DPL Reports Financial Results for the First Quarter of 2000; Strategic Growth and Expansion Plans On Track.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--April 19, 2000 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 that it expects Year 2000 earnings to be above $2.00 per share reflecting the one time gain related to the sale of its natural gas retail distribution business offset to some extent by one time charges. First quarter earnings of $0.34 per share reflect a reduction from last year due to $8.4 million in one time costs related to the company's recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. and elimination of compensation programs, $9.8 million in increased O&M related to maintenance and $13 million of increased interest expense. In addition, the EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. impact of the stock buy back was reflected for only two weeks in the quarter. At the same time, end of March figures included income from financial investments of $17.4 million and accumulated after tax unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. of $118.9 million. In the second quarter, DPL expects to close the sale of its natural gas retail distribution business for $425 million, bring 225 megawatts (MW) of new combustion turbines online for the summer peak and continue its open market stock buy back of approximately six million shares. Mr. Peter Forster Peter Forster may refer to:
The company is announcing today phase four of its electric generation plan with the purchase of two additional General Electric combustion turbine peaking units. This additional 160 MW, representing an investment of over $60 million will be online by the end of 2001. Allen Hill Allen Hill (born 14 November 1843 in Huddersfield, Yorkshire; died 28 August 1910 in Leyland, Lancashire) played in the first-ever cricket Test, taking the first wicket. Hill also went on to umpire in the Test match played at Lord's in 1890. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of DPL, said, "We are delighted by the progress we have made in our peaking generation expansion plan in preparation for the deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. of the Ohio energy markets next year." The first four phases of the peaking generation expansion plan represents a combined investment of $270 million, which will increase generation by almost 800 MW to 3815 MW by the end of 2001. Of that increase, 225 MW are currently being installed at a site near Greenville, Ohio Greenville is a city in Darke County, Ohio, United States. The population was 13,294 at the 2000 census. It is the county seat of Darke CountyGR6. , in time for this summer's peak load season, and will be immediately accretive to earnings. This press release may contain certain forward-looking statements regarding plans and expectations for the future. Investors are cautioned that actual outcomes may vary materially from those projected due to various factors beyond DPL's control. Such matters are described in the Company's 1999 Annual Report and 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. . DPL Inc. is a diversified energy company supplying services to customers in the Midwest through its subsidiaries The Dayton Power and Light Company and DPL Energy.
DPL Inc.
FINANCIAL DATA
(Unaudited)
(in millions, except per share amounts)
Three Months Ended
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March
2000 1999
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Earnings Per Share of Common Stock
Basic $ 0.34 $ 0.47
Diluted $ 0.34 $ 0.47
Operating Revenues $ 386.6 $ 383.5
Net Income $ 50.1 $ 72.5
Average Number of Common Shares
Outstanding 145.4 152.9
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