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Form 8-K WISCONSIN ENERGY CORP For: May 05

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May 5, 2015 7:32 AM EDT






UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

May 5, 2015
 


Commission
Registrant; State of Incorporation
IRS Employer
File Number
Address; and Telephone Number
Identification No.
 
 
 
 
 
 
001-09057
       WISCONSIN ENERGY CORPORATION
39-1391525
 
                   (A Wisconsin Corporation)
 
 
                   231 West Michigan Street
 
 
                   P.O. Box 1331
 
 
                   Milwaukee, WI 53201
 
 
                   (414) 221-2345
 
 
 
 
 
The name and address of the registrant have not changed since the last report.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





WISCONSIN ENERGY CORPORATION
 


ITEM 2.02  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On Tuesday, May 5, 2015, Wisconsin Energy Corporation issued a press release announcing its financial results for the quarter ended March 31, 2015. A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99 attached hereto and incorporated herein by reference.



















SIGNATURES
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
WISCONSIN ENERGY CORPORATION
 
(Registrant)
 
 
 
/s/ STEPHEN P. DICKSON
Date: May 5, 2015
Stephen P. Dickson -- Vice President and Controller
 
 
 
 
 
 
 
 







Exhibit 99



From:    Brian Manthey (news media)
414-221-4444

Colleen F. Henderson, CFA (analysts)
414-221-2592

May 5, 2015                

Wisconsin Energy posts 2015 first quarter results
•
Adjusted first quarter earnings were 90 cents a share

MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported net income of $195.8 million or 86 cents a share for the first quarter of 2015. This compares to net income of $207.6 million or 91 cents a share for the first quarter of 2014.

Costs related to the acquisition of Integrys Energy reduced earnings by 4 cents a share in the most recent quarter. Excluding the effect of this item, adjusted earnings for the first quarter of 2015 were 90 cents a share.

First quarter 2015 revenues totaled $1.39 billion. Revenues were $1.70 billion in the first quarter of 2014 - driven by the polar vortex and higher spot market prices for natural gas.

“While this winter was colder than normal, we did not experience the extreme conditions that persisted throughout the winter months last year,” said Gale Klappa, chairman and chief executive officer. “However, the second month of this year was actually colder than February of 2014, and we delivered more natural gas to our retail customers this February than during any other February in history - exceeding the previous record by 5.5 percent.



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“Overall, the quarter was marked by high reliability and effective cost controls. In addition, we continued to see an uptick in customer growth, particularly in our natural gas distribution business,” Klappa said.

At the end of March 2015, the company was serving nearly 9,800 more natural gas customers and approximately 6,100 more electric customers than a year ago.

On a weather-normal basis for the latest quarter, electricity use by large commercial and industrial customers increased by 0.6 percent. Weather normal consumption of electricity by small commercial and industrial customers was flat, while residential electricity use declined by 3.1 percent.

Earnings per share listed in this news release are on a fully diluted basis.

Conference call
A conference call is scheduled for 1 p.m. Central time on May 5, 2015. The presentation will review 2015 first quarter earnings and will discuss the company's outlook for the future.

All interested parties, including stockholders, news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing
866-439-9410 up to 15 minutes before the call begins. International callers may dial
706-643-5658. The conference ID is 20191671. Access also may be gained through the company's website (wisconsinenergy.com). Select 'First Quarter Earnings Release and Conference Call' and then select 'Go to webcast.' In conjunction with this earnings announcement, Wisconsin Energy will post on its website a package of detailed financial information on its first quarter performance. The materials will be available at 6:30 a.m. Central time on May 5, 2015.

Replay
A replay will be available on the website and by phone after the presentation. Access to the webcast replay will be available on the website by 5 p.m. Central time on May 5, 2015. Access to a phone replay also will be available after the presentation and remain accessible through May 19, 2015. Domestic callers should dial 855-859-2056. International callers should dial 404-537-3406. The replay conference ID is 20191671.




2


Non-GAAP Earnings Measures
Adjusted earnings (non-GAAP earnings), which generally exclude nonoperational items that are not associated with the company’s ongoing operations, are provided as a complement to, and should not be considered as an alternative to, reported earnings presented in accordance with GAAP. The excluded items are not indicative of the company’s operating performance. Therefore, we believe that the presentation of adjusted earnings is relevant and useful to investors to understand Wisconsin Energy’s operating performance. Management uses such measures internally to evaluate the company’s performance and manage its operations.

Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and approximately 1.1 million natural gas customers in Wisconsin. The company's principal utility is We Energies. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.

Wisconsin Energy (wisconsinenergy.com), a component of the S&P 500, has more than $15 billion of assets, 4,300 employees and approximately 40,000 stockholders of record.

Tables follow


3



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
(Unaudited)
 
 
 
 
 
Three Months Ended March 31
 
2015
 
2014
 
(Millions of Dollars, Except Per Share Amounts)
 
 
 
 
Operating Revenues
$
1,387.9

 
$
1,695.0

 
 
 
 
Operating Expenses
 
 
 
Fuel and purchased power
297.7

 
318.6

Cost of gas sold
316.2

 
591.5

Other operation and maintenance
280.7

 
275.4

Depreciation and amortization
105.1

 
100.6

Property and revenue taxes
31.9

 
30.6

Total Operating Expenses
1,031.6

 
1,316.7

 
 
 
 
Treasury Grant
2.5

 
3.5

 
 
 
 
Operating Income
358.8

 
381.8

 
 
 
 
Equity in Earnings of Transmission Affiliate
16.1

 
17.3

Other Income, net
3.0

 
1.1

Interest Expense, net
59.7

 
62.3

 
 
 
 
Income Before Income Taxes
318.2

 
337.9

 
 
 
 
Income Tax Expense
122.4

 
130.3

 
 
 
 
Net Income
$
195.8

 
$
207.6

 
 
 
 
Earnings Per Share
 
 
 
Basic
$
0.87

 
$
0.92

Diluted
$
0.86

 
$
0.91

 
 
 
 
Weighted Average Common Shares Outstanding (Millions)
 
 
 
Basic
225.5

 
225.8

Diluted
227.3

 
227.7

 
 
 
 
Dividends Per Share of Common Stock
$
0.4225

 
$
0.39




4



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
 
 
 
March 31, 2015
 
December 31, 2014
 
(Millions of Dollars)
Assets
 
 
 
 
 
 
 
Property, Plant and Equipment, Net
$
11,316.0

 
$
11,257.7

 
 
 
 
Investments
 
 
 
Equity investment in transmission affiliate
431.1

 
424.1

Other
33.0

 
32.8

Total Investments
464.1

 
456.9

 
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
65.2

 
61.9

Accounts receivable, net
437.3

 
352.1

Accrued revenues
221.6

 
291.3

Materials, supplies and inventories
289.7

 
400.6

Current deferred tax asset, net
170.3

 
242.7

Prepayments and other
142.3

 
186.8

Total Current Assets
1,326.4

 
1,535.4

 
 
 
 
Deferred Charges and Other Assets
 
 
 
Regulatory assets
1,270.0

 
1,271.2

Goodwill
441.9

 
441.9

Other
317.2

 
200.3

Total Deferred Charges and Other Assets
2,029.1

 
1,913.4

Total Assets
$
15,135.6

 
$
15,163.4

 
 
 
 
Capitalization and Liabilities
 
 
 
 
 
 
 
Capitalization
 
 
 
Common equity
$
4,510.6

 
$
4,419.7

Preferred stock of subsidiary
30.4

 
30.4

Long-term debt
4,169.2

 
4,186.4

Total Capitalization
8,710.2

 
8,636.5

 
 
 
 
Current Liabilities
 
 
 
Long-term debt due currently
426.8

 
424.1

Short-term debt
563.0

 
617.6

Accounts payable
291.9

 
363.3

Accrued payroll and benefits
58.8

 
95.1

Other
219.8

 
168.6

Total Current Liabilities
1,560.3

 
1,668.7

 
 
 
 
Deferred Credits and Other Liabilities
 
 
 
Regulatory liabilities
820.3

 
830.6

Deferred income taxes - long-term
2,942.4

 
2,906.7

Deferred revenue, net
604.7

 
614.1

Pension and other benefit obligations
203.5

 
203.8

Other
294.2

 
303.0

Total Deferred Credits and Other Liabilities
4,865.1

 
4,858.2

Total Capitalization and Liabilities
$
15,135.6

 
$
15,163.4

 
 
 
 


5



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
 
 
 
Three Months Ended March 31
 
2015
 
2014
 
(Millions of Dollars)
Operating Activities
 
 
 
Net income
$
195.8

 
$
207.6

Reconciliation to cash
 
 
 
Depreciation and amortization
108.2

 
103.7

Contributions to qualified benefit plans
(100.0
)
 
—

Deferred income taxes and investment tax credits, net
106.6

 
111.6

Working capital and other
19.1

 
(37.8
)
Cash Provided by Operating Activities
329.7

 
385.1

 
 
 
 
Investing Activities
 
 
 
Capital expenditures
(149.5
)
 
(129.2
)
Investment in transmission affiliate
(1.3
)

(3.9
)
Other, net
(5.5
)

(6.0
)
Cash Used in Investing Activities
(156.3
)
 
(139.1
)
 
 
 
 
Financing Activities
 
 
 
Common stock repurchased under benefit plans, net
(15.0
)
 
(18.8
)
Common stock repurchased under repurchase plan
—

 
(18.6
)
Dividends paid on common stock
(95.3
)
 
(88.1
)
Change in debt, net
(63.9
)
 
(124.1
)
Other, net
4.1

 
5.2

Cash Used in Financing Activities
(170.1
)
 
(244.4
)
 
 
 
 
Change in Cash
3.3

 
1.6

 
 
 
 
Cash at Beginning of Period
61.9

 
26.0

 
 
 
 
Cash at End of Period
$
65.2

 
$
27.6

 
 
 
 



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