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Form 8-K WISCONSIN ENERGY CORP For: Oct 29

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October 29, 2014 7:30 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):

October 29, 2014
�


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 has 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 Wednesday, October 29, 2014, Wisconsin Energy Corporation issued a press release announcing its financial results for the quarter and nine months ended September 30, 2014. 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: October 29, 2014
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

October 29, 2014������������

Wisconsin Energy posts 2014 third quarter and nine month results

MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported net income of $126.3 million or 56 cents a share for the third quarter of 2014. This compares with net income of $137.5 million or 60�cents a share for the third quarter of 2013.

Costs related to the acquisition of Integrys Energy reduced earnings by one cent per share in this years third quarter. Excluding the effect of this item, adjusted earnings in the third quarter of 2014 were 57 cents per share.

Third quarter 2014 revenues totaled $1.03�billion. Revenues were $1.05 billion in the same quarter last year.

For the first nine months of 2014, the company recorded net income of $466.9 million or $2.05 a share - up from $433.1 million or $1.88 a share in the corresponding period a year ago. Costs related to the acquisition of Integrys Energy reduced year to date earnings by three cents per share.

Despite a very cool summer -- with the high temperature in Milwaukee never reaching 90 degrees -- we delivered solid results, said Gale Klappa, chairman and chief executive. Our focus on financial discipline and industry leading reliability continued to serve us well, Klappa added. We also saw signs of a slightly stronger economy across the region as Wisconsins unemployment rate dipped to 5.5 percent.








1


Residential use of electricity dropped by 7.9 percent from last years third quarter. Consumption of electricity by small commercial and industrial customers was down by 1.4 percent. Electricity use by large commercial and industrial customers - excluding the iron ore mines in Michigan's Upper Peninsula - was 0.1 percent higher.

On a weather-normal basis, retail consumption of electricity rose by 1.8 percent.

At the end of September 2014, the company was serving approximately 4,400 more electric customers and nearly 6,700 more natural gas customers than a year ago.

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 Oct. 29, 2014. The presentation will review 2014 third 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 16970782. Access also may be gained through the company's website (wisconsinenergy.com). Select 'Third 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 third quarter and nine month performance. The materials will be available at 6:30 a.m. Central time on Oct. 29, 2014.


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 5:00 p.m. Central time on Oct.�29,�2014. Access to a phone replay also will be available after the presentation and remain accessible through Nov. 12, 2014. Domestic callers should dial�855-859-2056. International callers should dial 404-537-3406. The replay conference ID is 16970782.



2


Non-GAAP Earnings Measures
Adjusted earnings (non-GAAP earnings), which generally exclude nonoperational items that are not associated with the companys 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 companys operating performance. Therefore, we believe that the presentation of adjusted earnings is relevant and useful to investors to understand Wisconsin Energys operating performance. Management uses such measures internally to evaluate the companys performance and manage its operations.


Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nations premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigans Upper Peninsula and 1.1 million natural gas customers in Wisconsin. �The companys 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 nearly $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 September�30
�
Nine Months Ended September�30
�
2014
�
2013
�
2014
�
2013
�
(Millions of Dollars, Except Per Share Amounts)
�
�
�
�
�
�
�
�
Operating Revenues
$
1,033.3

�
$
1,053.2

�
$
3,772.0

�
$
3,340.7

�
�
�
�
�
�
�
�
Operating Expenses
�
�
�
�
�
�
�
Fuel and purchased power
336.8

�
339.1

�
947.9

�
886.2

Cost of gas sold
70.6

�
61.6

�
788.0

�
446.9

Other operation and maintenance
249.4

�
268.1

�
780.8

�
821.6

Depreciation and amortization
103.3

�
96.9

�
305.3

�
289.1

Property and revenue taxes
30.6

�
29.5

�
91.5

�
88.4

Total Operating Expenses
790.7

�
795.2

�
2,913.5

�
2,532.2

�
�
�
�
�
�
�
�
Treasury Grant
3.5

�


�
10.1

�


�
�
�
�
�
�
�
�
Operating Income
246.1

�
258.0

�
868.6

�
808.5

�
�
�
�
�
�
�
�
Equity in Earnings of Transmission Affiliate
18.0

�
17.1

�
52.8

�
51.0

Other Income, net
2.9

�
5.1

�
12.1

�
15.3

Interest Expense, net
60.4

�
62.0

�
181.7

�
190.3

�
�
�
�
�
�
�
�
Income Before Income Taxes
206.6

�
218.2

�
751.8

�
684.5

�
�
�
�
�
�
�
�
Income Tax Expense
80.3

�
80.7

�
284.9

�
251.4

�
�
�
�
�
�
�
�
Net Income
$
126.3

�
$
137.5

�
$
466.9

�
$
433.1

�
�
�
�
�
�
�
�
Earnings Per Share
�
�
�
�
�
�
�
Basic
$
0.56

�
$
0.61

�
$
2.07

�
$
1.90

Diluted
$
0.56

�
$
0.60

�
$
2.05

�
$
1.88

�
�
�
�
�
�
�
�
Weighted Average Common Shares Outstanding (Millions)
�
�
�
�
�
�
�
Basic
225.5

�
226.8

�
225.6

�
228.0

Diluted
227.4

�
228.8

�
227.6

�
230.2

�
�
�
�
�
�
�
�
Dividends Per Share of Common Stock
$
0.39

�
$
0.3825

�
$
1.17

�
$
1.0625








4


WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
�
�
�
September�30, 2014
�
December�31, 2013
�
(Millions of Dollars)
Assets
�
�
�
�
�
�
�
Property, Plant and Equipment, Net
$
11,134.9

�
$
10,906.6

�
�
�
�
Investments
�
�
�
Equity investment in transmission affiliate
423.3

�
402.7

Other
32.6

�
36.1

Total Investments
455.9

�
438.8

�
�
�
�
Current Assets
�
�
�
Cash and cash equivalents
88.7

�
26.0

Accounts receivable, net
339.0

�
406.0

Accrued revenues
159.1

�
321.1

Materials, supplies and inventories
379.3

�
329.4

Current deferred tax asset, net
165.5

�
310.0

Prepayments and other
142.9

�
158.6

Total Current Assets
1,274.5

�
1,551.1

�
�
�
�
Deferred Charges and Other Assets
�
�
�
Regulatory assets
1,096.7

�
1,108.5

Goodwill
441.9

�
441.9

Other
321.0

�
322.5

Total Deferred Charges and Other Assets
1,859.6

�
1,872.9

Total Assets
$
14,724.9

�
$
14,769.4

�
�
�
�
Capitalization and Liabilities
�
�
�
�
�
�
�
Capitalization
�
�
�
Common equity
$
4,398.3

�
$
4,233.0

Preferred stock of subsidiary
30.4

�
30.4

Long-term debt
4,569.6

�
4,363.2

Total Capitalization
8,998.3

�
8,626.6

�
�
�
�
Current Liabilities
�
�
�
Long-term debt due currently
47.7

�
342.2

Short-term debt
475.8

�
537.4

Accounts payable
315.0

�
342.6

Accrued payroll and benefits
71.4

�
96.9

Other
155.7

�
177.3

Total Current Liabilities
1,065.6

�
1,496.4

�
�
�
�
Deferred Credits and Other Liabilities
�
�
�
Regulatory liabilities
839.0

�
879.1

Deferred income taxes - long-term
2,752.7

�
2,634.0

Deferred revenue, net
627.2

�
664.2

Pension and other benefit obligations
168.9

�
173.2

Other
273.2

�
295.9

Total Deferred Credits and Other Liabilities
4,661.0

�
4,646.4

Total Capitalization and Liabilities
$
14,724.9

�
$
14,769.4

�
�
�
�



5


WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
�
�
�
�
�
Nine Months Ended September�30
�
2014
�
2013
�
(Millions of Dollars)
Operating Activities
�
�
�
Net income
$
466.9

�
$
433.1

Reconciliation to cash
�
�
�
Depreciation and amortization
312.9

�
297.6

Deferred income taxes and investment tax credits, net
258.5

�
219.8

Working capital and other
(3.7
)
�
99.8

Cash Provided by Operating Activities
1,034.6

�
1,050.3

�
�
�
�
Investing Activities
�
�
�
Capital expenditures
(513.0
)
�
(497.7
)
Cost of removal, net of salvage
(18.2
)
�
(27.8
)
Investment in transmission affiliate
(10.5
)
�
(7.9
)
Other, net
12.8

�
(11.4
)
Cash Used in Investing Activities
(528.9
)
�
(544.8
)
�
�
�
�
Financing Activities
�
�
�
Common stock repurchased under benefit plans, net
(33.9
)
�
(42.2
)
Common stock repurchased under repurchase plan
(18.6
)
�
(103.0
)
Dividends paid on common stock
(264.0
)
�
(242.3
)
Change in debt, net
(133.6
)
�
(146.0
)
Other, net
7.1

�
10.9

Cash Used in Financing Activities
(443.0
)
�
(522.6
)
�
�
�
�
Change in Cash
62.7

�
(17.1
)
�
�
�
�
Cash at Beginning of Period
26.0

�
35.6

�
�
�
�
Cash at End of Period
$
88.7

�
$
18.5

�
�
�
�















6

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