Attached files
| file | filename |
|---|---|
| 8-K - 1ST QUARTER ER - VECTREN CORP | vvc_8k.htm |
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | ex99_3.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | ex99_1.htm |
Exhibit 99.2
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
|
(Millions, except per share amounts)
|
||||||||
|
(Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2011
|
2010
|
|||||||
|
OPERATING REVENUES:
|
||||||||
|
Gas utility
|
$ | 356.7 | $ | 468.1 | ||||
|
Electric utility
|
146.4 | 144.9 | ||||||
|
Nonutility
|
179.5 | 127.3 | ||||||
|
Total operating revenues
|
682.6 | 740.3 | ||||||
|
OPERATING EXPENSES:
|
||||||||
|
Cost of gas sold
|
195.1 | 297.8 | ||||||
|
Cost of fuel and purchased power
|
59.5 | 58.0 | ||||||
|
Cost of nonutility revenues
|
105.1 | 60.5 | ||||||
|
Other operating
|
141.6 | 128.9 | ||||||
|
Depreciation and amortization
|
59.1 | 55.8 | ||||||
|
Taxes other than income taxes
|
18.9 | 23.1 | ||||||
|
Total operating expenses
|
579.3 | 624.1 | ||||||
|
OPERATING INCOME
|
103.3 | 116.2 | ||||||
|
OTHER INCOME (EXPENSE):
|
||||||||
|
Equity in earnings (losses) of unconsolidated affiliates
|
(10.9 | ) | 8.2 | |||||
|
Other income (loss)- net
|
2.4 | (0.5 | ) | |||||
|
Total other income (expense)
|
(8.5 | ) | 7.7 | |||||
|
INTEREST EXPENSE
|
26.6 | 26.0 | ||||||
|
INCOME BEFORE INCOME TAXES
|
68.2 | 97.9 | ||||||
|
INCOME TAXES
|
23.6 | 34.7 | ||||||
|
NET INCOME
|
$ | 44.6 | $ | 63.2 | ||||
|
AVERAGE COMMON SHARES OUTSTANDING
|
81.7 | 81.0 | ||||||
|
DILUTED COMMON SHARES OUTSTANDING
|
81.7 | 81.2 | ||||||
|
EARNINGS PER SHARE OF COMMON STOCK
|
||||||||
|
BASIC
|
$ | 0.55 | $ | 0.78 | ||||
|
DILUTED
|
$ | 0.55 | $ | 0.78 | ||||
|
VECTREN UTILITY HOLDINGS
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
|
(Millions)
|
||||||||
|
(Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2011
|
2010
|
|||||||
|
OPERATING REVENUES:
|
||||||||
|
Gas utility
|
$ | 356.7 | $ | 468.1 | ||||
|
Electric utility
|
146.4 | 144.9 | ||||||
|
Other
|
0.5 | 0.4 | ||||||
|
Total operating revenues
|
503.6 | 613.4 | ||||||
|
OPERATING EXPENSES:
|
||||||||
|
Cost of gas sold
|
195.1 | 297.8 | ||||||
|
Cost of fuel and purchased power
|
59.5 | 58.0 | ||||||
|
Other operating
|
86.9 | 81.6 | ||||||
|
Depreciation and amortization
|
48.2 | 46.5 | ||||||
|
Taxes other than income taxes
|
18.0 | 22.3 | ||||||
|
Total operating expenses
|
407.7 | 506.2 | ||||||
|
OPERATING INCOME
|
95.9 | 107.2 | ||||||
|
OTHER INCOME - NET
|
1.7 | 2.2 | ||||||
|
INTEREST EXPENSE
|
20.4 | 20.3 | ||||||
|
INCOME BEFORE INCOME TAXES
|
77.2 | 89.1 | ||||||
|
INCOME TAXES
|
28.6 | 33.7 | ||||||
|
NET INCOME
|
$ | 48.6 | $ | 55.4 | ||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
|
March 31,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
Current Assets
|
||||||||
|
Cash & cash equivalents
|
$ | 34.5 | $ | 10.4 | ||||
|
Accounts receivable - less reserves of $8.1 &
|
||||||||
|
$5.3, respectively
|
216.2 | 176.6 | ||||||
|
Accrued unbilled revenues
|
105.7 | 162.0 | ||||||
|
Inventories
|
132.4 | 187.1 | ||||||
|
Recoverable fuel & natural gas costs
|
3.0 | 7.9 | ||||||
|
Prepayments & other current assets
|
62.5 | 101.2 | ||||||
|
Total current assets
|
554.3 | 645.2 | ||||||
|
Utility Plant
|
||||||||
|
Original cost
|
4,827.4 | 4,791.7 | ||||||
|
Less: accumulated depreciation & amortization
|
1,867.6 | 1,836.3 | ||||||
|
Net utility plant
|
2,959.8 | 2,955.4 | ||||||
|
Investments in unconsolidated affiliates
|
126.5 | 135.2 | ||||||
|
Other utility & corporate investments
|
34.8 | 34.1 | ||||||
|
Other nonutility investments
|
41.0 | 40.9 | ||||||
|
Nonutility plant - net
|
527.6 | 488.3 | ||||||
|
Goodwill - net
|
262.3 | 242.0 | ||||||
|
Regulatory assets
|
183.1 | 189.4 | ||||||
|
Other assets
|
52.4 | 33.7 | ||||||
|
TOTAL ASSETS
|
$ | 4,741.8 | $ | 4,764.2 | ||||
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
||||||||
|
Current Liabilities
|
||||||||
|
Accounts payable
|
$ | 134.5 | $ | 183.7 | ||||
|
Accounts payable to affiliated companies
|
28.5 | 59.6 | ||||||
|
Accrued liabilities
|
207.4 | 178.4 | ||||||
|
Short-term borrowings
|
122.3 | 118.3 | ||||||
|
Current maturities of long-term debt
|
103.4 | 250.7 | ||||||
|
Long-term debt subject to tender
|
30.0 | 30.0 | ||||||
|
Total current liabilities
|
626.1 | 820.7 | ||||||
|
Long-term Debt - Net of Current Maturities &
|
||||||||
|
Debt Subject to Tender
|
1,587.4 | 1,435.2 | ||||||
|
Deferred Income Taxes & Other Liabilities
|
||||||||
|
Deferred income taxes
|
534.3 | 515.3 | ||||||
|
Regulatory liabilities
|
339.2 | 333.5 | ||||||
|
Deferred credits & other liabilities
|
198.6 | 220.6 | ||||||
|
Total deferred credits & other liabilities
|
1,072.1 | 1,069.4 | ||||||
|
Common Shareholders' Equity
|
||||||||
|
Common stock (no par value) – issued & outstanding
|
||||||||
|
81.7 and 81.7 shares, respectively
|
685.5 | 683.4 | ||||||
|
Retained earnings
|
775.7 | 759.9 | ||||||
|
Accumulated other comprehensive income (loss)
|
(5.0 | ) | (4.4 | ) | ||||
|
Total common shareholders' equity
|
1,456.2 | 1,438.9 | ||||||
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
$ | 4,741.8 | $ | 4,764.2 | ||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
| For the three months ended | ||||||||
| March 31, | ||||||||
|
2011
|
2010
|
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net income
|
$ | 44.6 | $ | 63.2 | ||||
|
Adjustments to reconcile net income to cash from operating activities:
|
||||||||
|
Depreciation & amortization
|
59.1 | 55.8 | ||||||
|
Deferred income taxes & investment tax credits
|
18.5 | 9.5 | ||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
10.9 | (8.2 | ) | |||||
|
Provision for uncollectible accounts
|
5.9 | 6.5 | ||||||
|
Expense portion of pension & postretirement benefit cost
|
2.2 | 3.1 | ||||||
|
Other non-cash charges - net
|
3.2 | 8.4 | ||||||
|
Changes in working capital accounts:
|
||||||||
|
Accounts receivable & accrued unbilled revenues
|
31.5 | 12.9 | ||||||
|
Inventories
|
54.7 | 36.5 | ||||||
|
Recoverable/refundable fuel & natural gas costs
|
5.1 | (9.4 | ) | |||||
|
Prepayments & other current assets
|
39.0 | 42.7 | ||||||
|
Accounts payable, including to affiliated companies
|
(86.8 | ) | (79.2 | ) | ||||
|
Accrued liabilities
|
23.8 | 41.3 | ||||||
|
Unconsolidated affiliate dividends
|
- | 6.9 | ||||||
|
Employer contributions to pension & postretirement plans
|
(29.2 | ) | (4.3 | ) | ||||
|
Changes in noncurrent assets
|
8.0 | 21.0 | ||||||
|
Changes in noncurrent liabilities
|
(2.1 | ) | (4.0 | ) | ||||
|
Net cash flows from operating activities
|
188.4 | 202.7 | ||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
|
Dividend reinvestment plan & other common stock issuances
|
1.7 | 1.5 | ||||||
|
Requirements for:
|
||||||||
|
Dividends on common stock
|
(28.2 | ) | (27.5 | ) | ||||
|
Retirement of long-term debt
|
(0.1 | ) | (0.7 | ) | ||||
|
Other financing activities
|
(1.4 | ) | - | |||||
|
Net change in short-term borrowings
|
4.0 | (49.2 | ) | |||||
|
Net cash flows from financing activities
|
(24.0 | ) | (75.9 | ) | ||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
|
Unconsolidated affiliate distributions
|
- | 0.5 | ||||||
|
Other collections
|
0.3 | 2.0 | ||||||
|
Requirements for:
|
||||||||
|
Capital expenditures, excluding AFUDC equity
|
(57.7 | ) | (71.0 | ) | ||||
|
Business acquisition, net of cash acquired
|
(82.9 | ) | - | |||||
|
Other investments
|
- | (1.2 | ) | |||||
|
Net cash flows from investing activities
|
(140.3 | ) | (69.7 | ) | ||||
|
Net change in cash & cash equivalents
|
24.1 | 57.1 | ||||||
|
Cash & cash equivalents at beginning of period
|
10.4 | 11.9 | ||||||
|
Cash & cash equivalents at end of period
|
$ | 34.5 | $ | 69.0 | ||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
HIGHLIGHTS
|
||||||||
|
(millions, except per share amounts)
|
||||||||
|
(Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2011
|
2010
|
|||||||
|
REPORTED EARNINGS:
|
||||||||
|
Utility Group
|
$ | 48.6 | $ | 55.4 | ||||
|
Nonutility Group
|
||||||||
|
Infrastructure Services
|
(2.9 | ) | (3.0 | ) | ||||
|
Energy Services
|
(1.4 | ) | (0.3 | ) | ||||
|
Coal Mining
|
1.6 | 3.9 | ||||||
|
Energy Marketing
|
(0.4 | ) | 10.2 | |||||
|
Other Businesses
|
(0.3 | ) | (3.0 | ) | ||||
|
Total Nonutility Group
|
(3.4 | ) | 7.8 | |||||
|
Corporate and Other
|
(0.6 | ) | - | |||||
|
Vectren Consolidated
|
$ | 44.6 | $ | 63.2 | ||||
|
REPORTED EPS
|
$ | 0.55 | $ | 0.78 | ||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
SELECTED GAS DISTRIBUTION
|
||||||||
|
OPERATING STATISTICS
|
||||||||
|
(Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2011
|
2010
|
|||||||
|
GAS OPERATING REVENUES (Millions):
|
||||||||
|
Residential
|
$ | 245.0 | $ | 322.8 | ||||
|
Commercial
|
88.9 | 121.1 | ||||||
|
Industrial
|
18.7 | 18.8 | ||||||
|
Other Revenue
|
4.1 | 5.4 | ||||||
| $ | 356.7 | $ | 468.1 | |||||
|
GAS MARGIN (Millions):
|
||||||||
|
Residential
|
$ | 105.1 | $ | 112.1 | ||||
|
Commercial
|
34.4 | 36.4 | ||||||
|
Industrial
|
17.7 | 16.2 | ||||||
|
Other
|
4.4 | 5.6 | ||||||
| $ | 161.6 | $ | 170.3 | |||||
|
GAS SOLD & TRANSPORTED (MMDth):
|
||||||||
|
Residential
|
37.1 | 38.3 | ||||||
|
Commercial
|
15.7 | 16.3 | ||||||
|
Industrial
|
28.8 | 26.6 | ||||||
| 81.6 | 81.2 | |||||||
|
AVERAGE GAS CUSTOMERS
|
||||||||
|
Residential
|
909,290 | 908,723 | ||||||
|
Commercial
|
83,852 | 83,933 | ||||||
|
Industrial
|
1,654 | 1,618 | ||||||
| 994,796 | 994,274 | |||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||
|
Heating Degree Days (Ohio)
|
108 | % | 111 | % | ||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
SELECTED ELECTRIC
|
||||||||
|
OPERATING STATISTICS
|
||||||||
|
(Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2011
|
2010
|
|||||||
|
ELECTRIC OPERATING REVENUES (Millions):
|
||||||||
|
Residential
|
$ | 47.4 | $ | 49.4 | ||||
|
Commercial
|
34.1 | 33.2 | ||||||
|
Industrial
|
50.3 | 45.8 | ||||||
|
Other Revenue
|
2.0 | 1.9 | ||||||
|
Total Retail
|
133.8 | 130.3 | ||||||
|
Net Wholesale Revenues
|
12.6 | 14.6 | ||||||
| $ | 146.4 | $ | 144.9 | |||||
|
ELECTRIC MARGIN (Millions):
|
||||||||
|
Residential
|
$ | 32.1 | $ | 33.6 | ||||
|
Commercial
|
21.9 | 21.7 | ||||||
|
Industrial
|
23.4 | 22.5 | ||||||
|
Other
|
1.9 | 1.7 | ||||||
|
Total Retail
|
79.3 | 79.5 | ||||||
|
Net Wholesale Margin
|
7.6 | 7.4 | ||||||
| $ | 86.9 | $ | 86.9 | |||||
|
ELECTRICITY SOLD (GWh):
|
||||||||
|
Residential
|
381.2 | 411.2 | ||||||
|
Commercial
|
300.4 | 300.7 | ||||||
|
Industrial
|
661.9 | 610.4 | ||||||
|
Other Sales - Street Lighting
|
5.9 | 6.0 | ||||||
|
Total Retail
|
1,349.4 | 1,328.3 | ||||||
|
Wholesale
|
183.9 | 235.4 | ||||||
| 1,533.3 | 1,563.7 | |||||||
|
AVERAGE ELECTRIC CUSTOMERS
|
||||||||
|
Residential
|
123,126 | 123,029 | ||||||
|
Commercial
|
18,248 | 18,314 | ||||||
|
Industrial
|
111 | 107 | ||||||
|
Other
|
33 | 33 | ||||||
| 141,518 | 141,483 | |||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||
|
Cooling Degree Days (Indiana)
|
N/A | N/A | ||||||
|
Heating Degree Days (Indiana)
|
98 | % | 108 | % | ||||