DPL Comments on S&P Statement.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Nov. 10, 2003 DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL) said today that its positive financial performance stands in stark contrast with the Standard & Poor's statement issued earlier today. "DPL has in fact made substantial progress towards its stated goals of strengthening its balance sheet, improving its liquidity and maintaining its investment-grade ratings," said Caroline Muhlenkamp, Group Vice President and Interim Chief Financial Officer. "DPL's third-quarter and year-to-date results were stronger than expected and clearly support our ability to improve our capital structure." As reported last week, DPL's third-quarter and year-to-date 2003 earnings climbed to $0.62 per share from $0.54 per share, and to $1.34 per share from $0.52 per share, in the same periods a year ago. Earnings per share are before dilution. Third-quarter investment income from the financial asset portfolio and interest-rate hedge was $54.5 million. Total liquidity rose to $384 million in the third quarter, up $83 million since the end of the second quarter. Also in the third quarter, the Public Utilities Commission of Ohio The Public Utilities Commission of Ohio (PUCO) is an agency of Federal State of Ohio that is charged with the regulation of utility service providers such as those of electricity, natural gas, and telecommunications as well as railroad safety and intrastate hazardous approved a price stabilization price stabilization See peg, PROBLEM">[removed]. order extending DP&L's rates through 2008. DPL remains on track to achieve a $300 million reduction in long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , bringing its debt-to-capital ratio below 60% by the end of 2005. In the third quarter, DP&L issued $470 million of First Mortgage Bonds at a rate of 5.125% and announced the redemption of two higher coupon series of First Mortgage Bonds, moving the Company towards its interest-expense-reduction goal of $20 million per year. About DPL DPL Inc. is a diversified diversified (di·verˑ·s 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. 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. |
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