DPL Reports First Quarter Earnings.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 reported basic 2005 first quarter earnings per share of $0.61 versus $0.41 in the first quarter of 2004. The $0.20 per share increase was primarily related to the net gain on the sale of 40 of the Company's 46 private equity funds. DPL's reported basic earnings per share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $0.30 per share for the first quarter of 2005 compared to $0.32 per share for the first quarter of 2004. "Despite upward cost pressures due to industry-wide rising coal costs, we were able to deliver solid first quarter results," said 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:
First Quarter Financial Results Total revenues of $307.1 million exceeded the prior period by $4.7 million primarily resulting from an increase in market rates and ancillary revenues Ancillary Revenue Revenue generated from goods or services that differ from or enhance the main services or product lines of a company. By introducing new products and services or using existing products to branch into new markets, companies create additional opportunities for associated with participation in 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) , a regional transmission organization  This August 2006 is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. . This increase in revenue was partially offset by lower electric retail and wholesale sales volume as reflected by the fact that heating degree-days were down 2% for the first quarter of 2005 compared to the same period in 2004. Net electric margin (electric revenues less fuel and purchased power costs) of $197.2 million in the first quarter of 2005 decreased by $11.0 million from $208.2 million in the first quarter of 2004. As a percentage of total electric revenues, net electric margin decreased from 69.4% to 64.8%. This decline is primarily the result of increased fuel costs, partially offset by a moderate increase in electric revenues. Fuel costs increased by $14.9 million or 23% in the three months ended March 31, 2005 compared to the same period in 2004 driven mostly by higher average costs for coal and emission EMISSION, med. jur. The act by which any matter whatever is thrown from the body; thus it is usual to say, emission of urine, emission of semen, &c. 2. allowances. Purchased power costs increased by $0.8 million or 3% in the first quarter 2005 compared to the same period in 2004 largely as a result of charges of $13.4 million associated with moving power across PJM and $1.8 million related to higher average market prices. These increases were partially offset by $14.4 million related to lower purchased power volume. The regional transmission organization related costs were not components in DPL's 2004 first quarter results. Operation and maintenance expense increased $3.3 million or 7% for the three months ended March 31, 2005 compared to the same period in 2004 in large part due to $1.8 million of PJM administrative fees incurred in the first quarter of 2005 but not in the comparable period for 2004. Interest expense decreased $5.4 million or 12% in the first quarter of 2005 compared to the first quarter of 2004 primarily reflecting the reduction of $335 million in debt occurring in the second quarter of 2004. Other income for the first quarter ended March 31, 2005 increased $7.4 million compared to other income of $4.2 million for the first quarter ended March 31, 2004, including an additional $6.8 million realized from the sale of pollution control emission allowances. ($12.3 million gain in 2005 versus $5.5 million gain in 2004.) Liquidity and Cash Flow DPL's cash and cash equivalents totaled $949.5 million at March 31, 2005, compared to $614.8 million at March 31, 2004. This increase was primarily attributed to distributions and net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). received from the sale of the private equity funds of $747 million. The Company generated net cash from operating activities of $59.8 million and $23.7 million for the first quarter of 2005 and 2004 respectively. Capital additions are expected to approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. $195 million in 2005. DPL expects to finance its capital additions in 2005 with internally generated funds. Private Equity Investments During the first quarter of 2005, DPL, through its subsidiaries MVE MVE Murray Valley Encephalitis MVE Market Value of Equity MVE Midwest Vocal Express (barbershop chorus) MVE Mid Valley Engineering (Modesto, CA) MVE Modulo Variable Expansion and MVIC MVIC Multispectral Visible Imaging Camera (NASA New Horizons Project) MVIC Maximal Voluntary Isometric Contraction (muscles) MVIC Market Value of Invested Capital MVIC Mitsubishi Variable Induction Control , completed the sale of 40 of 46 private equity funds resulting in a $28.8 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain ($33.0 million less $4.2 million professional fees) from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and provided approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $747 million in net proceeds, including approximately $56 million in net distributions from funds while held for sale. As part of this pre-tax gain, DPL realized $30 million that was previously recorded as an unrealized gain 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. as part of other comprehensive income. During April 2005, three of the remaining funds were sold, resulting in an estimated pre-tax gain of $11 million and net proceeds of approximately $28 million that will be recorded in the second quarter of 2005. The remaining private equity funds are expected to be sold or transferred pursuant to the agreement during 2005 and are estimated to result in approximately $95 million in additional net proceeds. As previously announced, DPL plans to target approximately $400 to $500 million of the private equity sales proceeds for debt reduction. Coupled with the $335 million of debt reduced in 2004, this additional debt reduction will allow DPL to have reduced debt by approximately $800 million over a roughly two year period. Additionally, with the proceeds generated by the private equity sales, the Company is looking at opportunities to invest in the core utility business that will assure 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. recovery and produce an acceptable rate of return. DPL also intends to use some of the sale proceeds to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. DPL common shares. The exact timing and amounts will be impacted by future business conditions and cash flow forecasts. Future Outlook DPL currently expects fuel costs in 2005 to be 15% higher than in 2004. Previously, the Company expected fuel cost increases of 10%. The additional fuel increases are attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to higher emission and coal costs. The impact of the higher fuel costs is anticipated to be largely offset by the sale of emission allowances. Accordingly, the Company expressed comfort with its earnings guidance of $0.95 to $1.05 earnings per share from continuing operations. Conference Call/Webcast DPL will conduct a webcast conference call with financial analysts Wednesday Wednesday: see week. , May 4, 2005, at 9:00 a.m. Eastern Time to discuss first quarter 2005 results. 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. (NYSE:DPL) is a regional electric energy and utility 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 and Light Company (DP&L); DPL Energy, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (DPLE DPLE Declarative Programming Languages in Education (conference) DPLE Digital Principle Local Exchange DPLE Danish Primary Laboratory for Electricity ); and DPL Energy Resources, Inc. (DPLER). DP&L, a regulated 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. electric utility, provides service to over 500,000 retail customers in West Central Ohio; DPLE engages in the operation of merchant peaking generation facilities; and DPLER is a competitive retail electric supplier in Ohio, selling to major governmental, industrial, and commercial customers. DPL, through its subsidiaries, owns and operates approximately 4,400 megawatts of generation capacity, of which 2,800 megawatts are low cost coal-fired Adj. 1. coal-fired - fueled by burning coal; "a coal-fired ship" coal-burning fueled - heated, driven, or produced by burning fuel units and 1,600 megawatts are natural gas fired peaking units. Further information 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.
FINANCIAL DATA
(Unaudited)
(in millions, except per share amounts)
Three Months Ended
March 31,
-------------------
2005 2004
--------- ---------
Earnings Per Share of Common Stock - Basic:
--From Continuing Operations $0.30 $0.32
--From Discontinued Operations $0.31 $0.09
--------- ---------
Total $0.61 $0.41
========= =========
Earnings Per Share of Common Stock - Diluted:
--From Continuing Operations $0.28 $0.32
--From Discontinued Operations $0.30 $0.09
--------- ---------
Total $0.58 $0.41
========= =========
Earnings
--From Continuing Operations $36.1 $38.9
--From Discontinued Operations $37.6 $10.8
--------- ---------
Total $73.7 $49.7
========= =========
Average Number of Common Stocks Outstanding:
Basic 120.4 120.0
Diluted 127.8 121.3
DPL Inc.
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
Three Months Ended
March 31,
------------------
2005 2004
------------------
$ in millions except per share amounts (unaudited)
---------------------------------------------------------------------
Revenues
Electric revenues $304.5 $299.8
Other revenues, net of fuel costs 2.6 2.6
--------- --------
Total revenues 307.1 302.4
--------- --------
Operating Expenses
Fuel 78.5 63.6
Purchased power 28.8 28.0
Operation and maintenance 53.7 50.4
Depreciation and amortization 35.9 34.0
General taxes 27.8 27.4
Amortization of regulatory assets, net 0.5 0.1
--------- --------
Total operating expenses 225.2 203.5
--------- --------
Operating Income 81.9 98.9
Investment income 5.9 4.3
Other income 11.6 4.2
--------- --------
Income Before Interest Charges 99.4 107.4
Interest expense 39.1 44.5
--------- --------
Income From Continuing Operations Before Income Tax 60.3 62.9
Income tax expense 24.2 24.0
--------- --------
Income From Continuing Operations 36.1 38.9
--------- --------
Discontinued Operations
Income from discontinued operations 35.0 18.0
Gain on disposal of discontinued operations 28.8 -
Income tax expense 26.2 7.2
--------- --------
Income from discontinued operations 37.6 10.8
--------- --------
Net Income $73.7 $49.7
========= ========
Average Number of Common Shares
Outstanding (millions)
Basic 120.4 120.0
Diluted 127.8 121.3
Earnings Per Share of Common Stock
Basic:
Income from continuing operations $0.30 $0.32
Income from discontinued operations 0.31 0.09
--------- --------
Total Basic $0.61 $0.41
========= ========
Diluted:
Income from continuing operations $0.28 $0.32
Income from discontinued operations 0.30 0.09
--------- --------
Total Diluted $0.58 $0.41
========= ========
Dividends Paid Per Share of Common Stock $0.240 $0.240
Book Value Per Share $8.82 $7.89
DPL Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended
March 31,
-------------------
2005 2004
-------------------
$ in millions (unaudited)
----------------------------------------------------------------------
Operating Activities:
Net income $73.7 $49.7
Less: Income from discontinued operations (37.6) (10.8)
--------- ---------
Income from continuing operations 36.1 38.9
--------- ---------
Adjustments:
Depreciation and amortization 35.9 34.0
Amortization of regulatory assets, net 0.5 0.1
Deferred income taxes 12.8 40.3
Captive insurance provision 1.3 1.2
Gain on sale of other investments (4.2) (3.4)
Changes in working capital (25.7) (69.6)
Deferred compensation assets 3.5 8.8
Deferred compensation obligations 0.7 (6.7)
Other (1.1) (19.9)
--------- ---------
Net Cash Provided by Operating Activities 59.8 23.7
Investing Activities:
Capital expenditures (43.0) (26.7)
Purchases of fixed income and equity securities (7.1) (15.7)
Sales of other fixed income and equity securities 25.1 110.5
--------- ---------
Net Cash Provided by / (Used for) Investing
Activities (25.0) 68.1
Financing Activities:
Issuance of long-term debt, net of issue costs - 174.7
Dividends paid on common stock (28.5) (28.7)
Retirement of long-term debt (6.0) (5.0)
Retirement of preferred securities (0.1) -
--------- ---------
Net Cash Provided by / (Used for) Financing
Activities (34.6) 141.0
Cash and Cash Investments:
Cash flow from continuing operations 0.2 232.8
Cash flow from discontinued operations 747.2 44.4
Balance at beginning of period 202.1 337.6
--------- ---------
Balance at end of period $949.5 $614.8
========= =========
Cash Paid During the Period for:
Interest $54.2 $50.7
Income taxes $6.7 $40.7
DPL Inc.
CONSOLIDATED BALANCE SHEET
At At
March 31, Dec. 31,
2005 2004
---------------------
$ in millions (unaudited)
----------------------------------------------------------------------
Assets
Property
Property, plant and equipment $4,526.9 $4,495.0
Less: Accumulated depreciation and amortization (1,995.6) (1,964.9)
--------- ---------
Net property 2,531.3 2,530.1
Current assets
Cash and cash investments 949.5 202.1
Accounts receivable, less provision for
uncollectible accounts of $1.0 and $1.1,
respectively 165.2 175.7
Inventories, at average cost 80.2 72.1
Prepaid taxes 34.8 46.4
Financial assets, held for sale 89.8 -
Other 20.7 34.3
--------- ---------
Total current assets 1,340.2 530.6
Other assets
Financial assets 94.2 913.2
Income taxes recoverable through future revenues 32.4 32.5
Other regulatory assets 50.9 41.5
Other 112.1 117.6
--------- ---------
Total other assets 289.6 1,104.8
--------- ---------
Total Assets $4,161.1 $4,165.5
========= =========
Capitalization and Liabilities
Capitalization
Common shareholders' equity
Common stock $1.3 $1.3
Other paid-in capital, net of treasury stock 16.2 15.8
Warrants 50.0 50.0
Common stock held by employee plans (84.4) (85.7)
Accumulated other comprehensive income 37.4 65.5
Earnings reinvested in the business 1,042.3 997.1
--------- ---------
Total common shareholders' equity 1,062.8 1,044.0
Preferred stock 22.9 23.0
Long-term debt
First mortgage bonds 572.8 572.8
Other long-term obligations 1,537.0 1,544.5
--------- ---------
Total long-term debt 2,109.8 2,117.3
--------- ---------
Total capitalization 3,195.5 3,184.3
Current Liabilities
Current portion - long-term debt 14.9 13.5
Accounts payable 109.0 113.4
Accrued taxes 107.6 137.2
Accrued interest 25.7 42.1
Other 32.9 20.7
--------- ---------
Total current liabilities 290.1 326.9
Deferred Credits and Other
Deferred taxes 403.8 384.8
Unamortized investment tax credit 48.6 49.3
Insurance and claims costs 26.2 24.9
Other 196.9 195.3
--------- ---------
Total deferred credits and other 675.5 654.3
--------- ---------
Total Capitalization and Liabilities $4,161.1 $4,165.5
========= =========
DPL Inc.
OPERATING STATISTICS
(unaudited)
Three Months Ended
March 31,
-------------------
2005 2004
----------------------------------------------------------------------
Electric Sales (millions of kWh):
Residential 1,535 1,531
Commercial 885 904
Industrial 1,010 1,038
Other retail 331 333
Other miscellaneous revenues - -
--------- ---------
Total retail 3,761 3,806
Wholesale 617 982
--------- ---------
Total sales 4,378 4,788
========= =========
Electric Revenues (thousands of dollars):
Residential $125,932 $125,992
Commercial 63,610 63,846
Industrial 52,860 53,389
Other retail 18,755 18,817
Other miscellaneous revenues 2,750 3,868
--------- ---------
Total retail 263,907 265,912
Wholesale 25,099 33,917
PJM ancillary revenues 15,501 -
--------- ---------
Total $304,507 $299,829
========= =========
Other Statistics:
Average price per kWh - retail (cents) 6.94 6.89
Fuel cost per net kWh generated (cents) 1.85 1.49
Electric customers - end of period 511,180 507,659
Average kWh use per residential customer 3,378 3,389
Peak demand - maximum one-hour use (mw) 2,617 2,537
Degree Days
Heating 2,897 2,949
Cooling - -
---------------------------------------------------------------------
Inquiries concerning this report should be directed to:
Arthur Meyer
Vice President
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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