MGE Energy Reports Second-Quarter Results.MADISON Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. . -- MGE Mge Mycoplasma Genitalium MGE Minneapolis Grain Exchange MGE Madison Gas and Electric Company MGE Mobile Genetic Elements MGE Maintenance Ground Equipment MGE Microstation Graphics Environment MGE Modern Gun Effectiveness Model MGE Modular Gis Environment Energy, Inc. (Nasdaq:MGEE) today reports second-quarter net income of $5.4 million, or 27 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to $5.8 million, or 31 cents per share, last year. MGE Energy's net income for the six months ended June 30, 2005, was $13.7 million, or 67 cents per share, compared to $19.6 million, or $1.06 per share, for the same period last year. The difference in the earnings per share and net income between the second quarter of 2004 and the second quarter of 2005 is primarily related to higher fuel and purchased power costs. Fuel used for electric generation increased $2.8 million due to an increase in the cost of internal generation. Purchased power expense increased $6.0 million, which was largely a result of a 23.9% increase in the per-unit cost of purchased power. Also, a planned outage out·age n. 1. A quantity or portion of something lacking after delivery or storage. 2. A temporary suspension of operation, especially of electric power. at the Columbia Energy Center began in the first quarter of 2005 and continued into the second quarter. As a result, Madison Gas and Electric Co. (MGE) incurred higher maintenance and replacement purchased power costs than the second quarter of 2004. The majority of these costs are anticipated to be recovered during the remainder of 2005. Gas revenues increased $2.8 million, or 12.0%, for the three months ended June 30, 2005, compared to the same period in the prior year. This change is primarily due to an increase in commercial and industrial use and recovery of increased costs of gas, which are included in MGE's purchased gas adjustment clause. Electric revenues increased $12.2 million for the three months ended June 30, 2005, compared to the same period in the prior year. This increase is due, in part, to warmer temperatures during this year's second quarter. On April 26, 2005, MGE began operating its electric facility at the West Campus Cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. Facility (WCCF WCCF World Club Champion Football WCCF Wisconsin Council on Children and Families WCCF West Coast Christian Fellowship WCCF World Cup Championship Football (game) ). MGE leases the asset owned by MGE Power West Campus and is responsible for operating the entire facility. On January 1, 2005, MGE began recovering in electric rates the revenue associated with WCCF, which has been constructed on the University of Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee campus. By contract, MGE Energy was not entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to record revenues from WCCF until it had been placed in commercial operation. On April 26, 2005, MGE Energy began recognizing this deferred revenue. MGE Energy recognized $0.8 million of this deferred revenue during the second quarter. At June 30, 2005, MGE Energy has $2.5 million of deferred revenue remaining on its consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. . This revenue will be recognized throughout the remainder of 2005. Depreciation expenses were up $1.3 million for the quarter compared to the same period in the prior year. This increase is due to increases in the level of electric and gas assets. For instance, during the second quarter of 2005, WCCF was placed into operation and the depreciation on the asset was started. MGE Energy is a public utility holding company. Its principal subsidiary, MGE, generates and distributes electricity to nearly 134,000 customers in Dane County, Wisconsin Dane County is a county located in the U.S. state of Wisconsin. As of 2000, the population was 426,526. Its county seat is Madison6. The United States Census Bureau's Madison Metropolitan Statistical Area includes all of Dane County (as well as neighboring Iowa and , and purchases and distributes natural gas to nearly 133,000 customers in seven south-central and western Wisconsin counties. MGE has served the Madison area since 1896.
MGE Energy, Inc.
(In thousands, except per-share amounts)
(Unaudited)
2005 2004
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Three Months Ended June 30
Operating revenue $100,467 $85,414
Operating income $10,742 $10,842
Net income $5,442 $5,827
Earnings per share (basic and diluted) $0.27 $0.31
Weighted average shares outstanding (basic
and diluted) 20,441 18,657
Six Months Ended June 30
Operating revenue $239,376 $220,695
Operating income $25,804 $34,814
Net income $13,657 $19,618
Earnings per share (basic and diluted) $0.67 $1.06
Weighted average shares outstanding (basic
and diluted) 20,431 18,541
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