-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DvNZ6JFBHF0W73nsOBj96TvX1KOmvhlYy6jEZaDY48vHrn2ReOVHa+s9dpzfSD8q XKewCOOgGMCn5YOJBzVPJQ== 0001157523-04-002356.txt : 20040316 0001157523-04-002356.hdr.sgml : 20040316 20040315194327 ACCESSION NUMBER: 0001157523-04-002356 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040315 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DPL INC CENTRAL INDEX KEY: 0000787250 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 311163136 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09052 FILM NUMBER: 04671003 BUSINESS ADDRESS: STREET 1: 1065 WOODMAN DRIVE CITY: DAYTON STATE: OH ZIP: 45432 BUSINESS PHONE: 937 259 7142 MAIL ADDRESS: STREET 1: 1065 WOODMAN DRIVE CITY: DAYTON STATE: OH ZIP: 45432 8-K 1 a4594751.txt DPL INC. 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: DPL Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 1-9052 31-1163136 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 1065 Woodman Drive, Dayton, Ohio 45432 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (937) 224-6000 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. On March 15, 2004. DPL Inc. announced today that it has filed with the Securities and Exchange Commission for an extension to file its 2003 Form 10-K. The Company stated that it is in the process of completing its Form 10-K and that its 2003 financial statements are not expected to differ materially from the Company's previously announced unaudited 2003 results. The Company's unaudited 2003 results are attached. A copy of the press release is attached hereto as Exhibit 99.1. Item 7(c). Exhibits. 99.1 Press release of DPL Inc., dated March 15, 2004. Signature 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. DPL Inc. Date: March 15, 2004 ------------------------------------------ Name: Caroline E. Muhlenkamp Title: Group Vice President and Interim Chief Financial Officer EXHIBIT INDEX 99.1 Press release of DPL Inc., dated March 15, 2004. EX-99.1 3 a4594751ex99.txt PRESS RELEASE Exhibit 99.1 DPL Makes SEC Filing DAYTON, Ohio--(BUSINESS WIRE)--March 15, 2004--DPL Inc. (NYSE:DPL) announced today that it has filed with the Securities and Exchange Commission for an extension to file its 2003 Form 10-K. The Company stated that it is in the process of completing its Form 10-K and that its 2003 financial statements are not expected to differ materially from the Company's previously announced unaudited 2003 results. The Company's unaudited 2003 results are attached. About DPL DPL Inc. is a diversified regional energy company. DPL's principal subsidiaries include The Dayton Power & Light Company (DP&L) and DPL Energy. DP&L provides electric services to over 500,000 retail customers in West Central Ohio. DPL Energy markets over 4,600 megawatts of generation capacity throughout the eastern United States. DPL Inc., through its subsidiaries, ranks among the top energy companies in generation efficiency and productivity. Further information on DPL Inc. can be found at www.dplinc.com. Certain statements contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Matters presented which relate to events or developments that are expected to occur in the future, including management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters constitute forward-looking statements. Forward-looking statements are based on management's beliefs, assumptions and expectation of the Company's future economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Such forward-looking statements are subject to risks and uncertainties and investors are cautioned that outcomes and results may vary materially from those projected due to many factors beyond DPL's control. Forward-looking statements speak only as of the date of the document in which they are made. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. DPL Inc. CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS Three Months Nine Months Twelve Months Ended Ended Ended $ in Millions December 31, September 30, December 31, Except Per Share --------------------------------------------------- Amounts 2003 2002 2003 2002 2003 2002 - ---------------------------------------------------------------------- Electric revenues $292.4 $282.2 $888.6 $891.3 $1,181.0 $1,173.5 Other revenues, net of fuel costs 2.2 2.5 7.8 10.4 10.0 12.9 ------- ------- ------- ------- --------- --------- 294.6 284.7 896.4 901.7 1,191.0 1,186.4 ------- ------- ------- ------- --------- --------- Operating Expenses Fuel 61.3 54.1 173.3 172.9 234.6 227.0 Purchased power 16.1 11.8 71.8 67.5 87.9 79.3 Operation and maintenance 62.9 47.0 133.8 112.4 196.7 159.4 Depreciation and amortization 33.4 31.8 105.5 102.3 138.9 134.1 General taxes 26.1 29.0 82.9 82.8 109.0 111.8 Amortization of regulatory assets, net 13.8 11.7 35.3 36.4 49.1 48.1 ------- ------- ------- ------- --------- --------- Total operating expenses 213.6 185.4 602.6 574.3 816.2 759.7 ------- ------- ------- ------- --------- --------- Pre-Tax Operating Income 81.0 99.3 293.8 327.4 374.8 426.7 Investment Income (Loss) 27.5 (13.9) 48.5 (91.8) 76.0 (105.7) Shareholder Litigation (76.7) - - - (76.7) - Other Income (Deductions) (3.3) (3.2) 28.3 (0.8) 25.0 (4.0) ------- ------- ------- ------- --------- --------- Total Income Before Interest and Other Charges 28.5 82.2 370.6 234.8 399.1 317.0 ------- ------- ------- ------- --------- --------- Interest and Other Charges Interest expense 39.3 39.5 118.0 115.3 157.3 154.8 Trust preferred distributions by subsidiary 6.1 6.1 18.5 18.5 24.6 24.6 ------- ------- ------- ------- --------- --------- Total interest and other charges 45.4 45.6 136.5 133.8 181.9 179.4 ------- ------- ------- ------- --------- --------- Pre-Tax Income (16.9) 36.6 234.1 101.0 217.2 137.6 Income taxes (5.1) 11.2 86.4 39.1 81.3 50.3 ------- ------- ------- ------- --------- --------- Income Before Cumulative Effect of Accounting Change (11.8) 25.4 147.7 61.9 135.9 87.3 Cumulative effect of accounting change, net of tax - - 17.0 - 17.0 - ------- ------- ------- ------- --------- --------- Net Income $(11.8) $25.4 $164.7 $61.9 $152.9 $87.3 ======= ======= ======= ======= ========= ========= Average Number of Common Shares Outstanding (millions) Basic 119.5 119.0 119.7 119.1 119.6 119.1 Diluted 119.5 119.0 119.7 122.9 119.7 121.9 Earnings Per Share - Basic Income Before cumulative effect $(0.10) $0.21 $1.24 $0.52 $1.14 $0.73 Net Income $(0.10) $0.21 $1.38 $0.52 $1.28 $0.73 Earnings Per Share - Diluted Income Before cumulative effect $(0.10) $0.21 $1.24 $0.50 $1.14 $0.72 Net Income $(0.10) $0.21 $1.38 $0.50 $1.28 $0.72 Dividends Paid Per Share $0.235 $0.235 $0.705 $0.705 $0.94 $0.94 Book Value Per Share $7.52 $6.96 $7.81 $6.70 $7.52 $6.96 - ---------------------------------------------------------------------- These statements are unaudited. DPL Inc. CONSOLIDATED STATEMENT OF CASH FLOWS Twelve Months Ended December 31, ---------------- $ in Millions 2003 2002 - ---------------------------------------------------------------------- Operating Activities: Net income $152.9 $87.3 Adjustments: Depreciation and amortization 138.9 134.1 Amortization of regulatory assets, net 49.1 48.1 Deferred income taxes 19.3 (51.9) Captive insurance provision (46.8) (16.6) Shareholder litigation settlement 66.6 - Investment (income) loss (47.5) 116.7 Income from interest rate hedges (21.2) - Cumulative effect of accounting change, net of tax (17.0) - Changes in working capital 49.1 (2.1) Other 6.9 (1.8) ------- ------- Net Cash Provided by Operating Activities 350.3 313.8 Investing Activities: Capital expenditures (120.9) (171.6) Settlement of interest rate hedges 51.4 - Purchases of fixed income and equity securities (164.0) (288.3) Sales of fixed income and equity securities 298.9 310.4 ------- ------- Net Cash Provided by (Used for) Investing Activities 65.4 (149.5) Financing Activities: Dividends paid on common stock (112.1) (111.8) Retirement of long-term debt (471.9) (7.2) Issuance of long-term debt, net of issue costs 465.1 - Issuance of short-term debt, net - (12.0) ------- ------- Net Cash Provided by (Used for) Financing Activities (118.9) (131.0) Cash and Temporary Cash Investments Net change 296.8 33.3 Balance at beginning of period 40.8 7.5 ------- ------- Balance at end of period $337.6 $40.8 ======= ======= Cash Paid During the Period for: Interest and trust preferred distributions $184.0 $172.9 Income taxes $15.2 $104.0 - ---------------------------------------------------------------------- These statements are unaudited. DPL Inc. CONSOLIDATED BALANCE SHEET December 31, December 31, $ in Millions 2003 2002 - ---------------------------------------------------------------------- Assets Property $4,420.8 $4,323.2 Accumulated depreciation and amortization (1,846.9) (1,722.3) ------------- ------------ Net property 2,573.9 2,600.9 Current assets Cash and temporary cash investments 337.6 40.8 Accounts receivable, less provision for uncollectible accounts of $6.8 and $11.1 175.2 169.4 Inventories, at average cost 52.1 56.1 Prepaid taxes 46.4 46.9 Other 33.2 66.2 ------------- ------------ Total current assets 644.5 379.4 Other assets Financial assets 980.9 1,023.5 Income taxes recoverable through future revenues 43.3 34.6 Other regulatory assets 36.0 80.1 Other 111.0 155.9 ------------- ------------ Total other assets 1,171.2 1,294.1 ------------- ------------ Total Assets $4,389.6 $4,274.4 ============= ============ Capitalization and Liabilities Capitalization Common shareholders' equity Common stock $1.3 $1.3 Other paid-in capital, net of treasury stock - - Warrants 50.0 50.0 Common stock held by employee plans (84.4) (89.6) Accumulated other comprehensive income 51.5 0.2 Earnings reinvested in the business 881.2 868.0 ------------- ------------ Total common shareholders' equity 899.6 829.9 Preferred stock 23.0 23.0 Company obligated mandatorily redeemable trust preferred securities of subsidiary holding solely parent debentures 292.8 292.6 Long-term debt First mortgage bonds 573.0 551.2 Other long-term obligations 1,081.7 1,591.1 ------------- ------------ Total shares subject to mandatory redemption and long-term debt 1,947.5 2,434.9 ------------- ------------ Total capitalization 2,870.1 3,287.8 Current Liabilities Current portion - long-term debt 511.1 9.1 Accounts payable 91.0 100.3 Shareholder litigation 70.0 - Accrued taxes 141.2 95.0 Accrued interest 42.0 51.1 Other 60.1 25.9 ------------- ------------ Total current liabilities 915.4 281.4 Deferred Credits and Other Deferred taxes 349.0 295.8 Unamortized investment tax credit 52.2 55.1 Insurance and claims costs 26.0 114.3 Other 176.9 240.0 ------------- ------------ Total deferred credits and other 604.1 705.2 ------------- ------------ Total Capitalization and Liabilities $4,389.6 $4,274.4 ============= ============ - ---------------------------------------------------------------------- These statements are unaudited. DPL Inc. OPERATING STATISTICS Three Months Ended Twelve Months Ended December 31, December 31, ------------------ --------------------- 2003 2002 2003 2002 - ---------------------------------------------------------------------- Electric Sales (millions of kWh): Residential 1,220 1,278 5,071 5,302 Commercial 895 901 3,699 3,710 Industrial 1,049 1,056 4,330 4,472 Other Retail 367 348 1,409 1,405 --------- -------- ---------- ---------- Total Retail 3,531 3,583 14,509 14,889 Wholesale 1,436 1,109 4,836 4,358 --------- -------- ---------- ---------- Total 4,967 4,692 19,345 19,247 Electric Revenues (thousands of dollars): Residential 107,046 111,353 442,238 463,197 Commercial 66,424 66,442 264,067 264,604 Industrial 54,054 53,929 221,960 227,960 Other Retail 24,766 23,342 93,478 93,316 --------- -------- ---------- ---------- Total Retail 252,290 255,066 1,021,743 1,049,077 Wholesale 40,154 27,194 159,250 124,468 --------- -------- ---------- ---------- Total 292,444 282,260 1,180,993 1,173,545 Other Statistics: Average price per kWh - retail (cents) 7.05 7.04 6.95 6.96 Fuel cost per net kWh generated (cents) 1.32 1.21 1.33 1.34 Electric customers - end of period 506,396 504,762 506,396 504,762 Average kWh use per residential customer 2,708 2,850 11,276 11,841 Peak demand - maximum one- hour use (mw) 2,452 2,460 2,981 3,051 Degree Days Heating 1,925 2,250 5,790 5,473 Cooling 7 33 687 1,272 - ---------------------------------------------------------------------- Inquiries concerning this report should be directed to: Arthur Meyer Vice President and Corporate Secretary Telephone (937) 259-7208 The information contained herein is submitted for general information and not in connection with any sale or offer for sale of, or solicitation of any offer to buy, any securities. CONTACT: DPL Inc. DPL Medialine, 937-224-5940 -----END PRIVACY-ENHANCED MESSAGE-----