0000811156-15-000015.txt : 20150129 0000811156-15-000015.hdr.sgml : 20150129 20150129074027 ACCESSION NUMBER: 0000811156-15-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150129 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150129 DATE AS OF CHANGE: 20150129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CMS ENERGY CORP CENTRAL INDEX KEY: 0000811156 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 382726431 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09513 FILM NUMBER: 15556776 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: JACKSON STATE: MI ZIP: 49201 BUSINESS PHONE: 5177881612 MAIL ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: JACKSON STATE: MI ZIP: 49201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSUMERS ENERGY CO CENTRAL INDEX KEY: 0000201533 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 380442310 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05611 FILM NUMBER: 15556777 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: JACKSON STATE: MI ZIP: 49201 BUSINESS PHONE: 5177881612 MAIL ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: JACKSON STATE: MI ZIP: 49201 FORMER COMPANY: FORMER CONFORMED NAME: CONSUMERS POWER CO DATE OF NAME CHANGE: 19920703 8-K 1 cms-20150129x8k.htm 8-K 4Q 2014 Results 8-K

 

 

 

 

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) January 29, 2015

 

Commission

File Number

Registrant; State of Incorporation;

Address; and Telephone Number

IRS Employer

Identification No.

 

 

 

1-9513

CMS ENERGY CORPORATION

(A Michigan Corporation)

One Energy Plaza

Jackson, Michigan 49201

(517) 788-0550

 

38-2726431

1-5611

CONSUMERS ENERGY COMPANY

(A Michigan Corporation)

One Energy Plaza

Jackson, Michigan 49201

(517) 788-0550

 

38-0442310

 

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))

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On January 29, 2015, CMS Energy Corporation (“CMS Energy”) issued a News Release, in which it announced its 2014 results.   Attached as Exhibit 99.1 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report.

Exhibit 99.1 contains certain financial measures that are considered “non-GAAP financial measures” as defined in Securities and Exchange Commission rules and contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States.

 

Item 7.01. Regulation FD Disclosure.

 

The information set forth in the CMS Energy News Release dated January 29, 2015, attached as Exhibit 99.1, is incorporated by reference in response to this Item 7.01.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933. Investors and others should note that CMS Energy and Consumers Energy Company post important financial information using the investor relations section of the CMS Energy website, www.cmsenergy.com and Securities and Exchange Commission filings.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

 

 

 

 

 

99.1

  

CMS Energy News Release dated January 29, 2015

 

 

 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

 

CMS ENERGY CORPORATION

 

 

 

 

Dated: January 29, 2015

 

By:

/s/ Thomas J. Webb

 

 

 

Thomas J. Webb

 

 

 

Executive Vice President and Chief Financial Officer

 

 

 

 

 

 

 

CONSUMERS ENERGY COMPANY

 

 

 

 

Dated: January 29, 2015

 

By:

/s/ Thomas J. Webb  

 

 

 

Thomas J. Webb

 

 

 

Executive Vice President and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

Exhibit Index

 

99.1CMS Energy News Release dated January 29, 2015

EX-99.1 2 cms-20150129ex9916ce555.htm EX-99.1 14Q4 Earnings NR

Picture 1

 

CMS ENERGY ANNOUNCES 2014 ADJUSTED EARNINGS OF $1.77 PER SHARE;

RAISING 2015 ADJUSTED EARNINGS GUIDANCE TO $1.86 TO $1.89

PER SHARE, UP 5% TO 7%

 

12TH STRAIGHT YEAR OF CONSISTENT FINANCIAL PERFORMANCE

 

         JACKSON, Mich., Jan. 29, 2015 – CMS Energy announced today reported net income of $96 million, or $0.35 per share, for the fourth quarter of 2014, compared to reported net income of $102 million, or $0.37 per share, for the same quarter of 2013. Adjusted (non-Generally Accepted Accounting Principles) net income for the fourth quarter was the same as the reported amounts.  

         For 2014, CMS Energy had reported net income of $477 million, or $1.74 per share, compared to $452 million, or $1.66 per share for 2013.  On an adjusted basis, which excludes the effects of one-time items, the company had net income of $486 million, or $1.77 per share for 2014 at the high end of guidance, compared to $452 million, or $1.66 per share for 2013. 

         CMS Energy raised guidance for 2015 adjusted earnings to $1.86 to $1.89 per share.  This guidance is consistent with the company’s long-term plan of 5 percent to 7 percent annual earnings per share growth, and builds, as always over the last dozen years, on the company’s high-end actual performance.        

         “CMS Energy continues to deliver on its promise to investors, customers and the State of Michigan. 2014 marks our 12th consecutive year of consistent financial performance, delivering top-end industry earnings growth, with more progress planned for 2015 and beyond,” said John Russell, CMS Energy’s president and chief executive officer.

         “Our customer focus is paying off, with major improvements in customer satisfaction scores, residential electric bills that are 10 percent below the national average, and strong electric and natural gas reliability, including during last winter’s historic Polar Vortex.”

           “We’re anticipating action on energy policy in Michigan consistent with statements from state policy makers. The Lower Peninsula is facing an electric generation shortfall as early as 2016, which is why we need a Michigan-first energy plan. While supporting the efforts of policy makers, we also are ensuring power reliability for our customers by taking steps such as purchasing the Jackson Gas Plant for our electric generating fleet.”

 

       Russell said that CMS Energy’s principal subsidiary, Consumers Energy, Michigan’s largest utility with three million electric and natural gas customers, plans to invest more than $15.5 billion in its operations over the next 10 years to enhance customer value. 

       “We are making strategic investments in Michigan to provide customers with safe, affordable, reliable and increasingly clean energy,” said Russell. “As a result of our investments electric reliability is improving, and we’re proud that we achieved Michigan’s standard for renewable energy production one year ahead of the statutory requirement.”

       Russell said the company is strengthening ties to the Michigan communities it serves with electric and natural gas, including more support for local businesses. 

       “In addition to the $2 billion we spend annually in Michigan on goods and services, we are a leadership sponsor of Pure Michigan Business Connect, which encourages Michigan companies to do more business with each other. As of year-end, we’ve awarded $956 million in contracts to Michigan companies since 2011 as part of Pure Michigan Business Connect, creating an estimated 5,000 jobs.”

       “Michigan’s economy is rebounding strongly,  with the lowest unemployment rate in 12 years. We’re doing our part by making energy costs more affordable. We’ve proposed electric rate reductions of 5 percent to 15 percent for business customers which are large energy users. Natural gas bills for customers are forecasted to be lower in 2015 compared to 2014 and more than 20 percent lower than 5 years ago.”    

       In reviewing recent major events, Russell cited:

·

Commercial operation of Cross Winds® Energy Park, the company’s second wind facility.     

·

Settlement of a gas rate case six months early, including a 10.3 percent return on equity.

·

Commercial operation of the 36-inch Southwest Michigan Pipeline to strengthen gas delivery reliability and support strategic supply purchases.

·

Achieved ranking as one of the world’s leading sustainable energy providers as determined by Sustainalytics,  a Boston-based global research firm. 

           CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.  

# # #

CMS Energy will hold a webcast to discuss its 2014 fourth quarter results and provide a business and financial outlook on January 29 at 9:00 AM (EDT). To participate in the webcast, go to CMS Energy’s home page (www.cmsenergy.com) and select “Investor Meeting.”

 

CMS Energy provides historical financial results on both a reported (Generally Accepted Accounting Principles) and adjusted (non-GAAP) basis and provides forward-looking guidance on an adjusted basis. Management views adjusted earnings as a key measure of the company's present operating financial performance, unaffected by discontinued operations, asset sales,

 

impairments, regulatory items from prior years, or other items detailed in the attached summary financial statements. These items have the potential to impact, favorably or unfavorably, the company's reported earnings in future periods.  

This news release contains "forward-looking statements" as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings. Forward-looking statements should be read in conjunction with "FORWARD-LOOKING STATEMENTS AND INFORMATION" and "RISK FACTORS" sections of CMS Energy's Form 10-K and Consumers Energy's Form 10-K each for the year ended December 31, 2013 and as updated in CMS Energy's and Consumers Energy's subsequent Forms 10-Q.

CMS Energy's and Consumers Energy's "FORWARD-LOOKING STATEMENTS AND INFORMATION" and "RISK FACTORS" sections are incorporated herein by reference and discuss important factors that could cause CMS Energy's and Consumers Energy's results to differ materially from those anticipated in such statements.

Investors and others should note that CMS Energy and Consumers Energy post important financial information using the investor relations section of the CMS Energy website, www.cmsenergy.com and Securities and Exchange Commission filings.

For more information on CMS Energy, please visit our web site at: www.cmsenergy.com

Media Contacts:  Dan Bishop, 517/788-2395 or Brian Wheeler, 517/788-2394 

Investment Analyst Contact:  CMS Energy Investor Relations, 517/788-2590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CMS Energy Corporation

SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME

(In Millions, Except Per Share Amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

(Unaudited)

 

(Unaudited)

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenue

$
1,758 

 

$
1,736 

 

$
7,179 

 

$
6,566 

Operating Expenses

 
1,485 

 

 
1,472 

 

 
6,027 

 

 
5,424 

Operating Income

$
273 

 

$
264 

 

$
1,152 

 

$
1,142 

Other Income (Expense)

 
(17)

 

 
(1)

 

 
(16)

 

 
12 

Interest Charges

 
104 

 

 
99 

 

 
407 

 

 
398 

Income before Income Taxes

$
152 

 

$
164 

 

$
729 

 

$
756 

Income Tax Expense

 
55 

 

 
62 

 

 
250 

 

 
302 

Net Income

$
97 

 

$
102 

 

$
479 

 

$
454 

Income Attributable to Noncontrolling Interests

 
1 

 

 

 -

 

 
2 

 

 
2 

Net Income Available to Common Stockholders

$
96 

 

$
102 

 

$
477 

 

$
452 

 

 

 

 

 

 

 

 

 

 

 

 

Income Per Share

 

 

 

 

 

 

 

 

 

 

 

Basic

$
0.35 

 

$
0.38 

 

$
1.76 

 

$
1.71 

Diluted

 
0.35 

 

 
0.37 

 

 
1.74 

 

 
1.66 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CMS Energy Corporation

SUMMARIZED CONSOLIDATED BALANCE SHEETS

(In Millions)

 

 

 

 

 

 

 

December 31

 

December 31

 

2014

 

2013

 

 

 

 

 

 

 

(Unaudited)

Assets

 

 

 

 

 

Cash and cash equivalents

$
207 

 

$
172 

Restricted cash and cash equivalents

 
37 

 

 
32 

Other current assets

 
2,353 

 

 
2,322 

Total current assets

$
2,597 

 

$
2,526 

Plant, property, and equipment

 
13,412 

 

 
12,246 

Other non-current assets

 
3,176 

 

 
2,644 

Total Assets

$
19,185 

 

$
17,416 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

Current liabilities

$
1,414 

 

$
1,213 

Non-current liabilities

 
5,325 

 

 
4,741 

Capitalization

 

 

 

 

 

Debt, capital leases, and financing obligation (*)

 

 

 

 

 

Debt, capital leases, and financing obligation

 

 

 

 

 

(excluding non-recourse and securitization debt)

 
7,428 

 

 
7,227 

Non-recourse debt

 
884 

 

 
652 

Total debt, capital leases, and financing obligation

 
8,312 

 

 
7,879 

Noncontrolling interests

 
37 

 

 
37 

Common stockholders' equity

 
3,670 

 

 
3,454 

Total capitalization

$
12,019 

 

$
11,370 

Securitization debt

 
427 

 

 
92 

Total Liabilities and Equity

$
19,185 

 

$
17,416 

 

 

 

 

 

 

(*) Current and long-term

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CMS Energy Corporation

SUMMARIZED STATEMENTS OF CASH FLOWS

(In Millions)

 

 

 

 

 

 

 

Full Year

 

(Unaudited)

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of Period Cash

$
172 

 

$
93 

 

 

 

 

 

 

 

 

 

 

 

 

Cash provided by operating activities

$
1,447 

 

$
1,421 

Cash used in investing activities

 
(1,910)

 

 
(1,532)

Cash flow from operating and investing activities

$
(463)

 

$
(111)

Cash provided by financing activities

 
498 

 

 
190 

Total Cash Flow

$
35 

 

$
79 

 

 

 

 

 

 

 

 

 

 

 

 

End of Period Cash

$
207 

 

$
172 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CMS Energy Corporation

SUMMARY OF CONSOLIDATED EARNINGS

Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income

(In Millions, Except Per Share Amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

(Unaudited)

 

(Unaudited)

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Available to Common Stockholders

$
96 

 

$
102 

 

$
477 

 

$
452 

Reconciling Items:

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations (Income) Loss

 

*

 

 

*

 

 

(*)

 

 

*

Restructuring Costs and Other

 

*

 

 

*

 

 
9 

 

 

*

Adjusted Net Income - Non-GAAP Basis

$
96 

 

$
102 

 

$
486 

 

$
452 

 

 

 

 

 

 

 

 

 

 

 

 

Average Number of Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic

 
274 

 

 
265 

 

 
271 

 

 
265 

Diluted

 
275 

 

 
272 

 

 
275 

 

 
272 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Average Common Share

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share as Reported

$
0.35 

 

$
0.38 

 

$
1.76 

 

$
1.71 

Reconciling Items:

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations (Income) Loss

 

*

 

 

*

 

 

(*)

 

 

*

Restructuring Costs and Other

 

*

 

 

*

 

 
0.03 

 

 

*

Adjusted Net Income - Non-GAAP Basis

$
0.35 

 

$
0.38 

 

$
1.79 

 

$
1.71 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Average Common Share

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share as Reported

$
0.35 

 

$
0.37 

 

$
1.74 

 

$
1.66 

Reconciling Items:

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations (Income) Loss

 

*

 

 

*

 

 

(*)

 

 

*

Restructuring Costs and Other

 

*

 

 

*

 

 
0.03 

 

 

*

Adjusted Net Income - Non-GAAP Basis

$
0.35 

 

$
0.37 

 

$
1.77 

 

$
1.66 

 

 

 

 

Note:

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items detailed in these summary financial statements.

 

 

* Less than $500 thousand or $0.01 per share.

 

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