DPL Reports Strong First Quarter.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--April 25, 2001 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 first quarter earnings of $0.52 per share, an increase of $0.14 per share or 37% from earnings per share of $0.38 of one year ago, which included earnings from the Company's former retail natural gas distribution business. All earnings per share numbers are before non-recurring items and share dilution. Despite increases in fuel and purchased power costs, net electric revenue increased $18.2 million or 9%, as compared to the first quarter of 2000. Additionally, operating and maintenance expenses were reduced $13.1 million over the same period last year. First quarter earnings from DPL's diversified diversified (di·verˑ·s portfolio of financial assets Financial assets Claims on real assets. increased $12.2 million over the comparable period of last year to $28.2 million. DPL's merchant generation expansion program remains on schedule for this summer. By the end of June 2001, DPL expects to add eight natural gas fired combustion turbines at sites in Indiana and Ohio. These units total 544 megawatts of peaking capacity bringing total installed combustion turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. capacity to 1,000 megawatts. It is expected that this additional capacity will be immediately accretive to earnings. "DPL's growth is driven by its regional merchant generation expansion, business diversification and operational efficiencies. Following our year of transition, which included the sale of our retail natural gas distribution business and leveraged recapitalization Leveraged Recapitalization A strategy where a company takes on significant additional debt with the purpose of either paying a large dividend or repurchasing shares. The result is a far more financially leveraged company. Notes: This is often used in risk arbitrage. , we are on plan for 2001," said 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. , DPL 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. . DPL's first quarter 2001 earnings of $62.8 million, or $0.52 per share on a weighted average of 119.7 million shares, compares to earnings of $55.6 million before non-recurring charges, or $0.38 per share, on a weighted average of 145.4 million shares in the same period in 2000. Results for the first quarter of 2001 include $1.0 million or $0.01 per share reflecting the adoption of FAS133 - Accounting for Derivatives. Results in the first quarter of 2000 included revenues, net of gas costs from the retail natural gas distribution business of $33.9 million or $0.14 per share and non-recurring charges of $0.04 per share 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 the elimination of certain compensation programs. DPL Inc. is a diversified regional merchant energy company. DPL's principal subsidiaries include DPL Energy and The Dayton Power & Light Company ("DP&L"). DPL Energy operates 3,500 megawatts of generation capacity and markets wholesale energy throughout the eastern half of the 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. . DP&L provides electric services to 500,000 retail customers in West Central Ohio. DPL Inc., through its subsidiaries, has ranked among the top ten energy companies in generation efficiency and productivity for the last ten years. Further information on DPL Inc. can be found at www.dplinc.com. This press release may contain certain 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. 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 2000 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.
FINANCIAL DATA
(Unaudited)
(in millions, except per share amounts)
Three Months Ended
March 31,
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2001 2000
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Earnings Per Share of Common Stock - Basic:
Earnings Before Non-recurring Items $ 0.52 $ 0.38
Earnings After Non-recurring Items $ 0.53 $ 0.34
Earnings Per Share of Common Stock - Diluted:
Earnings After Non-recurring Items $ 0.49 $ 0.34
Operating Revenues $ 398.3 $ 386.6
Earnings Before Non-recurring Items $ 62.8 $ 55.6
Earnings After Non-recurring Items $ 63.8 $ 50.1
Average Number of Common Shares Outstanding:
Basic 119.7 145.4
Diluted 129.3 145.4
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