DPL Files Financial Reports; 2003 Form 10-K, First and Second Quarter 2004 Form 10-Qs Completed; Dividends Declared; Comments on Outlook.DAYTON, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. -- 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) today announced that it has filed with the Securities and Exchange Commission (SEC) its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended December December: see month. 31, 2003 and its Form 10-Q Form 10-Q See 10-Q. for the periods ended March 31, 2004 and June June: see month. 30, 2004. DPL will file its third quarter Form 10-Q within the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. five-day extension period pursuant to SEC rules. A DPL Annual Report will be mailed to shareholders shortly. "DPL remains strong financially and operationally," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Biggs Biggs is the name of several places:
Biggs may also refer to:
All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. who have shown great patience Patience, poem Patience: see Pearl, The. patience, card game patience: see solitaire. Patience See also Longsuffering. and support as we worked through some very challenging times in 2004." With the SEC required filings current, DPL also announced it will resume dividend payments. Shareholders of record on November November: see month. 16, 2004 will receive a $0.72 per share dividend payment. This payment, which continues the annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. rate of $0.96 per share, includes the quarterly dividends normally paid on June 1 and September September: see month. 1 that were suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. due to the 10-K filing delay and the quarterly dividend payable December 1, 2004. Earnings First Six Months 2004 (All references to earnings per share are basic earnings per share.) James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. Mahoney Mahoney could refer to:
For the first six months, DPL earnings per share were $0.88, compared with earnings per share of $0.73 in 2003. Excluding $0.14 of earnings from the adoption in 2003 of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 143 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc accounting for asset retirement obligations Asset Retirement Obligations provide for future disposal of assets as required by SFAS 143 [1]. Firms must recognize the ARO liability in the period it was acquired, generally acquisition. , earnings per share were $0.59 for the first six months of 2003. Net income for the first six months of 2004 was $106.1 million, compared to $87.9 million in the same period in 2003. Excluding $17.0 million in 2003 from the cumulative effect of adopting SFAS 143, net income for the first six months of 2003 was $70.9 million. Total revenues of $587.2 million increased by $16.1 million or 3%, compared to the first six months of 2003. Retail revenues increased $12.5 million resulting from higher residential and commercial sales volume, primarily as a result of warmer weather. Wholesale revenues increased $3.6 million resulting from higher average market rates and increased volume. The increase in revenues, however, was more than offset by increased fuel and purchased power costs. As a result, net electric margins of $404.8 million declined by $7.6 million or 2% for the first six months. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $180.1 million for the first six months of 2004 was down slightly from 2003's operating income of $181.3 million. The decrease in operating income resulted from the reduction in electric margins of $7.6 million, increased operating and maintenance expenses of $18.9 million (associated with higher corporate costs and increased electric production costs), and decreased amortization expenses of $22.6 million relating to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. assets that were fully amortized prior to 2004. Investment income from the financial asset portfolio for the first six months of 2004 increased by $98.2 million over 2003. Investment income through June 2004 totaled $86.2 million compared to a loss of $12.0 million for the same period a year ago. Other income decreased $43.2 million for the first six months of 2004, compared to 2003. Other income in 2003 included $39.7 million due to the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of DP&L's business interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. risk insurance policy. Liquidity Through the first six months of 2004, cash flow and liquidity remained strong. In March of 2004, the Company issued $175 million unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. 8% series senior notes. In April of 2004, the Company used the proceeds of these notes -- combined with $202 million of funds provided by the financial asset portfolio and $123 million from core operations -- to fund the retirement of $500 million of the 6.82% series senior notes. In May of 2004, the Company paid $70 million in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the terms of a shareholder litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement. As of June 30, 2004, the Company's cash and temporary cash investments were $137 million and its public securities were $78 million. As of November 4, 2004, DPL had approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $200 million in cash and temporary cash investments, and $75 million in public securities. As of June 30, 2004, DPL could be required to invest up to an additional $226.8 million in existing limited partnership interests in the financial asset portfolio as compared to $368.5 million at June 30, 2003, but is not subscribing subscribing - subscribe to additional private equity funds at this time. Outlook Fuel Supply - DPL is currently maintaining a three to four-week inventory across its generation plants. Based on expected output of these plants and available information from co-owners of the facilities, the Company has long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. fuel supply agreements that provide for 100%, 80-85% and 60% of fuel requirements for the remainder of 2004, 2005 and 2006, respectively. These agreements limit the Company's exposure to increases in fuel prices. Earnings - With the pressure of increased fuel and litigation costs, the Company is adjusting its 2004 utility-only earnings guidance from the $1.10 to $1.20 earnings per share established previously to $0.95 to $1.05 earnings per share. Utility-only earnings per share reflects DPL Inc. net income, less after tax financial asset portfolio income net of fees. Looking ahead, increases in fuel and O&M will have a continued negative impact, as will environmental costs. Mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy of fuel and environmental impacts begins in 2006 with the ability to access potential revenue increases through the Company's approved rate stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders plan. The Company will provide more detailed 2005 guidance in early 2005, after the Company has reviewed forecast information and strategic activities for the year. Form 10-K Restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. The recent Audit Committee investigation and the 2003 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. closing process identified several adjustments to prior period financial statements. The adjustments largely centered around the accounting and tax treatment of various executive compensation and benefit arrangements. As a result of these prior period adjustments, the Company restated its consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the fiscal years ended December 31, 2001 and 2002 and for the quarters ended March 31, 2002 through September 30, 2003. The restatement also affected the average number of common shares outstanding by adding stock incentive units to the outstanding shares during those periods the stock incentive unit plan was considered an equity plan. The restatement adjustments increased net income by $3.8 million to $91.1 million for 2002, and earnings per share increased $0.03 per common share from $0.73 to $0.76. Earnings for 2001 of $196.8 million were reduced $0.04 per common share from $1.66 to $1.62 as a result of a $1.1 million reduction in net income. The Company also adjusted its unaudited consolidated financial statement Consolidated financial statement A financial statement that shows all the assets, liabilities, and operating accounts of a parent company and its subsidiaries. information for the year ended December 31, 2003 that was previously contained in the March 16, 2004 and February February: see month. 10, 2004 Current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . As a result, net income was reduced by $4.4 million to $148.5 million, and earnings per share were reduced $0.04 from $1.28, as previously reported, to $1.24. Corporate Activities Over the last six months, the Company has taken numerous actions to strengthen its overall corporate position including: --Significant changes in senior management leadership. --The addition of four new Board members - Glenn Harder, Retired General Lester Lyles General Lester L. Lyles was a United States Air Force general, Vice Chief of Staff of the Air Force, and Commander, Air Force Materiel Command, Wright-Patterson Air Force Base, Ohio. After retirement he became a director for General Dynamics. , Dr. Ned Sifferlen, and James Mahoney. Eight of the ten DPL Board members are now independent, and six of the ten have joined the Board since August of last year. --Addressing internal control processes and "tone at the top" issues identified as a result of the Audit Committee investigation and raised by our external auditors The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . --Filing suit seeking to recover payments made to former executive officers. --Initiating a comprehensive review of DPL's financial asset portfolio. --Addressing important operational issues including long-term environmental compliance, fuel requirements and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. strategy, PJM PJM Pacific Journal of Mathematics PJM Project Manager PJM Puerto Jimenez, Costa Rica (Airport code) PJM Pennsylvania New Jersey Maryland Interconnection LLC (Mid-Atlantic region power pool) market integration and Ohio rate stabilization plan requirements. "Having placed the distractions of 2004 behind us, we look to the future with optimism Optimism See also Hope. Bontemps, Roger personification of cheery contentment. [Fr. Lit.: “Roger Bontemps” in Walsh Modern, 66] Candide beset by inconceivable misfortunes, hero indifferently shrugs them off. [Fr. ," said Mahoney. "We have an outstanding organization with a clear focus on service excellence for our customers and value creation for our shareholders." Annual Meeting Date Set DPL also announced that it will hold its 2004 Annual Meeting on December 22, 2004 in Dayton, Ohio, which is a change of more than 30 days from the anniversary of DPL's 2003 Annual Meeting. Consequently, any shareholder proposal sought to be included in DPL's proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other for the 2004 Annual Meeting pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , must be received by DPL a reasonable time before it begins to print its proxy materials. DPL considers proposals received by November 15, 2004 to be a reasonable time before it begins to print its proxy materials. In addition, any shareholder interested in nominating a director for election at the 2004 Annual Meeting must deliver a written nomination NOMINATION, This word has several significations. 1. An appointment; as, I nominate A B, executor of this my last will. 2. A proposition; the word nominate is used in this sense in the constitution of the United States, art. 2, s. pursuant to the requirements in DPL's Code of Regulations to DPL by November 15, 2004. Both shareholder proposals and written nominations should be sent to DPL Inc., c/o Corporate Secretary, 1065 Woodman Drive, Dayton, Ohio 45432. Holders of common shares of record at the close of business on November 16, 2004 will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to vote at the meeting. Conference Call/Webcast DPL will conduct a webcast conference call with financial analysts Monday Monday: see week. , November 8, at 10:00 a.m. Eastern Time. Interested parties, including investors and the media, can access the webcast conference call real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. on DPL's website at www.dplinc.com in the Company's investor relations Investor relations The process by which the corporation communicates with its investors. section. Please go to the website at least fifteen minutes prior to the start of the event to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software to listen to the webcast. For those who are unable to listen to the live webcast, it will be archived on the DPL Inc. website. About DPL DPL Inc. is a diversified diversified (di·verˑ·s regional energy company. DPL's principal subsidiaries include The Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and 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 4,400 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 ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which the forward-looking statement is based.
DPL Inc.
Consolidated Statement of Results of Operations
For the years ended December 31,
2003 2002 2001
$ in millions except per share (as (as
amounts restated) restated)
------------------------------------- --------- ---------- -----------
Revenues
Electric revenues $1,181.0 $1,173.5 $1,186.2
Other revenues, net of fuel costs 10.0 12.9 15.6
--------- ---------- -----------
Total revenues 1,191.0 1,186.4 1,201.8
--------- ---------- -----------
Operating Expenses
Fuel 234.6 227.0 232.3
Purchased power 87.9 79.3 72.7
Operation and maintenance 199.8 155.6 168.0
Depreciation and amortization 138.9 134.1 127.3
General taxes 108.9 111.7 99.9
Amortization of regulatory assets,
net 49.0 48.1 46.9
--------- ---------- -----------
Total operating expenses 819.1 755.8 747.1
--------- ---------- -----------
Operating Income 371.9 430.6 454.7
Investment income (loss) 75.8 (102.4) 26.7
Interest expense (181.7) (179.4) (176.5)
Shareholder litigation (76.7) - -
Other income (deductions) 25.7 (4.1) 2.5
--------- ---------- -----------
Income Before Income Taxes and
Cumulative Effect of Accounting
Change 215.0 144.7 307.4
Income tax expense 83.5 53.6 111.6
--------- ---------- -----------
Income Before Cumulative Effect of
Accounting Change 131.5 91.1 195.8
Cumulative effect of accounting
change, net of tax 17.0 - 1.0
--------- ---------- -----------
Net Income $148.5 $91.1 $196.8
========= ========== ===========
Average Number of Common Shares
Outstanding (millions)
Basic 119.8 119.5 121.7
Diluted 121.7 124.5 129.2
Earnings Per Share of Common Stock -
Basic
Income before cumulative effect of
accounting change $1.10 $0.76 $1.61
Cumulative effect of accounting
change 0.14 - 0.01
--------- ---------- -----------
Total Basic $1.24 $0.76 $1.62
========= ========== ===========
Earnings Per Share of Common Stock -
Diluted
Income before cumulative effect of
accounting change $1.08 $0.73 $1.51
Cumulative effect of accounting
change 0.14 - 0.01
--------- ---------- -----------
Total Diluted $1.22 $0.73 $1.52
========= ========== ===========
Dividends Paid Per Share of Common
Stock $0.94 $0.94 $0.94
DPL Inc.
Consolidated Statement of Cash Flows
For the years ended December 31,
2003 2002 2001
(as (as
$ in millions restated) restated)
--------------------------------- ------- -------------- -------------
Operating Activities
Net income $148.5 $91.1 $196.8
Adjustments:
Depreciation and amortization 138.9 134.1 127.3
Shareholder litigation 66.6 - -
Amortization of regulatory
assets, net 49.0 48.1 46.9
Deferred income taxes 18.2 (50.5) 9.2
Captive insurance provision (46.8) (16.6) (36.4)
Investment (income) loss (47.7) 113.3 (19.0)
Income from interest rate
hedges (21.2) - -
Cumulative effect of accounting
change, net of tax (17.0) - (1.0)
Changes in working capital:
Accounts receivable (3.7) (1.3) 71.3
Accounts payable 10.4 (12.2) (29.4)
Accrued taxes payable 56.1 9.8 (40.0)
Accrued interest payable (9.1) (0.2) 15.5
Prepayments (7.4) (4.5) (4.7)
Inventories 4.0 5.5 (15.5)
Deferred compensation assets 49.0 (0.3) 2.7
Deferred compensation obligations (47.0) (2.7) (10.6)
Other 9.5 0.2 (2.8)
------- -------------- -------------
Net cash provided by operating
activities 350.3 313.8 310.3
------- -------------- -------------
Investing Activities
Capital expenditures (120.9) (171.6) (338.0)
Purchases of fixed income and
equity securities (164.0) (288.3) (316.1)
Sales of fixed income and equity
securities 298.9 310.4 317.6
Settlement of interest rate hedge 51.4 - -
Income taxes from sale of natural
gas distribution assets - - (90.9)
------- -------------- -------------
Net cash provided by (used
for) investing activities 65.4 (149.5) (427.4)
------- -------------- -------------
Financing Activities
Issuance of long-term debt, net
of issue costs 465.1 - 395.9
Issuance (retirement) of short-
term debt, net - (12.0) 12.0
Retirement of long-term debt (471.9) (7.2) (6.4)
Dividends paid on common stock (112.1) (111.8) (112.0)
Purchase of treasury stock - - (35.8)
Issuance of trust preferred
securities by subsidiary, net of
issue costs - - 289.0
Redemption of trust preferred
securities by subsidiary - - (550.0)
------- -------------- -------------
Net cash used for financing
activities (118.9) (131.0) (7.3)
------- -------------- -------------
Cash and Temporary Cash
Investments
Net change 296.8 33.3 (124.4)
Balance at beginning of year 40.8 7.5 131.9
------- -------------- -------------
Balance at end of year $337.6 $40.8 $7.5
======= ============== =============
Cash Paid During the Year For:
Interest and trust preferred
distributions $184.0 $172.9 $155.1
Income taxes $15.2 $104.0 $193.7
DPL Inc.
Consolidated Balance Sheet
At December 31,
2003 2002
(as
$ in millions restated)
----------------------------------- ----------------------------------
Assets
Property
Property, plant and equipment $4,420.8 $4,323.2
Less: Accumulated depreciation and
amortization (1,846.9) (1,722.3)
----------------------- ----------
Net property 2,573.9 2,600.9
----------------------- ----------
Current Assets
Cash and temporary cash investments 337.6 40.8
Accounts receivable, less provision
for uncollectible accounts of $6.0
and $11.1, respectively 176.0 169.4
Inventories, at average cost 52.1 56.1
Prepaid taxes 46.4 46.9
Other 60.1 66.2
----------------------- ----------
Total current assets 672.2 379.4
----------------------- ----------
Other Assets
Financial assets:
Public securities 140.3 175.8
Private securities under the
equity method 343.9 370.4
Private securities under the cost
method 500.7 481.4
----------------------- ----------
Total financial assets 984.9 1,027.6
Income taxes recoverable through
future revenues 43.3 34.6
Other regulatory assets 36.1 80.1
Other 134.3 155.1
----------------------- ----------
Total other assets 1,198.6 1,297.4
----------------------- ----------
Total Assets $4,444.7 $4,277.7
======================= ==========
DPL Inc.
Consolidated Balance Sheet
At December 31,
2003 2002
(as
$ in millions restated)
----------------------------------- ----------------------------------
Capitalization and Liabilities
Capitalization
Common shareholders' equity
Common stock: par value $0.01 per
share, 250,000,000 shares
authorized, 126,501,404 shares
issued and outstanding at
December 31, 2003 and 2002,
respectively $1.3 $1.3
Other paid-in capital, net of
treasury stock 12.0 8.4
Warrants 50.0 50.0
Common stock held by employee
plans (84.4) (89.6)
Accumulated other comprehensive
income 57.7 (2.2)
Earnings reinvested in the
business 865.7 856.9
------------------------ ---------
Total common shareholders'
equity 902.3 824.8
Preferred stock 23.0 23.0
Company obligated mandatorily
redeemable trust preferred
securities of subsidiary holding
solely parent debentures - 292.6
Long-term debt 1,954.7 2,142.3
------------------------ ---------
Total shares subject to
mandatory redemption and long-
term debt 1,954.7 2,434.9
------------------------ ---------
Total capitalization 2,880.0 3,282.7
------------------------ ---------
Current Liabilities
Current portion - long-term debt 511.1 9.1
Accounts payable 95.6 101.4
Shareholder litigation 70.0 -
Accrued taxes 148.7 99.1
Accrued interest 50.1 51.1
Other 51.8 25.9
------------------------ ---------
Total current liabilities 927.3 286.6
------------------------ ---------
Deferred Credits and Other
Deferred taxes 374.0 288.4
Unamortized investment tax credit 52.2 55.1
Insurance and claims costs 26.0 114.3
Other 185.2 250.6
------------------------ ---------
Total deferred credits and other 637.4 708.4
------------------------ ---------
Contingencies
Total Capitalization and
Liabilities $4,444.7 $4,277.7
======================== =========
DPL INC.
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
($ in millions)
Three Months Ended
March 31,
--------------------
2004 2003
--------- (as
restated)
----------
Revenues
Electric revenues $299.8 $295.1
Other revenues, net of fuel costs 2.6 2.4
--------- ----------
Total revenues 302.4 297.5
--------- ----------
Operating Expenses
Fuel 63.6 56.6
Purchased power 28.0 19.4
Operation and maintenance 50.4 39.5
Depreciation and amortization 34.0 34.7
General taxes 27.4 28.7
Amortization of regulatory assets, net 0.1 12.1
--------- ----------
Total operating expenses 203.5 191.0
--------- ----------
Operating Income 98.9 106.5
Investment income (loss) 29.1 (3.5)
Interest expense (44.5) (45.4)
Other income (deductions) (2.6) 0.1
--------- ----------
Income Before Income Taxes and Cumulative Effect
of Accounting Change 80.9 57.7
Income tax expense 31.2 21.8
--------- ----------
Income Before Cumulative Effect of Accounting
Change 49.7 35.9
Cumulative effect of accounting change, net of
tax - 17.0
--------- ----------
Net Income $49.7 $52.9
========= ==========
Average Number of Common Shares Outstanding
(millions)
Basic 120.0 119.6
Diluted 121.3 121.8
Earnings Per Share of Common Stock
Basic:
Income before cumulative effect of accounting
change $0.41 $0.30
Cumulative effect of accounting change - 0.14
--------- ----------
Total Basic $0.41 $0.44
========= ==========
Diluted:
Income before cumulative effect of accounting
change $0.41 $0.29
Cumulative effect of accounting change - 0.14
--------- ----------
Total Diluted $0.41 $0.43
========= ==========
Dividends Paid Per Share of Common Stock $0.240 $0.235
========= ==========
These interim statements are unaudited.
DPL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in millions)
Three Months Ended
March 31,
--------------------
2004 2003
--------- (as
restated)
----------
Operating Activities
Net income $49.7 $52.9
Adjustments:
Depreciation and amortization 34.0 34.7
Amortization of regulatory assets, net 0.1 12.1
Deferred income taxes 40.3 20.0
Captive insurance provision 1.2 0.8
Investment (income) loss (28.1) 6.1
Cumulative effect of accounting change, net of
tax - (17.0)
Changes in working capital:
Accounts receivable 6.4 11.7
Accounts payable 7.0 9.0
Accrued taxes payable (59.6) (5.6)
Accrued interest payable (8.2) (23.8)
Prepayments 6.6 (3.5)
Inventories (7.8) 1.9
Deferred compensation assets 8.8 30.5
Deferred compensation obligations (6.7) (31.2)
Other (20.0) (3.5)
--------- ----------
Net cash provided by operating activities 23.7 95.1
--------- ----------
Investing Activities
Capital expenditures (26.7) (35.5)
Purchases of fixed income and equity securities (57.5) (9.7)
Sales of fixed income and equity securities 196.7 22.1
--------- ----------
Net cash provided by / (used for) investing
activities 112.5 (23.1)
--------- ----------
Financing Activities
Issuance of long-term debt, net 174.7 -
Retirement of long-term debt (5.0) (4.0)
Dividends paid on common stock (28.7) (28.0)
--------- ----------
Net cash provided by / (used for) financing
activities 141.0 (32.0)
--------- ----------
Cash and Temporary Cash Investments
Net change 277.2 40.0
Balance at beginning of period 337.6 40.8
--------- ----------
Balance at end of period $614.8 $80.8
========= ==========
Cash Paid During the Period for:
Interest and trust preferred distributions $50.7 $67.4
Income taxes $40.7 $(1.4)
These interim statements are unaudited.
DPL INC.
CONSOLIDATED BALANCE SHEET
($ in millions)
At At
March 31, Dec. 31,
2004 2003
--------- ----------
ASSETS
Property
Property, plant and equipment $4,446.0 $4,420.8
Less: Accumulated depreciation and amortization (1,879.3) (1,846.9)
--------- ----------
Net property 2,566.7 2,573.9
--------- ----------
Current Assets
Cash and temporary cash investments 614.8 337.6
Accounts receivable, less provision for
uncollectible accounts of $6.0 and $6.0,
respectively 169.6 176.0
Inventories, at average cost 60.0 52.1
Prepaid taxes 34.8 46.4
Other 32.7 60.1
--------- ----------
Total current assets 911.9 672.2
--------- ----------
Other Assets
Financial assets
Public securities 69.6 140.3
Private securities under the equity method 317.9 343.9
Private securities under the cost method 478.2 500.7
--------- ----------
Total financial assets 865.7 984.9
Income taxes recoverable through future revenues 41.9 43.3
Other regulatory assets 37.1 36.1
Other 124.7 134.3
--------- ----------
Total other assets 1,069.4 1,198.6
--------- ----------
Total Assets $4,548.0 $4,444.7
========= ==========
These interim statements are unaudited.
DPL INC.
CONSOLIDATED BALANCE SHEET
($ in millions)
(continued)
At At
March 31, Dec. 31,
2004 2003
--------- ----------
CAPITALIZATION AND LIABILITIES
Capitalization
Common shareholders' equity
Common stock $1.3 $1.3
Other paid-in capital, net of treasury stock 12.6 12.0
Warrants 50.0 50.0
Common stock held by employee plans (83.5) (84.4)
Accumulated other comprehensive income 51.9 57.7
Earnings reinvested in the business 915.8 865.7
--------- ----------
Total common shareholders' equity 948.1 902.3
Preferred stock 23.0 23.0
Long-term debt 2,123.4 1,954.7
--------- ----------
Total capitalization 3,094.5 2,880.0
--------- ----------
Current Liabilities
Current portion - long-term debt 512.1 511.1
Accounts payable 101.4 95.6
Shareholder litigation 70.0 70.0
Accrued taxes 77.5 148.7
Accrued interest 41.9 50.1
Other 20.3 51.8
--------- ----------
Total current liabilities 823.2 927.3
--------- ----------
Deferred Credits and Other
Deferred taxes 373.6 374.0
Unamortized investment tax credit 51.5 52.2
Insurance and claims costs 27.2 26.0
Other 178.0 185.2
--------- ----------
Total deferred credits and other 630.3 637.4
--------- ----------
Contingencies
Total Capitalization and Liabilities $4,548.0 $4,444.7
========= ==========
These interim statements are unaudited.
DPL INC.
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
($ in millions)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- -------------------
2003 2003
(as (as
2004 restated) 2004 restated)
--------- ---------- -------- ----------
Revenues
Electric revenues $282.2 $270.9 $582.0 $566.0
Other revenues, net of fuel
costs 2.6 2.7 5.2 5.1
--------- ---------- -------- ----------
Total revenues 284.8 273.6 587.2 571.1
--------- ---------- -------- ----------
Operating Expenses
Fuel 61.7 51.6 125.3 108.2
Purchased power 23.9 26.0 51.9 45.4
Operation and maintenance 57.5 49.5 107.9 89.0
Depreciation and amortization 35.0 35.0 69.0 69.7
General taxes 25.4 26.0 52.8 54.7
Amortization of regulatory
assets, net 0.1 10.7 0.2 22.8
--------- ---------- -------- ----------
Total operating expenses 203.6 198.8 407.1 389.8
--------- ---------- -------- ----------
Operating Income 81.2 74.8 180.1 181.3
Investment income (loss) 57.1 (8.5) 86.2 (12.0)
Interest expense (37.2) (44.9) (81.7) (90.3)
Other income (deductions) (8.5) 32.0 (11.1) 32.1
--------- ---------- -------- ----------
Income Before Income Taxes
and Cumulative Effect of
Accounting Change 92.6 53.4 173.5 111.1
Income tax expense 36.2 18.4 67.4 40.2
--------- ---------- -------- ----------
Income Before Cumulative
Effect of Accounting Change 56.4 35.0 106.1 70.9
Cumulative effect of
accounting change, net of
tax - - - 17.0
--------- ---------- -------- ----------
Net Income $56.4 $35.0 $106.1 $87.9
========= ========== ======== ==========
Average Number of Common
Shares Outstanding
(millions)
Basic 120.1 119.8 120.1 119.7
Diluted 121.4 122.0 121.4 121.9
Earnings Per Share of Common
Stock
Basic:
Income before cumulative
effect of accounting
change $0.47 $0.29 $0.88 $0.59
Cumulative effect of
accounting change - - - 0.14
--------- ---------- -------- ----------
Total Basic $0.47 $0.29 $0.88 $0.73
========= ========== ======== ==========
Diluted:
Income before cumulative
effect of accounting
change $0.46 $0.29 $0.87 $0.58
Cumulative effect of
accounting change - - - 0.14
--------- ---------- -------- ----------
Total Diluted $0.46 $0.29 $0.87 $0.72
========= ========== ======== ==========
Dividends Paid Per Share of
Common Stock $- $0.235 $0.240 $0.470
These interim statements are unaudited.
DPL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in millions)
Six Months Ended
June 30,
--------------------
2003
(as
2004 restated)
--------- ----------
Operating Activities
Net income $106.1 $87.9
Adjustments:
Depreciation and amortization 69.0 69.7
Amortization of regulatory assets, net 0.2 22.8
Deferred income taxes 35.5 44.9
Shareholder litigation settlement (70.0) -
Captive insurance provision 2.6 (41.7)
Investment (income) loss (85.5) 16.2
Cumulative effect of accounting change, net of
tax - (17.0)
Changes in working capital:
Accounts receivable 21.4 18.9
Accounts payable 5.4 (0.6)
Accrued taxes payable (9.5) (13.6)
Accrued interest payable (8.2) (0.2)
Prepayments (5.3) (14.1)
Inventories (16.4) (2.5)
Deferred compensation assets 8.5 28.6
Deferred compensation obligations (4.8) (28.9)
Other (4.2) 1.8
--------- ----------
Net cash provided by operating activities 44.8 172.2
--------- ----------
Investing Activities
Capital expenditures (46.4) (65.7)
Purchases of fixed income and equity securities (114.7) (26.3)
Sales of fixed income and equity securities 275.1 77.4
--------- ----------
Net cash provided by (used for) investing
activities 114.0 (14.6)
--------- ----------
Financing Activities
Issuance of long-term debt, net 174.7 -
Retirement of long-term debt (505.4) (4.4)
Dividends paid on common stock (28.7) (56.0)
--------- ----------
Net cash used for financing activities (359.4) (60.4)
--------- ----------
Cash and Temporary Cash Investments
Net change (200.6) 97.2
Balance at beginning of period 337.6 40.8
--------- ----------
Balance at end of period $137.0 $138.0
========= ==========
Cash Paid During the Period for:
Interest and trust preferred distributions $86.5 $86.9
Income taxes $42.3 $11.3
These interim statements are unaudited.
DPL INC.
CONSOLIDATED BALANCE SHEET
($ in millions)
At At
June 30, Dec. 31,
2004 2003
--------- ----------
ASSETS
Property
Property, plant and equipment $4,468.6 $4,420.8
Less: Accumulated depreciation and amortization (1,914.3) (1,846.9)
--------- ----------
Net property 2,554.3 2,573.9
--------- ----------
Current Assets
Cash and temporary cash investments 137.0 337.6
Accounts receivable, less provision for
uncollectible accounts of $1.1 and $6.0,
respectively 154.6 176.0
Inventories, at average cost 68.5 52.1
Prepaid taxes 23.2 46.4
Other 36.7 60.1
--------- ----------
Total current assets 420.0 672.2
--------- ----------
Other Assets
Financial assets
Public securities 78.4 140.3
Private securities under the equity method 328.4 343.9
Private securities under the cost method 493.0 500.7
--------- ----------
Total financial assets 899.8 984.9
Income taxes recoverable through future revenues 41.8 43.3
Other regulatory assets 36.7 36.1
Other 122.7 134.3
--------- ----------
Total other assets 1,101.0 1,198.6
--------- ----------
Total Assets $4,075.3 $4,444.7
========= ==========
These interim statements are unaudited.
DPL INC.
CONSOLIDATED BALANCE SHEET
($ in millions)
(continued)
At At
June 30, Dec. 31,
2004 2003
----------- ---------
CAPITALIZATION AND LIABILITIES
Capitalization
Common shareholders' equity
Common stock $1.3 $1.3
Other paid-in capital, net of treasury stock 12.6 12.0
Warrants 50.0 50.0
Common stock held by employee plans (83.4) (84.4)
Accumulated other comprehensive income 50.2 57.7
Earnings reinvested in the business 972.2 865.7
----------- ---------
Total common shareholders' equity 1,002.9 902.3
Preferred stock 23.0 23.0
Long-term debt 2,123.0 1,954.7
----------- ---------
Total capitalization 3,148.9 2,880.0
----------- ---------
Current Liabilities
Current portion - long-term debt 12.1 511.1
Accounts payable 101.3 95.6
Shareholder litigation - 70.0
Accrued taxes 116.0 148.7
Accrued interest 42.0 50.1
Other 20.5 51.8
----------- ---------
Total current liabilities 291.9 927.3
----------- ---------
Deferred Credits and Other
Deferred taxes 371.4 374.0
Unamortized investment tax credit 50.7 52.2
Insurance and claims costs 28.6 26.0
Other 183.8 185.2
----------- ---------
Total deferred credits and other 634.5 637.4
----------- ---------
Contingencies
Total Capitalization and Liabilities $4,075.3 $4,444.7
=========== =========
These interim statements are unaudited.
DPL Inc.
FINANCIAL DATA
(Unaudited)
(in millions, except per share amounts)
Three Months Ended
March 31,
-----------------------
2004 2003
(as restated)
---------- -------------
Earnings Per Share of Common Stock - Basic: $ 0.41 $ 0.44
Earnings Per Share of Common Stock - Diluted: $ 0.41 $ 0.43
Earnings $ 49.7 $ 52.9
Average Number of Common Stocks Outstanding:
Basic 120.1 119.6
Diluted 121.3 121.8
Three Months Ended
June 30,
-----------------------
2004 2003
(as restated)
---------- -------------
Earnings Per Share of Common Stock - Basic: $ 0.47 $ 0.29
Earnings Per Share of Common Stock - Diluted: $ 0.46 $ 0.29
Earnings $ 56.4 $ 35.0
Average Number of Common Stocks Outstanding:
Basic 120.1 119.8
Diluted 121.4 122.0
Six Months Ended
June 30,
-----------------------
2004 2003
(as restated)
---------- -------------
Earnings Per Share of Common Stock - Basic: $ 0.88 $ 0.73
Earnings Per Share of Common Stock - Diluted: $ 0.87 $ 0.72
Earnings $ 106.1 $ 87.9
Average Number of Common Stocks Outstanding:
Basic 120.1 119.7
Diluted 121.4 121.9
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