activities, net
(66.0
)
 
(90.2
)
Cash Used in Investing Activities
(892.5
)
 
(633.5
)
 
 
 
 
Financing Activities
 
 
 
Common stock issued (repurchased), net
(139.5
)
 
(65.7
)
Dividends paid on common stock
(242.0
)
 
(187.0
)
Change in debt, net
265.4

 
71.1

Other financing activities, net
4.8

 
9.0

Cash Used in Financing Activities
(111.3
)
 
(172.6
)
 
 
 
 
Change in Cash
(10.4
)
 
4.3

 
 
 
 
Cash at Beginning of Year
24.5

 
20.2

 
 
 
 
Cash at End of Year
$
14.1

 
$
24.5

 
 
 
 


5