Attached files
file | filename |
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8-K - VVC VUHI EARNINGS - VECTREN CORP | vvc_vuhi8k.htm |
EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | ex99_1.htm |
EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | ex99_3.htm |
Exhibit 99.2
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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CONSOLIDATED STATEMENTS OF INCOME
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(Millions, except per share amounts)
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(Unaudited)
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||||||||
Three Months | ||||||||
Ended March 31 | ||||||||
2012
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2011
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|||||||
OPERATING REVENUES:
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||||||||
Gas utility
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$ | 292.3 | $ | 356.7 | ||||
Electric utility
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139.4 | 146.4 | ||||||
Nonutility
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172.9 | 179.5 | ||||||
Total operating revenues
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604.6 | 682.6 | ||||||
OPERATING EXPENSES:
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||||||||
Cost of gas sold
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137.1 | 195.1 | ||||||
Cost of fuel and purchased power
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44.7 | 59.5 | ||||||
Cost of nonutility revenues
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59.5 | 105.1 | ||||||
Other operating
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173.2 | 141.6 | ||||||
Depreciation and amortization
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63.6 | 59.1 | ||||||
Taxes other than income taxes
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16.6 | 18.9 | ||||||
Total operating expenses
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494.7 | 579.3 | ||||||
OPERATING INCOME
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109.9 | 103.3 | ||||||
OTHER INCOME (EXPENSE):
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||||||||
Equity in earnings (losses) of unconsolidated affiliates
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(7.6 | ) | (10.9 | ) | ||||
Other income - net
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3.3 | 2.4 | ||||||
Total other income (expense)
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(4.3 | ) | (8.5 | ) | ||||
INTEREST EXPENSE
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24.0 | 26.6 | ||||||
INCOME BEFORE INCOME TAXES
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81.6 | 68.2 | ||||||
INCOME TAXES
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30.3 | 23.6 | ||||||
NET INCOME
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$ | 51.3 | $ | 44.6 | ||||
AVERAGE COMMON SHARES OUTSTANDING
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82.0 | 81.7 | ||||||
DILUTED COMMON SHARES OUTSTANDING
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82.0 | 81.7 | ||||||
EARNINGS PER SHARE OF COMMON STOCK
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BASIC
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$ | 0.63 | $ | 0.55 | ||||
DILUTED
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$ | 0.62 | $ | 0.55 |
VECTREN UTILITY HOLDINGS
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AND SUBSIDIARY COMPANIES
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CONSOLIDATED STATEMENTS OF INCOME
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(Millions - Unaudited)
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Three Months | ||||||||
Ended March 31 | ||||||||
2012
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2011
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OPERATING REVENUES:
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Gas utility
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$ | 292.3 | $ | 356.7 | ||||
Electric utility
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139.4 | 146.4 | ||||||
Other
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0.4 | 0.5 | ||||||
Total operating revenues
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432.1 | 503.6 | ||||||
OPERATING EXPENSES:
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Cost of gas sold
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137.1 | 195.1 | ||||||
Cost of fuel and purchased power
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44.7 | 59.5 | ||||||
Other operating
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79.9 | 86.9 | ||||||
Depreciation and amortization
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48.6 | 48.2 | ||||||
Taxes other than income taxes
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15.9 | 18.0 | ||||||
Total operating expenses
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326.2 | 407.7 | ||||||
OPERATING INCOME
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105.9 | 95.9 | ||||||
OTHER INCOME - NET
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2.2 | 1.7 | ||||||
INTEREST EXPENSE
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17.7 | 20.4 | ||||||
INCOME BEFORE INCOME TAXES
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90.4 | 77.2 | ||||||
INCOME TAXES
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34.4 | 28.6 | ||||||
NET INCOME
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$ | 56.0 | $ | 48.6 |
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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CONSOLIDATED BALANCE SHEETS
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(Millions - Unaudited)
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March 31,
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December 31,
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2012
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2011
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ASSETS
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Current Assets
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Cash & cash equivalents
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$ | 14.2 | $ | 8.6 | ||||
Accounts receivable - less reserves of $6.1 &
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$6.7, respectively
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214.6 | 221.3 | ||||||
Accrued unbilled revenues
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67.8 | 121.5 | ||||||
Inventories
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147.5 | 161.9 | ||||||
Recoverable fuel & natural gas costs
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9.5 | 12.4 | ||||||
Prepayments & other current assets
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41.6 | 84.3 | ||||||
Total current assets
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495.2 | 610.0 | ||||||
Utility Plant
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Original cost
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5,033.8 | 4,979.9 | ||||||
Less: accumulated depreciation & amortization
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1,975.9 | 1,947.3 | ||||||
Net utility plant
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3,057.9 | 3,032.6 | ||||||
Investments in unconsolidated affiliates
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88.2 | 92.9 | ||||||
Other utility & corporate investments
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35.5 | 34.4 | ||||||
Other nonutility investments
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24.6 | 29.6 | ||||||
Nonutility plant - net
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562.0 | 550.8 | ||||||
Goodwill - net
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262.3 | 262.3 | ||||||
Regulatory assets
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232.8 | 226.0 | ||||||
Other assets
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39.6 | 40.3 | ||||||
TOTAL ASSETS
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$ | 4,798.1 | $ | 4,878.9 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY
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Current Liabilities
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Accounts payable
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$ | 141.6 | $ | 185.8 | ||||
Accounts payable to affiliated companies
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19.3 | 36.8 | ||||||
Refundable fuel & natural gas costs
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2.6 | - | ||||||
Accrued liabilities
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183.6 | 181.1 | ||||||
Short-term borrowings
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174.7 | 227.1 | ||||||
Current maturities of long-term debt
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61.6 | 62.7 | ||||||
Total current liabilities
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583.4 | 693.5 | ||||||
Long-term Debt - Net of Current Maturities
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1,559.3 | 1,559.6 | ||||||
Deferred Income Taxes & Other Liabilities
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Deferred income taxes
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575.4 | 575.7 | ||||||
Regulatory liabilities
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350.5 | 345.2 | ||||||
Deferred credits & other liabilities
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238.1 | 239.4 | ||||||
Total deferred credits & other liabilities
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1,164.0 | 1,160.3 | ||||||
Common Shareholders' Equity
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Common stock (no par value) – issued & outstanding
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82.0 and 81.9 shares, respectively
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694.4 | 692.6 | ||||||
Retained earnings
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808.7 | 786.2 | ||||||
Accumulated other comprehensive income (loss)
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(11.7 | ) | (13.3 | ) | ||||
Total common shareholders' equity
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1,491.4 | 1,465.5 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
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$ | 4,798.1 | $ | 4,878.9 |
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(Millions - Unaudited)
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Three Months | |||||||||
Ended March 31 | |||||||||
2012
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2011
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$ | 51.3 | $ | 44.6 | |||||
Adjustments to reconcile net income to cash from operating activities:
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Depreciation & amortization
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63.6 | 59.1 | |||||||
Deferred income taxes & investment tax credits
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13.7 | 18.5 | |||||||
Equity in losses of unconsolidated affiliates
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7.6 | 10.9 | |||||||
Provision for uncollectible accounts
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2.3 | 5.9 | |||||||
Expense portion of pension & postretirement benefit cost
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2.7 | 2.2 | |||||||
Other non-cash charges - net |
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1.9 | 3.2 | ||||||
Changes in working capital accounts:
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Accounts receivable & accrued unbilled revenues
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58.1 | 31.5 | |||||||
Inventories
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4.7 | 54.7 | |||||||
Recoverable/refundable fuel & natural gas costs
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5.5 | 5.1 | |||||||
Prepayments & other current assets
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30.4 | 39.0 | |||||||
Accounts payable, including to affiliated companies
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(66.1 | ) | (86.8 | ) | |||||
Accrued liabilities
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2.4 | 23.8 | |||||||
Employer contributions to pension & postretirement plans
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(4.9 | ) | (29.2 | ) | |||||
Changes in noncurrent assets
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0.8 | 8.0 | |||||||
Changes in noncurrent liabilities
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(5.2 | ) | (2.1 | ) | |||||
Net cash flows from operating activities
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168.8 | 188.4 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Proceeds from:
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Long-term debt, net of issuance costs
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99.5 | - | ||||||
Dividend reinvestment plan & other common stock issuances
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1.6 | 1.7 | |||||||
Requirements for:
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Dividends on common stock
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(28.7 | ) | (28.2 | ) | |||||
Retirement of long-term debt
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(1.5 | ) | (0.1 | ) | |||||
Other financing activities
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- | (1.4 | ) | ||||||
Net change in short-term borrowings
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(152.4 | ) | 4.0 | ||||||
Net cash flows from financing activities
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(81.5 | ) | (24.0 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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Proceeds from:
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Other collections
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5.5 | 0.3 | |||||||
Requirements for:
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Capital expenditures, excluding AFUDC equity
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(87.2 | ) | (57.7 | ) | |||||
Business acquisition, net of cash acquired
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- | (82.9 | ) | ||||||
Net cash flows from investing activities
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(81.7 | ) | (140.3 | ) | |||||
Net change in cash & cash equivalents
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5.6 | 24.1 | |||||||
Cash & cash equivalents at beginning of period
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8.6 | 10.4 | |||||||
Cash & cash equivalents at end of period
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$ | 14.2 | $ | 34.5 |
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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HIGHLIGHTS
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(Millions, except per share amounts)
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(Unaudited)
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Three Months | |||||||||
Ended March 31 | |||||||||
2012
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2011
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REPORTED EARNINGS:
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Utility Group
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Gas Utility Services
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$ | 37.5 | $ | 36.1 | |||||
Electric Utility Services
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15.6 | 8.6 | |||||||
Other Operations
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2.9 | 3.9 | |||||||
Total Utility Group
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56.0 | 48.6 | |||||||
Nonutility Group
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Infrastructure Services
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3.0 | (2.9 | ) | ||||||
Energy Services
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(1.7 | ) | (1.4 | ) | |||||
Coal Mining
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(0.3 | ) | 1.6 | ||||||
Energy Marketing
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Vectren Source
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- | 7.1 | (1) | ||||||
ProLiance
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(5.9 | ) | (7.5 | ) | |||||
Other Businesses
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0.1 | (0.3 | ) | ||||||
Total Nonutility Group
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(4.8 | ) | (3.4 | ) | |||||
Corporate and Other
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0.1 | (0.6 | ) | ||||||
Vectren Consolidated
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$ | 51.3 | $ | 44.6 | |||||
EARNINGS PER SHARE:
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Utility Group
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$ | 0.69 | $ | 0.59 | |||||
Nonutility Group, excluding ProLiance
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0.01 | 0.05 | |||||||
ProLiance
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(0.07 | ) | (0.09 | ) | |||||
Reported EPS
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$ | 0.63 | $ | 0.55 | |||||
(1)
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Vectren Source was sold 12/31/11. Full year 2011 earnings were $2.8 million.
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VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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SELECTED GAS DISTRIBUTION
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OPERATING STATISTICS
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(Unaudited)
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Three Months | ||||||||
Ended March 31 | ||||||||
2012
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2011
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GAS OPERATING REVENUES (Millions):
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Residential
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$ | 201.5 | $ | 245.5 | ||||
Commercial
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70.0 | 88.5 | ||||||
Industrial
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17.3 | 18.6 | ||||||
Other Revenue
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3.5 | 4.1 | ||||||
$ | 292.3 | $ | 356.7 | |||||
GAS MARGIN (Millions):
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Residential
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$ | 103.0 | $ | 105.7 | ||||
Commercial
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32.1 | 34.0 | ||||||
Industrial
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16.5 | 17.6 | ||||||
Other
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3.6 | 4.3 | ||||||
$ | 155.2 | $ | 161.6 | |||||
GAS SOLD & TRANSPORTED (MMDth):
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Residential
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28.8 | 37.1 | ||||||
Commercial
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12.0 | 15.7 | ||||||
Industrial
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27.8 | 28.8 | ||||||
68.6 | 81.6 | |||||||
AVERAGE GAS CUSTOMERS
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Residential
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908,740 | 909,290 | ||||||
Commercial
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83,654 | 83,852 | ||||||
Industrial
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1,655 | 1,654 | ||||||
994,049 | 994,796 | |||||||
YTD WEATHER AS A PERCENT OF NORMAL:
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Heating Degree Days (Ohio)
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82 | % | 107 | % |
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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SELECTED ELECTRIC
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OPERATING STATISTICS
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(Unaudited)
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Three Months | ||||||||
Ended March 31 | ||||||||
2012
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2011
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ELECTRIC OPERATING REVENUES (Millions):
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Residential
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$ | 45.7 | $ | 47.4 | ||||
Commercial
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34.2 | 34.1 | ||||||
Industrial
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47.6 | 50.3 | ||||||
Other Revenue
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1.9 | 2.0 | ||||||
Total Retail
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129.4 | 133.8 | ||||||
Net Wholesale Revenues
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10.0 | 12.6 | ||||||
$ | 139.4 | $ | 146.4 | |||||
ELECTRIC MARGIN (Millions):
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Residential
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$ | 34.3 | $ | 32.1 | ||||
Commercial
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24.4 | 21.9 | ||||||
Industrial
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25.3 | 23.4 | ||||||
Other
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1.8 | 1.9 | ||||||
Total Retail
|
85.8 | 79.3 | ||||||
Net Wholesale Margin
|
8.9 | 7.6 | ||||||
$ | 94.7 | $ | 86.9 | |||||
ELECTRICITY SOLD (GWh):
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Residential
|
338.4 | 381.2 | ||||||
Commercial
|
292.7 | 300.4 | ||||||
Industrial
|
681.7 | 661.9 | ||||||
Other Sales - Street Lighting
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5.9 | 5.9 | ||||||
Total Retail
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1,318.7 | 1,349.4 | ||||||
Wholesale
|
48.7 | 183.9 | ||||||
1,367.4 | 1,533.3 | |||||||
AVERAGE ELECTRIC CUSTOMERS
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Residential
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123,290 | 123,126 | ||||||
Commercial
|
18,251 | 18,248 | ||||||
Industrial
|
115 | 111 | ||||||
Other
|
33 | 33 | ||||||
141,689 | 141,518 | |||||||
YTD WEATHER AS A PERCENT OF NORMAL:
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||||||||
Cooling Degree Days (Indiana)
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N/A | N/A | ||||||
Heating Degree Days (Indiana)
|
71 | % | 97 | % |