DPL Reports Solid 2005 Results.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 unaudited 2005 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. earnings per share of $1.44 compared to $1.81 in 2004. All earnings per share are basic and include the cumulative effect of a ($0.03) per share charge in 2005 due to the adoption of a new accounting standard (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Interpretation No. 47 "Accounting for Conditional Subject to change; dependent upon or granted based on the occurrence of a future, uncertain event. A conditional payment is the payment of a debt or obligation contingent upon the performance of a certain specified act. 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. ," FIN fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface. No. 47). E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Earnings 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 , which exclude the gains and investment income from the sale of the private equity funds, were $1.03 per share in 2005 compared to $1.01 per share in 2004, which is in line with DPL's previously announced 2005 guidance of $0.95 per share to $1.05 per share. Excluding the investment income of $49 million and the charge for early redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of debt of $61.2 million, 2005 earnings were $1.09 per share.
Earnings Per Share Reconciliation 2005
---------------------------------- ------
Total earnings per share (GAAP) $1.44
Exclude:
Cumulative effect of new accounting standard (Fin. No. 47) 0.03
Discontinued operations (0.44)
Investment income (0.25)
Charge for early redemption of debt 0.31
------
Total earnings per share (non-GAAP) $1.09
E[acute accent]"The year 2005 was very productive with significant accomplishments," stated Jim Mahoney For the Australian rules football umpire, see . James Thomas Mahoney (born on May 26, 1934 in Englewood, New Jersey) is a former Major League Baseball shortstop. He was signed by the Philadelphia Phillies before the 1953 season and played for the Boston Red Sox (1959), the , DPL President and Chief Executive Officer. "We executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. on the sale of the private equity funds, reduced debt by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $450 million, initiated a $400 million stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program, and received approval of our application to recover additional revenues related to fuel and environmental costs. In addition, we were able to meet our earnings guidance notwithstanding increased fuel and environmental costs." E[acute accent]2005 Results E[acute accent]Revenues increased 7% to $1,284.9 million for 2005 compared to $1,199.9 million for 2004. This increase primarily reflects improved retail sales volume as a result of an increase in cooling degree days in 2005 as compared to 2004, higher average wholesale 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. . These increases were partially offset by lower wholesale sales volume. The Company did not participate in PJM until October October: see month. 2004.
$ in millions 2005 2004 Variance
---------------------------------------------------------------------
Retail Revenues $1,066.6 $1,036.8 $29.8
Wholesale Revenues 133.3 135.1 (1.8)
PJM Ancillaries 74.4 17.9 56.5
Other 10.6 10.1 0.5
----------------------------
Total Revenues $1,284.9 $1,199.9 $85.0
============================
E[acute accent]Net margin (revenues minus fuel and purchased power) of $814.7 million for 2005 decreased by $9.0 million from $823.7 million for 2004. As a percentage of total revenues, net margin decreased by 5.2% to 63.4%. This decline was driven primarily by increased fuel and purchased power costs. E[acute accent]Fuel, which includes coal, gas, oil and emissions emissions npl → émissions fpl emissions npl → Emissionen pl allowance costs, increased by $73.8 million or 28% for 2005 compared to 2004 resulting from higher average fuel prices of $64.1 million and increased generation volume of $9.7 million. Higher fuel cost drivers include increased coal prices, increased output at higher cost coal plants and natural gas fired units, and the timing of contracted coal deliveries. 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. costs were $3.0 million higher in 2005 than 2004.
$ in millions 2005 2004 Variance
---------------------------------------------------------------------
Coal $297.2 $243.3 $53.9
Gas 23.1 8.1 15.0
Oil 5.3 3.4 1.9
Emission Costs 11.3 8.3 3.0
------------------------
Total Fuel Costs $336.9 $263.1 $73.8
========================
E[acute accent]The Company also recorded in other income $12.3 million and $8.9 million in gains from emission allowance sales in 2005 and 2004 respectively. E[acute accent]Purchased power costs increased $20.2 million, as a result of $28.2 million from higher average market prices, offset by $44.2 million related to lower purchased power volume. PJM ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. costs increased $36.2 million over 2004. The Company did not participate in PJM until October 2004.
$ in millions 2005 2004 Variance
---------------------------------------------------------------------
Purchased Power $84.8 $100.8 ($16.0)
PJM Ancillaries 48.5 12.3 36.2
------------------------
Total Purchased Power $133.3 $113.1 $20.2
========================
E[acute accent]Operation and maintenance expense decreased $18.1 million or 8% in 2005 compared to 2004. The primary reasons for lower operation and maintenance expense were lower director and officer liability insurance, legal fees, executive compensation expense and Sarbanes-Oxley compliance and professional fees. E[acute accent]Investment income increased by $42.5 million in 2005 compared to 2004 primarily resulting from a net gain of $23.5 million on the sale of public securities and $18.5 million in interest income due to higher cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investment balances. E[acute accent]Interest expense decreased $22.5 million or 14% compared to last year due to debt reduction of approximately $450 million, and a full year impact of the $500 million debt retirement completed in 2004 (partially financed with a $175 million note). E[acute accent]In 2005, the Company also recorded a charge of $61.2 million for the early redemption of debt. E[acute accent]Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , Sale of Private Equity Funds E[acute accent]In 2005, DPL sold or transferred its beneficial interests in forty-six private equity funds, which provided approximately $868 million in 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). . Income and related expenses attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to these funds are classified as discontinued operations. Net earnings from discontinued operations for 2005, comprised of income from discontinued operations and net gains from the sale of the private equity funds, were $52.9 million. In 2004, net earnings from discontinued operations were $95.8 million. E[acute accent]Stock Buyback E[acute accent]DPL initiated its $400 million stock buyback program in 2005, with the 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. of 406,000 common shares at an average price of $26.07 per share. E[acute accent]Liquidity and Cash Flow E[acute accent]DPL's cash and cash equivalents totaled $595.8 million and short-term investments available for sale totaled $125.8 million at December December: see month. 31, 2005, compared to $202.1 million in cash and cash equivalents at December 31, 2004. The increase in cash and short-term investments of $519.5 million was primarily attributed to net proceeds from the sale of the private equity funds and an increase in cash from operating activities of $181.4 million. E[acute accent]Construction additions were $180 million and $98 million in 2005 and 2004 respectively. The increase in construction additions in 2005 was primarily related to capital projects associated with the Company's sulfur dioxide sulfur dioxide, chemical compound, SO2, a colorless gas with a pungent, suffocating odor. It is readily soluble in cold water, sparingly soluble in hot water, and soluble in alcohol, acetic acid, and sulfuric acid. environmental compliance program. E[acute accent]Fourth Quarter E[acute accent]For the quarter ending December 31, 2005, DPL reported earnings per share of $0.44 compared to $0.23 earnings per share for the fourth quarter of 2004. The earnings increase was due primarily to a $26.5 million increase in revenues from higher retail sales volume and increased wholesale rates, a $16.5 million decrease in operations and maintenance (for items previously described), and a $12.9 million decrease in interest expense, offset by a $13.0 million increase in fuel and purchased power. E[acute accent]2006 and 2007 Outlook E[acute accent]Basic Earnings - DPL forecasts basic earnings per share in the range of $1.35 to $1.50 for 2006 and $1.65 to $1.80 for 2007, based on estimated basic shares outstanding of 112 million in 2006 and 107 million in 2007. The estimates include the effect of completion of DPL's $400 million stock buyback program over the course of 2006.
Revenues are expected to increase 3% in 2006 over 2005 and 5% in
2007 over 2006, and assumes little to no customer switching.
Revenue forecasts are based on weather normalized sales and the
inclusion of forecasted amounts related to the recovery of
regulatory approved costs.
Fuel costs are impacted by changes in volume and price and are
driven by a number of variables including weather, coal
deliveries, and generation plant mix. Based on weather normalized
sales, fuel costs are forecasted to be flat in 2006 compared to
2005 and are forecasted to increase approximately 5% in 2007
compared to 2006. This forecast assumes coal prices will increase
approximately 10% in 2006 as compared to 2005 and remain flat in
2007 as compared to 2006.
DPL's total system forecasted coal requirements are approximately
95% hedged for 2006 and approximately 75% hedged for 2007.
Operation and maintenance costs are expected to increase
approximately 15% in 2006 compared to 2005 and approximately 3%
in 2007 compared to 2006, excluding expenses with comparable
revenue recovery from approved regulatory orders. Of the 15%
increase in 2006, approximately 85% is due to increases in
generation production costs, self-insurance reserves, and
litigation costs. Litigation costs are forecasted to increase due
to an expected greater pace of legal activities related to
litigation with former officers of the Company.
E[acute accent]Liquidity and Cash Flow - Construction additions are forecasted 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. $365 million in 2006 and $235 million in 2007. Capital expenditures are forecasted to decrease to $150 million in 2008 as the Company completes the construction phase of its sulfur dioxide environmental compliance program. For the three year period, environmental capital expenditures are approximately 60% of the total. DPL expects to finance its construction additions in 2006, 2007 and 2008 with a combination of cash and short-term investments, additional tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. financing and internally-generated funds. E[acute accent]Dividends - On February February: see month. 1, 2006, DPL announced a 4% dividend increase on its common stock increasing the annual dividend from $0.96 per share to $1.00 per share. E[acute accent]Conference Call/Webcast E[acute accent]DPL will conduct a webcast conference call with financial analysts Thursday Thursday: see week. , February 16, 2006, at 9:00 a.m. Eastern Time to discuss year-end 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. E[acute accent]About DPL E[acute accent]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 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 . E[acute accent]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
December 31,
-------------------
2005 2004
--------- ---------
Earnings Per Share of Common Stock - Basic:
--From Continuing Operations $0.38 $0.19
--From Discontinued Operations $0.09 $0.04
--From Cumulative Effect of Accounting Change $(0.03) $-
--------- ---------
Total $0.44 $0.23
========= =========
Earnings Per Share of Common Stock - Diluted:
--From Continuing Operations $0.36 $0.19
--From Discontinued Operations $0.08 $0.03
--From Cumulative Effect of Accounting Change $(0.03) $-
--------- ---------
Total $0.41 $0.22
========= =========
Earnings
--From Continuing Operations $46.2 $23.1
--From Discontinued Operations $9.9 $4.4
--From Cumulative Effect of Accounting Change $(3.2) $-
--------- ---------
Total $52.9 $27.5
========= =========
Average Number of Common Stocks Outstanding:
Basic 121.6 120.3
Diluted 129.4 124.4
Twelve Months Ended
December 31,
-------------------
2005 2004
--------- ---------
Earnings Per Share of Common Stock - Basic:
--From Continuing Operations $1.03 $1.01
--From Discontinued Operations $0.44 $0.80
--From Cumulative Effect of Accounting Change $(0.03) $-
--------- ---------
Total $1.44 $1.81
========= =========
Earnings Per Share of Common Stock - Diluted:
--From Continuing Operations $0.97 $1.00
--From Discontinued Operations $0.41 $0.78
--From Cumulative Effect of Accounting Change $(0.03) $-
--------- ---------
Total $1.35 $1.78
========= =========
Earnings
--From Continuing Operations $124.7 $121.5
--From Discontinued Operations $52.9 $95.8
--From Cumulative Effect of Accounting Change $(3.2) $-
--------- ---------
Total $174.4 $217.3
========= =========
Average Number of Common Stocks Outstanding:
Basic 121.0 120.1
Diluted 129.1 122.1
DPL Inc.
CONSOLIDATED STATEMENTS OF RESULTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- ---------------------
2005 2004 2005 2004
$ in millions except per ------------------- ---------------------
share amounts (unaudited) (unaudited)
----------------------------------------------- ---------------------
Revenues $327.0 $300.5 $1,284.9 $1,199.9
Operating Expenses:
Fuel 85.8 71.1 336.9 263.1
Purchased power 29.6 31.3 133.3 113.1
Operation and maintenance 54.4 70.9 219.0 237.1
Depreciation and
amortization 36.9 39.7 147.3 144.1
General taxes 24.5 25.8 107.3 105.3
Amortization of regulatory
assets, net 0.5 0.4 2.0 0.7
--------- --------- ---------- ----------
Total operating expenses 231.7 239.2 945.8 863.4
--------- --------- ---------- ----------
Operating Income 95.3 61.3 339.1 336.5
Investment income 5.6 1.5 49.0 6.5
Interest expense (27.2) (40.1) (137.7) (160.2)
Charge for early redemption
of debt - - (61.2) -
Other income 2.6 1.7 15.4 5.2
--------- --------- ---------- ----------
Earnings From Continuing
Operations Before Income
Taxes 76.3 24.4 204.6 188.0
Income tax expense 30.1 1.3 79.9 66.5
--------- --------- ---------- ----------
Earnings From Continuing
Operations 46.2 23.1 124.7 121.5
--------- --------- ---------- ----------
Discontinued Operations
(Loss) Income from
discontinued operations (0.5) 2.4 31.8 154.9
Gain on disposal of
discontinued operations 0.4 - 41.0 -
Income tax (benefit)
expense (10.0) (2.0) 19.9 59.1
--------- --------- ---------- ----------
Earnings from
discontinued operations 9.9 4.4 52.9 95.8
--------- --------- ---------- ----------
Earnings Before Cumulative
Effect of Accounting
Change 56.1 27.5 177.6 217.3
Cumulative effect of
accounting change, net of
tax (3.2) - (3.2) -
--------- --------- ---------- ----------
Net Income $52.9 $27.5 $174.4 $217.3
========= ========= ========== ==========
Average Number of Common
Shares Outstanding
(millions)
Basic 121.6 120.3 121.0 120.1
Diluted 129.4 124.4 129.1 122.1
Earnings Per Share of
Common Stock:
Basic:
Continuing operations $0.38 $0.19 $1.03 $1.01
Discontinued operations 0.09 0.04 0.44 0.80
Cumulative effect of
accounting change (0.03) - (0.03) -
--------- --------- ---------- ----------
Net income per basic
common share $0.44 $0.23 $1.44 $1.81
========= ========= ========== ==========
Diluted:
Continuing operations $0.36 $0.19 $0.97 $1.00
Discontinued operations 0.08 0.03 0.41 0.78
Cumulative effect of
accounting change (0.03) - (0.03) -
--------- --------- ---------- ----------
Net income per diluted
common share $0.41 $0.22 $1.35 $1.78
========= ========= ========== ==========
Dividends Paid Per Share of
Common Stock $0.240 $0.720 $0.960 $0.960
Book Value Per Share $8.53 $8.67 $8.53 $8.67
DPL Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended
December 31,
--------------------
2005 2004
--------------------
$ in millions (unaudited)
----------------------------------------------------------------------
Cash Flows From Operating Activities:
Net income $174.4 $217.3
Less: Earnings from discontinued operations (52.9) (95.8)
----------- --------
Earnings from continuing operations and
cumulative effect of accounting change 121.5 121.5
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 147.3 144.1
Amortization of regulatory assets, net 2.0 0.7
Charge for early redemption of debt 61.2 -
Cumulative effect of accounting change, net of
tax 3.2 -
Deferred income taxes (7.1) 22.2
Shareholder litigation settlement - (70.0)
Captive insurance provision (0.6) (1.1)
Gain on sale of other investments (28.8) (3.3)
Gain on sale of property - (1.8)
Changes in certain assets and liabilities (28.2) (96.2)
Deferred compensation assets 2.9 12.6
Deferred compensation obligations 6.7 5.2
Other 34.0 (1.2)
----------- --------
Net Cash Provided by Operating Activities 314.1 132.7
Cash Flows From Investing Activities:
Capital expenditures (180.1) (87.7)
Purchases of short-term investments and
securities (641.2) (26.1)
Sales of short-term investments and securities 642.5 89.9
Proceeds from sale of property - 2.3
----------- --------
Net Cash Used for Investing Activities (178.8) (21.6)
Cash Flows From Financing Activities:
Issuance of long-term debt, net of issue costs 211.2 174.7
Exercise of stock options 22.7 -
Retirement of long-term debt (673.8) (510.4)
Premiums paid for early redemption of debt (54.7) -
Retirement of preferred securities (0.1) -
Dividends paid on common stock (115.3) (114.8)
----------- --------
Net Cash Used for Financing Activities (610.0) (450.5)
Cash and Cash Equivalents:
Cash flow from continuing operations (474.7) (339.4)
Cash flow from discontinued operations 868.4 203.9
Balance at beginning of period 202.1 337.6
----------- --------
Balance at end of period $595.8 $202.1
=========== ========
Supplemental cash flow information:
Interest paid, net of amounts capitalized $146.1 $162.1
Income taxes paid, net $71.2 $107.9
DPL Inc.
CONSOLIDATED BALANCE SHEETS
At At
December 31, December 31,
2005 2004
-------------------------
$ in millions (unaudited)
----------------------------------------------------------------------
Assets
Property:
Property, plant and equipment $4,667.7 $4,495.0
Less: Accumulated depreciation and
amortization (2,094.8) (1,964.9)
------------ ------------
Net property 2,572.9 2,530.1
Current assets:
Cash and cash equivalents 595.8 202.1
Short-term investments available for sale 125.8 -
Accounts receivable, less provision for
uncollectible accounts of $1.0 and $1.1,
respectively 194.9 175.7
Inventories, at average cost 80.2 72.1
Prepaid taxes 45.9 46.4
Other 20.2 34.3
------------ ------------
Total current assets 1,062.8 530.6
Other assets:
Financial assets - 912.6
Regulatory assets 83.8 74.0
Other 72.2 118.2
------------ ------------
Total other assets 156.0 1,104.8
------------ ------------
Total Assets $3,791.7 $4,165.5
============ ============
Capitalization and Liabilities
Capitalization:
Common shareholders' equity:
Common stock $1.3 $1.3
Other paid-in capital, net of treasury
stock 25.1 15.8
Warrants 50.0 50.0
Common stock held by employee plans (86.1) (85.7)
Accumulated other comprehensive income (14.2) 65.5
Earnings reinvested in the business 1,062.0 997.1
------------ ------------
Total common shareholders' equity 1,038.1 1,044.0
Preferred stock 22.9 23.0
Long-term debt
First mortgage bonds 683.0 572.8
Other long-term obligations 994.1 1,544.5
------------ ------------
Total long-term debt 1,677.1 2,117.3
------------ ------------
Total capitalization 2,738.1 3,184.3
Current Liabilities:
Current portion - long-term debt 0.9 13.5
Accounts payable 130.2 113.4
Accrued taxes 178.5 137.2
Accrued interest 28.9 42.1
Other 31.1 20.7
------------ ------------
Total current liabilities 369.6 326.9
Deferred Credits and Other:
Deferred taxes 327.0 384.8
Unamortized investment tax credit 46.4 49.3
Insurance and claims costs 24.3 24.9
Other 286.3 195.3
------------ ------------
Total deferred credits and other 684.0 654.3
------------ ------------
Total Capitalization and Liabilities $3,791.7 $4,165.5
============ ============
DPL Inc.
OPERATING STATISTICS
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -----------------------
2005 2004 2005 2004
--------------------------------------------- -----------------------
Electric Sales (millions
of kWh):
Residential 1,338 1,218 5,520 5,140
Commercial 964 921 3,901 3,777
Industrial 1,051 1,055 4,332 4,393
Other retail 359 352 1,437 1,407
Other miscellaneous
revenues - - - -
--------- --------- ----------- -----------
Total retail 3,712 3,546 15,190 14,717
Wholesale 803 770 2,716 3,748
--------- --------- ----------- -----------
Total sales 4,515 4,316 17,906 18,465
========= ========= =========== ===========
Electric Revenues
(thousands of dollars):
Residential $115,932 $107,555 $478,226 $449,411
Commercial 70,210 67,853 276,157 267,831
Industrial 52,378 54,207 220,453 223,335
Other retail 21,071 20,412 81,716 80,370
Other miscellaneous
revenues 2,351 3,003 10,069 15,863
--------- --------- ----------- -----------
Total retail 261,942 253,030 1,066,621 1,036,810
Wholesale 42,979 27,228 133,283 135,129
RTO ancillary revenues 19,228 17,905 74,419 17,905
Other revenues, net of
fuel costs 2,836 2,317 10,586 10,054
--------- --------- ----------- -----------
Total revenues $326,985 $300,480 $1,284,909 $1,199,898
========= ========= =========== ===========
Other Statistics:
Average price per kWh -
retail (cents) 6.99 7.05 6.96 6.94
Fuel cost per net kWh
generated (cents) 1.90 1.73 1.93 1.56
Electric customers - end
of period 513,140 510,013 513,140 510,013
Average kWh use per
residential customer 2,937 2,691 12,134 11,371
Peak demand - maximum
one-hour use (mw) 2,561 2,628 3,243 2,896
Degree Days
Heating 2,164 1,994 5,702 5,500
Cooling 25 4 1,075 771
----------------------------------------------------------------------
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.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion