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 1-2385
THE DAYTON POWER AND LIGHT COMPANY
(Exact name of registrant as specified in its charter)
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OHIO |
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31-0258470 |
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(State or other jurisdiction of |
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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.
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YES |
ý |
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NO |
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Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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YES |
ý |
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NO |
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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, $.01 par value |
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41,172,173 Shares |
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(Title of each class) |
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(Outstanding at March 31, 2003) |
THE DAYTON POWER AND LIGHT COMPANY
INDEX
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Other |
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2
Item 1. Financial Statements
THE DAYTON POWER AND LIGHT COMPANY
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
(Dollars in millions)
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Three
Months Ended |
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2003 |
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2002 |
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Revenues |
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Electric |
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$ |
295.7 |
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$ |
272.2 |
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Expenses |
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Fuel |
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55.6 |
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47.5 |
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Purchased power |
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20.0 |
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33.1 |
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Operation and maintenance |
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35.4 |
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37.3 |
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Depreciation and amortization |
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29.1 |
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29.6 |
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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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28.3 |
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25.9 |
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Total expenses |
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180.5 |
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184.9 |
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Operating Income |
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115.2 |
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87.3 |
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Other income |
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1.0 |
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10.3 |
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Interest expense |
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(12.8 |
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(14.0 |
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Income Before Income Taxes and Cumulative Effect of Accounting Change |
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103.4 |
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83.6 |
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Income taxes |
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39.4 |
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31.0 |
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Income Before Cumulative Effect of Accounting Change |
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64.0 |
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52.6 |
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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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Net Income |
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81.0 |
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52.6 |
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Preferred dividends |
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0.2 |
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0.2 |
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Earnings on Common Stock |
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$ |
80.8 |
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$ |
52.4 |
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See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
3
THE DAYTON POWER AND LIGHT COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars 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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$ |
81.0 |
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52.4 |
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Adjustments: |
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Depreciation and amortization |
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29.1 |
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29.6 |
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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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23.7 |
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6.0 |
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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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Accounts receivable |
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11.8 |
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1.8 |
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Accounts payable |
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8.5 |
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— |
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Net intercompany receivables from parent |
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— |
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(39.4 |
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Accrued taxes payable |
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11.2 |
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(3.4 |
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Accrued interest payable |
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(10.8 |
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(10.8 |
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Inventories |
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2.2 |
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(3.0 |
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Other |
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(3.2 |
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(8.7 |
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Net cash provided by operating activities |
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148.6 |
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36.0 |
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Investing Activities |
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Capital expenditures |
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(35.0 |
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(42.0 |
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Financing Activities |
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Issuance of short-term debt, net |
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12.0 |
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Dividends paid on common stock |
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(82.5 |
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Dividends paid on preferred stock |
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(0.2 |
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(0.2 |
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