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 June 30, 2004

 

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)

 

 

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  o    NO  ý

 

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

 

As of October 31, 2004, 126,501,404 shares of the registrant’s common stock were outstanding.

 

 

DPL INC.

INDEX

 

			Page No.
Part I. Financial Information
	Item 1.	Financial Statements
		Consolidated Statement of Results of Operations	3
		Consolidated Statement of Cash Flows	4
		Consolidated Balance Sheet	5
		Notes to Consolidated Financial Statements	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
		Operating Statistics	38
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	38
	Item 4.	Controls and Procedures	38
Part II. Other Information
	Item 1.	Legal Proceedings	41
	Item 4.	Submission of Matters to a Vote of Security Holders	41
	Item 5.	Other Information	41
	Item 6.	Exhibits and Reports on Form 8-K	41
Other
	Signatures		43
	Certifications

 

Available Information:

DPL Inc. (DPL or the Company) files current, annual and quarterly reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC).  You may read and copy any document the Company files at the SEC’s public reference room located at 450 Fifth Street, NW, Washington, DC  20549, USA.  Please call the SEC at (800) SEC-0330 for further information on the public reference rooms.  The Company’s SEC filings are also available to the public from the SEC’s web site at http://www.sec.gov.

 

The Company’s public internet site is http://www.dplinc.com.  The Company makes available through its internet site, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and Forms 3, 4 and 5 filed on behalf of directors and executive officers and amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after it electronically files such material with, or furnishes it to, the SEC.

 

In addition, the Company’s public internet site includes other items related to corporate governance matters, including, among other things, the Company’s governance guidelines, charters of various committees of the Board of Directors and the Company’s code of business conduct and ethics applicable to all employees, officers and directors.  You may obtain copies of these documents, free of charge, by sending a request, in writing, to DPL Investor Relations, 1065 Woodman Drive, Dayton, Ohio 45432.

 

2

 

Part I.  Financial Information

 

Item 1.  Financial Statements

 

DPL INC.

CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS

($ in millions)

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2004				2003				2004			2003
						(as restated)							(as restated)
Revenues
Electric revenues		$		282.2		$	270.9			$	582.0		$	566.0
Other revenues, net of fuel costs		2.6				2.7				5.2			5.1
Total revenues		284.8				273.6				587.2			571.1
Operating Expenses
Fuel		61.7				51.6				125.3			108.2
Purchased power		23.9				26.0				51.9			45.4
Operation and maintenance		57.5				49.5				107.9			89.0
Depreciation and amortization		35.0				35.0				69.0			69.7
General taxes		25.4				26.0				52.8			54.7
Amortization of regulatory assets, net		0.1				10.7				0.2			22.8
Total operating expenses		203.6				198.8				407.1			389.8
Operating Income		81.2				74.8				180.1			181.3
Investment income (loss)		57.1				(8.5			)	86.2			(12.0		)
Interest expense		(37.2			)	(44.9			)	(81.7		)	(90.3		)
Other income (deductions)		(8.5			)	32.0				(11.1		)	32.1
Income Before Income Taxes and Cumulative Effect of Accounting Change		92.6				53.4				173.5			111.1
Income tax expense		36.2				18.4				67.4			40.2
Income Before Cumulative Effect of Accounting Change		56.4				35.0				106.1			70.9