MGE Energy Reports Third Quarter Results.Business Editors MADISON, 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. .--(BUSINESS WIRE)--Oct. 30, 2003 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 third quarter net income of $10.1 million or 56 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 $10.5 million or 60 cents per share last year. MGE Energy's net income for the nine months ended September 30, 2003, was $25.3 million or $1.42 per share, compared to $25.9 million or $1.50 per share for the same period last year. MGE Energy's operations are based primarily on its utility subsidiary, Madison Gas and Electric Company (MGE). Electric revenues increased $4.9 million during the third quarter of 2003 compared to 2002. MGE's electric margin (revenues less fuel costs) increased $3.8 million primarily due to lower fuel costs in the third quarter 2003. MGE is allowed to retain fuel cost savings within a specified range; however, the savings have exceeded that range. Thus, MGE began issuing a credit to its customers in the third quarter, which will continue until its next rate order is issued. Gas revenues increased $3.6 million primarily due to higher natural gas prices, which were up an average of 54% in the third quarter 2003 compared to last year's third quarter. MGE's gas costs increased $3.1 million, and the gas margin (revenues less purchased gas costs) increased $0.6 million. Operations expenses increased $4.8 million during the third quarter 2003. The increase is attributable to approximately $2.1 million of additional transmission wheeling charges which include the amortization of start-up Start-up The earliest stage of a new business venture. and operating costs operating costs npl → gastos mpl operacionales associated with American Transmission Company; approximately $1.6 million of additional employee pensions and benefit costs; and approximately $1.1 million of additional operating costs, including regulatory commission expense, property insurance, customer accounts expense, and outside services. Maintenance costs increased $0.5 million for work required on MGE's electric distribution system. Depreciation expenses were down $1.4 million for the quarter compared to 2002, which included $2 million of decommissioning Decommissioning is a general term for a formal process to remove something from operational status. Some specific instances include:
Other income for the third quarter 2003 decreased $1.3 million primarily due to charitable contributions charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. made during the third quarter 2003 and the impact of a regulatory letter received in the third quarter 2002, which resulted in recording a regulatory asset to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. amounts previously expensed associated with Statement of Financial Accounting Standard No. 133. MGE Energy is a public utility holding company. Its principal subsidiary, MGE, generates and distributes electricity to nearly 130,000 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 (250 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. ) and purchases and distributes natural gas to more than 126,000 customers in seven south-central and western 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 counties (1,375 square miles). MGE has served the Madison area since 1896. MGE Energy Inc. (In thousands, except per-share amounts) (Unaudited)
2003 2002
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Three Months Ended September 30
Operating revenue $87,931 $79,430
Operating income $19,693 $19,468
Net income $10,108 $10,490
Earnings per share (basic and diluted) $0.56 $0.60
Average shares outstanding (basic and diluted) 17,957 17,373
Nine Months Ended September 30
Operating revenue $299,073 $251,706
Operating income $48,777 $48,927
Net income $25,316 $25,931
Earnings per share (basic and diluted) $1.42 $1.50
Average shares outstanding (basic and diluted) 17,794 17,247
Twelve Months Ended September 30
Operating revenue $394,463 $327,194
Operating income $57,980 $59,868
Net income $28,578 $32,276
Earnings per share (basic and diluted) $1.61 $1.88
Average shares outstanding (basic and diluted) 17,720 17,182
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