Wisconsin Energy Corporation Posts Fourth Quarter and Full-year Results for 2009
MILWAUKEE, Feb. 2 /PRNewswire-FirstCall/ -- Wisconsin Energy (NYSE: WEC) today reported earnings from continuing operations of $114 million or 96 cents a share for the fourth quarter of 2009. This compares with earnings from continuing operations of $100 million or 85 cents a share for the final quarter of 2008.
Fourth quarter revenues were $1.07 billion in 2009, compared with $1.20 billion in the corresponding period last year. For the full year 2009, revenues were $4.13 billion, down from $4.43 billion in 2008.
Wisconsin Energy's 2009 earnings from continuing operations totaled $377 million or $3.20 per share. In 2008, earnings from continuing operations were $358 million or $3.03 per share.
Retail sales of electricity dropped by 8.1 percent in 2009 compared with the previous year. Electricity use by residential customers was down by 3.8 percent – in large part because of an unusually cool summer. Consumption of electricity by commercial and industrial customers declined by 10 percent, a reflection of the dramatic slowdown in the economy.
Despite the economic climate, the number of customers served by Wisconsin Energy's utilities continued to grow – rising by nearly 6,500 customers or 0.3 percent over 2008.
Among the positive factors contributing to the company's 2009 results were effective cost controls and a full year's earnings from the commercial operation of the newest generating unit at Port Washington.
"In a tough economy we cut costs, improved productivity and posted solid financial results," said Gale Klappa, chairman, president and chief executive officer. "And on virtually every meaningful measure, from customer satisfaction to network reliability to progress on our Power the Future plan, the company made great strides during the year."
Earnings per share listed in this news release are on a fully diluted basis.
Conference Call
A conference call is scheduled for 1 p.m. Central time on Tuesday, Feb. 2, 2010. The presentation will review 2009 fourth quarter and year-end earnings and will discuss the company's outlook for the future.
All interested parties, including stockholders, the news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing 888-312-9865 up to 15 minutes before the call begins. International callers may dial 719-457-2656. The confirmation code is 6091304. Access also may be gained through the company's Web site (www.wisconsinenergy.com). Click on the icon for the "Year-end Earnings Release & Conference Call" and select "webcast audio." In conjunction with this earnings announcement, Wisconsin Energy will post on its Web site a package of detailed financial information on its fourth quarter and year-end performance. The materials will be available at 6 a.m. Central time on Feb. 2. An archive of the presentation will be available on the Web site after the call. A replay of the audio portion of the presentation will be available approximately two hours following the conclusion of the presentation and will be accessible through Feb. 9, 2010. Domestic callers should dial 888-203-1112. International callers should dial 719-457-0820. The replay confirmation code is 6091304.
Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million natural gas customers in Wisconsin. The company's principal utilities are We Energies and Edison Sault Electric. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.
Wisconsin Energy Corporation (www.wisconsinenergy.com), a component of the S&P 500, has more than $12 billion of assets, approximately 5,000 employees and 48,000 stockholders of record.
Tables Follow
WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
Three Months Ended Year Ended
December 31 December 31
----------- -----------
2009 2008 2009 2008
---- ---- ---- ----
(Millions of Dollars, Except Per
Share Amounts)
Operating Revenues $1,067.3 $1,199.8 $4,127.9 $4,427.8
Operating Expenses
Fuel and purchased power 251.1 260.3 1,063.7 1,240.7
Cost of gas sold 244.1 379.5 912.0 1,220.9
Other operation and maintenance 314.6 337.7 1,261.1 1,360.4
Depreciation, decommissioning
and amortization 86.7 84.4 346.1 326.5
Property and revenue taxes 27.7 27.2 112.0 108.2
---- ---- ----- -----
Total Operating Expenses 924.2 1,089.1 3,694.9 4,256.7
Amortization of Gain 53.5 84.7 230.7 488.1
---- ---- ----- -----
Operating Income 196.6 195.4 663.7 659.2
Equity in Earnings of Transmission
Affiliate 15.5 13.8 59.1 51.8
Other Income (Expense), net 4.4 (8.6) 28.4 17.0
Interest Expense, net 37.7 40.3 156.7 153.7
---- ---- ----- -----
Income from Continuing
Operations Before Income Taxes 178.8 160.3 594.5 574.3
Income Taxes 65.2 60.3 217.3 216.5
---- ---- ----- -----
Income from Continuing Operations 113.6 100.0 377.2 357.8
Income (Loss) from Discontinued
Operations, Net of Tax 5.1 0.4 5.2 1.3
--- --- --- ---
Net Income $118.7 $100.4 $382.4 $359.1
====== ====== ====== ======
Earnings Per Share (Basic)
Continuing operations $0.97 $0.86 $3.23 $3.06
Discontinued operations 0.04 - 0.04 0.01
---- --- ---- ----
Total Earnings Per Share (Basic) $1.01 $0.86 $3.27 $3.07
===== ===== ===== =====
Earnings Per Share (Diluted)
Continuing operations $0.96 $0.85 $3.20 $3.03
Discontinued operations 0.04 - 0.04 0.01
---- --- ---- ----
Total Earnings Per Share (Diluted) $1.00 $0.85 $3.24 $3.04
===== ===== ===== =====
Weighted Average Common
Shares Outstanding (Millions)
Basic 116.9 116.9 116.9 116.9
Diluted 118.0 117.9 117.9 118.2
Dividends Per Share of Common Stock $0.3375 $0.27 $1.35 $1.08
WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
December 31, December 31,
2009 2008
------------- -------------
(Millions of Dollars)
Assets
------
Net Property, Plant and Equipment $9,070.5 $8,502.6
Investments
Restricted cash - 172.4
Equity investment in transmission
affiliate 314.6 276.3
Other 44.1 41.6
---- ----
Total Investments 358.7 490.3
Current Assets
Cash and cash equivalents 20.9 32.5
Restricted cash 194.5 214.1
Accounts receivable 304.4 369.5
Accrued revenues 290.4 341.2
Materials, supplies and inventories 379.3 344.7
Regulatory assets 58.9 82.5
Prepayments and other 213.3 323.0
----- -----
Total Current Assets 1,461.7 1,707.5
Deferred Charges and Other Assets
Regulatory assets 1,192.5 1,261.1
Goodwill, net 441.9 441.9
Other 172.6 214.4
----- -----
Total Deferred Charges and Other
Assets 1,807.0 1,917.4
------- -------
Total Assets $12,697.9 $12,617.8
========= =========
Capitalization and Liabilities
------------------------------
Capitalization
Common equity $3,566.9 $3,336.9
Preferred stock of subsidiary 30.4 30.4
Long-term debt 3,875.8 4,074.7
------- -------
Total Capitalization 7,473.1 7,442.0
Current Liabilities
Long-term debt due currently 295.7 61.8
Short-term debt 825.1 602.3
Accounts payable 292.2 441.0
Regulatory liabilities 222.8 310.8
Other 246.1 319.2
----- -----
Total Current Liabilities 1,881.9 1,735.1
Deferred Credits and Other Liabilities
Regulatory liabilities 886.7 1,084.4
Deferred income taxes - long-term 1,017.9 814.0
Deferred revenue, net 739.1 545.4
Pension and other benefit obligations 319.5 635.0
Other 379.7 361.9
----- -----
Total Deferred Credits and Other
Liabilities 3,342.9 3,440.7
------- -------
Total Capitalization and Liabilities $12,697.9 $12,617.8
========= =========
WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Year Ended
December 31
-----------
2009 2008
---- ----
(Millions of Dollars)
Operating Activities
Net income $382.4 $359.1
Reconciliation to cash
Depreciation, decommissioning and amortization 349.4 332.1
Contribution to benefit plans (289.3) (48.4)
Working capital and other 186.3 93.6
----- ----
Cash Provided by Operating Activities 628.8 736.4
Investing Activities
Capital expenditures (817.7) (1,136.4)
Change in restricted cash 192.0 345.1
Proceeds from asset sales 16.8 14.3
Other investing activities, net (127.2) (129.3)
------ ------
Cash Used in Investing Activities (736.1) (906.3)
Financing Activities
Common stock issued (repurchased), net (12.6) (11.4)
Dividends paid on common stock (157.8) (126.3)
Change in debt, net 263.2 316.8
Other financing activities, net 2.9 (4.1)
--- ----
Cash Provided by Financing Activities 95.7 175.0
---- -----
Change in Cash (11.6) 5.1
Cash at Beginning of Year 32.5 27.4
---- ----
Cash at End of Year $20.9 $32.5
===== =====
SOURCE Wisconsin Energy Corporation
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