UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K/A
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Fiscal Year Ended September 30, 2003
| Commission | Exact name of registrant as specified in its charter and | States of | I.R.S. | ||||
| File Number | principal office address and telephone number | Incorporation | Employer I.D. Number | ||||
| 1-16163 | WGL Holdings, Inc. | Virginia | 52-2210912 | ||||
| 101 Constitution Ave, N.W. | |||||||
| Washington, D.C. 20080 | |||||||
| (703) 750-2000 | |||||||
| 0-49807 | Washington Gas Light Company | District of Columbia | 53-0162882 | ||||
| 101 Constitution Ave, N.W. | and Virginia | ||||||
| Washington, D.C. 20080 | |||||||
| (703) 750-4440 | |||||||
| Securities registered pursuant to Section 12(b) of the Act (as of September 30, 2003): | ||
| Title of each class | Name of each exchange on which registered | |
| WGL Holdings, Inc. common stock, no par value | New York Stock Exchange | |
| Securities registered pursuant to Section 12(g) of the Act (as of September 30, 2003): | ||
| Title of each class | Name of each exchange on which registered | |
| Washington Gas Light Company preferred stock, cumulative, without par value: | ||
| $4.25 Series | Over-the-counter bulletin board | |
| $4.80 Series | Over-the-counter bulletin board | |
| $5.00 Series | Over-the-counter bulletin board | |
Indicate by check mark whether each 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 registrants were required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes X No ___
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrants’ knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12-b of the Act): Yes X No ___
The aggregate market value of the voting common equity held by non-affiliates of the registrant, WGL Holdings, Inc., amounted to $1,282,856,952 as of March 31, 2003.
WGL Holdings, Inc. common stock, no par value outstanding as of October 31, 2003: 48,626,243 shares.
All of the outstanding shares of Common Stock ($1 par value) of Washington Gas Light Company were held by WGL Holdings, Inc. as of October 31, 2003.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of WGL Holdings, Inc.’s definitiveProxy Statementand Washington Gas Light Company’s definitiveInformation Statementin connection with the 2004 Annual Meeting of Shareholders, to be filed with the Commission pursuant to Regulation 14A and 14C not later than 120 days after September 30, 2003, are incorporated in Part III of this report.
WGL Holdings, Inc.
Washington Gas Light Company
2003 Annual Report on Form 10-K/A
Amendment No. 1
TABLE OF CONTENTS
| Page | ||||
| Explanatory Note | 1 | |||
| Item 6. Selected Financial Data | 2 | |||
| Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K | 3 | |||
| Signatures | 4 | |||
EXPLANATORY NOTE
This amendment to the registrants’ Annual Report on Form 10-K for the fiscal year ended September 30, 2003 is filed for the sole purpose of correcting clerical errors related to two amounts reported in Item 6. Selected Financial Data for “Total assets–year-end” and “Property, plant and equipment-net–year-end.” The amount reported for “Total assets–year-end” at September 30, 2003 of $2,205,380 should have been reported as $2,436,052. The amount reported for “Property, plant and equipment-net–year-end” at September 30, 2003 of $1,644,251 should have been reported as $1,874,923. Such amounts are correctly reported in other parts of the Form 10-K. An excerpt of Item 6. Selected Financial Data reflecting the corrected amounts for 2003 is presented below. The registrants have made no further changes to their original Annual Report on Form 10-K filed with the Commission on December 17, 2003.
Excerpt of Selected Financial Data (as corrected)
| 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||
OTHER FINANCIAL DATA(in thousands) | |||||||||||||||||||||
| Total assets—year-end | $ | 2,436,052 | $ | 2,113,664 | $ | 2,081,113 | $ | 1,939,989 | $ | 1,775,499 | |||||||||||
| Property, plant and equipment—net—year-end | $ | 1,874,923 | $ | 1,606,843 | $ | 1,519,747 | $ | 1,460,280 | $ | 1,402,742 | |||||||||||
A complete Item 6. Selected Financial Data is presented on page 2 of this report that reflects the corrected data.
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WGL Holdings, Inc.
Washington Gas Light Company
Part II
Item 6. Selected Financial Data
ITEM 6. SELECTED FINANCIAL DATA
SELECTED FINANCIAL AND OPERATIONS DATA(a)
| (In thousands, except per share data) | ||||||||||||||||||||||||
| Years Ended September 30, | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
SUMMARY OF EARNINGS | ||||||||||||||||||||||||
| Utility operating revenues | $ | 1,301,057 | $ | 925,131 | $ | 1,446,456 | $ | 1,031,105 | $ | 972,120 | ||||||||||||||
| Less: Cost of gas | 696,561 | 459,149 | 904,416 | 552,579 | 505,346 | |||||||||||||||||||
| Revenue taxes | 40,465 | 27,549 | 40,616 | 35,598 | 34,793 | |||||||||||||||||||
| Utility net revenues | $ | 564,031 | $ | 438,433 | $ | 501,424 | $ | 442,928 | $ | 431,981 | ||||||||||||||
| Utility operation and maintenance expenses | $ | 216,255 | $ | 205,061 | $ | 194,469 | $ | 177,504 | $ | 201,229 | ||||||||||||||
| Non-utility operating revenues | $ | 763,191 | $ | 659,671 | $ | 493,063 | $ | 218,087 | $ | 140,096 | ||||||||||||||
| Net income | $ | 112,342 | $ | 39,121 | $ | 82,445 | $ | 83,251 | $ | 67,437 | ||||||||||||||
| Earnings per average common share Basic | $ | 2.31 | $ | 0.81 | $ | 1.75 | $ | 1.79 | $ | 1.47 | ||||||||||||||
| Diluted | $ | 2.30 | $ | 0.80 | $ | 1.75 | $ | 1.79 | $ | 1.47 | ||||||||||||||
CAPITALIZATION—YEAR-END | ||||||||||||||||||||||||
| Common shareholders’ equity | $ | 818,218 | $ | 766,403 | $ | 788,253 | $ | 711,496 | $ | 684,034 | ||||||||||||||
| Preferred stock | 28,173 | 28,173 | 28,173 | 28,173 | 28,420 | |||||||||||||||||||
| Long-term debt | 636,650 | 667,951 | 584,370 | 559,724 | 506,084 | |||||||||||||||||||
| Total capitalization | $ | 1,483,041 | $ | 1,462,527 | $ | 1,400,796 | $ | 1,299,393 | $ | 1,218,538 | ||||||||||||||
OTHER FINANCIAL DATA | ||||||||||||||||||||||||
| Total assets—year-end | $ | 2,436,052 | $ | 2,113,664 | $ | 2,081,113 | $ | 1,939,989 | $ | 1,775,499 | ||||||||||||||
| Property, plant and equipment-net—year-end | $ | 1,874,923 | $ | 1,606,843 | $ | 1,519,747 | $ | 1,460,280 | $ | 1,402,742 | ||||||||||||||
| Capital expenditures | $ | 129,083 | $ | 162,383 | $ | 130,215 | $ | 124,067 | $ | 158,733 | ||||||||||||||
| Long-term obligations—year-end | $ | 636,650 | $ | 667,951 | $ | 584,370 | $ | 559,724 | $ | 506,084 | ||||||||||||||
COMMON STOCK DATA | ||||||||||||||||||||||||
| Annualized dividends per share | $ | 1.28 | $ | 1.27 | $ | 1.26 | $ | 1.24 | $ | 1.22 | ||||||||||||||
| Dividends declared per share | $ | 1.2775 | $ | 1.2675 | $ | 1.2550 | $ | 1.2350 | $ | 1.2150 | ||||||||||||||
| Book value per share—year-end | $ | 16.83 | $ | 15.78 | $ | 16.24 | $ | 15.31 | $ | 14.72 | ||||||||||||||
| Return on average common equity | 14.2 | % | 5.0 | % | 11.0 | % | 11.9 | % | 10.4 | % | ||||||||||||||
| Dividend yield on book value | 7.6 | % | 8.0 | % | 7.7 | % | 8.1 | % | 8.3 | % | ||||||||||||||
| Dividend payout ratio | 55.3 | % | 156.5 | % | 71.7 | % | 69.0 | % | 82.7 | % | ||||||||||||||
| Shares outstanding—year-end (thousands) | 48,612 | 48,565 | 48,543 | 46,470 | 46,473 | |||||||||||||||||||
UTILITY GAS SALES AND DELIVERIES(thousands of therms) | ||||||||||||||||||||||||
| Gas sold and delivered | ||||||||||||||||||||||||
| Residential-firm | 648,809 | 509,243 | 634,949 | 557,825 | 604,162 | |||||||||||||||||||
| Commercial and industrial | ||||||||||||||||||||||||
| Firm | 239,628 | 193,917 | 258,546 | 240,239 | 285,349 | |||||||||||||||||||
| Interruptible | 12,163 | 10,646 | 11,927 | 27,627 | 48,989 | |||||||||||||||||||
| Total gas sold and delivered | 900,600 | 713,806 | 905,422 | 825,691 | 938,500 | |||||||||||||||||||
| Gas delivered for others | ||||||||||||||||||||||||
| Firm | 496,889 | 346,910 | 365,262 | 306,933 | 191,620 | |||||||||||||||||||
| Interruptible | 257,799 | 277,367 | 251,039 | 262,923 | 272,046 | |||||||||||||||||||
| Electric generation | 67,245 | 169,210 | 165,918 | 211,928 | 129,700 | |||||||||||||||||||
| Total gas delivered for others | 821,933 | 793,487 | 782,219 | 781,784 | 593,366 | |||||||||||||||||||
| Total utility gas sales and deliveries | 1,722,533 | 1,507,293 | 1,687,641 | 1,607,475 | 1,531,866 | |||||||||||||||||||
OTHER STATISTICS | ||||||||||||||||||||||||
| Active customer meters—year-end | 959,922 | 939,291 | 903,789 | 875,817 | 846,381 | |||||||||||||||||||
| New customer meters added | 26,167 | 31,205 | 32,188 | 30,063 | 29,503 | |||||||||||||||||||
| Degree days — actual | 4,550 | 3,304 | 4,314 | 3,637 | 3,652 | |||||||||||||||||||
| Weather percent colder (warmer) than normal | 19.8 | % | (13.4 | )% | 13.1 | % | (5.0 | )% | (5.2 | )% | ||||||||||||||
(a) Results presented for periods prior to fiscal year 2001 reflect the consolidated operation of Washington Gas Light Company and its
subsidiaries.
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WGL Holdings, Inc.
Washington Gas Light Company
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
| (a)3 | Exhibits Exhibits Filed Herewith: |
| Exhibit | Description | |
| 31.1 | Certification of James H. DeGraffenreidt, Jr., the Chairman and Chief Executive Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 31.2 | Certification of Frederic M. Kline, Vice President and Chief Financial Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 31.3 | Certification of James H. DeGraffenreidt, Jr., the Chairman and Chief Executive Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 31.4 | Certification of Frederic M. Kline, Vice President and Chief Financial Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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WGL Holdings, Inc.
Washington Gas Light Company
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
Date: January 23, 2004 | WGL HOLDINGS, INC. and WASHINGTON GAS LIGHT COMPANY (Co-registrants) /s/ Mark P. O’Flynn Mark P. O’Flynn Controller (Principal Accounting Officer) |
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WGL Holdings, Inc.
Washington Gas Light Company
EXHIBIT INDEX
| Exhibit | Description | ||
| 31.1 | Certification of James H. DeGraffenreidt, Jr., the Chairman and Chief Executive Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
| 31.2 | Certification of Frederic M. Kline, Vice President and Chief Financial Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
| 31.3 | Certification of James H. DeGraffenreidt, Jr., the Chairman and Chief Executive Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
| 31.4 | Certification of Frederic M. Kline, Vice President and Chief Financial Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||