-----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, QOtT7CQnzbGP38tCIeZOBgJz3mfKml/lgFjnMPkXBLfEvlFxLw8qaH7A3M6izZo+ z3G5CM64eBasZtOqI8LKew== 0000081100-01-500042.txt : 20020413 0000081100-01-500042.hdr.sgml : 20020413 ACCESSION NUMBER: 0000081100-01-500042 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20011226 FILED AS OF DATE: 20011226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUGET SOUND ENERGY INC CENTRAL INDEX KEY: 0000081100 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 910374630 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-04393 FILM NUMBER: 1822602 BUSINESS ADDRESS: STREET 1: 411 108TH AVE NE CITY: BELLEVUE STATE: WA ZIP: 98004-5515 BUSINESS PHONE: 4254546363 MAIL ADDRESS: STREET 1: PO BOX 97034 CITY: BELLEVUE STATE: NY ZIP: 98009-9734 FORMER COMPANY: FORMER CONFORMED NAME: PUGET SOUND POWER & LIGHT CO /WA/ DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUGET ENERGY INC /WA CENTRAL INDEX KEY: 0001085392 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 911969407 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-16305 FILM NUMBER: 1822603 BUSINESS ADDRESS: STREET 1: 411 108TH AVENUE N E 3RD FLOOR CITY: BELLEVUE STATE: WA ZIP: 980045515 BUSINESS PHONE: 4254623202 MAIL ADDRESS: STREET 1: 411 108TH AVENUE N E 34RD FLOOR CITY: BELLEVUE STATE: WA ZIP: 980045515 10-Q/A 1 qa-93001.htm 10-Q/A FOR SEPTEMBER 30, 2001 Form 10-Q/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-Q/A
Amendment No. 1


[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
     THE SECURITIES EXCHANGE ACT OF 1934
     For the quarterly period ended September 30, 2001
OR
[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
      THE SECURITIES EXCHANGE ACT OF 1934

  For the Transition period from ________ to _________


  Exact name of registrant as specified I.R.S.
  in its charter, state of incorporation, Employer
Commission address of principal executive offices, Identification
File Number Telephone Number


1-16305 PUGET ENERGY, INC. 91-1969407
  A Washington Corporation.  
  411 - 108th Avenue N.E.  
  Bellevue, Washington 98004-5515  
  (425) 454-6363  


1-4393 PUGET SOUND ENERGY, INC. 91-0374630
  A Washington Corporation  
  411 - 108th Avenue N.E.  
  Bellevue, Washington 98004-5515.  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file for such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No

As of September 30, 2001, (i) the number of shares of Puget Energy, Inc. (“Puget Energy”) common stock outstanding was 86,703,331 ($.01 par value) and (ii) all of the outstanding shares of Puget Sound Energy, Inc. (“PSE”) common stock were held by Puget Energy.




Explanatory Note

The purpose of this Form 10-Q/A is to correct for the inadvertent filing of Exhibit 12-1 and 12-2 - Earnings to Fixed Charges for Puget Energy and Puget Sound Energy for the twelve months ending June 30, 2001, respectively, in the September 30, 2001 Form 10-Q. Therefore, filed with this Form 10-Q/A are Exhibits 12-1 and 12-2, Earnings to Fixed Charges for the twelve months ending September 30, 2001.

Item 6.   Exhibits and Reports on Form 8-K

(a)   See Exhibit Index for list of exhibits.

(b)   Reports on Form 8-K

    Filed by Puget Energy:

    Form 8-K dated July 19, 2001, Item 5 – Other Events, related to the release of second quarter earnings.

    Filed by Puget Energy and Puget Sound Energy:

    Form 8-K dated August 30, 2001, Item 5 – Other Events, related to a strategic partnership with Alliance Data Systems.

    Form 8-K dated August 30, 2001, Item 5 – Other Events, related to Puget Sound Energy filing a rate design proposal with the Washington Utilities And Transportation Commission for recovering net power costs.

    Form 8-K dated September 19, 2001, Item 5 – Other Events, related to the Washington Utilities and Transportation Commission Order establishing a procedural hearing on the rate design proposal filed August 21, 2001.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused their report to be signed on its behalf by the undersigned thereunto duly authorized.

  PUGET ENERGY, INC.
  PUGET SOUND ENERGY, INC.

  James W. Eldredge                    
  James W. Eldredge
  Corporate Secretary and Chief Accounting Officer

Date: December 26, 2001 Chief accounting officer and officer duly authorized to sign this report on behalf of each registrant

EXHIBIT INDEX

The following exhibits are filed herewith:
12-1   Statement setting forth computation of ratios of earnings to fixed charges (1996 through 2000 and 12 months ended September 30, 2001) for Puget Energy.

12-2   Statement setting forth computation of ratios of earnings to fixed charges (1996 through 2000 and 12 months ended September 30, 2001) for PSE.
EX-12 3 ex121pe.htm PUGET ENERGY SEPT 2001 EARNINGS FIXED CHARGES EX12.doc 11/2/2001 3

Exhibit 12-1

PUGET ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

EARNINGS TO FIXED CHARGES

(Dollars in Thousands)



                                                  12 Months
                                                     Ending                     Year Ended December 31,
                                         September 30, 2001        2000         1999         1998        1997         1996
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
EARNINGS AVAILABLE FOR
 FIXED CHARGES
  Pre-tax income:
    Income from continuing
      operations per statement
      of income                                    $182,596    $193,831     $185,567     $169,612    $125,698     $167,351
    Federal income taxes                            125,911     128,973      109,164      105,814      44,916      106,876
    Federal income taxes charged
      to other income - net                           9,891       1,411        2,909        3,986      14,807         (784)
    Capitalized interest                               (612)     (1,264)      (3,692)      (1,782)       (360)        (600)
    Undistributed (earnings) or
      losses of less-than-
      fifty-percent-owned
      entities                                           --          --           --           --        (608)         460
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Total                                              $317,786    $322,951     $293,948     $277,630    $184,453     $273,303
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------

  Fixed charges:
    Interest expense                               $191,977    $184,405     $160,966     $146,248    $123,543     $122,635
    Other interest                                      612       1,264        3,692        1,782         360          600
    Portion of rentals
      representative of the
      interest factor                                 6,578       5,002        4,575        2,878       3,143        4,187
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Total                                              $199,167    $190,671     $169,233     $150,908    $127,046     $127,422
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------

  Earnings available for
    combined fixed charges                         $516,953    $513,622     $463,181     $428,538    $311,499     $400,725
RATIO OF EARNINGS TO
  FIXED CHARGES                                       2.60x       2.69x        2.74x        2.84x       2.45x        3.14x

PUGET ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

(Dollars in Thousands)

                                                12 Months
                                                   Ending                      Year Ended December 31,
                                       September 30, 2001         2000         1999         1998         1997         1996
- ---------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
EARNINGS AVAILABLE FOR COMBINED
 FIXED CHARGES AND PREFERRED
 DIVIDEND REQUIREMENTS

  Pretax income:
    Income from continuing
      operations per statement
      of income                                  $182,596     $193,831     $185,567     $169,612     $125,698     $167,351
    Federal income taxes                          125,911      128,973      109,164      105,814       44,916      106,876
    Federal income taxes charged
      to other income - net                         9,891        1,411        2,909       3,986        14,807         (784)
- ---------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
Subtotal                                          318,398      324,215      297,640      279,412      185,421      273,443
  Capitalized interest                               (612)      (1,264)      (3,692)      (1,782)        (360)        (600)
  Undistributed (earnings) or
    losses of less-than-fifty-
    percent-owned entities                             --           --          --             --       (608)          460
- ---------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
Total                                            $317,786     $322,951     $293,948     $277,630     $184,453     $273,303
- ---------------------------------------------------------- ------------ ------------ ------------ ------------ ------------

  Fixed charges:
    Interest expense                             $191,977     $184,405     $160,966     $146,248     $123,543     $122,635
    Other interest                                    612        1,264        3,692        1,782          360          600
    Portion of rentals
      representative of the
      interest factor                               6,578        5,002        4,575        2,878        3,143        4,187
- ---------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
Total                                            $199,167     $190,671     $169,233     $150,908     $127,046     $127,422
- ---------------------------------------------------------- ------------ ------------ ------------ ------------ ------------

Earnings available for
  combined fixed charges
  and preferred dividend
  requirements                                   $516,953     $513,622     $463,181     $428,538     $311,499     $400,725

DIVIDEND REQUIREMENT:
  Fixed charges above                            $199,167     $190,671     $169,233     $150,908     $127,046     $127,422
  Preferred dividend
    requirements below                             14,923       15,044       17,747       21,421       26,266       36,242
- ---------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
Total                                            $214,090     $205,715     $186,980     $172,329     $153,312     $163,664
- ---------------------------------------------------------- ------------ ------------ ------------ ------------ ------------




                                             12 Months
                                                Ending                     Year Ended December 31,
                                    September 30, 2001        2000         1999         1998        1997         1996
- ------------------------------------------------------- ----------- ------------ ------------ ----------- ------------
RATIO OF EARNINGS TO COMBINED
  FIXED CHARGES AND PREFERRED
  DIVIDEND REQUIREMENTS                           2.41        2.50         2.48         2.49        2.03         2.45

COMPUTATION OF PREFERRED
  DIVIDEND REQUIREMENTS:
  (a) Pre-tax income                          $318,398    $324,215     $297,640     $279,412   $185, 421     $273,443
  (b) Income from continuing
        operations                            $182,596    $193,831     $185,567     $169,612    $125,698     $167,351
  (c) Ratio of (a) to (b)                       1.7437      1.6727       1.6039       1.6474      1.4751       1.6339
  (d) Preferred dividends                       $8,558     $ 8,994     $ 11,065     $ 13,003    $ 17,806     $ 22,181
  Preferred dividend
    requirements
      [(d) multiplied by (c)]                  $14,923    $ 15,044     $ 17,747     $ 21,421    $ 26,266     $ 36,242
EX-12 4 ex122pse.htm PSE SEPT. 2001 EARNINGS FIXED CHARGES EX12.doc 11/2/2001 2

Exhibit 12-2

PUGET SOUND ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

                                                  12 Months
                                                     Ending                    Year Ended December 31,
                                         September 30, 2001        2000         1999         1998        1997         1996
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
EARNINGS AVAILABLE FOR
 FIXED CHARGES
  Pre-tax income:
    Income from continuing
      operations per statement
      of income                                    $179,651    $193,831     $185,567     $169,612    $125,698     $167,351
    Federal income taxes                            124,045     128,973      109,164      105,814      44,916      106,876
    Federal income taxes charged
      to other income - net                           9,714       1,411        2,909        3,986      14,807         (784)
    Capitalized interest                               (612)     (1,264)      (3,692)      (1,782)        (360)       (600)
    Undistributed (earnings) or
      losses of less-than-
      fifty-percent-owned
      entities                                           --          --           --           --       (608)          460
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Total                                              $312,798    $322,951     $293,948     $277,630    $184,453     $273,303
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------

  Fixed charges:
    Interest expense                               $189,464    $184,405     $160,966     $146,248    $123,543     $122,635
    Other interest                                      612       1,264        3,692        1,782         360          600
    Portion of rentals
      representative of the
      interest factor                                 5,195       5,002        4,575        2,878       3,143        4,187
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Total                                              $195,271    $190,671     $169,233     $150,908    $127,046     $127,422
- ------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------

  Earnings available for
    combined fixed charges                         $508,069    $513,622     $463,181     $428,538    $311,499     $400,725
RATIO OF EARNINGS TO
  FIXED CHARGES                                       2.60x       2.69x        2.74x        2.84x       2.45x        3.14x

PUGET SOUND ENERGY

STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in Thousands)

                                              12 Months
                                                 Ending                      Year Ended December 31,
                                     September 30, 2001         2000         1999         1998         1997         1996
- -------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
EARNINGS AVAILABLE FOR COMBINED
 FIXED CHARGES AND PREFERRED
 DIVIDEND REQUIREMENTS

  Pretax income:
    Income from continuing
      operations per statement
      of income                                $179,651     $193,831     $185,567     $169,612     $125,698     $167,351
    Federal income taxes                        124,045      128,973      109,164      105,814       44,916      106,876
    Federal income taxes charged
      to other income - net                       9,714        1,411        2,909       3,986          14,807       (784)
- -------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
Subtotal                                        313,410      324,215      297,640      279,412      185,421      273,443
  Capitalized interest                            (612)      (1,264)       (3,692)      (1,782)         (360)       (600)
  Undistributed (earnings) or
    losses of less-than-fifty-
    percent-owned entities                           --           --          --             --       (608)          460
- -------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
Total                                          $312,798     $322,951     $293,948     $277,630     $184,453     $273,303
- -------------------------------------------------------- ------------ ------------ ------------ ------------ ------------

  Fixed charges:
    Interest expense                           $189,464     $184,405     $160,966     $146,248     $123,543     $122,635
    Other interest                                  612        1,264        3,692        1,782          360          600
    Portion of rentals
      representative of the
      interest factor                             5,195        5,002        4,575        2,878        3,143        4,187
- -------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
Total                                          $195,271     $190,671     $169,233     $150,908     $127,046     $127,422
- -------------------------------------------------------- ------------ ------------ ------------ ------------ ------------

Earnings available for
  combined fixed charges
  and preferred dividend
  requirements                                 $508,069     $513,622     $463,181     $428,538     $311,499     $400,725

DIVIDEND REQUIREMENT:
  Fixed charges above                          $195,271     $190,671     $169,233     $150,908     $127,046     $127,422
  Preferred dividend
    requirements below                           14,929       15,044       17,747       21,421       26,266       36,242
- -------------------------------------------------------- ------------ ------------ ------------ ------------ ------------
Total                                          $210,200     $205,715     $186,980     $172,329     $153,312     $163,664
- -------------------------------------------------------- ------------ ------------ ------------ ------------ ------------




                                                12 Months
                                                   Ending                     Year Ended December 31,
                                       September 30, 2001        2000         1999         1998        1997         1996
- ---------------------------------------------------------- ----------- ------------ ------------ ----------- ------------
RATIO OF EARNINGS TO COMBINED
  FIXED CHARGES AND PREFERRED
  DIVIDEND REQUIREMENTS                              2.42        2.50         2.48         2.49        2.03         2.45

COMPUTATION OF PREFERRED
  DIVIDEND REQUIREMENTS:
  (a) Pre-tax income                             $313,410    $324,215     $297,640     $279,412   $185, 421     $273,443
  (b) Income from continuing
        operations                               $179,651    $193,831     $185,567     $169,612    $125,698     $167,351
  (c) Ratio of (a) to (b)                          1.7445      1.6727       1.6039       1.6474      1.4751       1.6339
  (d) Preferred dividends                          $8,558     $ 8,994     $ 11,065     $ 13,003    $ 17,806     $ 22,181
  Preferred dividend
    requirements
      [(d) multiplied by (c)]                     $14,929    $ 15,044     $ 17,747     $ 21,421    $ 26,266     $ 36,242
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