Back to GetFilings.com



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 10-Q

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE

 

ACT OF 1934

 

 

For the quarterly period ended March 31, 2005

 

or

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE

 

ACT OF 1934

 

 

For the transition period from _______ to _______

 

 

Commission

Name of Registrant, State of Incorporation,

IRS Employer

File Number

Address of Principal Executive Offices and Telephone Number

Identification Number

1-9894

ALLIANT ENERGY CORPORATION

39-1380265

 

(a Wisconsin corporation)

 

 

4902 N. Biltmore Lane

 

 

Madison, Wisconsin 53718

 

 

Telephone (608)458-3311

 

 

 

 

0-4117-1

INTERSTATE POWER AND LIGHT COMPANY

42-0331370

 

(an Iowa corporation)

 

 

Alliant Energy Tower

 

 

Cedar Rapids, Iowa 52401

 

 

Telephone (319)786-4411

 

 

 

 

0-337

WISCONSIN POWER AND LIGHT COMPANY

39-0714890

 

(a Wisconsin corporation)

 

 

4902 N. Biltmore Lane

 

 

Madison, Wisconsin 53718

 

 

Telephone (608)458-3311

 

 

 

 

 

This combined Form 10-Q is separately filed by Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company. Information contained in the Form 10-Q relating to Interstate Power and Light Company and Wisconsin Power and Light Company is filed by such registrant on its own behalf. Each of Interstate Power and Light Company and Wisconsin Power and Light Company makes no representation as to information relating to registrants other than itself.

 

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes [ X ] No [   ]

 

Indicate by check mark whether the registrants are accelerated filers (as defined in Rule 12b-2 of the Exchange Act).

Alliant Energy Corporation

Yes [ X ]

No [

]

Interstate Power and Light Company

Yes [

]

No [ X ]

Wisconsin Power and Light Company

Yes [

]

No [ X ]

 

Number of shares outstanding of each class of common stock as of April 29, 2005:

Alliant Energy Corporation

Common stock, $0.01 par value, 116,219,228 shares outstanding

Interstate Power and Light Company

Common stock, $2.50 par value, 13,370,788 shares outstanding (all of which

 

are owned beneficially and of record by Alliant Energy Corporation)

Wisconsin Power and Light Company

Common stock, $5 par value, 13,236,601 shares outstanding (all of which are

 

owned beneficially and of record by Alliant Energy Corporation)

 

TABLE OF CONTENTS

 

Page

Part I.

Financial Information

  2

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

2

 

Alliant Energy Corporation:

 

 

Condensed Consolidated Statements of Income for the Three Months Ended

 

 

   March 31, 2005 and 2004

2

 

Condensed Consolidated Balance Sheets as of March 31, 2005 and December 31, 2004

3

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended

 

 

   March 31, 2005 and 2004

5

 

Notes to Condensed Consolidated Financial Statements

6

 

Interstate Power and Light Company:

 

 

Condensed Consolidated Statements of Income for the Three Months Ended

 

 

   March 31, 2005 and 2004

16

 

Condensed Consolidated Balance Sheets as of March 31, 2005 and December 31, 2004

17

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended

 

 

   March 31, 2005 and 2004

19

 

Notes to Condensed Consolidated Financial Statements

20

 

Wisconsin Power and Light Company:

 

 

Condensed Consolidated Statements of Income for the Three Months Ended

 

 

   March 31, 2005 and 2004

22

 

Condensed Consolidated Balance Sheets as of March 31, 2005 and December 31, 2004

23

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended

 

 

   March 31, 2005 and 2004

25

 

Notes to Condensed Consolidated Financial Statements

26

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

Item 4.

Controls and Procedures

40

Part II.

Other Information

40

Item 1.

Legal Proceedings

40

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

Item 6.

Exhibits

41

 

Signatures

41

 

1

PART I.  FINANCIAL INFORMATION

ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

  For the Three Months Ended March 31,
  2005 2004
(dollars in millions, except per share amounts)
Operating revenues:      
  Domestic utility: 
    Electric  $498 .8 $467 .9
    Gas  245 .3 248 .9
    Other  19 .3 19 .4
  Non-regulated  75 .0 73 .8
 
   838 .4 810 .0
 
Operating expenses:  
  Domestic utility: 
    Electric production fuel and purchased power  209 .3 198 .1
    Cost of gas sold  179 .1 184 .7
    Other operation and maintenance  181 .2 180 .4
  Non-regulated operation and maintenance  85 .9 60 .5
  Depreciation and amortization  83 .8 82 .6
  Taxes other than income taxes  26 .5 26 .2
 
   765 .8 732 .5
 
Operating income   72 .6 77 .5
 
Interest expense and other:  
  Interest expense  44 .8 43 .4
  Loss on early extinguishment of debt  16 .0 5 .4
  Equity income from unconsolidated investments  (2 .3) (16 .6)
  Allowance for funds used during construction  (2 .6) (7 .1)
  Preferred dividend requirements of subsidiaries  4 .7 4 .7
  Interest income and other  (7 .0) (3 .3)
 
   53 .6 26 .5
 
Income from continuing operations before income taxes   19 .0 51 .0
 
Income taxes   7 .4 14 .7
 
Income from continuing operations   11 .6 36 .3
 
Loss from discontinued operations, net of tax   (9 .2) (2 .2)
 
Net income   $2 .4 $34 .1
 
Average number of common shares outstanding (basic) (000s)   116,032 111,153
 
Average number of common shares outstanding (diluted) (000s)   116,369 111,579
 
Earnings per average common share (basic and diluted):  
   Income from continuing operations  $0 .10 $0 .33
   Loss from discontinued operations  (0 .08) (0 .02)
 
   Net income  $0 .02 $0 .31
 
Dividends declared per common share   $0 .2625 $0 .25
 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

2

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

  March 31, December 31,
ASSETS 2005 2004
  (in millions)
Property, plant and equipment:      
  Domestic utility: 
    Electric plant in service  $6,455 .0 $6,380 .3
    Gas plant in service  678 .9 674 .4
    Other plant in service  540 .9 534 .1
    Accumulated depreciation  (3,226 .2) (3,166 .5)
 
      Net plant  4,448 .6 4,422 .3
    Construction work in progress  183 .0 180 .9
    Other, less accumulated depreciation (accum. depr.) of $3.4 for both periods  66 .2 69 .6
 
          Total domestic utility  4,697 .8 4,672 .8
 
  Non-regulated and other: 
    Non-regulated Generation, less accum. depr. of $19.1 and $17.8  279 .5 266 .2
    International, less accum. depr. of $45.9 and $45.4  178 .5 193 .5
    Other Non-regulated Investments, less accum. depr. of $48.3 and $47.9  167 .5 84 .8
    Alliant Energy Corporate Services, Inc. and other,  
        less accum. depr. of $49.0 and $42.6   61 .6 65 .0
 
          Total non-regulated and other  687 .1 609 .5
 
   5,384 .9 5,282 .3
 
Current assets:  
  Cash and temporary cash investments  164 .9 262 .6
  Restricted cash  5 .7 13 .2
  Accounts receivable: 
    Customer, less allowance for doubtful accounts of $4.8 and $3.9  182 .2 149 .4
    Unbilled utility revenues  98 .3 138 .1
    Other, less allowance for doubtful accounts of $1.5 and $2.3  70 .4 68 .7
  Income tax refunds receivable  29 .0 16 .6
  Production fuel, at average cost  51 .1 59 .5
  Materials and supplies, at average cost  60 .0 61 .7
  Gas stored underground, at average cost  20 .4 64 .9
  Regulatory assets  64 .2 61 .8
  Assets held for sale  55 .2 60 .0
  Other  56 .8 72 .0
 
   858 .2 1,028 .5
 
Investments:  
  Investments in unconsolidated foreign entities  457 .8 540 .4
  Nuclear decommissioning trust funds  413 .7 413 .2
  Investment in American Transmission Company LLC and other  246 .8 251 .3
 
   1,118 .3 1,204 .9
 
Other assets:  
  Regulatory assets  442 .3 426 .1
  Deferred charges and other  327 .8 333 .4
 
   770 .1 759 .5
 
Total assets   $8,131 .5 $8,275 .2
 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

3

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued)

  March 31, December 31,
CAPITALIZATION AND LIABILITIES 2005 2004
  (in millions, except per
  share and share amounts)
Capitalization:      
  Common stock - $0.01 par value - authorized 240,000,000 shares; 
    outstanding 116,196,818 and 115,741,816 shares  $1 .2 $1 .2
  Additional paid-in capital  1,768 .5 1,762 .1
  Retained earnings  843 .9 871 .9
  Accumulated other comprehensive loss  (66 .9) (67 .1)
  Shares in deferred compensation trust - 248,962 and 246,572 shares 
    at an average cost of $27.29 and $27.36 per share  (6 .8) (6 .7)
 
       Total common equity  2,539 .9 2,561 .4
 
  Cumulative preferred stock of subsidiaries, net  243 .8 243 .8
  Long-term debt, net (excluding current portion)  2,204 .5 2,299 .5
 
   4,988 .2 5,104 .7
 
Current liabilities:  
  Current maturities  102 .8 102 .3
  Variable rate demand bonds  39 .1 39 .1
  Commercial paper  36 .0 83 .0
  Other short-term borrowings  39 .8 18 .9
  Accounts payable  284 .1 295 .6
  Accrued interest  42 .6 45 .5
  Accrued taxes  100 .9 103 .2
  Liabilities held for sale  16 .0 14 .8
  Other  164 .3 176 .9
 
   825 .6 879 .3
 
Other long-term liabilities and deferred credits:  
  Deferred income taxes  774 .8 775 .5
  Deferred investment tax credits  42 .8 44 .0
  Regulatory liabilities  653 .9 647 .2
  Asset retirement obligations  375 .5 369 .3
  Pension and other benefit obligations  192 .7 185 .8
  Environmental liabilities  48 .7 37 .3
  Other  183 .6 183 .1
 
   2,272 .0 2,242 .2
 
Minority interest   45 .7 49 .0
 
Total capitalization and liabilities   $8,131 .5 $8,275 .2
 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

4

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Three Months Ended March 31,
  2005 2004
  (in millions)
Cash flows from operating activities:      
  Net income  $2 .4 $34 .1
  Adjustments to reconcile net income to net cash flows from operating activities:  
    Loss from discontinued operations, net of tax  9 .2 2 .2
    Depreciation and amortization  83 .8 82 .6
    Other amortizations  15 .3 16 .6
    Deferred tax expense and investment tax credits  1 .7 13 .1
    Equity income from unconsolidated investments, net  (2 .3) (16 .6)
    Distributions from equity method investments  7 .6 6