Attached files
file | filename |
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8-K - 8-K - VECTREN CORP | a8k-2014q1earningsrelease.htm |
EX-99.3 - EXHIBIT - VECTREN CORP | a331148k-exhibit993forward.htm |
EX-99.1 - EXHIBIT - VECTREN CORP | a331148k-exhibit991pressre.htm |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Unaudited - in millions, except per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
OPERATING REVENUES: | ||||||||
Gas Utility | $ | 443.6 | $ | 315.9 | ||||
Electric utility | 163.0 | 149.5 | ||||||
Nonutility | 190.2 | 235.2 | ||||||
Total operating revenues | 796.8 | 700.6 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 270.9 | 157.2 | ||||||
Cost of fuel and purchased power | 57.0 | 50.2 | ||||||
Cost of nonutility revenues | 67.7 | 86.4 | ||||||
Other operating | 207.6 | 215.6 | ||||||
Depreciation and amortization | 73.8 | 66.2 | ||||||
Taxes other than income taxes | 20.8 | 18.2 | ||||||
Total operating expenses | 697.8 | 593.8 | ||||||
OPERATING INCOME | 99.0 | 106.8 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Equity in (losses) of unconsolidated affiliates | (0.1 | ) | (6.7 | ) | ||||
Other income - net | 4.3 | 2.9 | ||||||
Total other income (expense) | 4.2 | (3.8 | ) | |||||
INTEREST EXPENSE | 22.1 | 23.5 | ||||||
INCOME BEFORE INCOME TAXES | 81.1 | 79.5 | ||||||
INCOME TAXES | 29.9 | 29.7 | ||||||
NET INCOME | $ | 51.2 | $ | 49.8 | ||||
AVERAGE COMMON SHARES OUTSTANDING | 82.4 | 82.2 | ||||||
DILUTED COMMON SHARES OUTSTANDING | 82.5 | 82.3 | ||||||
EARNINGS PER SHARE OF COMMON STOCK | ||||||||
BASIC | $ | 0.62 | $ | 0.61 | ||||
DILUTED | $ | 0.62 | $ | 0.61 | ||||
EXHIBIT 99.2
VECTREN UTILITY HOLDINGS | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Unaudited - in millions) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 443.6 | $ | 315.9 | ||||
Electric utility | 163.0 | 149.5 | ||||||
Other | — | 0.1 | ||||||
Total operating revenues | 606.6 | 465.5 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 270.9 | 157.2 | ||||||
Cost of fuel and purchased power | 57.0 | 50.2 | ||||||
Other operating | 98.3 | 86.8 | ||||||
Depreciation and amortization | 49.9 | 48.4 | ||||||
Taxes other than income taxes | 20.1 | 17.5 | ||||||
Total operating expenses | 496.2 | 360.1 | ||||||
OPERATING INCOME | 110.4 | 105.4 | ||||||
OTHER INCOME - NET | 3.9 | 1.8 | ||||||
INTEREST EXPENSE | 16.7 | 17.9 | ||||||
INCOME BEFORE INCOME TAXES | 97.6 | 89.3 | ||||||
INCOME TAXES | 36.3 | 34.2 | ||||||
NET INCOME | $ | 61.3 | $ | 55.1 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
As of | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 54.5 | $ | 21.5 | ||||
Accounts receivable - less reserves of $8.2 & | ||||||||
$6.8, respectively | 272.4 | 259.2 | ||||||
Accrued unbilled revenues | 123.4 | 134.2 | ||||||
Inventories | 105.3 | 134.4 | ||||||
Recoverable fuel & natural gas costs | 27.1 | 5.5 | ||||||
Prepayments & other current assets | 30.0 | 75.6 | ||||||
Total current assets | 612.7 | 630.4 | ||||||
Utility Plant | ||||||||
Original cost | 5,438.9 | 5,389.6 | ||||||
Less: accumulated depreciation & amortization | 2,198.8 | 2,165.3 | ||||||
Net utility plant | 3,240.1 | 3,224.3 | ||||||
Investments in unconsolidated affiliates | 23.9 | 24.0 | ||||||
Other utility & corporate investments | 38.2 | 38.1 | ||||||
Other nonutility investments | 34.0 | 33.8 | ||||||
Nonutility plant - net | 655.5 | 657.2 | ||||||
Goodwill - net | 262.3 | 262.3 | ||||||
Regulatory assets | 171.6 | 193.4 | ||||||
Other assets | 37.5 | 39.1 | ||||||
TOTAL ASSETS | $ | 5,075.8 | $ | 5,102.6 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 206.9 | $ | 227.2 | ||||
Refundable fuel & natural gas costs | — | 2.6 | ||||||
Accrued liabilities | 201.4 | 182.1 | ||||||
Short-term borrowings | 54.2 | 68.6 | ||||||
Current maturities of long-term debt | 5.0 | 30.0 | ||||||
Total current liabilities | 467.5 | 510.5 | ||||||
Long-term Debt - Net of Current Maturities | 1,772.2 | 1,777.1 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 698.8 | 707.4 | ||||||
Regulatory liabilities | 393.4 | 387.3 | ||||||
Deferred credits & other liabilities | 166.3 | 166.0 | ||||||
Total deferred credits & other liabilities | 1,258.5 | 1,260.7 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.5 and 82.4 shares, respectively | 711.1 | 709.3 | ||||||
Retained earnings | 867.2 | 845.7 | ||||||
Accumulated other comprehensive (loss) | (0.7 | ) | (0.7 | ) | ||||
Total common shareholders' equity | 1,577.6 | 1,554.3 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,075.8 | $ | 5,102.6 |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 51.2 | $ | 49.8 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 73.8 | 66.2 | ||||||
Deferred income taxes & investment tax credits | 5.7 | 14.2 | ||||||
Equity in losses of unconsolidated affiliates | 0.1 | 6.7 | ||||||
Provision for uncollectible accounts | 2.3 | 2.4 | ||||||
Expense portion of pension & postretirement benefit cost | 1.0 | 2.2 | ||||||
Other non-cash charges - net | 2.9 | 3.5 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | (4.9 | ) | (30.5 | ) | ||||
Inventories | 29.1 | 35.1 | ||||||
Recoverable/refundable fuel & natural gas costs | (24.2 | ) | 15.1 | |||||
Prepayments & other current assets | 38.4 | 31.3 | ||||||
Accounts payable, including to affiliated companies | (20.0 | ) | (16.2 | ) | ||||
Accrued liabilities | 19.2 | 3.0 | ||||||
Employer contributions to pension & postretirement plans | (0.9 | ) | (3.4 | ) | ||||
Changes in noncurrent assets & investments | 9.1 | 5.0 | ||||||
Changes in noncurrent liabilities | (0.8 | ) | 1.1 | |||||
Net cash provided by operating activities | 182.0 | 185.5 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Dividend reinvestment plan & other common stock issuances | 1.7 | 2.3 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (29.7 | ) | (29.2 | ) | ||||
Retirement of long-term debt | (30.0 | ) | (0.4 | ) | ||||
Net change in short-term borrowings | (14.4 | ) | (85.2 | ) | ||||
Net cash used in financing activities | (72.4 | ) | (112.5 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Other collections | 1.1 | 0.3 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (77.7 | ) | (80.4 | ) | ||||
Other Investments | — | (0.3 | ) | |||||
Net cash used in investing activities | (76.6 | ) | (80.4 | ) | ||||
Net change in cash & cash equivalents | 33.0 | (7.4 | ) | |||||
Cash & cash equivalents at beginning of period | 21.5 | 19.5 | ||||||
Cash & cash equivalents at end of period | $ | 54.5 | $ | 12.1 |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
HIGHLIGHTS | ||||||||
(Unaudited - in millions, except per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
REPORTED EARNINGS: | ||||||||
Utility Group | ||||||||
Gas Utility Services | $ | 38.3 | $ | 38.1 | ||||
Electric Utility Services | 19.3 | 14.6 | ||||||
Other Operations | 3.7 | 2.4 | ||||||
Total Utility Group | 61.3 | 55.1 | ||||||
Nonutility Group | ||||||||
Infrastructure Services | (5.3 | ) | 6.9 | |||||
Energy Services | (3.0 | ) | (1.4 | ) | ||||
Coal Mining | (1.1 | ) | (6.0 | ) | ||||
Other Businesses | (0.3 | ) | (0.3 | ) | ||||
Nonutility Group, excluding ProLiance (*) | (9.7 | ) | (0.8 | ) | ||||
Corporate and Other | (0.4 | ) | 0.1 | |||||
Vectren Consolidated, excluding ProLiance (*) | $ | 51.2 | $ | 54.4 | ||||
ProLiance | — | (4.6 | ) | |||||
Vectren Consolidated | $ | 51.2 | $ | 49.8 | ||||
EARNINGS PER SHARE: | ||||||||
Utility Group | $ | 0.74 | $ | 0.67 | ||||
Nonutility Group, excluding ProLiance (*) | (0.12 | ) | (0.01 | ) | ||||
Corporate and Other | — | — | ||||||
EPS, excluding ProLiance (*) | $ | 0.62 | $ | 0.66 | ||||
ProLiance | — | (0.05 | ) | |||||
Reported EPS | $ | 0.62 | $ | 0.61 | ||||
(*) Excludes ProLiance in 2013 |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED GAS DISTRIBUTION | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
GAS UTILITY (Millions): | ||||||||
Residential Margin | $ | 92.9 | $ | 91.5 | ||||
Commercial Margin | 30.3 | 29.0 | ||||||
Industrial Margin | 18.8 | 17.3 | ||||||
Other Margin | 3.6 | 3.0 | ||||||
Regulatory Expense Recovery Mechanisms | 27.1 | 17.9 | ||||||
Total Gas Utility Margin | 172.7 | 158.7 | ||||||
Cost of Gas Sold | 270.9 | 157.2 | ||||||
Total Gas Utility Revenue | $ | 443.6 | $ | 315.9 | ||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||
Residential | 45.7 | 38.6 | ||||||
Commercial | 19.9 | 16.5 | ||||||
Industrial | 36.0 | 31.0 | ||||||
101.6 | 86.1 | |||||||
AVERAGE GAS CUSTOMERS | ||||||||
Residential | 921,285 | 913,395 | ||||||
Commercial | 85,496 | 84,970 | ||||||
Industrial | 1,690 | 1,675 | ||||||
1,008,471 | 1,000,040 | |||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||
Heating Degree Days (Ohio) | 122 | % | 107 | % |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED ELECTRIC | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
ELECTRIC UTILITY (Millions): | ||||||||
Residential Margin | $ | 39.1 | $ | 36.3 | ||||
Commercial Margin | 25.2 | 24.4 | ||||||
Industrial Margin | 26.0 | 26.1 | ||||||
Other Margin | 0.9 | 0.8 | ||||||
Regulatory Expense Recovery Mechanisms | 4.8 | 2.5 | ||||||
Wholesale and Transmission | 10.0 | 9.2 | ||||||
Total Electric Utility Margin | 106.0 | 99.3 | ||||||
Cost of Fuel & Purchased Power | 57.0 | 50.2 | ||||||
Total Electric Utility Revenue | $ | 163.0 | $ | 149.5 | ||||
ELECTRICITY SOLD (GWh): | ||||||||
Residential | 412.0 | 372.2 | ||||||
Commercial | 307.1 | 299.1 | ||||||
Industrial | 660.1 | 659.3 | ||||||
Other Sales - Street Lighting | 6.0 | 5.8 | ||||||
Total Retail | 1,385.2 | 1,336.4 | ||||||
Wholesale | 246.1 | 76.4 | ||||||
1,631.3 | 1,412.8 | |||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||
Residential | 124,448 | 123,708 | ||||||
Commercial | 18,420 | 18,354 | ||||||
Industrial | 117 | 115 | ||||||
Other | 37 | 36 | ||||||
143,022 | 142,213 | |||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||
Cooling Degree Days (Indiana) | N/A | N/A | ||||||
Heating Degree Days (Indiana) | 115 | % | 101 | % |