-----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, TSlZhWwIHJQaqw2KMbQbeaZPnaDjyj9Ffh9YmOp+ZCDLsqE1fWACxOoN3COIACr2 2130+6KntyieVrNJQ7gMmg== 0000950124-04-000802.txt : 20040310 0000950124-04-000802.hdr.sgml : 20040310 20040310162300 ACCESSION NUMBER: 0000950124-04-000802 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040310 ITEM INFORMATION: FILED AS OF DATE: 20040310 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: 04660493 BUSINESS ADDRESS: STREET 1: 212 W MICHIGAN AVE CITY: JACKSON STATE: MI ZIP: 49201 BUSINESS PHONE: 5177881030 MAIL ADDRESS: STREET 1: 212 W MICHIGAN AVE STREET 2: M 946 CITY: JACKSON STATE: MI ZIP: 49201 FORMER COMPANY: FORMER CONFORMED NAME: CONSUMERS POWER CO DATE OF NAME CHANGE: 19920703 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: 04660492 BUSINESS ADDRESS: STREET 1: FAIRLANE PLZ S STE 1100 STREET 2: 330 TOWN CENTER DR CITY: DEARBORN STATE: MI ZIP: 48126 BUSINESS PHONE: 3134369261 MAIL ADDRESS: STREET 1: FAIRLANE PLAZA SOUTH, SUITE 1100 STREET 2: 330 TOWN CENTER DRIVE CITY: DEARBORN STATE: MI ZIP: 48126 8-K 1 k83681e8vk.txt CURRENT REPORT DATED 03/10/04 ================================================================================ FORM 8-K CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) MARCH 10, 2004 COMMISSION REGISTRANT; STATE OF INCORPORATION; IRS EMPLOYER FILE NUMBER ADDRESS; AND TELEPHONE NUMBER IDENTIFICATION NO. - ----------- ----------------------------- ------------------ 1-9513 CMS ENERGY CORPORATION 38-2726431 (A MICHIGAN CORPORATION) ONE ENERGY PLAZA JACKSON, MICHIGAN 49201 (517) 788-0550 1-5611 CONSUMERS ENERGY COMPANY 38-0442310 (A MICHIGAN CORPORATION) ONE ENERGY PLAZA JACKSON, MICHIGAN 49201 (517) 788-0550 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On March 10, 2004, CMS Energy Corporation ("CMS Energy") issued a News Release, in which it announced its 2003 results and 2004 earnings guidance. Attached as Exhibit 99 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report. The News Release contains "forward-looking statements", within the meaning of the safe harbor provisions of the federal securities laws. The "forward-looking statements" are subject to risks and uncertainties. They should be read in conjunction with "CMS ENERGY FORWARD-LOOKING STATEMENTS, CAUTIONARY FACTORS AND UNCERTAINTIES" found in Item 1 of CMS Energy's Form 10-K/A for the Fiscal Year Ended December 31, 2002, filed on July 1, 2003 and "CONSUMERS FORWARD--LOOKING STATEMENTS, CAUTIONARY FACTORS AND UNCERTAINTIES" found in Item 1 of Consumers Energy Company's Form 10-K for the Fiscal Year Ended December 31, 2002, filed on March 31, 2003 (both incorporated herein by reference), that discuss important factors that could cause CMS Energy's and Consumers Energy Company's results to differ materially from those anticipated in such statements. 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: March 10, 2004 By: /s/ Thomas J. Webb ------------------------------------- Thomas J. Webb Executive Vice President and Chief Financial Officer CONSUMERS ENERGY COMPANY Dated: March 10, 2004 By: /s/ Thomas J. Webb ------------------------------------- Thomas J. Webb Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit Description - ------ ----------- 99.1 CMS Energy News Release EX-99.1 3 k83681exv99w1.txt CMS ENERGY NEWS RELEASE EXHIBIT 99.1 [CMS ENERGY LOGO] NEWS RELEASE CMS ENERGY RESULTS IMPROVE, FINANCIAL PLAN ON TRACK JACKSON, Mich., March 10, 2004 - CMS Energy (NYSE: CMS) announced today a 2003 reported net loss of $44 million, or $0.30 per share, compared to a loss of $650 million, or $4.68 per share, in 2002. Excluding the impact of $1.11 per share in asset writedowns and other charges, ongoing earnings for 2003 were $0.81 per share, or $122 million, in line with the Company's guidance of $0.80 to $0.90 per share. On a comparable basis, ongoing earnings for 2002 were $0.84 per share on net income of $117 million. Ongoing (non-Generally Accepted Accounting Principles) earnings provide a key measure of the Company's present operating financial performance, unaffected by discontinued operations, asset sales or other items detailed in the attached summary financial statements. CMS Energy also announced its guidance for 2004: a reported net loss of about $0.50 per share and ongoing earnings growth to about $0.85 per share. The reported guidance reflects losses anticipated from the sale of certain international assets. CMS Energy 2003 highlights included: - 15 assets sold for $2.1 billion and net proceeds of nearly $850 million - Consolidated debt reduced by $1.1 billion - $3.8 billion refinanced to extend debt maturities and lower interest costs - $560 million contributed to the pension plan, fully funding all accumulated obligations - Consumers Energy's gas utility ranked highest for customer satisfaction in the Midwest for the second straight year by J.D. Power and Associates - Consumers Energy ranked No. 2 nationally in a University of Michigan survey of customer satisfaction for combined electric and gas utilities. - Electric utility met all 10 performance standards set by the Michigan Public Service Commission - The Company's utility and non-utility generating plants set production records The Company also noted it had restated its 2001 and 2002 financial statements to properly account for certain derivative instruments held by some international affiliates. The Company owns a minority interest in those affiliates. CMS Energy's 2003 10-K filing will detail the restatements, which increased the 2002 loss from $4.46 per share to $4.68 per share. CMS Energy's chairman and chief executive officer, Ken Whipple, said the 2003 results and 2004 guidance reflect the progress the Company is making with its "utility-plus" strategy. "Our goal is to become a smaller, stronger company with our utility, Consumers Energy, as the primary focus. The `plus' part is our non-utility energy businesses - independent power projects, gas and electric distribution units, and gas pipelines - that are important to our cash flow and earnings," Whipple said. "We will continue to execute our financial improvement plan and meet our commitments. We have this Company moving in the right direction and will maintain our focus on operational excellence, increasing our financial flexibility, and reducing debt." CMS Energy is an integrated energy company, which has as its primary business operations an electric and natural gas utility, natural gas pipeline systems, and independent power generation. # # # For more information on CMS Energy, please visit our web site at: www.cmsenergy.com Media Contacts: Jeff Holyfield, 517/788-2394 or Dan Bishop, 517/788-2395 Investment Analyst Contact: CMS Energy Investor Relations, 517/788-2590 CMS Energy Corporation SUMMARY OF CONSOLIDATED EARNINGS -------------------------------- Condensed Consolidated Income Statements (Millions, Except Per Share Amounts)
Fourth Quarter Twelve Months (Unaudited) ---------------------------------- --------------------------------- 2003 2002 2003 2002 ------------ ------------ ----------- ------------ Operating Revenue $ 1,372 $ 1,736 $ 5,513 $ 8,673 Earnings from Equity Method Investees 39 (3) 164 92 Operating Expenses 1,306 2,255 5,082 8,690 ------------ ------------ ----------- ------------ Operating Income (Loss) $ 105 $ (522) $ 595 $ 75 Other Income (Deductions) 12 (30) 14 - Fixed Charges 139 123 594 508 Income Tax Expense (Benefit) 10 (162) 58 (41) Minority Interests 3 - - 2 ------------ ------------ ----------- ------------ Income (Loss) from Continuing Operations $ (35) $ (513) $ (43) $ (394) Income (Loss) from Discontinued Operations 43 (120) 23 (274) Cumulative Effect of Accounting Changes - - (24) 18 ------------ ------------ ----------- ------------ Net Income (Loss) $ 8 $ (633) $ (44) $ (650) ============ ============ =========== ============ Earnings (Loss) Per Share Basic $ 0.05 $ (4.40) $ (0.30) $ (4.68) Diluted 0.05 (4.40) (0.30) (4.68)
CMS Energy Corporation SUMMARIZED COMPARATIVE BALANCE SHEETS ------------------------------------- (Millions of Dollars)
December 31 December 31 2003 2002 --------------- --------------- ASSETS Cash and cash equivalents $ 532 $ 351 Restricted cash 201 38 Other current assets 1,761 2,350 --------------- --------------- Total current assets $ 2,494 $ 2,739 Net plant and property 6,944 6,103 Investments 1,390 1,369 Non-current assets 3,010 4,570 --------------- --------------- Total assets $ 13,838 $ 14,781 =============== =============== STOCKHOLDERS' INVESTMENT AND LIABILITIES Capitalization Debt Long-term debt (excluding Securitization and $ 5,622 $ 4,931 Related Parties) Capital leases 58 116 Notes Payable - 458 Current portion of long-term debt and capital leases (excluding securitization) 491 619 --------------- --------------- Total debt $ 6,171 $ 6,124 Preferred stock and securities 305 927 Minority interest 73 38 Common stockholders' equity 1,585 1,078 --------------- --------------- Total capitalization $ 8,134 $ 8,167 Securitization debt 426 453 Long-term debt - Related Parties 684 - Current liabilities 980 1,785 Non-current liabilities 3,614 4,376 --------------- --------------- Total Stockholders' Investment and Liabilities $ 13,838 $ 14,781 =============== ===============
CMS Energy Corporation SUMMARIZED STATEMENTS OF CASH FLOWS (Millions of Dollars)
Twelve Months ----------------------------------------- 2003 2002 --------------- --------------- Beginning of Period Cash $ 351 $ 123 --------------- --------------- Cash (used in) provided by operating activities $ (251) $ 614 Cash provided by investing activities 203 829 Cash used in financing activities 230 (1,223) Currency Translation Adjustment (1) 8 --------------- --------------- Total Cash Flow $ 181 $ 228 --------------- --------------- End of Period Cash $ 532 $ 351 =============== ===============
CMS Energy Corporation SUMMARY OF CONSOLIDATED EARNINGS ------------------------------------------------------- Reconciliations of GAAP Net Income (Loss) to Non-GAAP Ongoing Net Income (Loss) (Millions, Except Per Share Amounts)
Fourth Quarter Twelve Months (Unaudited) --------------------------- ------------------------- 2003 2002 2003 2002 ----------- ----------- ---------- ----------- NET INCOME (LOSS) $ 8 $ (633) $ (44) $ (650) Reconciling Items: Discontinued Operations (Income) Loss (43) 120 (23) 274 Cumulative Effect of Accounting Changes: EITF #02-03 MTM Accounting - - 23 - SFAS No. 143 Asset Retirement Obligation - - 1 - SFAS No. 133 Derivative Accounting - - - (18) Net Asset Writedowns 23 458 79 458 Loss of Tax Benefits - 13 - 54 Net Asset (Gain)/Loss and Other 48 18 86 (1) ----------- ----------- ---------- ----------- Ongoing Net Income (Loss) - Non-GAAP Basis $ 36 $ (24) $ 122 $ 117 =========== =========== ========== =========== Average Number of Common Shares Outstanding Basic 161 144 150 139 Diluted 166 148 155 143 BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE Earnings (Loss) Per Share as Reported $ 0.05 $ (4.40) $ (0.30) $ (4.68) Reconciling Items: Discontinued Operations (Income) Loss (0.27) 0.83 (0.16) 1.97 Cumulative Effect of Accounting Changes: EITF #02-03 MTM Accounting - - 0.15 - SFAS No. 143 Asset Retirement Obligations - - 0.01 - SFAS No. 133 Derivative Accounting - - - (0.13) Net Asset Writedowns 0.14 3.18 0.52 3.29 Loss of Tax Benefits - 0.09 - 0.39 Net Asset (Gain)/Loss and Other 0.30 0.14 0.59 - ----------- ----------- ---------- ----------- Ongoing Net Income (Loss) - Non-GAAP Basis $ 0.22 $ (0.16) $ 0.81 $ 0.84 =========== =========== ========== =========== DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE Earnings (Loss) Per Share as Reported $ 0.05 $ (4.40) $ (0.30) $ (4.68) Reconciling Items: Discontinued Operations (Income) Loss (0.27) 0.83 (0.16) 1.97 Cumulative Effect of Accounting Changes: EITF #02-03 MTM Accounting - - 0.15 - SFAS No. 143 Asset Retirement Obligations - - 0.01 - SFAS No. 133 Derivative Accounting - - - (0.13) Net Asset Writedowns 0.14 3.18 0.52 3.29 Loss of Tax Benefits - 0.09 - 0.39 Net Asset (Gain)/Loss and Other 0.30 0.14 0.59 - ----------- ----------- ---------- ----------- Ongoing Net Income (Loss) - Non-GAAP Basis $ 0.22 $ (0.16) $ 0.81 $ 0.84 =========== =========== ========== ===========
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