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, 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 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.
YES ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).
YES o NO ý
Number of shares of registrant’s common stock outstanding as of April 30, 2005, all of which were held by DPL Inc., was 41,172,173.
DOCUMENTS INCORPORATED BY REFERENCE
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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Available Information:
The Dayton Power and Light Company (DP&L or the Company) files current, annual and quarterly reports 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, D.C. 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 web site is http://www.dplinc.com. The Company makes available through its web site, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, 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 web 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 DP&L Investor Relations, 1065 Woodman Drive, Dayton, Ohio 45432.
2
THE DAYTON POWER AND LIGHT COMPANY
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
($ in millions)
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Three Months Ended |
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2005 |
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2004 |
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Revenues |
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Electric revenues |
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$ |
305.1 |
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$ |
300.4 |
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Operating Expenses |
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Fuel |
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77.7 |
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62.7 |
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Purchased power |
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29.3 |
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28.5 |
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Operation and maintenance |
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48.8 |
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46.8 |
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Depreciation and amortization |
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30.0 |
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28.3 |
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Amortization of regulatory assets, net |
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0.5 |
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0.1 |
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General taxes |
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27.4 |
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27.1 |
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Total operating expenses |
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213.7 |
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193.5 |
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Operating Income |
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91.4 |
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106.9 |
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Interest expense |
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(11.3 |
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(11.8 |
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Other income |
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7.8 |
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4.2 |
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Income Before Income Taxes |
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87.9 |
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99.3 |
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Income tax expense |
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34.6 |
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37.3 |
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Net Income |
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53.3 |
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62.0 |
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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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$ |
53.1 |
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$ |
61.8 |
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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
($ in millions)
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Three Months Ended |
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2005 |
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2004 |
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Operating Activities |
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Net income |
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$ |
53.3 |
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$ |
62.0 |
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Adjustments: |
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Depreciation and amortization |
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30.0 |
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28.3 |
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Amortization of regulatory assets, net |
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0.5 |
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0.1 |
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Deferred income taxes |
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11.4 |
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12.4 |
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Changes in working capital: |
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Accounts receivable |
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2.8 |
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10.0 |
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Accounts payable |
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2.8 |
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1.7 |
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Accrued taxes payable |
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15.8 |
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14.6 |
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Accrued interest payable |
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4.7 |
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4.3 |
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Prepayments |
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8.6 |
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7.9 |
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Inventories |
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(8.0 |
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