UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2003
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 File Number 1-9052
DPL INC.
(Exact name of registrant as specified in its charter)
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OHIO |
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31-1163136 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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1065
Woodman Drive |
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(Address of principal executive offices) |
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(937) 224-6000 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has 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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
YES ý NO o
Indicate the number of shares of the issuer’s classes of common stock, as of the latest practicable date.
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Common Stock, $.01 par
value |
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126,501,404 Shares |
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(Title of each class) |
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(Outstanding at March 31, 2003) |
DPL INC.
INDEX
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Other |
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Available Information:
DPL makes available free of charge on or through its Internet website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. DPL’s Internet website address is www.dplinc.com.
2
DPL INC.
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
($ in millions)
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Three
Months Ended |
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2003 |
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2002 |
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Revenues |
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Electric revenues |
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$ |
295.1 |
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$ |
271.7 |
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Other revenues, net of fuel costs |
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2.4 |
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3.6 |
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297.5 |
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275.3 |
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Expenses |
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Fuel |
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56.6 |
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48.0 |
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Purchased power |
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19.4 |
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21.1 |
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Operation and maintenance |
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39.1 |
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38.5 |
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Depreciation and amortization |
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34.7 |
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33.4 |
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Amortization of regulatory assets, net |
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12.1 |
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11.5 |
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General taxes |
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28.7 |
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26.9 |
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Total expenses |
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190.6 |
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179.4 |
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Operating Income |
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106.9 |
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95.9 |
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Investment income (loss) |
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(3.6 |
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6.1 |
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Interest expense |
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(39.2 |
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(38.2 |
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Trust preferred distributions by subsidiary |
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(6.2 |
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(6.2 |
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Other income |
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0.1 |
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7.6 |
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Income Before Income Taxes and Cumulative Effect of Accounting Change |
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58.0 |
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65.2 |
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Income taxes |
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21.9 |
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24.6 |
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Income Before Cumulative Effect of Accounting Change |
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36.1 |
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40.6 |
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Cumulative effect of accounting change, net of tax (Note 5) |
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17.0 |
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— |
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Net Income |
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$ |
53.1 |
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$ |
40.6 |
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Average Number of Common Shares Outstanding (millions) |
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Basic |
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119.8 |
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119.1 |
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Diluted |
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119.8 |
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123.6 |
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Earnings Per Common Share |
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Basic: |
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Income before cumulative effect of accounting change |
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$ |
0.30 |
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$ |
0.34 |
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Cumulative effect of accounting change |
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0.14 |
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— |
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Total Basic |
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$ |
0.44 |
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$ |
0.34 |
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Diluted: |
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Income before cumulative effect of accounting change |
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$ |
0.30 |
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$ |
0.33 |
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Cumulative effect of accounting change |
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0.14 |
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— |
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Total Diluted |
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$ |
0.44 |
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$ |
0.33 |
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Dividends Paid Per Share of Common Stock |
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$ |
0.235 |
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$ |
0.235 |
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See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
3
DPL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in millions)
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Three
Months Ended |
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2003 |
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2002 |
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Operating Activities |
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Net income |
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$ |
53.1 |
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40.6 |
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Adjustments: |
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Depreciation and amortization |
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34.7 |
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33.4 |
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Amortization of regulatory assets, net |
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12.1 |
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11.5 |
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Deferred income taxes |
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20.0 |
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16.5 |
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Investment (income) loss |
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6.1 |
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(3.7 |
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Cumulative effect of accounting change, net of tax |
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(17.0 |
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— |
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Changes in working capital: |
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