Exhibit 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Millions, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months | ||||||||
Ended March 31 | ||||||||
2009 | 2008 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 527.4 | $ | 633.6 | ||||
Electric utility | 125.0 | 127.2 | ||||||
Nonutility revenues | 142.8 | 141.3 | ||||||
Total operating revenues | 795.2 | 902.1 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 354.6 | 462.0 | ||||||
Cost of fuel and purchased power | 47.0 | 46.0 | ||||||
Cost of nonutility revenues | 74.2 | 95.3 | ||||||
Other operating | 122.7 | 115.8 | ||||||
Depreciation and amortization | 51.4 | 47.4 | ||||||
Taxes other than income taxes | 23.5 | 26.8 | ||||||
Total operating expenses | 673.4 | 793.3 | ||||||
OPERATING INCOME | 121.8 | 108.8 | ||||||
OTHER INCOME: | ||||||||
Equity in earnings of unconsolidated affiliates | 12.6 | 14.0 | ||||||
Other income- net | 2.4 | 3.0 | ||||||
Total other income | 15.0 | 17.0 | ||||||
INTEREST EXPENSE | 22.7 | 25.3 | ||||||
INCOME BEFORE INCOME TAXES | 114.1 | 100.5 | ||||||
INCOME TAXES | 41.3 | 36.5 | ||||||
NET INCOME | $ | 72.8 | $ | 64.0 | ||||
AVERAGE COMMON SHARES OUTSTANDING | 80.6 | 76.0 | ||||||
DILUTED COMMON SHARES OUTSTANDING | 80.7 | 76.1 | ||||||
EARNINGS PER SHARE OF COMMON STOCK | ||||||||
BASIC | $ | 0.90 | $ | 0.84 | ||||
DILUTED | $ | 0.90 | $ | 0.84 |
VECTREN UTILITY HOLDINGS | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Millions) | ||||||||
(Unaudited) | ||||||||
Three Months | ||||||||
Ended March 31 | ||||||||
2009 | 2008 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 527.4 | $ | 633.6 | ||||
Electric utility | 125.0 | 127.2 | ||||||
Other | 0.4 | 0.6 | ||||||
Total operating revenues | 652.8 | 761.4 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 354.6 | 462.0 | ||||||
Cost of fuel and purchased power | 47.0 | 46.0 | ||||||
Other operating | 79.3 | 74.0 | ||||||
Depreciation and amortization | 43.9 | 40.7 | ||||||
Taxes other than income taxes | 22.8 | 26.2 | ||||||
Total operating expenses | 547.6 | 648.9 | ||||||
OPERATING INCOME | 105.2 | 112.5 | ||||||
OTHER INCOME - NET | 1.5 | 2.0 | ||||||
INTEREST EXPENSE | 18.7 | 20.8 | ||||||
INCOME BEFORE INCOME TAXES | 88.0 | 93.7 | ||||||
INCOME TAXES | 31.8 | 35.7 | ||||||
NET INCOME | $ | 56.2 | $ | 58.0 |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
HIGHLIGHTS | ||||||||
(millions, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months | ||||||||
Ended March 31 | ||||||||
2009 | 2008 | |||||||
REPORTED EARNINGS: | ||||||||
Utility Group | $ | 56.2 | $ | 58.0 | ||||
Non-utility Group | ||||||||
Energy Marketing and Services | 15.4 | 9.0 | ||||||
Coal Mining | 2.8 | (0.9 | ) | |||||
Energy Infrastructure Services | (0.5 | ) | (3.2 | ) | ||||
Other Businesses | (1.2 | ) | 1.4 | |||||
Total Non-utility Operations | 16.5 | 6.3 | ||||||
Corporate and Other | 0.1 | (0.3 | ) | |||||
Vectren Consolidated | $ | 72.8 | $ | 64.0 |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED GAS DISTRIBUTION | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months | ||||||||
Ended March 31 | ||||||||
2009 | 2008 | |||||||
GAS OPERATING REVENUES (Millions): | ||||||||
Residential | $ | 363.1 | $ | 431.8 | ||||
Commercial | 140.7 | 175.2 | ||||||
Industrial | 18.5 | 22.6 | ||||||
Other Revenue | 5.1 | 4.0 | ||||||
$ | 527.4 | $ | 633.6 | |||||
GAS MARGIN (Millions): | ||||||||
Residential | $ | 115.1 | $ | 113.2 | ||||
Commercial | 37.5 | 37.7 | ||||||
Industrial | 15.1 | 16.5 | ||||||
Other | 5.1 | 4.2 | ||||||
$ | 172.8 | $ | 171.6 | |||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||
Residential | 36.8 | 40.2 | ||||||
Commercial | 15.8 | 17.6 | ||||||
Industrial | 24.1 | 28.7 | ||||||
76.7 | 86.5 | |||||||
AVERAGE GAS CUSTOMERS | ||||||||
Residential | 909,616 | 913,672 | ||||||
Commercial | 84,515 | 85,119 | ||||||
Industrial | 1,610 | 1,609 | ||||||
995,741 | 1,000,400 | |||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||
Heating Degree Days (Ohio) | 105 | % | 104 | % |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED ELECTRIC | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months | ||||||||
Ended March 31 | ||||||||
2009 | 2008 | |||||||
ELECTRIC OPERATING REVENUES (Millions): | ||||||||
Residential | $ | 43.8 | $ | 41.6 | ||||
Commercial | 31.2 | 28.8 | ||||||
Industrial | 36.2 | 36.4 | ||||||
Municipals | - | 0.7 | ||||||
Other Revenue | 0.6 | 1.6 | ||||||
Total Retail | 111.8 | 109.1 | ||||||
Net Wholesale Revenues | 13.2 | 18.1 | ||||||
$ | 125.0 | $ | 127.2 | |||||
ELECTRIC MARGIN (Millions): | ||||||||
Residential | $ | 31.2 | $ | 30.8 | ||||
Commercial | 21.3 | 20.5 | ||||||
Industrial | 19.1 | 20.2 | ||||||
Municipals | - | - | ||||||
Other | 0.7 | 1.6 | ||||||
Total Retail | 72.3 | 73.1 | ||||||
Net Wholesale Margin | 5.7 | 8.1 | ||||||
$ | 78.0 | $ | 81.2 | |||||
ELECTRICITY SOLD (GWh): | ||||||||
Residential | 377.8 | 405.4 | ||||||
Commercial | 293.8 | 309.8 | ||||||
Industrial | 509.0 | 600.7 | ||||||
Municipals | - | 31.3 | ||||||
Other Sales - Street Lighting | 5.1 | 5.3 | ||||||
Total Retail | 1,185.7 | 1,352.5 | ||||||
Wholesale | 341.6 | 463.4 | ||||||
1,527.3 | 1,815.9 | |||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||
Residential | 122,590 | 122,755 | ||||||
Commercial | 18,344 | 18,467 | ||||||
Industrial | 104 | 103 | ||||||
Other | 33 | 35 | ||||||
141,071 | 141,360 | |||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||
Cooling Degree Days (Indiana) | N/A | N/A | ||||||
Heating Degree Days (Indiana) | 94 | % | 101 | % |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Millions - Unaudited) | ||||||||
March 31, | December 31, | |||||||
2009 | 2008 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 19.4 | $ | 93.2 | ||||
Accounts receivable - less reserves of $6.1 & | ||||||||
$5.6, respectively | 214.9 | 226.7 | ||||||
Accrued unbilled revenues | 83.0 | 197.0 | ||||||
Inventories | 92.7 | 131.0 | ||||||
Recoverable fuel & natural gas costs | - | 3.1 | ||||||
Prepayments & other current assets | 40.8 | 124.6 | ||||||
Total current assets | 450.8 | 775.6 | ||||||
Utility Plant | ||||||||
Original cost | 4,411.2 | 4,335.3 | ||||||
Less: accumulated depreciation & amortization | 1,642.7 | 1,615.0 | ||||||
Net utility plant | 2,768.5 | 2,720.3 | ||||||
Investments in unconsolidated affiliates | 164.9 | 179.1 | ||||||
Other utility and corporate investments | 26.6 | 25.7 | ||||||
Other nonutility investments | 46.0 | 45.9 | ||||||
Nonutility property - net | 410.3 | 390.2 | ||||||
Goodwill - net | 240.3 | 240.2 | ||||||
Regulatory assets | 203.1 | 216.7 | ||||||
Other assets | 35.1 | 39.2 | ||||||
TOTAL ASSETS | $ | 4,345.6 | $ | 4,632.9 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 131.3 | $ | 266.1 | ||||
Accounts payable to affiliated companies | 38.0 | 75.2 | ||||||
Refundable fuel & natural gas costs | 25.6 | 4.1 | ||||||
Accrued liabilities | 217.8 | 175.0 | ||||||
Short-term borrowings | 113.6 | 519.5 | ||||||
Current maturities of long-term debt | 0.4 | 0.4 | ||||||
Long-term debt subject to tender | 80.0 | 80.0 | ||||||
Total current liabilities | 606.7 | 1,120.3 | ||||||
Long-term Debt - Net of Current Maturities & | ||||||||
Debt Subject to Tender | 1,438.6 | 1,247.9 | ||||||
Deferred Income Taxes & Other Liabilities | ||||||||
Deferred income taxes | 357.0 | 353.4 | ||||||
Regulatory liabilities | 318.2 | 315.1 | ||||||
Deferred credits & other liabilities | 239.2 | 244.6 | ||||||
Total deferred credits & other liabilities | 914.4 | 913.1 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
81.0 and 81.0 shares, respectively | 660.8 | 659.1 | ||||||
Retained earnings | 758.5 | 712.8 | ||||||
Accumulated other comprehensive income/(loss) | (33.4 | ) | (20.3 | ) | ||||
Total common shareholders' equity | 1,385.9 | 1,351.6 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 4,345.6 | $ | 4,632.9 |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
For the three months ended | ||||||||
March 31, | ||||||||
2009 | 2008 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 72.8 | $ | 64.0 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 51.4 | 47.4 | ||||||
Deferred income taxes & investment tax credits | 11.3 | 12.7 | ||||||
Equity in earnings of unconsolidated affiliates | (12.6 | ) | (14.0 | ) | ||||
Provision for uncollectible accounts | 4.3 | 5.3 | ||||||
Expense portion of pension & postretirement periodic benefit cost | 2.6 | 1.9 | ||||||
Other non-cash charges - net | 1.0 | 2.0 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenue | 120.7 | (26.8 | ) | |||||
Inventories | 38.8 | 96.8 | ||||||
Recoverable/refundable fuel & natural gas costs | 24.7 | (3.4 | ) | |||||
Prepayments & other current assets | 83.2 | 91.7 | ||||||
Accounts payable, including to affiliated companies | (167.0 | ) | (74.4 | ) | ||||
Accrued liabilities | 43.4 | 84.3 | ||||||
Unconsolidated affiliate dividends | 4.3 | 2.9 | ||||||
Changes in noncurrent assets | 14.8 | 5.9 | ||||||
Changes in noncurrent liabilities | (9.2 | ) | (7.9 | ) | ||||
Net cash flows from operating activities | 284.5 | 288.4 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Long-term debt | 191.2 | 171.5 | ||||||
Stock option exercises & other | 1.5 | - | ||||||
Requirements for: | ||||||||
Dividends on common stock | (27.1 | ) | (24.7 | ) | ||||
Retirement of long-term debt | (0.6 | ) | (103.2 | ) | ||||
Net change in short-term borrowings | (405.9 | ) | (251.9 | ) | ||||
Net cash flows from financing activities | (240.9 | ) | (208.3 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Other collections | 0.9 | 1.9 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (117.4 | ) | (69.6 | ) | ||||
Unconsolidated affiliate investments | (0.1 | ) | (0.1 | ) | ||||
Other investments | (0.8 | ) | (7.7 | ) | ||||
Net cash flows from investing activities | (117.4 | ) | (75.5 | ) | ||||
Net change in cash & cash equivalents | (73.8 | ) | 4.6 | |||||
Cash & cash equivalents at beginning of period | 93.2 | 20.6 | ||||||
Cash & cash equivalents at end of period | $ | 19.4 | $ | 25.2 |