DPL on Track to Deliver Record Financial Results.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Oct. 4, 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) met today with utility analysts in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. to discuss its current and future operations. During this meeting, the Company reconfirmed that it expects to deliver record financial results in 2000 of $1.50 per share before the effects of certain non-recurring and extraordinary items. Additionally, DPL stated that it expects 2001 earnings per share to increase 30% over 1999 levels to $1.80 and, following that, to increase at an annual rate of at least 10%. Peter Forster Peter Forster may refer to:
ECAR European College of Animal Reproduction ECAR Economy Car ECaR Every Child a Reader (UK) ECAR European Campaign for the Freedom of the Automotive Parts and Repair Market region. We continue our aggressive peaking capacity additions and plan to have 5,000 megawatts in operation by the summer of 2003. Our growth is enhanced by our financial asset portfolio returns and supported by our strong utility operations." As previously announced, DPL results for 2000 will reflect several non-recurring items, including the effects of its recapitalization, pending gas sale and 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. transition order. In September the Company received its final transition order allowing for full merchant operations and competition in Ohio. As a result of deregulation, the Company will record an extraordinary write-off of $41 million, net of tax, reflecting the end of its regulatory accounting methods. "The year 2000 is a transition year for DPL, we've removed all legacy effects of the traditional utility, while providing strong results," said Allen Hill, 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 Inc. "We have been and continue to be shareholder focused, and will continue to unlock the value of DPL in the future. We have taken a number of actions, including our financial recapitalization, the sale of our gas business and the successful negotiation of our deregulation transition order, which prepare us for full competition in the energy industry." DPL Inc. is a diversified energy company supplying energy services to customers in the Midwest. DPL's principal subsidiary is The Dayton Power and Light Company (DP&L). With annual sales of more than $1.2 billion, DP&L ranks among the nation's top 500 service companies. The Company sells electricity to 500,000 residential, commercial, industrial and governmental customers in a 6,000 square-mile area of West Central Ohio. For the last ten years, DP&L has ranked among the top ten energy companies in generation efficiency and productivity. Further information can be found at www.dplinc.com. 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. and Form 10-Q Form 10-Q See 10-Q. for the quarter ending June 30, 2000. |
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