Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | a930148k-exhibit991pressre.htm |
| EX-99.4 - EXHIBIT 99.4 - VECTREN CORP | a930148k-exhibit994forward.htm |
| EX-99.2 - EXHIBIT 99.2 - VECTREN CORP | a930148k-exhibit992pressre.htm |
| 8-K - 8-K - VECTREN CORP | a8k-2014q3earningsrelease.htm |
EXHIBIT 99.3
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas Utility | $ | 105.1 | $ | 101.9 | $ | 681.1 | $ | 555.8 | ||||||||
Electric utility | 165.9 | 165.8 | 480.9 | 470.0 | ||||||||||||
Nonutility | 324.6 | 311.9 | 772.9 | 785.4 | ||||||||||||
Total operating revenues | 595.6 | 579.6 | 1,934.9 | 1,811.2 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 28.8 | 27.5 | 343.4 | 235.4 | ||||||||||||
Cost of fuel and purchased power | 50.3 | 50.4 | 155.4 | 154.5 | ||||||||||||
Cost of nonutility revenues | 112.4 | 107.7 | 259.7 | 271.4 | ||||||||||||
Other operating | 245.6 | 227.5 | 701.1 | 652.5 | ||||||||||||
Depreciation and amortization | 61.4 | 70.7 | 211.0 | 205.7 | ||||||||||||
Taxes other than income taxes | 12.6 | 12.5 | 46.9 | 43.7 | ||||||||||||
Total operating expenses | 511.1 | 496.3 | 1,717.5 | 1,563.2 | ||||||||||||
OPERATING INCOME | 84.5 | 83.3 | 217.4 | 248.0 | ||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 0.3 | (0.3 | ) | 0.4 | (57.6 | ) | ||||||||||
Other income - net | 7.3 | 2.5 | 15.8 | 9.0 | ||||||||||||
Total other income (expense) | 7.6 | 2.2 | 16.2 | (48.6 | ) | |||||||||||
INTEREST EXPENSE | 21.7 | 21.3 | 65.7 | 66.3 | ||||||||||||
INCOME BEFORE INCOME TAXES | 70.4 | 64.2 | 167.9 | 133.1 | ||||||||||||
INCOME TAXES | 23.1 | 21.4 | 57.5 | 46.3 | ||||||||||||
NET INCOME | $ | 47.3 | $ | 42.8 | $ | 110.4 | $ | 86.8 | ||||||||
AVERAGE COMMON SHARES OUTSTANDING | 82.5 | 82.3 | 82.5 | 82.3 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING | 82.5 | 82.4 | 82.5 | 82.4 | ||||||||||||
EARNINGS PER SHARE OF COMMON STOCK | ||||||||||||||||
BASIC | $ | 0.57 | $ | 0.52 | $ | 1.34 | $ | 1.05 | ||||||||
DILUTED | $ | 0.57 | $ | 0.52 | $ | 1.34 | $ | 1.05 | ||||||||
EXHIBIT 99.3
VECTREN UTILITY HOLDINGS | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 105.1 | $ | 101.9 | $ | 681.1 | $ | 555.8 | ||||||||
Electric utility | 165.9 | 165.8 | 480.9 | 470.0 | ||||||||||||
Other | 0.1 | — | 0.2 | 0.2 | ||||||||||||
Total operating revenues | 271.1 | 267.7 | 1,162.2 | 1,026.0 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 28.8 | 27.5 | 343.4 | 235.4 | ||||||||||||
Cost of fuel and purchased power | 50.3 | 50.4 | 155.4 | 154.5 | ||||||||||||
Other operating | 79.9 | 74.0 | 259.7 | 236.9 | ||||||||||||
Depreciation and amortization | 51.0 | 49.7 | 151.5 | 146.8 | ||||||||||||
Taxes other than income taxes | 11.7 | 11.6 | 44.3 | 41.3 | ||||||||||||
Total operating expenses | 221.7 | 213.2 | 954.3 | 814.9 | ||||||||||||
OPERATING INCOME | 49.4 | 54.5 | 207.9 | 211.1 | ||||||||||||
OTHER INCOME - NET | 4.8 | 2.0 | 12.4 | 6.8 | ||||||||||||
INTEREST EXPENSE | 16.6 | 15.6 | 50.0 | 49.2 | ||||||||||||
INCOME BEFORE INCOME TAXES | 37.6 | 40.9 | 170.3 | 168.7 | ||||||||||||
INCOME TAXES | 13.3 | 15.6 | 61.8 | 64.1 | ||||||||||||
NET INCOME | $ | 24.3 | $ | 25.3 | $ | 108.5 | $ | 104.6 | ||||||||
EXHIBIT 99.3
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 8.4 | $ | 21.5 | ||||
Accounts receivable - less reserves of $6.0 & | ||||||||
$6.8, respectively | 189.9 | 259.2 | ||||||
Accrued unbilled revenues | 82.8 | 134.2 | ||||||
Inventories | 114.8 | 134.4 | ||||||
Recoverable fuel & natural gas costs | 25.5 | 5.5 | ||||||
Prepayments & other current assets | 71.2 | 75.6 | ||||||
Total current assets | 492.6 | 630.4 | ||||||
Utility Plant | ||||||||
Original cost | 5,599.2 | 5,389.6 | ||||||
Less: accumulated depreciation & amortization | 2,250.3 | 2,165.3 | ||||||
Net utility plant | 3,348.9 | 3,224.3 | ||||||
Investments in unconsolidated affiliates | 24.4 | 24.0 | ||||||
Other utility & corporate investments | 37.0 | 38.1 | ||||||
Other nonutility investments | 34.4 | 33.8 | ||||||
Nonutility plant - net | 372.3 | 657.2 | ||||||
Goodwill - net | 289.9 | 262.3 | ||||||
Regulatory assets | 193.8 | 193.4 | ||||||
Other assets | 44.0 | 39.1 | ||||||
TOTAL ASSETS | $ | 4,837.3 | $ | 5,102.6 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 172.2 | $ | 227.2 | ||||
Refundable fuel & natural gas costs | — | 2.6 | ||||||
Accrued liabilities | 187.4 | 182.1 | ||||||
Short-term borrowings | 62.4 | 68.6 | ||||||
Current maturities of long-term debt | 5.0 | 30.0 | ||||||
Total current liabilities | 427.0 | 510.5 | ||||||
Long-term Debt - Net of Current Maturities | 1,572.3 | 1,777.1 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 671.7 | 707.4 | ||||||
Regulatory liabilities | 404.8 | 387.3 | ||||||
Deferred credits & other liabilities | 180.5 | 166.0 | ||||||
Total deferred credits & other liabilities | 1,257.0 | 1,260.7 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.5 and 82.4 shares, respectively | 714.7 | 709.3 | ||||||
Retained earnings | 867.1 | 845.7 | ||||||
Accumulated other comprehensive (loss) | (0.8 | ) | (0.7 | ) | ||||
Total common shareholders' equity | 1,581.0 | 1,554.3 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 4,837.3 | $ | 5,102.6 | ||||
EXHIBIT 99.3
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 110.4 | $ | 86.8 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 211.0 | 205.7 | ||||||
Deferred income taxes & investment tax credits | (9.4 | ) | 32.4 | |||||
Equity in (earnings) losses of unconsolidated affiliates | (0.4 | ) | 57.6 | |||||
Provision for uncollectible accounts | 5.3 | 4.8 | ||||||
Expense portion of pension & postretirement benefit cost | 5.1 | 6.7 | ||||||
Other non-cash charges - net | 4.0 | 5.9 | ||||||
Loss on sale of business | 41.8 | — | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 101.9 | 56.3 | ||||||
Inventories | (18.8 | ) | 20.2 | |||||
Recoverable/refundable fuel & natural gas costs | (22.6 | ) | 5.8 | |||||
Prepayments & other current assets | (8.3 | ) | 0.8 | |||||
Accounts payable, including to affiliated companies | (62.5 | ) | (58.4 | ) | ||||
Accrued liabilities | (1.7 | ) | (15.0 | ) | ||||
Unconsolidated affiliate dividends | — | 0.3 | ||||||
Employer contributions to pension & postretirement plans | (3.5 | ) | (10.1 | ) | ||||
Changes in noncurrent assets & investments | (7.0 | ) | (12.3 | ) | ||||
Changes in noncurrent liabilities | (1.6 | ) | 1.4 | |||||
Net cash provided by operating activities | 343.7 | 388.9 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Long-term debt, net of issuance costs | 63.0 | 332.7 | ||||||
Dividend reinvestment plan & other common stock issuances | 4.7 | 5.3 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (89.1 | ) | (87.6 | ) | ||||
Retirement of long-term debt | (293.6 | ) | (338.6 | ) | ||||
Other financing activities | 0.1 | (2.0 | ) | |||||
Net change in short-term borrowings | (6.2 | ) | (29.6 | ) | ||||
Net cash used in financing activities | (321.1 | ) | (119.8 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Sale of business | 319.8 | — | ||||||
Other collections | 3.6 | 5.0 | ||||||
Requirements for: | ||||||||
Transaction costs for sale of business | (8.9 | ) | — | |||||
Capital expenditures, excluding AFUDC equity | (321.6 | ) | (273.9 | ) | ||||
Business acquistion | (28.6 | ) | — | |||||
Other investments | — | (10.4 | ) | |||||
Net cash used in investing activities | (35.7 | ) | (279.3 | ) | ||||
Net change in cash & cash equivalents | (13.1 | ) | (10.2 | ) | ||||
Cash & cash equivalents at beginning of period | 21.5 | 19.5 | ||||||
Cash & cash equivalents at end of period | $ | 8.4 | $ | 9.3 | ||||
EXHIBIT 99.3
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
HIGHLIGHTS | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
REPORTED EARNINGS: | ||||||||||||||||
Utility Group | ||||||||||||||||
Gas Utility Services | $ | (5.1 | ) | $ | (3.8 | ) | $ | 33.9 | $ | 37.2 | ||||||
Electric Utility Services | 26.7 | 26.6 | 65.9 | 60.1 | ||||||||||||
Other Operations | 2.7 | 2.5 | 8.7 | 7.3 | ||||||||||||
Total Utility Group | 24.3 | 25.3 | 108.5 | 104.6 | ||||||||||||
Nonutility Group | ||||||||||||||||
Infrastructure Services | 23.5 | 20.4 | 27.6 | 35.2 | ||||||||||||
Energy Services - Operations | 0.1 | (2.2 | ) | (4.7 | ) | (5.3 | ) | |||||||||
Energy Services - 179D | — | 2.4 | — | 3.3 | ||||||||||||
Coal Mining * | (2.3 | ) | (12.0 | ) | ||||||||||||
Other Businesses | 0.1 | (0.8 | ) | (0.4 | ) | (1.3 | ) | |||||||||
Nonutility Group, excluding Coal Mining and ProLiance * | 23.7 | 17.5 | 22.5 | 19.9 | ||||||||||||
Corporate and Other | 1.4 | — | 0.8 | (0.2 | ) | |||||||||||
Vectren Consolidated, excluding Coal Mining and ProLiance * | $ | 49.4 | $ | 42.8 | $ | 131.8 | $ | 124.3 | ||||||||
Coal Mining | (2.1 | ) | (21.4 | ) | ||||||||||||
ProLiance | — | (37.5 | ) | |||||||||||||
Vectren Consolidated | $ | 47.3 | $ | 42.8 | $ | 110.4 | $ | 86.8 | ||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Utility Group | $ | 0.30 | $ | 0.31 | $ | 1.32 | $ | 1.27 | ||||||||
Nonutility Group, excluding Coal Mining and ProLiance * | 0.29 | 0.21 | 0.27 | 0.24 | ||||||||||||
Corporate and Other | 0.01 | — | 0.01 | — | ||||||||||||
EPS, excluding Coal Mining and ProLiance * | $ | 0.60 | $ | 0.52 | $ | 1.60 | $ | 1.51 | ||||||||
Coal Mining | (0.03 | ) | (0.26 | ) | ||||||||||||
ProLiance | — | (0.46 | ) | |||||||||||||
Reported EPS | $ | 0.57 | $ | 0.52 | $ | 1.34 | $ | 1.05 | ||||||||
(*) Excludes Coal Mining Results in 2014 and ProLiance Results in 2013 - Years of Disposition | ||||||||||||||||
EXHIBIT 99.3
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
GAS UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 46.5 | $ | 45.5 | $ | 193.5 | $ | 190.2 | ||||||||
Commercial Margin | 11.1 | 10.9 | 54.8 | 53.2 | ||||||||||||
Industrial Margin | 11.8 | 12.1 | 42.7 | 41.9 | ||||||||||||
Other Margin | 2.3 | 2.2 | 8.7 | 7.6 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 4.6 | 3.7 | 38.0 | 27.5 | ||||||||||||
Total Gas Utility Margin | 76.3 | 74.4 | 337.7 | 320.4 | ||||||||||||
Cost of Gas Sold | 28.8 | 27.5 | 343.4 | 235.4 | ||||||||||||
Total Gas Utility Revenue | $ | 105.1 | $ | 101.9 | $ | 681.1 | $ | 555.8 | ||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 3.8 | 3.8 | 57.7 | 50.6 | ||||||||||||
Commercial | 2.9 | 2.7 | 26.6 | 23.0 | ||||||||||||
Industrial | 23.5 | 24.6 | 83.2 | 80.7 | ||||||||||||
30.2 | 31.1 | 167.5 | 154.3 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 900,003 | 896,239 | 911,196 | 905,271 | ||||||||||||
Commercial | 83,554 | 83,352 | 84,542 | 84,203 | ||||||||||||
Industrial | 1,700 | 1,676 | 1,693 | 1,675 | ||||||||||||
985,257 | 981,267 | 997,431 | 991,149 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL: | ||||||||||||||||
Heating Degree Days (Ohio) | 115 | % | 103 | % | ||||||||||||
Heating Degree Days (Indiana) | 110 | % | 100 | % | ||||||||||||
EXHIBIT 99.3
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
ELECTRIC UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 44.4 | $ | 45.5 | $ | 120.4 | $ | 115.7 | ||||||||
Commercial Margin | 28.6 | 28.3 | 81.3 | 79.3 | ||||||||||||
Industrial Margin | 29.7 | 28.6 | 83.6 | 82.5 | ||||||||||||
Other Margin | 0.9 | 1.4 | 2.9 | 3.1 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 2.7 | 2.2 | 9.3 | 6.7 | ||||||||||||
Wholesale and Transmission | 9.3 | 9.4 | 28.0 | 28.2 | ||||||||||||
Total Electric Utility Margin | 115.6 | 115.4 | 325.5 | 315.5 | ||||||||||||
Cost of Fuel & Purchased Power | 50.3 | 50.4 | 155.4 | 154.5 | ||||||||||||
Total Electric Utility Revenue | $ | 165.9 | $ | 165.8 | $ | 480.9 | $ | 470.0 | ||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 406.0 | 420.7 | 1,146.9 | 1,100.1 | ||||||||||||
Commercial | 353.0 | 348.9 | 989.6 | 972.0 | ||||||||||||
Industrial | 749.1 | 729.7 | 2,101.6 | 2,087.0 | ||||||||||||
Other Sales - Street Lighting | 5.3 | 4.9 | 16.2 | 15.5 | ||||||||||||
Total Retail | 1,513.4 | 1,504.2 | 4,254.3 | 4,174.6 | ||||||||||||
Wholesale | 149.8 | 68.2 | 586.9 | 331.8 | ||||||||||||
1,663.2 | 1,572.4 | 4,841.2 | 4,506.4 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 124,177 | 123,708 | 124,265 | 123,711 | ||||||||||||
Commercial | 18,466 | 18,380 | 18,441 | 18,366 | ||||||||||||
Industrial | 117 | 116 | 116 | 115 | ||||||||||||
Other | 38 | 36 | 38 | 36 | ||||||||||||
142,798 | 142,240 | 142,860 | 142,228 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL: | ||||||||||||||||
Cooling Degree Days (Indiana) | 91 | % | 99 | % | 104 | % | 101 | % | ||||||||
Heating Degree Days (Indiana) | 110 | % | 100 | % | ||||||||||||