DPL Makes SEC Filing.Business Editors 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 , Ohio--(BUSINESS WIRE)--March 15, 2004 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) announced today that it has filed with the Securities and Exchange Commission for an extension to file its 2003 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. . The Company stated that it is in the process of completing its Form 10-K and that its 2003 financial statements are not expected to differ materially from the Company's previously announced unaudited 2003 results. The Company's unaudited 2003 results are attached. 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 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
Three Months Nine Months Twelve Months
Ended Ended Ended
$ in Millions December 31, September 30, December 31,
Except Per Share ---------------------------------------------------
Amounts 2003 2002 2003 2002 2003 2002
----------------------------------------------------------------------
Electric revenues $292.4 $282.2 $888.6 $891.3 $1,181.0 $1,173.5
Other revenues,
net of fuel costs 2.2 2.5 7.8 10.4 10.0 12.9
------- ------- ------- ------- --------- ---------
294.6 284.7 896.4 901.7 1,191.0 1,186.4
------- ------- ------- ------- --------- ---------
Operating Expenses
Fuel 61.3 54.1 173.3 172.9 234.6 227.0
Purchased power 16.1 11.8 71.8 67.5 87.9 79.3
Operation and
maintenance 62.9 47.0 133.8 112.4 196.7 159.4
Depreciation and
amortization 33.4 31.8 105.5 102.3 138.9 134.1
General taxes 26.1 29.0 82.9 82.8 109.0 111.8
Amortization of
regulatory
assets, net 13.8 11.7 35.3 36.4 49.1 48.1
------- ------- ------- ------- --------- ---------
Total
operating
expenses 213.6 185.4 602.6 574.3 816.2 759.7
------- ------- ------- ------- --------- ---------
Pre-Tax Operating
Income 81.0 99.3 293.8 327.4 374.8 426.7
Investment Income
(Loss) 27.5 (13.9) 48.5 (91.8) 76.0 (105.7)
Shareholder
Litigation (76.7) - - - (76.7) -
Other Income
(Deductions) (3.3) (3.2) 28.3 (0.8) 25.0 (4.0)
------- ------- ------- ------- --------- ---------
Total Income
Before Interest
and Other Charges 28.5 82.2 370.6 234.8 399.1 317.0
------- ------- ------- ------- --------- ---------
Interest and Other
Charges
Interest expense 39.3 39.5 118.0 115.3 157.3 154.8
Trust preferred
distributions
by subsidiary 6.1 6.1 18.5 18.5 24.6 24.6
------- ------- ------- ------- --------- ---------
Total
interest
and other
charges 45.4 45.6 136.5 133.8 181.9 179.4
------- ------- ------- ------- --------- ---------
Pre-Tax Income (16.9) 36.6 234.1 101.0 217.2 137.6
Income taxes (5.1) 11.2 86.4 39.1 81.3 50.3
------- ------- ------- ------- --------- ---------
Income Before
Cumulative Effect
of Accounting
Change (11.8) 25.4 147.7 61.9 135.9 87.3
Cumulative effect
of accounting
change, net of tax - - 17.0 - 17.0 -
------- ------- ------- ------- --------- ---------
Net Income $(11.8) $25.4 $164.7 $61.9 $152.9 $87.3
======= ======= ======= ======= ========= =========
Average Number of
Common Shares
Outstanding
(millions)
Basic 119.5 119.0 119.7 119.1 119.6 119.1
Diluted 119.5 119.0 119.7 122.9 119.7 121.9
Earnings Per Share
- Basic
Income Before
cumulative
effect $(0.10) $0.21 $1.24 $0.52 $1.14 $0.73
Net Income $(0.10) $0.21 $1.38 $0.52 $1.28 $0.73
Earnings Per Share
- Diluted
Income Before
cumulative
effect $(0.10) $0.21 $1.24 $0.50 $1.14 $0.72
Net Income $(0.10) $0.21 $1.38 $0.50 $1.28 $0.72
Dividends Paid Per
Share $0.235 $0.235 $0.705 $0.705 $0.94 $0.94
Book Value Per
Share $7.52 $6.96 $7.81 $6.70 $7.52 $6.96
----------------------------------------------------------------------
These statements are unaudited.
DPL Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
Twelve Months
Ended
December 31,
----------------
$ in Millions 2003 2002
----------------------------------------------------------------------
Operating Activities:
Net income $152.9 $87.3
Adjustments:
Depreciation and amortization 138.9 134.1
Amortization of regulatory assets, net 49.1 48.1
Deferred income taxes 19.3 (51.9)
Captive insurance provision (46.8) (16.6)
Shareholder litigation settlement 66.6 -
Investment (income) loss (47.5) 116.7
Income from interest rate hedges (21.2) -
Cumulative effect of accounting change, net of tax (17.0) -
Changes in working capital 49.1 (2.1)
Other 6.9 (1.8)
------- -------
Net Cash Provided by Operating Activities 350.3 313.8
Investing Activities:
Capital expenditures (120.9) (171.6)
Settlement of interest rate hedges 51.4 -
Purchases of fixed income and equity securities (164.0) (288.3)
Sales of fixed income and equity securities 298.9 310.4
------- -------
Net Cash Provided by (Used for) Investing
Activities 65.4 (149.5)
Financing Activities:
Dividends paid on common stock (112.1) (111.8)
Retirement of long-term debt (471.9) (7.2)
Issuance of long-term debt, net of issue costs 465.1 -
Issuance of short-term debt, net - (12.0)
------- -------
Net Cash Provided by (Used for) Financing
Activities (118.9) (131.0)
Cash and Temporary Cash Investments
Net change 296.8 33.3
Balance at beginning of period 40.8 7.5
------- -------
Balance at end of period $337.6 $40.8
======= =======
Cash Paid During the Period for:
Interest and trust preferred distributions $184.0 $172.9
Income taxes $15.2 $104.0
----------------------------------------------------------------------
These statements are unaudited.
DPL Inc.
CONSOLIDATED BALANCE SHEET
December 31, December 31,
$ in Millions 2003 2002
----------------------------------------------------------------------
Assets
Property $4,420.8 $4,323.2
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 $6.8 and $11.1 175.2 169.4
Inventories, at average cost 52.1 56.1
Prepaid taxes 46.4 46.9
Other 33.2 66.2
------------- ------------
Total current assets 644.5 379.4
Other assets
Financial assets 980.9 1,023.5
Income taxes recoverable through future
revenues 43.3 34.6
Other regulatory assets 36.0 80.1
Other 111.0 155.9
------------- ------------
Total other assets 1,171.2 1,294.1
------------- ------------
Total Assets $4,389.6 $4,274.4
============= ============
Capitalization and Liabilities
Capitalization
Common shareholders' equity
Common stock $1.3 $1.3
Other paid-in capital, net of treasury
stock - -
Warrants 50.0 50.0
Common stock held by employee plans (84.4) (89.6)
Accumulated other comprehensive income 51.5 0.2
Earnings reinvested in the business 881.2 868.0
------------- ------------
Total common shareholders' equity 899.6 829.9
Preferred stock 23.0 23.0
Company obligated mandatorily redeemable
trust preferred securities of subsidiary
holding solely parent debentures 292.8 292.6
Long-term debt
First mortgage bonds 573.0 551.2
Other long-term obligations 1,081.7 1,591.1
------------- ------------
Total shares subject to mandatory
redemption and long-term debt 1,947.5 2,434.9
------------- ------------
Total capitalization 2,870.1 3,287.8
Current Liabilities
Current portion - long-term debt 511.1 9.1
Accounts payable 91.0 100.3
Shareholder litigation 70.0 -
Accrued taxes 141.2 95.0
Accrued interest 42.0 51.1
Other 60.1 25.9
------------- ------------
Total current liabilities 915.4 281.4
Deferred Credits and Other
Deferred taxes 349.0 295.8
Unamortized investment tax credit 52.2 55.1
Insurance and claims costs 26.0 114.3
Other 176.9 240.0
------------- ------------
Total deferred credits and other 604.1 705.2
------------- ------------
Total Capitalization and Liabilities $4,389.6 $4,274.4
============= ============
----------------------------------------------------------------------
These statements are unaudited.
DPL Inc.
OPERATING STATISTICS
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ ---------------------
2003 2002 2003 2002
----------------------------------------------------------------------
Electric Sales (millions of kWh):
Residential 1,220 1,278 5,071 5,302
Commercial 895 901 3,699 3,710
Industrial 1,049 1,056 4,330 4,472
Other Retail 367 348 1,409 1,405
--------- -------- ---------- ----------
Total Retail 3,531 3,583 14,509 14,889
Wholesale 1,436 1,109 4,836 4,358
--------- -------- ---------- ----------
Total 4,967 4,692 19,345 19,247
Electric Revenues (thousands
of dollars):
Residential 107,046 111,353 442,238 463,197
Commercial 66,424 66,442 264,067 264,604
Industrial 54,054 53,929 221,960 227,960
Other Retail 24,766 23,342 93,478 93,316
--------- -------- ---------- ----------
Total Retail 252,290 255,066 1,021,743 1,049,077
Wholesale 40,154 27,194 159,250 124,468
--------- -------- ---------- ----------
Total 292,444 282,260 1,180,993 1,173,545
Other Statistics:
Average price per kWh -
retail (cents) 7.05 7.04 6.95 6.96
Fuel cost per net kWh
generated (cents) 1.32 1.21 1.33 1.34
Electric customers - end of
period 506,396 504,762 506,396 504,762
Average kWh use per
residential customer 2,708 2,850 11,276 11,841
Peak demand - maximum one-
hour use (mw) 2,452 2,460 2,981 3,051
Degree Days
Heating 1,925 2,250 5,790 5,473
Cooling 7 33 687 1,272
----------------------------------------------------------------------
Inquiries concerning this report should be directed to:
Arthur Meyer
Vice President and Corporate Secretary
Telephone (937) 259-7208
The information contained herein is submitted for general information
and not in connection with any sale or offer for sale of, or
solicitation of any offer to buy, any securities.
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