-----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, KYosuGm0VfUnQlWLJdg/umioB1ObHsdOzTP77htY8LS5p8FOPExibC/TD14Vgw1T TuJXwPeSDvsRcXalgOfsFw== 0000092195-01-500009.txt : 20010730 0000092195-01-500009.hdr.sgml : 20010730 ACCESSION NUMBER: 0000092195-01-500009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010630 ITEM INFORMATION: FILED AS OF DATE: 20010727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN INDIANA GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000092195 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 350672570 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-03553 FILM NUMBER: 1690494 BUSINESS ADDRESS: STREET 1: 20 NW FOURTH ST CITY: EVANSVILLE STATE: IN ZIP: 47741-0001 BUSINESS PHONE: 8124655300 8-K 1 sig8k-earnings_jun01.txt EARNINGS RELEASE FOR 2ND QUARTER 2001 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 of 15(d) of the Securities Exchange Act of 1934 SOUTHERN INDIANA GAS AND ELECTRIC COMPANY (Exact name of registrant as specified in its charter) Indiana 1-3553 35-0672570 ------- ------ ---------- (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification) No.) 20 N.W. Fourth Street Evansville, Indiana 47741 ------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (812)491-4000 N/A (Former name or address, if changed since last report.) Item 5. Other Events On July 26, 2001, Vectren Corporation (the Company), the parent company of Southern Indiana Gas and Electric Company, released financial information to the investment community regarding the Company's results of operations for the three, six and twelve month periods ended June 30, 2001. The financial information released is included herein. This information does not include footnote disclosures and should not be considered complete financial statements. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company is hereby filing cautionary statements identifying important factors that could cause actual results of the Company and its subsidiaries, including Indiana Gas Company, Inc. and Southern Indiana Gas and Electric Company, to differ materially from those projected in forward-looking statements of the Company and its subsidiaries made by, or on behalf of, the Company and its subsidiaries. Item 7. Exhibits 99-1 Press Release - Second Quarter 2001 Vectren Corporation Earnings 99-2 Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995 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. SOUTHERN INDIANA GAS AND ELECTRIC COMPANY July 26, 2001 By: /s/ M. Susan Hardwick M. Susan Hardwick Vice President and Controller EX-99.1RELEASE 2 vvc8kfinancial-jun.txt RELEASE AND FINANCIAL STATEMENTS NEWS RELEASE Vectren Corporation P.O. Box 209 Evansville, IN 47702-0209 July 25, 2001 FOR IMMEDIATE RELEASE Vectren Corporation Reports Second Quarter Results; Dividend Unchanged Evansville, Indiana - Today, Vectren Corporation (NYSE:VVC) announced 2001 second quarter income from operations of $3.9 million, or $.06 per share, compared to $14.2 million, or $.23 per share, for the same quarter a year ago. Operating results for the current quarter were negatively impacted by significantly warmer weather this year and the impact of increased gas prices. The reported net loss for the quarter was $(17.7) million, or $(.26) per share, compared to net income of $8.3 million, or $.14 per share, for the same period a year ago. The current quarter loss reflects the impact of restructuring costs incurred in the continuing organizational alignment following the 2000 merger. The current loss also includes the extraordinary loss associated with the disposition of certain leveraged lease assets and the negative impact of market price swings as a result of marking power contracts to market under the accounting standard, FAS 133. Income from operations has been adjusted by these items. Reported net income for the six months ended June 30, 2001 was $26.7 million, or $.40 per share, compared to $30.4 million, or $.50 per share, for the same period in 2000. Income from operations for the six months ended June 30, 2001 was $43.2 million, or $.65 per share, as compared to $50.6 million, or $.83 per share a year ago. "The reported results include nonrecurring merger and integration costs, restructuring charges and an extraordinary loss on the disposition of assets," said Niel C. Ellerbrook, Vectren's Chairman and Chief Executive Officer. Mr. Ellerbrook added, "The recognition of these nonrecurring charges substantially completes our efforts to eliminate duplicate corporate and administrative programs, promote greater efficiencies in operations and business processes and realign our business units, both regulated and nonregulated in a manner that compliments our core purpose and long term growth strategy. We fully expect to begin realizing these benefits during the remainder of 2001." Specific second quarter and year to date items include: * A restructuring charge of $7.3 million net of tax and additional merger costs (accelerated depreciation) of $1.7 million net of tax, a total of $.13 per share, was reflected during the quarter as a continuation of the organization alignment following the merger. For the year, combined merger and restructuring costs total $11.2 million net of tax, or $.17 per share. * Leveraged lease assets were sold during the quarter resulting in an extraordinary loss of $7.7 million, or $.12 per share. Cash proceeds from the transaction of $46 million were used to reduce debt outstanding. -more- * The impact of the adoption of FAS 133 by the regulated wholesale power group, requiring mark to market accounting for certain power contracts, was an unfavorable $4.9 million net of tax, or $.07 per share. The impact for the year is a favorable $2.4 million net of tax, or $.04 per share. * For the quarter and year to date, warmer than normal weather negatively impacted results by $.11 per share. * Gas cost increases continue to adversely impact results due to decreased consumption, higher uncollectibles and other expenses. Results for the quarter were lower by approximately $.05 per share and, for the full year, by $.18 per share. The board of directors of Vectren today also declared a cash dividend of 25 1/2 cents per share of common stock. This is unchanged from the previous quarter. The dividend is payable September 1, 2001 to shareholders of record as of August 15, 2001. Please SEE ATTACHED unaudited schedules for additional financial information. In conjunction with Vectren Corporation's first quarter earnings release, you are invited to listen in real-time to its conference call on July 26 at 10:00 a.m. EDT. The call will also be available for replay. A link to the live broadcast and replay will be available on Vectren's Web site at http://www.vectren.com. Vectren Corporation is an energy and applied technology holding company headquartered in Evansville, Indiana. Vectren's energy delivery subsidiaries provide gas and/or electricity to nearly one million customers in adjoining service territories that cover nearly two-thirds of Indiana and west central Ohio. Vectren's non-regulated subsidiaries and affiliates currently offer energy-related products and services and utility related services including coal production and sales, underground pipeline construction and repair, facilities locating and meter reading services, materials management, debt collections, and broadband communication services to customers throughout the surrounding region. To learn more about Vectren, visit www.vectren.com. NOTE: Net income for the three and six-month periods ended June 30 is not indicative of net income for an annual period due to seasonal sales of gas and electric for space heating and cooling purposes. This press release may contain forward-looking statements. Vectren wishes to caution readers that actual results could differ materially from those that will be projected in our discussions. Additional detailed information concerning a number of factors that could cause actual results to differ materially from the information that is provided to you is readily available in our report Form 10-K filed with the Securities and Exchange Commission on March 30, 2001. Investor Contact: Steven M. Schein, (812) 491-4209, sschein@vectren.com Media Contact: Jeffrey W. Whiteside, (812) 491-4205, jwhiteside@vectren.com ###
VECTREN CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Thousands, except for share amounts) (Unaudited) Three Months Six Months Ended June 30 Ended June 30 -------------------- --------------------- 2001 2000 2001 2000 - -------------------------------------- ---------- --------- -------- --------- OPERATING REVENUE: Gas utility $ 153,798 $ 100,485 $ 676,687 $ 301,330 Electric utility 95,020 78,289 183,229 151,279 Energy services and other 183,456 84,584 455,446 170,312 ---------- ---------- ---------- ---------- Total operating revenues 432,274 263,358 1,315,362 622,921 ---------- ---------- ---------- ---------- OPERATING EXPENSES: Cost of gas sold 94,800 55,898 498,872 174,425 Fuel for electric generation 17,857 18,772 35,842 35,465 Purchased electric energy 33,662 9,159 46,815 12,636 Cost of energy services and other 177,015 76,959 438,795 158,681 Other operating 58,974 49,564 120,606 95,987 Merger and integration costs - 3,261 762 30,442 Restructuring costs 11,802 - 11,802 - Depreciation and amortization 31,794 26,031 63,265 48,693 Taxes other than income taxes 11,053 7,456 30,596 16,056 ---------- ---------- ---------- -------- Total operating expenses 436,957 247,100 1,247,355 572,385 ---------- ---------- ---------- -------- OPERATING INCOME (4,683) 16,258 68,007 50,536 OTHER INCOME: Equity in earnings of unconsolidated investments 6,051 2,313 13,901 14,007 Other - net 4,052 7,020 5,735 10,219 ---------- ---------- ---------- --------- Total other income 10,103 9,333 19,636 24,226 ---------- ---------- ---------- --------- INTEREST EXPENSE 20,937 12,319 43,756 24,592 ---------- ---------- ---------- --------- INCOME (LOSS) BEFORE INCOME TAXES (15,517) 13,272 43,887 50,170 INCOME TAXES (5,659) 4,293 13,116 18,656 MINORITY INTEREST IN SUBSIDIARY (149) (171) 439 581 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARY 242 266 480 535 ---------- ---------- ---------- -------- NET INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ (9,951) $ 8,274 $ 30,462 $ 30,398 EXTRAORDINARY LOSS, NET (7,706) - (7,706) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - - 3,938 - ---------- ---------- ---------- ---------- NET INCOME (LOSS) $ (17,657) $ 8,274 $ 26,694 $ 30,398 AVERAGE COMMON SHARES OUTSTANDING 67,710 61,227 66,165 61,266 DILUTED COMMON SHARES OUTSTANDING 67,710 61,317 66,295 61,338 EARNINGS (LOSS) PER SHARE OF COMMON STOCK BASIC: NET INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ (0.15) $ 0.14 $ 0.46 $ 0.50 EXTRAORDINARY LOSS, NET (0.11) - (0.12) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - - 0.06 - ---------- ---------- ---------- --------- EARNINGS (LOSS) PER SHARE OF COMMON STOCK $ (0.26) $ 0.14 $ 0.40 $ 0.50 DILUTED: NET INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ (0.15) $ 0.13 $ 0.46 $ 0.50 EXTRAORDINARY LOSS, NET (0.11) - (0.12) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET - - 0.06 - ---------- ---------- ---------- --------- EARNINGS (LOSS) PER SHARE OF COMMON STOCK $ (0.26) $ 0.13 $ 0.40 $ 0.50
VECTREN CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Thousands, except for share amounts) (Unaudited) Twelve Months Ended June 30 --------------------------- 2001 2000 ------------ ----------- OPERATING REVENUE: Gas utility $ 1,194,110 $ 527,074 Electric utility 368,359 314,059 Energy services and other 778,662 322,130 ----------- ----------- Total operating revenues 2,341,131 1,163,263 ----------- ----------- OPERATING EXPENSES: Cost of gas sold 876,987 298,738 Fuel for electric generation 71,547 70,411 Purchased electric energy 70,573 23,102 Cost of energy services and other 753,372 301,637 Other operating 224,046 194,842 Merger and integration costs 11,465 30,442 Restructuring costs 11,802 - Depreciation and amortization 120,233 92,672 Taxes other than income taxes 52,550 31,189 ----------- ----------- Total operating expenses 2,192,575 1,043,033 ----------- ----------- OPERATING INCOME 148,556 120,230 OTHER INCOME: Equity in earnings of unconsolidated investments 17,448 19,110 Other - net 12,303 16,120 ----------- ----------- Total other income 29,751 35,230 ----------- ----------- INTEREST EXPENSE 76,297 47,457 ----------- ----------- INCOME (LOSS) BEFORE INCOME TAXES 102,010 108,003 INCOME TAXES 28,692 36,850 MINORITY INTEREST IN SUBSIDIARY 252 1,210 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARY 962 1,074 ----------- ----------- NET INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 72,104 $ 68,869 EXTRAORDINARY LOSS, NET (7,706) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET 3,938 - ----------- ----------- NET INCOME (LOSS) $ 68,336 $ 68,869 AVERAGE COMMON SHARES OUTSTANDING 63,708 61,281 DILUTED COMMON SHARES OUTSTANDING 63,820 61,362 EARNINGS (LOSS) PER SHARE OF COMMON STOCK BASIC: NET INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 1.13 $ 1.12 EXTRAORDINARY LOSS, NET (0.12) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET 0.06 - ---------- ---------- EARNINGS (LOSS) PER SHARE OF COMMON STOCK $ 1.07 $ 1.12 DILUTED: NET INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET $ 1.13 $ 1.12 EXTRAORDINARY LOSS, NET (0.12) - CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET 0.06 - ----------- ----------- EARNINGS (LOSS) PER SHARE OF COMMON STOCK $ 1.07 $ 1.12
VECTREN CORPORATION 3 Months 6 Months HIGHLIGHTS Ended June 30 Ended June 30 ------------- ------------- (Unaudited) 2001 2000 2001 2000 ------------ --------- -------- -------- Basic and Diluted Earnings Per Average Share: Utility Group $ (0.19) $ 0.05 $ 0.35 $ 0.26 Non-regulated Group Communications (0.01) (0.01) (0.02) 0.08 Energy Services 0.02 0.05 0.10 0.08 Utility Services 0.02 0.01 0.02 0.01 Corporate and Other (0.10) 0.04 (0.05) 0.07 ------- -------- -------- -------- Total Non-regulated (0.07) 0.09 0.05 0.24 -------- -------- -------- -------- Total Earnings per Average Share ** $ (0.26) $ 0.14 $ 0.40 $ 0.50 -------- -------- -------- -------- Restructuring Costs 0.11 - 0.11 - Merger and Integration Costs 0.02 0.09 0.06 0.41 Extraordinary Loss on Disposition of Assets 0.12 - 0.12 - Impact of FAS 133-Accounting for Derivatives 0.07 - (0.04) - Prior Year One-Time Gain - - - (0.08) -------- -------- -------- -------- Income from Operations $ 0.06 $ 0.23 $ 0.65 $ 0.83 -------- -------- -------- -------- Summary of Impact of Restructuring Costs and Merger and Integration Costs: (millions, except per share data) Restructuring Costs $ 11.8 $ - $ 11.8 $ - Merger and Integration Costs - 3.3 0.8 30.4 Depreciation 2.7 3.3 5.5 3.3 Income Taxes (5.5) (0.7) (6.9) (8.6) -------- -------- -------- -------- Total $ 9.0 $ 5.9 $ 11.2 $ 25.1 -------- -------- -------- -------- EPS Impact of Restructuring Costs and Merger and Integration Costs $ 0.13 $ 0.09 $ 0.17 $ 0.41 -------- -------- -------- -------- Utility Group $ 0.12 $ 0.09 $ 0.16 $ 0.40 Non-regulated Group $ 0.01 $ - $ 0.01 $ 0.01 EBITDA (millions) Utility Group $ 21.8 $ 36.1 $ 119.5 $ 90.1 Non-regulated Group 7.6 14.8 27.3 32.2 -------- -------- ------- -------- Total $ 29.4 $ 50.9 $ 146.8 $ 122.3 -------- -------- -------- -------- Restructuring Costs 11.8 - 11.8 - Merger and Integration Costs - 3.3 0.8 30.4 Extraordinary Loss on Disposition of Assets 12.4 - 12.4 - Impact of FAS 133-Accounting for Derivatives 7.9 - (3.9) - Prior Year One-Time Gain - - - (8.0) -------- -------- -------- -------- EBITDA from Operations $ 61.5 $ 54.2 $ 167.9 $ 144.7 -------- -------- -------- --------
VECTREN CORPORATION 12 Months HIGHLIGHTS Ended June 30 ------------- (Unaudited) 2001 2000 ------------ ----------- Basic and Diluted Earnings Per Average Share: Utility Group $ 0.94 $ 0.76 Non-regulated Group Communications (0.02) 0.08 Energy Services 0.13 0.09 Utility Services 0.04 0.04 Corporate and Other (0.02) 0.15 ------- ------ Total Non-regulated 0.13 0.36 ------- ------ Total Earnings per Average Share ** $ 1.07 $ 1.12 ------- ------- Restructuring Costs 0.11 - Merger and Integration Costs 0.25 0.41 Extraordinary Loss on Disposition of Assets 0.12 - Impact of FAS 133-Accounting for Derivatives (0.04) - Prior Year One-Time Gain - (0.08) ------- ------- Income from Operations $ 1.51 $ 1.45 ------- ------- Summary of Impact of Restructuring Costs and Merger and Integration Costs: (millions, except per share data) Restructuring Costs $ 11.8 $ - Merger and Integration Costs 11.5 30.4 Depreciation 13.6 3.3 Income Taxes (13.9) (8.6) ------- ----- Total $ 23.0 $ 25.1 ------- ----- EPS Impact of Restructuring Costs and Merger and Integration Costs $ 0.36 $ 0.41 ------- ----- Utility Group $ 0.28 $ 0.40 Non-regulated Group $ 0.08 $ 0.01 BITDA (millions) Utility Group $ 245.3 $ 197.0 Non-regulated Group 48.3 48.8 ------- ------- Total $ 293.6 $ 245.8 ------- ------- Restructuring Costs 11.8 - Merger and Integration Costs 11.5 30.4 Extraordinary Loss on Disposition of Assets 12.4 - Impact of FAS 133-Accounting for Derivatives (3.9) - Prior Year One-Time Gain - (8.0) ------- ------- EBITDA from Operations $ 325.4 $ 268.2 ------- -------
Dividends Paid (per common share, 12 months) $ 1.02 $ 0.96 Annualized Dividend $ 1.02 $ 0.97 Dividend Yield (at close) 4.9% 5.6% Dividend Payout Ratio 95.3% 85.7% Dividend to Book Value 8.2% 8.4% Return on Average Shareholder Equity 8.8% 9.8% Book Value Per Share $ 12.41 $ 11.58 Market to Book Value (at close) 167% 149% Common Stock Prices (VVC - NYSE) High (during second quarter) $ 23.90 $ 21.38 Low (during second quarter) $ 20.38 $ 15.75 Close $ 20.70 $ 17.25 Price/Earnings Ratio (trailing) 19.3 15.4 Percent Internally Generated Funds - Utility Group 70% 54% Ratio of Earnings to Fixed Charges - SEC Method Consolidated 4.1 3.1 Utility Group 5.3 2.9
* Selected highlights for the twelve months ended June 30, 2001, include eight months of operations resulting from the acquisition of the Ohio operations on October 31, 2000. ** Diluted earnings per share for the three months ended June 30, 2000, are $0.13. Basic and diluted earnings per share for all other periods are equal.
SELECTED UTILITY 3 Months 6 Months OPERATING STATISTICS Ended June 30 Ended June 30 ---------------------- ----------------------- (Unaudited) 2001 2000 2001 2000 - ---------------------------------- ----------- ---------- ----------- ----------- WEATHER AS A PERCENT OF NORMAL: Heating Degree Days 70% 92% 94% 88% Cooling Degree Days 105% 86% 105% 90% GAS MARGIN (Thousands): Operating Revenues $ 153,798 $ 100,485 $ 676,687 $ 301,330 Cost of Gas 94,800 55,898 498,872 174,425 ---------- ---------- ---------- ---------- Margin $ 58,998 $ 44,587 $ 177,815 $ 126,905 ========== ========== ========== ========== ELECTRIC MARGIN (Thousands): Operating Revenues $ 95,020 $ 78,289 $ 183,229 $ 151,279 Cost of Fuel & Purchased Power 51,519 27,931 82,657 48,101 ---------- ---------- ---------- ---------- Margin $ 43,501 $ 50,358 $ 100,572 $ 103,178 ========== ========== ========== ========== GAS SOLD & TRANSPORTED (MDth)*: Residential 8,974 6,541 47,034 30,231 Commercial 3,442 2,673 17,950 12,202 Contract 21,259 18,266 51,368 41,591 ---------- ---------- ---------- ---------- 33,675 27,480 116,352 84,024 ========== ========== ========== ========== ELECTRICITY SOLD (MWh): Residential 294,404 279,646 645,811 595,680 Commercial 332,976 324,278 634,841 614,895 Industrial 626,458 638,418 1,202,748 1,236,818 Miscellaneous Sales 3,985 3,964 9,272 9,234 ---------- ---------- ---------- ---------- Total Retail 1,257,823 1,246,306 2,492,672 2,456,627 Wholesale 940,831 461,329 1,859,667 1,000,577 ---------- ---------- ---------- ---------- 2,198,654 1,707,635 4,352,339 3,457,204 ========== ========== ========== ==========
SELECTED UTILITY 12 Months OPERATING STATISTICS Ended June 30 ------------------------- (Unaudited) 2001 2000 - -------------------------------------- ----------------------- WEATHER AS A PERCENT OF NORMAL: Heating Degree Days 103% 87% Cooling Degree Days 96% 94% GAS MARGIN (Thousands): Operating Revenues $1,194,110 $ 527,074 Cost of Gas 876,987 298,738 ---------- ---------- Margin $ 317,123 $ 228,336 ========== ========== ELECTRIC MARGIN (Thousands): Operating Revenues $ 368,359 $ 314,059 Cost of Fuel & Purchased Power 142,120 93,513 ---------- ---------- Margin $ 226,239 $ 220,546 ========== ========== GAS SOLD & TRANSPORTED (MDth)*: Residential 82,528 49,662 Commercial 31,699 19,639 Contract 99,340 79,897 ---------- ---------- 213,567 149,198 ========== ========== ELECTRICITY SOLD (MWh): Residential 1,433,294 1,330,433 Commercial 1,355,993 1,305,655 Industrial 2,457,902 2,477,156 Miscellaneous Sales 19,270 19,174 ---------- ---------- Total Retail 5,266,459 5,132,418 Wholesale 3,153,376 1,844,921 ---------- ---------- 8,419,835 6,977,339 ========== ==========
* Gas operating statistics for the twelve months ended June 30, 2001 include eight months of operations from the acquisition of the Ohio operations on October 31, 2000.
SELECTED UTILITY 3 Months 6 Months OPERATING STATISTICS Ended June 30 Ended June 30 --------------------- -------------------- (Unaudited) 2001 2000 2001 2000 - --------------------------------------- ---------- --------- -------- ------- GAS OPERATING REVENUES (Thousands): Residential $100,959 $ 56,430 $452,478 $196,251 Commercial 36,227 18,550 163,333 69,491 Contract 13,554 10,422 50,344 25,531 Miscellaneous Revenue 3,058 15,083 10,532 10,057 -------- -------- -------- -------- $153,798 $100,485 $676,687 $301,330 ======== ======== ======== ======== ELECTRIC OPERATING REVENUES (Thousands): Residential $ 20,640 $ 19,533 $ 43,131 $ 39,768 Commercial 17,925 17,399 34,819 33,280 Industrial 21,987 20,996 40,932 40,365 Miscellaneous Revenue 2,499 2,934 2,358 4,343 -------- -------- -------- -------- Total Retail 63,051 60,862 121,240 117,756 Wholesale 31,970 17,427 61,990 33,523 -------- -------- -------- -------- $ 95,021 $ 78,289 $183,230 $151,279 ======== ======== ======== ======== AVERAGE GAS CUSTOMERS**: Residential 859,531 565,803 862,286 567,739 Commercial 79,808 56,726 80,041 56,988 Contract 3,723 1,248 3,732 1,253 -------- -------- -------- -------- 943,062 623,777 946,059 625,980 ======== ======== ======== ======== AVERAGE ELECTRIC CUSTOMERS: Residential 114,889 110,702 114,957 110,496 Commercial 17,353 16,687 17,285 16,570 Industrial 166 167 165 169 -------- -------- -------- -------- 132,408 127,556 132,407 127,235 ======== ======== ======== ========
SELECTED UTILITY 12 Months OPERATING STATISTICS Ended June 30 --------------------- (Unaudited) 2001 2000 - ------------------------------------------ --------------------- GAS OPERATING REVENUES (Thousands): Residential $ 790,033 $ 335,523 Commercial 282,532 114,044 Contract 109,674 48,148 Miscellaneous Revenue 11,871 29,359 ---------- ---------- $1,194,110 $ 527,074 ========== ========== ELECTRIC OPERATING REVENUES (Thousands): Residential $ 96,178 $ 88,673 Commercial 75,134 69,343 Industrial 83,201 81,469 Miscellaneous Revenue 6,697 9,167 ---------- ---------- Total Retail 261,210 248,652 Wholesale 107,150 65,407 ---------- ---------- $ 368,360 $ 314,059 ========== ========== AVERAGE GAS CUSTOMERS**: Residential 856,579 560,432 Commercial 79,612 56,365 Contract 3,741 1,248 ---------- ---------- 939,932 618,045 ========== ========== AVERAGE ELECTRIC CUSTOMERS: Residential 114,356 109,956 Commercial 17,191 16,338 Industrial 165 171 ---------- ---------- 131,712 126,465 ========== ==========
* Gas operating statistics for the twelve months ended June 30, 2001 include eight months of operations from the acquisition of the Ohio operations on October 31, 2000. ** Average gas customers for the three, six and twelve months ended June 30, 2001 include 311,781; 311,752; and 311,265, respectively, for the Ohio operations. EX-99.2SAFEHARBOR 3 safe_harbor.txt SAFE HARBOR STATEMENT Exhibit 99-2 Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. A "safe harbor" for forwarding-looking statements is provided by the Private Securities Litigation Reform Act of 1995 (Reform Act of 1995). The Reform Act of 1995 was adopted to encourage such forward-looking statements without the threat of litigation, provided those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause the actual results to differ materially from those projected in the statement. Forwardlooking statements have been and will be made in written documents and oral presentations of Vectren Corporation and its subsidiaries. Such statements are based on management's beliefs, as well as assumptions made by and information currently available to management. When used in Vectren Corporation and its subsidiaries' documents or oral presentations, the words "believe," "anticipate," "endeavor," "estimate," "expect," "objective," "projection," "forecast," "goal," and similar expressions are intended to identify forward-looking statements. In addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements, factors that could cause Vectren Corporation and its subsidiaries' actual results to differ materially from those contemplated in any forward-looking statements included, among others, the following: Factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unusual maintenance or repairs; unanticipated changes to fossil fuel costs; unanticipated changes to gas supply costs, or availability due to higher demand, shortages, transportation problems or other developments; environmental or pipeline incidents; transmission or distribution incidents; unanticipated changes to electric energy supply costs, or availability due to demand, shortages, transmission problems or other developments; or electric transmission or gas pipeline system constraints. Increased competition in the energy environment including effects of industry restructuring and unbundling. Regulatory factors such as unanticipated changes in ratesetting policies or procedures, recovery of investments and costs made under traditional regulation, and the frequency and timing of rate increases. Financial or regulatory accounting principles or policies imposed by the Financial Accounting Standards Board, the Securities and Exchange Commission (Commission), the Federal Energy Regulatory Commission, state public utility commissions, state entities which regulate natural gas transmission, gathering and processing, and similar entities with regulatory oversight. Economic conditions including inflation rates and monetary fluctuations. Changing market conditions and a variety of other factors associated with physical energy and financial trading activities including, but not limited to, price, basis, credit, liquidity, volatility, capacity, interest rate, and warranty risks. Availability or cost of capital, resulting from changes in Vectren Corporation and its subsidiaries, interest rates, and securities ratings or market perceptions of the utility industry and energy-related industries. Employee workforce factors including changes in key executives, collective bargaining agreements with union employees, or work stoppages. Legal and regulatory delays and other obstacles associated with mergers, acquisitions, and investments in joint ventures. Costs and other effects of legal and administrative proceedings, settlements, investigations, claims, and other matters, including, but not limited to, those described in periodic filings made with the Commission by Vectren Corporation and its subsidiaries, Indiana Gas Company, Inc. and Southern Indiana Gas and Electric Company. Changes in federal, state or local legislature requirements, such as changes in tax laws or rates, environmental laws and regulations. Vectren Corporation and its subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of changes in actual results, changes in assumptions, other factors affecting such statements. -----END PRIVACY-ENHANCED MESSAGE-----