EX 99-1
Vectren Corporation
P.O. Box 209
Evansville, IN 47702-0209
FOR IMMEDIATE RELEASE
October 21, 2003
Vectren Corporation
Reports Third Quarter 2003 Results
Evansville, Indiana - Vectren Corporation (NYSE:VVC) today reported 2003 third
quarter earnings of $7.3 million, or $0.10 per share, compared to net income of
$13.5 million, or $0.20 per share, for the same period last year. For the nine
months ended September 30, 2003, reported earnings were $67.1 million, or $0.97
per share, compared to $71.6 million, or $1.06 per share, for the same period in
2002. Results for 2003 include the impact on earnings per average share related
to the August equity offering of approximately 7.5 million shares.
The 2003 third quarter results declined $0.10 per share as compared to last year
due primarily to lower electric margin of $7.4 million, or $.06 per share. This
was attributable to milder cooling weather which was $3.6 million, or $0.03 per
share and the effects of the economy and slightly lower wholesale power margins.
The remaining decrease for the quarter was due to higher depreciation and
increased operating expenses primarily due to timing.
Said Niel C. Ellerbrook, Chairman, President and CEO, "Results from our utility
group were impacted by mild weather and an economy which has not measurably
improved during the third quarter. Performance of our nonregulated business
group continues to meet expectations and is on track to increase its earnings
contribution again this year."
2003 Earnings Guidance
The impacts of high gas costs and slow economic recovery, coupled with lower
third quarter results, has caused the Company to lower 2003 guidance by $0.10
per share. Vectren's current expectation is now in the range of $1.55 to $1.65
per share.
Utility Group
Utility group earnings for the third quarter 2003 were $2.4 million as compared
to $9.0 million for the same quarter last year. Year-to-date earnings were $51.1
million as compared to $59.7 million for the same period last year.
Electric utility margin was $66.4 million, a decrease of $7.4 million compared
to the third quarter of 2002. Accounting for approximately half of the decline,
mild cooling weather compared to last year resulted in decreased volumes sold to
retail and firm wholesale customers of 8% in 2003. In addition, impacts of the
slow economy and slightly lower non-firm wholesale power margins also decreased
non-weather related electric margin. Electric margin for the nine months was
comparable to the prior year as the declines due to mild weather of $6.5 million
and economic impacts were offset by increased non-firm wholesale power margins.
Gas utility margin for the third quarter, a non-heating, base load usage
quarter, was generally flat compared to the prior year period. While margin was
flat, residential and commercial usage increased slightly, offset by declining
industrial usage due to the slow economic conditions. Year-to-date gas utility
margin was $248.9 million, an increase of $19.9 million over 2002. Weather for
the nine month period was 19% colder than 2002 and 8% colder than normal,
impacting margin by approximately $12.6 million. The remaining increase in
margin is attributable primarily to the recovery of higher gross receipts and
excise taxes on higher gas costs and the recovery of Ohio customer choice
implementation costs, partially offset by the negative effect of high gas prices
on customer usage.
Increased other operating costs of $2.4 million during the quarter results
primarily from the timing of routine expenditures between the two periods. For
the nine month period, other operating costs increased $12.8 million due to
timing of routine expenditures and maintenance projects, expensing of Ohio
Choice implementation costs recovered through rates, increased uncollectible
accounts expense due to higher gas costs, and increased employee benefit costs.
Increased depreciation and amortization expenses for the three and nine month
periods reflect the addition of nearly $100 million of utility plant placed in
service.
Interest costs for the comparable periods reflect the impact of the permanent
financing completed in the third quarter of 2003 and lower short term interest
rates.
Nonregulated Group (all amounts following in this section are after tax)
Nonregulated earnings for the third quarter 2003 were $5.7 million as compared
to $5.8 million for the same quarter last year. Year-to-date earnings were $17.6
million as compared to $14.6 million for the same period last year.
The Energy Marketing and Services group reported third quarter and year to date
results of $4.0 million and $ 14.5 million that exceeded the prior year periods
by $1.1 million and $3.4 million, respectively. During the quarter, a $2.6
million gain was recorded from the sale of an investment in a company that
provides real-time power plant and transmission line status information using
wireless technology. This was offset by decreased earnings from gas marketing
primarily from the timing of receipt of pipeline discounts, lower gas peaker
sales and a non-recurring charge in 2003.
The Coal Mining group reported results for the quarter of $3.0 million, a
decrease of $1.0 million, and year to date results of $10.2 million, an increase
of $1.3 million. Results reflect Synfuel related fees and credits which
increased $1.6 million to $3.6 million for the quarter and increased $5.2
million to $10.2 million for the nine-month period. Mining operations were down,
principally attributable to lower mine yields.
Corporate
In July, the Company completed the sale of $100 million of 10-year unsecured
notes with a 5.25% coupon and $100 million of 15-year notes with a coupon of
5.75%. In addition to issuing debt at attractive long-term rates, the Company
also refunded $80 million of higher coupon debt. The debt was issued by Vectren
Utility Holdings to fund the utilities capital program.
In August, the Company completed a public offering of 7,441,400 million shares
of common stock, including the overallotment option. The Company realized net
proceeds of approximately $163 million. The combination of both the debt and
equity offerings allowed the Company to reduce its short-term debt balances,
enhancing both liquidity and improving the Company's strong credit profile.
Please SEE ATTACHED unaudited schedules for additional financial information
Live Webcast on October 22
Vectren Corporation officers will discuss third quarter results and provide an
outlook for 2003 during a conference call for analysts scheduled at 2:30 p.m.
EDT (1:30 CDT), Wednesday October 22, 2003. You are invited to listen to the
live Webcast and view the supporting slides by accessing the Investor Relations
link on Vectren's Web site at www.Vectren.com. Interested parties may also view
the slide presentation and listen to the Webcast replay via Vectren's Web site
beginning two hours after the completion of the Webcast.
About Vectren
Vectren Corporation is an energy and applied technology holding company
headquartered in Evansville, Indiana. Vectren's energy delivery subsidiaries
provide gas and/or electricity to over one million customers in adjoining
service territories that cover nearly two-thirds of Indiana and west central
Ohio. Vectren's non-regulated subsidiaries and affiliates currently offer
energy-related products and services to customers throughout the surrounding
region. These services include energy marketing; coal mining; utility
infrastructure services; and broadband communication services. To learn more
about Vectren, visit www.vectren.com.
Safe Harbor for Forward Looking Statements
This document contains forward-looking statements, which are based on
management's beliefs and assumptions that derive from information currently
known by management. Vectren wishes to caution readers that actual results could
differ materially from those contained in this document. Additional detailed
information concerning a number of factors that could cause actual results to
differ materially from the information that is provided to you is readily
available in our report Form 10-K as amended on Form 10-K/A filed with the
Securities and Exchange Commission on June 18, 2003.
Investor Contact Steven M. Schein, (812) 491-4209, sschein@vectren.com
-------------------
Media Contact Jeffrey W. Whiteside, (812) 491-4205, jwhiteside@vectren.com
----------------------
###
VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except for share amounts)
(Unaudited)
Three Months Nine Months
Ended September 30 Ended September 30
--------------------- -----------------------
2003 2002 2003 2002
--------------------- -----------------------
As Restated As Restated
----------- -----------
OPERATING REVENUE:
Gas utility $ 115,735 $ 88,497 $ 790,289 $ 586,689
Electric utility 133,987 189,550 343,606 475,274
Energy services and other 29,118 26,345 90,829 253,005
--------- -------- ---------- ----------
Total operating revenues 278,840 304,392 1,224,724 1,314,968
--------- -------- ---------- ----------
OPERATING EXPENSES:
Cost of gas sold 72,044 45,720 541,429 357,697
Fuel for electric generation 24,954 22,872 66,320 59,731
Purchased electric energy 42,644 92,905 101,830 239,450
Cost of energy services and other 21,966 16,306 66,561 223,147
Other operating 57,193 54,767 179,395 168,323
Merger and integration costs - - - -
Restructuring costs - - - -
Depreciation and amortization 32,930 30,419 96,742 88,173
Taxes other than income taxes 8,937 9,794 42,055 38,367
--------- -------- ---------- ----------
Total operating expenses 260,668 272,783 1,094,332 1,174,888
--------- -------- ---------- ----------
OPERATING INCOME 18,172 31,609 130,392 140,080
OTHER INCOME (EXPENSE):
Equity in earnings (losses) of
unconsolidated investments (2,227) 1,707 6,450 8,500
Other - net 8,329 3,770 6,174 9,017
--------- -------- ---------- ----------
Total other income (expense) 6,102 5,477 12,624 17,517
--------- -------- ---------- ----------
INTEREST EXPENSE 19,557 19,443 56,694 58,788
--------- -------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 4,717 17,643 86,322 98,809
INCOME TAXES (2,630) 3,663 19,158 27,022
MINORITY INTEREST IN SUBSIDIARY 21 375 54 128
PREFERRED DIVIDEND REQUIREMENT
OF SUBSIDIARY 4 15 18 25
--------- -------- ---------- ----------
NET INCOME $ 7,322 $ 13,590 $ 67,092 $ 71,634
========= ======== ========== ==========
AVERAGE COMMON SHARES OUTSTANDING 71,593 67,601 69,033 67,573
DILUTED COMMON SHARES OUTSTANDING 71,856 67,807 69,298 67,842
EARNINGS PER SHARE OF COMMON STOCK
BASIC:
EARNINGS PER SHARE OF COMMON STOCK $ 0.10 $ 0.20 $ 0.97 $ 1.06
========= ======== ========== ==========
DILUTED:
EARNINGS PER SHARE OF COMMON STOCK $ 0.10 $ 0.20 $ 0.97 $ 1.06
========= ======== ========== ==========
VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except for share amounts)
(Unaudited)
Twelve Months
Ended September 30
---------------------------
2003 2002
---------------------------
As Restated
-----------
OPERATING REVENUE:
Gas utility $ 1,112,627 $ 835,863
Electric utility 476,448 567,071
Energy services and other 125,015 362,848
----------- ----------
Total operating revenues 1,714,090 1,765,782
----------- ----------
OPERATING EXPENSES:
Cost of gas sold 754,948 516,585
Fuel for electric generation 88,208 77,280
Purchased electric energy 158,647 263,475
Cost of energy services and other 92,831 321,890
Other operating 234,020 235,202
Merger and integration costs - 720
Restructuring costs - 4,666
Depreciation and amortization 128,200 116,411
Taxes other than income taxes 55,590 52,177
----------- ----------
Total operating expenses 1,512,444 1,588,406
----------- ----------
OPERATING INCOME 201,646 177,376
OTHER INCOME (EXPENSE):
Equity in earnings (losses) of
unconsolidated investments 7,032 6,938
Other - net 8,679 14,337
----------- ----------
Total other income (expense) 15,711 21,275
----------- ----------
INTEREST EXPENSE 76,387 79,340
----------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 140,970 119,311
INCOME TAXES 31,019 25,402
MINORITY INTEREST IN SUBSIDIARY 440 (61)
PREFERRED DIVIDEND REQUIREMENT OF SUBSIDIARY 25 35
----------- ----------
NET INCOME $ 109,486 $ 93,935
=========== ==========
AVERAGE COMMON SHARES OUTSTANDING 68,674 67,560
DILUTED COMMON SHARES OUTSTANDING 68,959 67,805
EARNINGS PER SHARE OF COMMON STOCK
BASIC:
EARNINGS PER SHARE OF COMMON STOCK $ 1.59 $ 1.39
=========== ==========
DILUTED:
EARNINGS PER SHARE OF COMMON STOCK $ 1.59 $ 1.39
=========== ==========
VECTREN UTILITY HOLDINGS
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except for share amounts)
(Unaudited)
Three Months Nine Months
Ended September 30 Ended September 30
----------------------- ------------------------
2003 2002 2003 2002
----------------------- ------------------------
As Restated As Restated
----------- -----------
OPERATING REVENUE:
Gas utility $ 115,735 $ 88,497 $ 790,289 $ 586,689
Electric utility 133,987 189,550 343,606 475,274
Other 197 108 594 209
--------- --------- ---------- ----------
Total operating revenues 249,919 278,155 1,134,489 1,062,172
--------- --------- ---------- ----------
OPERATING EXPENSES:
Cost of gas sold 72,044 45,720 541,429 358,315
Fuel for electric generation 24,954 22,872 66,320 59,731
Purchased electric energy 42,644 92,905 101,830 239,450
Other operating 51,365 49,035 161,863 149,090
Merger and integration costs - - - -
Restructuring costs - - - -
Depreciation and amortization 30,356 27,806 88,799 80,926
Taxes other than income taxes 9,200 9,498 41,782 37,574
--------- --------- ---------- ----------
Total operating expenses 230,563 247,836 1,002,023 925,086
--------- --------- ---------- ----------
OPERATING INCOME 19,356 30,319 132,466 137,086
OTHER INCOME (EXPENSE):
Equity in earnings (losses) of
unconsolidated affiliates (35) (415) (453) (931)
Other - net 2,238 701 956 6,539
--------- --------- ---------- ----------
Total other income (expense) 2,203 286 503 5,608
--------- --------- ---------- ----------
INTEREST EXPENSE 17,079 16,883 49,459 51,723
--------- --------- ---------- ----------
INCOME BEFORE INCOME TAXES 4,480 13,722 83,510 90,971
INCOME TAXES 2,155 4,716 32,428 31,242
PREFERRED DIVIDEND REQUIREMENT
OF SUBSIDIARY 4 15 18 25
--------- --------- ---------- ----------
NET INCOME $ 2,321 $ 8,991 $ 51,064 $ 59,704
========= ========= ========== ==========
VECTREN UTILITY HOLDINGS
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except for share amounts)
(Unaudited)
Twelve Months
Ended September 30
-----------------------------
2003 2002
-----------------------------
As Restated
-----------
OPERATING REVENUE:
Gas utility $ 1,112,627 $ 835,863
Electric utility 476,448 567,071
Other 673 253
------------ -----------
Total operating revenues 1,589,748 1,403,187
----------- -----------
OPERATING EXPENSES:
Cost of gas sold 754,948 517,203
Fuel for electric generation 88,208 77,280
Purchased electric energy 158,647 263,475
Other operating 211,317 207,126
Merger and integration costs - 720
Restructuring costs - 2,972
Depreciation and amortization 118,559 106,642
Taxes other than income taxes 54,945 50,594
----------- -----------
Total operating expenses 1,386,624 1,226,012
----------- -----------
OPERATING INCOME 203,124 177,175
OTHER INCOME (EXPENSE):
Equity in earnings (losses) of
unconsolidated affiliates (1,380) (1,379)
Other - net 1,558 10,781
------------ -----------
Total other income (expense) 178 9,402
----------- -----------
INTEREST EXPENSE 66,855 69,949
----------- -----------
INCOME BEFORE INCOME TAXES 136,447 116,628
INCOME TAXES 47,958 39,331
PREFERRED DIVIDEND REQUIREMENT OF SUBSIDIARY 25 35
----------- -----------
NET INCOME $ 88,464 $ 77,262
=========== ===========
VECTREN CORPORATION 3 Months 9 Months
SEGMENT HIGHLIGHTS Ended September 30 Ended September 30
------------------------------------------
(millions, except per share amounts) ------------------------------------------
(Unaudited) 2003 2002 2003 2002
- ----------------------------------------------------------------------------------
As Restated As Restated
----------- -----------
Reported Earnings:
Utility Group $ 2.4 $ 9.0 $ 51.1 $ 59.7
Non-regulated Group
Energy Marketing and Services 4.0 2.9 14.5 11.1
Mining (0.6) 2.0 - 3.9
Synfuels related 3.6 2.0 10.2 5.0
----- ------ ----------- ------
Total Coal Mining 3.0 4.0 10.2 8.9
Utility Infrastructure Services 0.2 0.1 (1.0) (0.4)
Broadband - 0.1 (1.1) 0.3
Other Businesses (1.5) (1.3) (5.0) (5.3)
----- ------ ----------- ------
Total Non-regulated Group 5.7 5.8 17.6 14.6
Corporate and Other (0.8) (1.3) (1.6) (2.7)
----- ------ ----------- ------
Vectren Consolidated $ 7.3 $ 13.5 $ 67.1 $ 71.6
===== ====== =========== ======
VECTREN CORPORATION 12 Months
SEGMENT HIGHLIGHTS Ended September 30
--------------------------
(millions, except per share amounts) --------------------------
(Unaudited) 2003 2002 *
- -------------------------------------------------------------------------------
As Restated
-----------
Reported Earnings:
Utility Group $ 88.5 $ 77.3
Non-regulated Group
Energy Marketing and Services 18.4 12.8
Mining (0.7) 7.4
Synfuels related 14.2 6.8
-------- -------
Total Coal Mining 13.5 14.2
Utility Infrastructure Services (1.8) -
Broadband (1.0) 0.1
Other Businesses (7.1) (10.5)
-------- -------
Total Non-regulated Group 22.0 16.6
Corporate and Other (1.0) -
-------- -------
Vectren Consolidated $ 109.5 $ 93.9
======== =======
* Reported earnings for the twelve months ended September 30, 2002 includes
$4.4 million after tax of merger, integration and restructuring costs as
follows: Utility group $3.1 million after tax; Non-regulated group $0.9
million after tax; and Corporate and Other $0.4 million after tax.
VECTREN CORPORATION 12 Months
FINANCIAL HIGHLIGHTS Ended September 30
-------------------------
2003 2002
-------------------------
Dividends Paid (per common share, 12 months) $ 1.10 $ 1.06
Annualized Dividend $ 1.10 $ 1.06
Dividend Yield (at close) 4.7% 4.8%
Dividend Payout Ratio 69.2% 76.3%
Dividend to Book Value 7.9% 8.4%
Return on Average Shareholders' Equity 11.5% 11.2%
Book Value Per Share $ 13.94 $ 12.59
Market to Book Value (at close) 169% 175%
Common Stock Prices (VVC - NYSE)
High $ 26.13 $ 26.10
Low $ 19.70 $ 17.95
Close $ 23.62 $ 22.00
Price/Earnings Ratio (trailing) 14.8 15.8
Ratio of Total Debt to Total Capitalization 55% 61%
Percent Internally Generated Funds - Utility Group 67% 73%
Ratio of Earnings to Fixed Charges - SEC Method
Consolidated 2.7 2.3
Utility Group 3.0 2.6
VECTREN CORPORATION
SELECTED GAS DISTRIBUTION 3 Months 9 Months
OPERATING STATISTICS Ended September 30 Ended September 30
---------------------- ---------------------
2003 2002 2003 2002
---------- ---------- --------- ----------
(Unaudited) As Restated As Restated
- ---------------------------------- ----------- -----------
GAS OPERATING REVENUES (Thousands):
Residential $ 67,722 $ 54,025 $ 521,481 $ 390,767
Commercial 31,504 21,524 197,078 136,003
Contract 15,228 12,329 65,834 57,071
Miscellaneous Revenue 1,281 619 5,896 2,848
---------- ---------- --------- ----------
$ 115,735 $ 88,497 $ 790,289 $ 586,689
========== ========== ========= ==========
GAS MARGIN (Thousands):
Operating Revenues $ 115,735 $ 88,497 $ 790,289 $ 586,689
Cost of Gas 72,044 45,720 541,429 357,697
---------- ---------- --------- ----------
Margin $ 43,691 $ 42,777 $ 248,860 $ 228,992
========== ========== ========= ==========
GAS SOLD & TRANSPORTED (MDth):
Residential 4,214 4,248 58,651 51,552
Commercial 2,590 2,402 23,793 19,993
Contract 18,260 19,827 66,944 68,761
---------- ---------- --------- ----------
25,064 26,477 149,388 140,306
========== ========== ========= ==========
AVERAGE GAS CUSTOMERS:
Residential 832,945 860,440 859,466 868,235
Commercial 76,376 78,512 78,172 79,527
Contract 33,585 4,136 17,368 4,195
---------- ---------- --------- ----------
942,906 943,088 955,006 951,957
========== ========== ========= ==========
WEATHER AS A PERCENT OF NORMAL:
Heating Degree Days 203% 56% 108% 91%
VECTREN CORPORATION
SELECTED GAS DISTRIBUTION 12 Months
OPERATING STATISTICS Ended September 30
------------------------------
2003 2002
------------ ------------
(Unaudited) As Restated
- ------------------------------------- ------------
GAS OPERATING REVENUES (Thousands):
Residential $ 588,890 $ 558,870
Commercial 222,195 190,987
Contract 292,677 84,410
Miscellaneous Revenue 8,865 1,596
----------- ---------
$ 1,112,627 $ 835,863
=========== =========
GAS MARGIN (Thousands):
Operating Revenues $ 1,112,627 $ 835,863
Cost of Gas 754,948 516,585
----------- ---------
Margin $ 357,679 $ 319,278
=========== =========
GAS SOLD & TRANSPORTED (MDth):
Residential 87,988 74,445
Commercial 34,811 28,167
Contract 93,977 95,082
----------- ---------
216,776 197,694
=========== =========
AVERAGE GAS CUSTOMERS:
Residential 863,957 866,647
Commercial 78,639 79,593
Contract 14,057 4,659
----------- ---------
956,652 950,899
=========== =========
WEATHER AS A PERCENT OF NORMAL:
Heating Degree Days 107% 87%
VECTREN CORPORATION
SELECTED ELECTRIC 3 Months 9 Months
OPERATING STATISTICS Ended September 30 Ended September 30
------------------------ -----------------------
2003 2002 2003 2002
---------- ----------- --------- -----------
(Unaudited) As Restated As Restated
- ---------------------------------- ----------- ----------- --------- -----------
ELECTRIC OPERATING REVENUES (Thousands):
Residential $ 36,100 $ 40,127 $ 82,497 $ 86,630
Commercial 23,528 23,600 61,009 61,291
Industrial 23,829 23,684 68,329 66,731
Miscellaneous Revenue 1,798 1,681 4,788 4,172
---------- --------- --------- ----------
Total Retail 85,255 89,092 216,623 218,824
Wholesale 48,732 100,458 126,983 256,450
---------- --------- --------- ----------
$ 133,987 $ 189,550 $ 343,606 $ 475,274
========== ========= ========= ==========
ELECTRIC MARGIN (Thousands):
Operating Revenues $ 133,987 $ 189,550 $ 343,606 $ 475,274
Cost of Fuel & Purchased Power 67,598 115,777 168,150 299,181
---------- --------- --------- ----------
Margin $ 66,389 $ 73,773 $ 175,456 $ 176,093
========== ========= ========= ==========
ELECTRICITY SOLD (MWh):
Residential 487,890 584,313 1,144,209 1,264,594
Commercial 413,247 452,931 1,076,091 1,135,077
Industrial 646,225 643,567 1,851,906 1,872,241
Miscellaneous Sales 3,542 4,266 12,891 12,734
---------- --------- --------- ---------
Total Retail 1,550,904 1,685,077 4,085,097 4,284,646
Firm Wholesale 169,814 185,636 449,562 476,233
Non-Firm Wholesale 1,014,188 2,661,520 3,039,238 8,297,421
---------- --------- --------- ----------
2,734,906 4,532,233 7,573,897 13,058,300
========== ========= ========= ==========
AVERAGE ELECTRIC CUSTOMERS:
Residential 117,010 116,104 116,929 115,970
Commercial 16,993 17,001 16,967 17,217
Industrial 162 175 172 175
All Others 21 23 21 23
---------- --------- --------- ----------
134,186 133,303 134,089 133,385
========== ========= ========= ==========
WEATHER AS A PERCENT OF NORMAL:
Heating Degree Days 203% 56% 108% 91%
Cooling Degree Days 93% 126% 82% 122%
VECTREN CORPORATION
SELECTED ELECTRIC 12 Months
OPERATING STATISTICS Ended September 30
------------------------------
2003 2002
---------- -----------
(Unaudited) As Restated
- ----------------------------------------- ---------- -----------
ELECTRIC OPERATING REVENUES (Thousands):
Residential $ 103,990 $ 107,501
Commercial 80,338 79,839
Industrial 91,968 86,767
Miscellaneous Revenue 5,656 6,000
---------- ----------
Total Retail 281,952 280,107
Wholesale 194,496 286,964
---------- ----------
$ 476,448 $ 567,071
========== ==========
ELECTRIC MARGIN (Thousands):
Operating Revenues $ 476,448 $ 567,071
Cost of Fuel & Purchased Power 246,855 340,755
---------- ----------
Margin $ 229,593 $ 226,316
========== ==========
ELECTRICITY SOLD (MWh):
Residential 1,446,830 1,553,735
Commercial 1,408,794 1,462,490
Industrial 2,496,000 2,433,614
Miscellaneous Sales 18,274 18,197
---------- ----------
Total Retail 5,369,898 5,468,036
Firm Wholesale 591,014 615,026
Non-Firm Wholesale 5,453,431 9,287,680
---------- ----------
11,414,343 15,370,742
========== ==========
AVERAGE ELECTRIC CUSTOMERS:
Residential 116,718 115,851
Commercial 17,015 17,245
Industrial 173 175
All Others 22 23
---------- ----------
133,928 133,294
========== ==========
WEATHER AS A PERCENT OF NORMAL:
Heating Degree Days 107% 87%
Cooling Degree Days 83% 121%