0000107815-13-000108.txt : 20130731 0000107815-13-000108.hdr.sgml : 20130731 20130731073340 ACCESSION NUMBER: 0000107815-13-000108 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130731 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20130731 DATE AS OF CHANGE: 20130731 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: 13997469 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 wecq22013earningsrelease8k.htm WEC Q2 2013 EARNINGS 8-K WEC Q2 2013 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):

July 31, 2013
 


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 Wednesday, July 31, 2013, Wisconsin Energy Corporation issued a press release announcing its financial results for the quarter and six months ended June 30, 2013. 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: July 31, 2013
Stephen P. Dickson -- Vice President and Controller
 
 
 
 
 
 
 
 





 EX-99 2 exhibit99wecq22013earnings.htm WEC Q2 2013 EARNINGS EXHIBIT 99 Exhibit 99 WEC Q2 2013 Earnings


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

July 31, 2013             

Wisconsin Energy posts 2013 second quarter and first half results

MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported net income from continuing operations of $119.0 million or 52 cents a share for the second quarter of 2013. This compares with net income from continuing operations of $119.3 million or 51 cents a share for the second quarter of 2012.

Second quarter 2013 revenues were $1.01 billion. Revenues totaled $944.7 million in the same quarter last year.

For the first six months of 2013, the company recorded net income from continuing operations of $295.6 million or $1.28 a share -- up from $291.4 million or $1.25 a share in the corresponding period a year ago.

“Strong natural gas sales during a cooler than normal spring and the impact of the company's share repurchase program were positive factors contributing to our solid results for this year's second quarter,” said Gale Klappa, chairman, president and chief executive officer. “A cool June, however, significantly reduced demand for air conditioning across the region,” Klappa added. By comparison, June temperatures last year were much warmer than normal.”

Residential use of electricity dropped by 6.9 percent from last year's second quarter. Consumption of electricity by small commercial and industrial customers was down by 1.4 percent. Electricity use by large commercial and industrial customers -- excluding the iron ore mines in Michigan's Upper Peninsula -- was 4.1 percent lower.

On a weather normalized basis, retail consumption of electricity - excluding the iron ore mines - was down by 0.4 percent.

At the end of June, the company was serving approximately 3,900 more electric customers and 6,800 more natural gas customers than a year ago.


1


“From network reliability to customer satisfaction to financial performance, the company continues to perform at a high level,” said Klappa. “With the first half of 2013 now in the books, we're pleased with our progress.”

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 July 31, 2013. The presentation will review 2013 second quarter earnings and will discuss the company's outlook for the future.

All interested parties, including stockholders, news media and the 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 80350110. Access also may be gained through the company's website (wisconsinenergy.com). Click 'Second Quarter 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 second quarter performance. The materials will be available at
6:30 a.m. Central time on July 31, 2013.

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 Aug. 14, 2013. Domestic callers should dial 855-859-2056. International callers should dial 404-537-3406. The replay conference ID is 80350110.

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 1.1 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 (wisconsinenergy.com), a component of the S&P 500, has more than $14 billion of assets, approximately 4,500 employees and more than 41,000 stockholders of record.

Tables Follow



2


WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
(Unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended June 30
 
Six Months Ended June 30
 
2013
 
2012
 
2013
 
2012
 
(Millions of Dollars, Except Per Share Amounts)
 
 
 
 
 
 
 
 
Operating Revenues
$
1,012.3

 
$
944.7

 
$
2,287.5

 
$
2,135.9

 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
Fuel and purchased power
276.1

 
258.7

 
547.1

 
512.5

Cost of gas sold
115.2

 
75.0

 
385.3

 
312.5

Other operation and maintenance
265.4

 
267.9

 
553.5

 
554.2

Depreciation and amortization
96.7

 
90.3

 
192.2

 
177.9

Property and revenue taxes
29.4

 
30.2

 
58.9

 
60.5

Total Operating Expenses
782.8

 
722.1

 
1,737.0

 
1,617.6

 
 
 
 
 
 
 
 
Operating Income
229.5

 
222.6

 
550.5

 
518.3

 
 
 
 
 
 
 
 
Equity in Earnings of Transmission Affiliate
17.3

 
16.2

 
33.9

 
31.8

Other Income, net
5.8

 
8.6

 
10.2

 
24.6

Interest Expense, net
63.3

 
61.5

 
128.3

 
120.4

 
 
 
 
 
 
 
 
Income Before Income Taxes
189.3

 
185.9

 
466.3

 
454.3

 
 
 
 
 
 
 
 
Income Tax Expense
70.3

 
66.6

 
170.7

 
162.9

 
 
 
 
 
 
 
 
Net Income
$
119.0

 
$
119.3

 
$
295.6

 
$
291.4

 
 
 
 
 
 
 
 
Earnings Per Share
 
 
 
 
 
 
 
Basic
$
0.52

 
$
0.52

 
$
1.29

 
$
1.26

Diluted
$
0.52

 
$
0.51

 
$
1.28

 
$
1.25

 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding (Millions)
 
 
 
 
 
 
 
Basic
228.4

 
230.4

 
228.6

 
230.5

Diluted
230.5

 
233.1

 
230.8

 
233.1

 
 
 
 
 
 
 
 
Dividends Per Share of Common Stock
$
0.34

 
$
0.30

 
$
0.68

 
$
0.60






3



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
 
 
 
June 30, 2013
 
December 31, 2012
 
(Millions of Dollars)
Assets
 
 
 
 
 
 
 
Property, Plant and Equipment, Net
$
10,704.5

 
$
10,572.2

 
 
 
 
Investments
 
 
 
Equity investment in transmission affiliate
390.6

 
378.3

Other
38.2

 
35.5

Total Investments
428.8

 
413.8

 
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
21.0

 
35.6

Accounts receivable, net
327.3

 
285.3

Accrued revenues
174.4

 
278.1

Materials, supplies and inventories
317.9

 
360.7

Prepayments and other
430.5

 
354.2

Total Current Assets
1,271.1

 
1,313.9

 
 
 
 
Deferred Charges and Other Assets
 
 
 
Regulatory assets
1,285.6

 
1,339.0

Goodwill
441.9

 
441.9

Other
185.1

 
204.2

Total Deferred Charges and Other Assets
1,912.6

 
1,985.1

Total Assets
$
14,317.0

 
$
14,285.0

 
 
 
 
Capitalization and Liabilities
 
 
 
 
 
 
 
Capitalization
 
 
 
Common equity
$
4,195.4

 
$
4,135.1

Preferred stock of subsidiary
30.4

 
30.4

Long-term debt
4,383.2

 
4,453.8

Total Capitalization
8,609.0

 
8,619.3

 
 
 
 
Current Liabilities
 
 
 
Long-term debt due currently
414.6

 
412.1

Short-term debt
335.9

 
394.6

Accounts payable
276.4

 
368.4

Accrued payroll and benefits
75.5

 
100.9

Other
178.3

 
167.3

Total Current Liabilities
1,280.7

 
1,443.3

 
 
 
 
Deferred Credits and Other Liabilities
 
 
 
Regulatory liabilities
854.1

 
866.5

Deferred income taxes - long-term
2,369.7

 
2,117.0

Deferred revenue, net
689.6

 
709.7

Pension and other benefit obligations
225.2

 
244.0

Other
288.7

 
285.2

Total Deferred Credits and Other Liabilities
4,427.3

 
4,222.4

Total Capitalization and Liabilities
$
14,317.0

 
$
14,285.0

 
 
 
 


4



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
 
 
 
Six Months Ended June 30
 
2013
 
2012
 
(Millions of Dollars)
Operating Activities
 
 
 
Net income
$
295.6

 
$
291.4

Reconciliation to cash
 
 
 
Depreciation and amortization
197.7

 
183.8

Deferred income taxes and investment tax credits, net
143.1

 
141.2

Working capital and other
45.1

 
(7.7
)
Cash Provided by Operating Activities
681.5

 
608.7

 
 
 
 
Investing Activities
 
 
 
Capital expenditures
(307.3
)
 
(314.0
)
Investment in transmission affiliate
(5.2
)
 
(6.6
)
Change in restricted cash
2.7

 
27.6

Other, net
(26.8
)
 
(19.6
)
Cash Used in Investing Activities
(336.6
)
 
(312.6
)
 
 
 
 
Financing Activities
 
 
 
Common stock issued (repurchased), net
(95.0
)
 
(38.4
)
Dividends paid on common stock
(155.6
)
 
(138.3
)
Change in debt, net
(119.2
)
 
(120.4
)
Other, net
10.3

 
—

Cash Used in Financing Activities
(359.5
)
 
(297.1
)
 
 
 
 
Change in Cash
(14.6
)
 
(1.0
)
 
 
 
 
Cash at Beginning of Period
35.6

 
14.1

 
 
 
 
Cash at End of Period
$
21.0

 
$
13.1

 
 
 
 



















5


Wisconsin Energy Corporation
 
 
Normalized Retail Electric Sales (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Quarter
 
 
 
2013 Actual
vs. 2012
Actual
 
2013 Normalized
 vs. 2012
Normalized
 
 
Residential
(6.9
)%
 
(0.9
)%
 
 
Small Commercial/Industrial
(1.4
)%
 
1.7
 %
 
 
Large Commercial/Industrial (ex. Mines)
(4.1
)%
 
(2.1
)%
 
 
Total Large Commercial/Industrial
(8.2
)%
 
(6.7
)%
 
 
Total Retail Sales
(5.5
)%
 
(2.2
)%
 
 
Retail (Excluding Mines)
(4.0
)%
 
(0.4
)%
 
 
 
 
 
 
 
 
 
Six Month
 
Annual (b)
 
2013 Actual
vs. 2012
Actual
 
2013 Normalized
vs. 2012
Normalized
 
2013
 Budget
vs. 2012 Normalized
Residential
(0.9
)%
 
(0.3
)%
 
0.1
 %
Small Commercial/Industrial
(0.1
)%
 
0.4
 %
 
0.3
 %
Large Commercial/Industrial (ex. Mines)
(3.8
)%
 
(1.4
)%
 
0.2
 %
Total Large Commercial/Industrial
(6.1
)%
 
(4.1
)%
 
(2.4
)%
Total Retail Sales
(2.5
)%
 
(1.5
)%
 
(0.7
)%
Retail (Excluding Mines)
(1.5
)%
 
(0.4
)%
 
0.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Normalized - 20 year average weather adjusted. The six months has also been adjusted for leap year in 2012 which caused a decline in normalized sales of approximately 0.5% relative to 2012.
 
 
 
 
 
 
 
 
 
 
(b) Actual results may differ materially from these forecasts because of seasonal, economic and other factors.
 
 
 
 
 
 
 
 
 


6