After a difficult 2002, Xcel Energy is focusing on its core regulated utility businesses to drive future performance. The company reported a net loss of $2.2 billion for 2002 due to issues with its investment in NRG Energy. Excluding NRG, Xcel Energy's pro forma earnings from its utility operations were $522 million. Looking ahead, Xcel Energy will concentrate on operating its utility assets efficiently and meeting customer and environmental commitments, as these businesses form the foundation for future value creation.
Constellation Energy's 2007 annual report discusses its commitment to responsible leadership. The report outlines how the company meets the energy needs of customers through innovative solutions, creates partnerships within communities, and delivers value to shareholders while protecting the environment. It highlights initiatives such as demand response programs, energy efficiency tools, renewable energy projects, and efforts to reduce emissions from power plants. The report emphasizes the company's responsibility to consider the needs of investors, customers, employees, communities, and the environment in its business decisions.
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
Constellation Energy Group reported strong financial results in 2002 despite challenges in the energy sector. Earnings per share grew to $3.20 compared to $0.57 in 2001, though some of the growth came from special items like asset sales. Excluding special items, earnings still grew 4.6% to $2.52 per share. The company sharpened its focus on core businesses of generating and selling energy by selling $708 million in non-core assets. It also strengthened its balance sheet through debt refinancing, allowing it to be well positioned for future growth in a challenging environment.
1. Constellation Energy's 2003 annual report summarizes the company's performance and strategic vision.
2. The company grew significantly in 2003, with revenues reaching almost $10 billion and total shareholder return of 45%.
3. Constellation Energy serves over 8,000 megawatts of peak load in wholesale energy markets across North America and has expanded its customer base.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
allstate Highlights & Chairman's Letter 2002finance7
The document provides an annual report from The Allstate Corporation for the year 2002. It summarizes the company's financial highlights for 2002, noting increases in revenues, total assets, and operating income compared to 2001. It also includes a message from the Chairman, Edward M. Liddy, who discusses Allstate's strategy, priorities, and accomplishments in 2002, including improved financial results, risk management actions, and business transformations to broaden offerings and customer base. He expresses confidence in Allstate's position and strategy for continued growth and profitability.
This document provides an overview of Interpublic and its performance in 2001, a challenging year marked by an economic downturn.
The annual report summarizes Interpublic's financial results, including a 6% decline in revenue to $6.7 billion and a net loss of $505.3 million. Excluding restructuring and other charges, pro forma net income was $359.2 million.
It describes steps taken by Interpublic in 2001 to improve its integrated marketing offering and streamline operations, including reorganizing its agencies into four groups and acquiring True North Communications. The chairman expresses confidence that these changes have strengthened Interpublic's position for future growth despite current economic conditions.
This document provides an annual report for Constellation Energy. It summarizes that in 2004:
- Constellation Energy grew its earnings per share excluding special items by 17.4%, well above its 10% goal and the industry average.
- It achieved a 14.8% total return for shareholders through stock appreciation and dividends.
- It strengthened its balance sheet by reducing debt and expects to continue growing its dividend in line with earnings.
- It integrated recent acquisitions successfully to complement its competitive energy business and became the largest power provider to wholesale and commercial/industrial customers in North America.
Constellation Energy's 2007 annual report discusses its commitment to responsible leadership. The report outlines how the company meets the energy needs of customers through innovative solutions, creates partnerships within communities, and delivers value to shareholders while protecting the environment. It highlights initiatives such as demand response programs, energy efficiency tools, renewable energy projects, and efforts to reduce emissions from power plants. The report emphasizes the company's responsibility to consider the needs of investors, customers, employees, communities, and the environment in its business decisions.
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
Constellation Energy Group reported strong financial results in 2002 despite challenges in the energy sector. Earnings per share grew to $3.20 compared to $0.57 in 2001, though some of the growth came from special items like asset sales. Excluding special items, earnings still grew 4.6% to $2.52 per share. The company sharpened its focus on core businesses of generating and selling energy by selling $708 million in non-core assets. It also strengthened its balance sheet through debt refinancing, allowing it to be well positioned for future growth in a challenging environment.
1. Constellation Energy's 2003 annual report summarizes the company's performance and strategic vision.
2. The company grew significantly in 2003, with revenues reaching almost $10 billion and total shareholder return of 45%.
3. Constellation Energy serves over 8,000 megawatts of peak load in wholesale energy markets across North America and has expanded its customer base.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
allstate Highlights & Chairman's Letter 2002finance7
The document provides an annual report from The Allstate Corporation for the year 2002. It summarizes the company's financial highlights for 2002, noting increases in revenues, total assets, and operating income compared to 2001. It also includes a message from the Chairman, Edward M. Liddy, who discusses Allstate's strategy, priorities, and accomplishments in 2002, including improved financial results, risk management actions, and business transformations to broaden offerings and customer base. He expresses confidence in Allstate's position and strategy for continued growth and profitability.
This document provides an overview of Interpublic and its performance in 2001, a challenging year marked by an economic downturn.
The annual report summarizes Interpublic's financial results, including a 6% decline in revenue to $6.7 billion and a net loss of $505.3 million. Excluding restructuring and other charges, pro forma net income was $359.2 million.
It describes steps taken by Interpublic in 2001 to improve its integrated marketing offering and streamline operations, including reorganizing its agencies into four groups and acquiring True North Communications. The chairman expresses confidence that these changes have strengthened Interpublic's position for future growth despite current economic conditions.
This document provides an annual report for Constellation Energy. It summarizes that in 2004:
- Constellation Energy grew its earnings per share excluding special items by 17.4%, well above its 10% goal and the industry average.
- It achieved a 14.8% total return for shareholders through stock appreciation and dividends.
- It strengthened its balance sheet by reducing debt and expects to continue growing its dividend in line with earnings.
- It integrated recent acquisitions successfully to complement its competitive energy business and became the largest power provider to wholesale and commercial/industrial customers in North America.
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
This document is Charter Communications' 2002 Annual Report. It provides financial and operating summaries for the year. Key points include:
- Revenues grew 15% to $4.56 billion while adjusted EBITDA rose 16.4% to $1.796 billion.
- Customer relationships declined to 6.634 million from 6.953 million in 2001. However, revenue generating units rose to 10.422 million.
- High-speed data customers increased significantly to 1.138 million while digital and analog video customers declined slightly.
- The report addresses challenges faced in 2001-2002 including customer losses, financial restatements, and regulatory investigations. However, it emphasizes progress in growing revenues from broadband services
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with strong growth in building and management services revenues. Income from construction operations rose 65% to $50.3 million.
- Perini was named one of Forbes' Best Managed Companies in America and ranked #1 in the construction sector. It also acquired Cherry Hill Construction to expand its civil construction business.
- Perini's management services division continued work on critical overseas projects in Iraq and Afghanistan, including completing the first new power plant in Iraq since 1976.
- Looking ahead, Perini expects continued growth from its core building
This document is Gannett Co., Inc.'s 2005 annual report. It includes the company's financial summary for 2005, a letter to shareholders from the chairman and CEO, and information about the company's operations. The letter discusses leadership changes at Gannett in 2005, the company's financial performance for the year which saw increased revenues and operating cash flow despite challenges, and strategic acquisitions and investments made to expand Gannett's digital offerings and ability to reach audiences across multiple platforms.
- Amerada Hess Corporation reported record net income of $1.2 billion in 2005, up from $970 million in 2004.
- Exploration and Production had significant progress in major field developments and grew proved reserves to 1.1 billion barrels of oil equivalent.
- Marketing and Refining benefited from strong refining margins and retail marketing experienced solid growth, with average gasoline volumes per station increasing 7% and convenience store revenue rising 4%.
This document is BB&T Corporation's 2005 annual report. It provides financial highlights for 2005, noting that net income increased 6.1% to $1.654 billion and diluted earnings per share grew 7.1% to $3.00. Operating earnings rose 7.2% to $1.674 billion. Cash basis operating earnings, which exclude intangible assets and purchase accounting adjustments, increased 7.1% to $1.763 billion. The report discusses BB&T's strong loan, deposit and balance sheet growth in 2005 and notes the bank hired additional revenue producers and implemented strategies to boost organic account growth.
- BB&T Corporation reported lower operating earnings for the fourth quarter of 2008 compared to the same period in 2007. Operating earnings available to common shareholders decreased 41.4% to $243 million.
- Net interest income increased 14.2% to $1,132 million due to higher interest income, but this was more than offset by a large increase in the provision for credit losses of $344 million.
- Returns and profitability ratios declined from the prior year, with the return on average common equity decreasing to 7.26% and the efficiency ratio worsening to 51.9%.
This annual report summarizes WPS Resources Corporation's financial highlights for 2002. Key highlights include consolidated revenues of $1.6 billion for nonregulated operations and $1.05 billion for utility operations. Income available for common shareholders was $109.4 million, a 41% increase from 2001. Earnings per share increased 25% from 2001. The report also provides an overview of WPS Resources Corporation and its two main subsidiary utilities, Wisconsin Public Service Corporation and Upper Peninsula Power Company.
Devon Energy Corporation is an oil and gas exploration and production company ranked among the top five independent producers in the US. In 2000, Devon had revenues of $2.8 billion, a 118% increase from 1999. Devon's net earnings were $730 million in 2000 compared to a net loss in 1999. Devon owns oil and gas properties in North America and internationally, with approximately 75% of its proved reserves located in North America. Devon's goal is to build shareholder value through exploration, acquisitions, production optimization, and maintaining a strong balance sheet.
This document provides a reconciliation of non-GAAP measures and calculation of return on invested capital (ROIC) for Aramark Corporation for fiscal years 2003, 2002, 2001 and 2000. It defines ROIC as earnings from continuing operations before interest and taxes divided by average invested capital. For each year it reports earnings from continuing operations before interest, taxes and amortization, invested capital, and ROIC percentage. ROIC ranged from 14.2% to 17.0% over the four year period.
The document is the 2002 annual report for FedEx. It highlights that in fiscal year 2002:
- Revenues increased 5% to a record $20.6 billion.
- Net income increased 22% to a record $710 million.
- Diluted earnings per share increased 18% to a record $2.34.
The report discusses how FedEx executed well despite a sluggish economy by containing costs, matching resources to demand, and capitalizing on opportunities through its diversified business units. It expresses confidence that ongoing efforts to improve productivity and focus on customers will help increase performance as the economy recovers.
This document provides an annual summary report for Apache Corporation for 2004. Some key details:
- Apache had a record year in 2004, with earnings of $1.7 billion, up nearly 50% from 2003. Assets grew to $15.5 billion.
- Apache increased its worldwide proved reserves 17% to 1.94 billion barrels of oil equivalent, marking its 19th consecutive year of reserve growth. Average daily production grew 7.4% to 448,000 barrels of oil equivalent.
- Apache's acquisition of assets from ExxonMobil added production and exploration opportunities in regions like the Permian Basin and Gulf of Mexico, strengthening its portfolio.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
The Audit Committee Charter establishes the purpose, composition, meetings, oversight areas, and responsibilities of the Audit Committee of Integrys Energy Group's Board of Directors. The Committee assists the Board in overseeing financial reporting, compliance, internal controls, risk management, and the independent auditor relationship. Key responsibilities include selecting and overseeing the independent auditor, reviewing financial statements and disclosures, and establishing procedures for complaints and anonymous submissions regarding accounting or auditing matters.
The document summarizes Integrys Energy Group's fourth quarter 2008 earnings conference call. Key points include:
- Integrys reported $25.6 million in income available for common shareholders for Q4 2008, down from $85.1 million in Q4 2007, largely due to non-cash accounting losses at Integrys Energy Services.
- In response to the economic downturn, Integrys plans to substantially scale back or exit its nonregulated energy services business, reduce capital expenditures at its regulated utilities by 30-40% in 2009-2010, and lower its long-term EPS growth target from 6-8% to 4-6%.
- Integrys also updated its liquidity
This document outlines the by-laws of Integrys Energy Group, Inc. as of February 12, 2009. It discusses the principal office, registered office, annual shareholder meetings, special shareholder meetings, place of shareholder meetings, notice requirements for shareholder meetings, and establishing a record date to determine shareholders entitled to vote. Key details include requirements for annual elections of directors, who can call special meetings, the process for shareholders to demand a special meeting, and timelines for notices of meetings.
This document summarizes Mike Hilton's presentation at the Bank of America 37th Annual Investment Conference on September 18, 2007. The presentation provides an overview of Air Products, including its business segments, value proposition through long-term contracts and consistent cash flows, growth strategies focused on volume increases and productivity gains, and financial performance targets of 10-15% EPS growth through market expansion and margin improvements. Hilton commits to achieving an ORONA of 12.5% for fiscal year 2007 and outlines further growth opportunities in large projects, new markets, and productivity initiatives to drive sustainable double-digit returns.
The document discusses presentations from the EEI Financial Forum on November 11, 2008. It includes sections on forward-looking statements, Integrys Energy Group's vision and mission, its regulated utilities serving over 2 million customers in the Midwest, American Transmission Company's service territory and investments, Integrys' regulated utility capital projects, the Weston 4 power plant project, Wisconsin Public Service and Michigan Gas Utilities rate cases, and prospects for future growth in value from regulated utilities.
The document announces the annual meeting of shareholders of WPS Resources Corporation to be held on May 15, 2003. Shareholders are asked to vote on re-electing three members of the board of directors, Kathryn M. Hasselblad-Pascale, William F. Protz, Jr., and Larry L. Weyers, to three-year terms. The document provides details on voting procedures, the structure of the board of directors and its committees, and frequently asked questions about the meeting and voting process.
air products & chemicals 2008 Feb11 Lehmanfinance26
This document provides an overview of Air Products, including its business segments, financial performance, growth opportunities, and outlook. Some key points:
- Air Products has a diverse portfolio across gases, equipment, and technologies with long-term contracts providing stability.
- The company has delivered strong sales and earnings growth in recent years and aims to continue expanding margins and improving returns.
- Major growth opportunities exist in hydrogen, oxygen for gasification, and other energy and environmental applications.
- Air Products expects to sustain double-digit earnings growth through focus on productivity and margins while maintaining its leadership in industrial gases.
This document provides an overview and update on Integrys Energy Group for September 2008. It discusses forward-looking statements and risks, highlights the company's regulated utilities serving over 2 million customers in the Midwest, and outlines capital investment plans totaling $1.4 billion through 2010 to grow the regulated utility businesses. It also mentions the Weston 4 power plant project and pending rate cases in Wisconsin, Michigan, and Minnesota.
Xcel Energy Inc. is a holding company that owns several regulated electric and natural gas utility subsidiaries serving customers in 11 states. In 2003, Xcel Energy directly owned five utility subsidiaries operating in the electric and natural gas segments. It also had several nonregulated subsidiaries and conducted corporate financing activities. Xcel Energy sold some subsidiaries in 2003 and classified others as discontinued operations. Regulated utility income from continuing operations decreased in 2003 primarily due to higher operating costs and weather impacts as well as share dilution. Income from discontinued operations increased due to lower losses from NRG compared to 2002.
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
This document is Charter Communications' 2002 Annual Report. It provides financial and operating summaries for the year. Key points include:
- Revenues grew 15% to $4.56 billion while adjusted EBITDA rose 16.4% to $1.796 billion.
- Customer relationships declined to 6.634 million from 6.953 million in 2001. However, revenue generating units rose to 10.422 million.
- High-speed data customers increased significantly to 1.138 million while digital and analog video customers declined slightly.
- The report addresses challenges faced in 2001-2002 including customer losses, financial restatements, and regulatory investigations. However, it emphasizes progress in growing revenues from broadband services
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with strong growth in building and management services revenues. Income from construction operations rose 65% to $50.3 million.
- Perini was named one of Forbes' Best Managed Companies in America and ranked #1 in the construction sector. It also acquired Cherry Hill Construction to expand its civil construction business.
- Perini's management services division continued work on critical overseas projects in Iraq and Afghanistan, including completing the first new power plant in Iraq since 1976.
- Looking ahead, Perini expects continued growth from its core building
This document is Gannett Co., Inc.'s 2005 annual report. It includes the company's financial summary for 2005, a letter to shareholders from the chairman and CEO, and information about the company's operations. The letter discusses leadership changes at Gannett in 2005, the company's financial performance for the year which saw increased revenues and operating cash flow despite challenges, and strategic acquisitions and investments made to expand Gannett's digital offerings and ability to reach audiences across multiple platforms.
- Amerada Hess Corporation reported record net income of $1.2 billion in 2005, up from $970 million in 2004.
- Exploration and Production had significant progress in major field developments and grew proved reserves to 1.1 billion barrels of oil equivalent.
- Marketing and Refining benefited from strong refining margins and retail marketing experienced solid growth, with average gasoline volumes per station increasing 7% and convenience store revenue rising 4%.
This document is BB&T Corporation's 2005 annual report. It provides financial highlights for 2005, noting that net income increased 6.1% to $1.654 billion and diluted earnings per share grew 7.1% to $3.00. Operating earnings rose 7.2% to $1.674 billion. Cash basis operating earnings, which exclude intangible assets and purchase accounting adjustments, increased 7.1% to $1.763 billion. The report discusses BB&T's strong loan, deposit and balance sheet growth in 2005 and notes the bank hired additional revenue producers and implemented strategies to boost organic account growth.
- BB&T Corporation reported lower operating earnings for the fourth quarter of 2008 compared to the same period in 2007. Operating earnings available to common shareholders decreased 41.4% to $243 million.
- Net interest income increased 14.2% to $1,132 million due to higher interest income, but this was more than offset by a large increase in the provision for credit losses of $344 million.
- Returns and profitability ratios declined from the prior year, with the return on average common equity decreasing to 7.26% and the efficiency ratio worsening to 51.9%.
This annual report summarizes WPS Resources Corporation's financial highlights for 2002. Key highlights include consolidated revenues of $1.6 billion for nonregulated operations and $1.05 billion for utility operations. Income available for common shareholders was $109.4 million, a 41% increase from 2001. Earnings per share increased 25% from 2001. The report also provides an overview of WPS Resources Corporation and its two main subsidiary utilities, Wisconsin Public Service Corporation and Upper Peninsula Power Company.
Devon Energy Corporation is an oil and gas exploration and production company ranked among the top five independent producers in the US. In 2000, Devon had revenues of $2.8 billion, a 118% increase from 1999. Devon's net earnings were $730 million in 2000 compared to a net loss in 1999. Devon owns oil and gas properties in North America and internationally, with approximately 75% of its proved reserves located in North America. Devon's goal is to build shareholder value through exploration, acquisitions, production optimization, and maintaining a strong balance sheet.
This document provides a reconciliation of non-GAAP measures and calculation of return on invested capital (ROIC) for Aramark Corporation for fiscal years 2003, 2002, 2001 and 2000. It defines ROIC as earnings from continuing operations before interest and taxes divided by average invested capital. For each year it reports earnings from continuing operations before interest, taxes and amortization, invested capital, and ROIC percentage. ROIC ranged from 14.2% to 17.0% over the four year period.
The document is the 2002 annual report for FedEx. It highlights that in fiscal year 2002:
- Revenues increased 5% to a record $20.6 billion.
- Net income increased 22% to a record $710 million.
- Diluted earnings per share increased 18% to a record $2.34.
The report discusses how FedEx executed well despite a sluggish economy by containing costs, matching resources to demand, and capitalizing on opportunities through its diversified business units. It expresses confidence that ongoing efforts to improve productivity and focus on customers will help increase performance as the economy recovers.
This document provides an annual summary report for Apache Corporation for 2004. Some key details:
- Apache had a record year in 2004, with earnings of $1.7 billion, up nearly 50% from 2003. Assets grew to $15.5 billion.
- Apache increased its worldwide proved reserves 17% to 1.94 billion barrels of oil equivalent, marking its 19th consecutive year of reserve growth. Average daily production grew 7.4% to 448,000 barrels of oil equivalent.
- Apache's acquisition of assets from ExxonMobil added production and exploration opportunities in regions like the Permian Basin and Gulf of Mexico, strengthening its portfolio.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
The Audit Committee Charter establishes the purpose, composition, meetings, oversight areas, and responsibilities of the Audit Committee of Integrys Energy Group's Board of Directors. The Committee assists the Board in overseeing financial reporting, compliance, internal controls, risk management, and the independent auditor relationship. Key responsibilities include selecting and overseeing the independent auditor, reviewing financial statements and disclosures, and establishing procedures for complaints and anonymous submissions regarding accounting or auditing matters.
The document summarizes Integrys Energy Group's fourth quarter 2008 earnings conference call. Key points include:
- Integrys reported $25.6 million in income available for common shareholders for Q4 2008, down from $85.1 million in Q4 2007, largely due to non-cash accounting losses at Integrys Energy Services.
- In response to the economic downturn, Integrys plans to substantially scale back or exit its nonregulated energy services business, reduce capital expenditures at its regulated utilities by 30-40% in 2009-2010, and lower its long-term EPS growth target from 6-8% to 4-6%.
- Integrys also updated its liquidity
This document outlines the by-laws of Integrys Energy Group, Inc. as of February 12, 2009. It discusses the principal office, registered office, annual shareholder meetings, special shareholder meetings, place of shareholder meetings, notice requirements for shareholder meetings, and establishing a record date to determine shareholders entitled to vote. Key details include requirements for annual elections of directors, who can call special meetings, the process for shareholders to demand a special meeting, and timelines for notices of meetings.
This document summarizes Mike Hilton's presentation at the Bank of America 37th Annual Investment Conference on September 18, 2007. The presentation provides an overview of Air Products, including its business segments, value proposition through long-term contracts and consistent cash flows, growth strategies focused on volume increases and productivity gains, and financial performance targets of 10-15% EPS growth through market expansion and margin improvements. Hilton commits to achieving an ORONA of 12.5% for fiscal year 2007 and outlines further growth opportunities in large projects, new markets, and productivity initiatives to drive sustainable double-digit returns.
The document discusses presentations from the EEI Financial Forum on November 11, 2008. It includes sections on forward-looking statements, Integrys Energy Group's vision and mission, its regulated utilities serving over 2 million customers in the Midwest, American Transmission Company's service territory and investments, Integrys' regulated utility capital projects, the Weston 4 power plant project, Wisconsin Public Service and Michigan Gas Utilities rate cases, and prospects for future growth in value from regulated utilities.
The document announces the annual meeting of shareholders of WPS Resources Corporation to be held on May 15, 2003. Shareholders are asked to vote on re-electing three members of the board of directors, Kathryn M. Hasselblad-Pascale, William F. Protz, Jr., and Larry L. Weyers, to three-year terms. The document provides details on voting procedures, the structure of the board of directors and its committees, and frequently asked questions about the meeting and voting process.
air products & chemicals 2008 Feb11 Lehmanfinance26
This document provides an overview of Air Products, including its business segments, financial performance, growth opportunities, and outlook. Some key points:
- Air Products has a diverse portfolio across gases, equipment, and technologies with long-term contracts providing stability.
- The company has delivered strong sales and earnings growth in recent years and aims to continue expanding margins and improving returns.
- Major growth opportunities exist in hydrogen, oxygen for gasification, and other energy and environmental applications.
- Air Products expects to sustain double-digit earnings growth through focus on productivity and margins while maintaining its leadership in industrial gases.
This document provides an overview and update on Integrys Energy Group for September 2008. It discusses forward-looking statements and risks, highlights the company's regulated utilities serving over 2 million customers in the Midwest, and outlines capital investment plans totaling $1.4 billion through 2010 to grow the regulated utility businesses. It also mentions the Weston 4 power plant project and pending rate cases in Wisconsin, Michigan, and Minnesota.
Xcel Energy Inc. is a holding company that owns several regulated electric and natural gas utility subsidiaries serving customers in 11 states. In 2003, Xcel Energy directly owned five utility subsidiaries operating in the electric and natural gas segments. It also had several nonregulated subsidiaries and conducted corporate financing activities. Xcel Energy sold some subsidiaries in 2003 and classified others as discontinued operations. Regulated utility income from continuing operations decreased in 2003 primarily due to higher operating costs and weather impacts as well as share dilution. Income from discontinued operations increased due to lower losses from NRG compared to 2002.
This document summarizes a presentation given by Steven P. Eschbach, Vice President of Investor Relations for Midwest Utilities Seminar. The presentation provides an overview of Integrys Energy Group, a leading Midwest energy company serving over 2 million customers. Key points included Integrys' goals of long-term shareholder value and earnings growth, its diverse regulated utility businesses across six states, ongoing capital investment including the Weston 4 power plant project, and guidance for 2008 financial performance.
air products & chemicals Q2 FY 06 Earningsfinance26
- Air Products reported a 16% increase in net income and a 19% increase in diluted EPS for its second fiscal quarter ended March 31, 2006 compared to the prior year. Revenues increased 16% to $2.3 billion due to strong volume growth in gases and equipment.
- Operating income increased 22% to $295 million driven by improved results in all segments from strong gases and equipment sales and improved chemicals pricing.
- For the third quarter, Air Products expects EPS between $0.88-$0.92 and raised full year EPS guidance to $3.40-$3.50.
1) The company reported higher net sales and earnings per share in Q4 1997 compared to Q4 1996, but lower net income due to special charges. Excluding special items, net income and EPS were also higher.
2) In FY1997, the company reported higher net sales but lower net income and EPS compared to FY1996 due to special charges related to restructuring initiatives.
3) The special charges were taken to close underperforming stores and non-core businesses, impair assets, and position the company's brands for future growth.
air products & chemicals fy 07 q1 Earningsfinance26
- Air Products reported record first quarter earnings per share of $1.03, up 29% from the previous year, on revenues of $2.43 billion, up 21%.
- Operating income was a record $332 million, up 31% over the prior year, driven by strong volume growth across all business segments.
- Based on the strong first quarter results, Air Products raised its full-year earnings per share guidance to a range of $3.98 to $4.10, representing 14-17% growth over the previous year.
air products & chemicals Q1 FY 09 earningsfinance26
- Air Products reported net income of $69 million for the fiscal first quarter ended December 31, 2008, down from $263.7 million in the prior year. Excluding one-time charges, income was $206 million, down 21% from the prior year.
- Revenues declined 9% to $2.195 billion due to weaker volumes across segments from deteriorating economic conditions. Operating income fell 24% to $288 million.
- The company expects second quarter EPS to be between $0.80-$0.90 and full year EPS to be between $4.00-$4.30, excluding one-time charges.
Sanmina-SCI provides complete electronics manufacturing services globally. It offers design, engineering, supply chain management, and assembly services. The company focuses on operational excellence through world-class technology, processes, and customer service. Sanmina-SCI's goal for 2007 is improving profitability by strengthening partnerships, productivity, cost management, and expertise in product mix and pricing. It aims to create shareholder value through consistent financial performance.
- The Limited Inc. reported substantial progress in 2000 toward sustained growth through powerful fashion brands, including major progress at Express, Bath & Body Works, and Victoria's Secret.
- Fourth quarter results were significantly impacted by a downturn in consumer confidence and spending during the Christmas season due to events like the dot-com crash and the presidential election.
- Going forward, the company will continue focusing on differentiating its portfolio through a few dominant brands that understand their customers and deliver consistency, such as Express, while also integrating Structure into Express and selling Lane Bryant.
This document is an annual report from Xcel Energy that includes consolidated financial statements and notes for the years 2000, 1999 and 1998. It includes the consolidated statements of income, cash flows, and balance sheets. It also includes reports from management and independent public accountants regarding the preparation and audit of the financial statements in accordance with accounting principles.
This document provides an overview of WPS Resources Corporation's community involvement efforts in 2004. It highlights several nonprofit partner organizations and programs that WPS supported through donations, fundraising, and employee volunteerism. These include:
1) The Citizen Advocacy Program of ASPIRO, Inc., which matches volunteers with people with disabilities, such as WPS employee Paul Bredael's friendship with Mike Taggard who has Down syndrome.
2) The St. Vincent De Paul "We Care" Program, through which UPPCO customers donate extra on their energy bills to help neighbors in need, administered by volunteer Bob Veeser.
3) Families in Good Company, which provides after-school and
This annual report discusses Xcel Energy's strong performance and opportunities for growth in 2000 following its merger. Key points include:
1) Xcel Energy met or exceeded its financial and operational targets for the merger in its first year. This included achieving $2.12 in earnings per share, exceeding its $1.77 target.
2) The report is optimistic about Xcel Energy's future, citing its large size and scope, growing customer base, and opportunities through its subsidiary NRG Energy.
3) Challenges in California and the need for a national energy policy are acknowledged, but the report expresses confidence in Xcel Energy's ability to thrive through innovative approaches and positioning its businesses for competition.
This document is Xcel Energy's 2000 annual report. It discusses the completion of the merger between New Century Energies and Northern States Power Co. to form Xcel Energy. It highlights that Xcel Energy met its financial and operational targets for 2000 following the merger, including earnings per share of $2.12 excluding special charges. It also notes the success of the initial public offering of a portion of its subsidiary, NRG Energy, and that total shareholder return for 2000 was 58.4% for Xcel Energy.
Symantec's 2003 annual report summarizes the company's strong financial performance in fiscal year 2003. Revenues grew 31% to $1.4 billion, operating income grew to $342 million, and net income grew to $248 million. The company saw growth across all regions and segments, with the consumer segment growing 52% and accounting for 41% of revenues. Symantec continued investing in its business through acquisitions and investments in sales, marketing, and product development to maintain its leadership position in the internet security market.
This annual report summarizes Corning Inc.'s financial performance in 2001, which saw a significant downturn from 2000 due to challenging conditions in the telecommunications sector and global economic weakness. Net sales fell 12% to $6.3 billion and the company reported a net loss of $5.5 billion compared to net income of $409 million in 2000. Corning took actions to reduce costs, including eliminating 12,000 jobs and closing plants. However, the company ended 2001 with $2.2 billion in cash and believes it is well positioned financially and strategically for long-term growth opportunities in key markets like optical fiber and displays.
Southern Company is a premier energy company serving 4 million customers across 4 southeastern states. In 2002, it achieved earnings of $1.32 billion and increased its annual dividend to $1.37 per share. Southern Company continues to perform well through focused execution of its three-part strategy involving regulated utilities, competitive generation, and energy products/services. It aims to lead the industry in customer satisfaction while delivering sustainable growth and dividends to shareholders.
allstate Quarterly Investor Information 2002 1stfinance7
The Allstate Corporation reported financial results for the first quarter of 2002, with net income of $426 million, down from $500 million in the same period the previous year. Operating income was $488 million compared to $552 million in 2001. While revenues grew slightly by 2.3%, increased loss costs and decreased investment income contributed to the decline in profits. The company remains on track to meet its full-year earnings guidance despite challenges from higher claims in areas like Texas and ongoing cost pressures.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
The document is Allstate Corporation's 2002 Annual Report. It discusses Allstate's financial results for 2002 which were positive, with operating income increasing 39.1% and total return for shareholders increasing 12.3%. It also outlines Allstate's strategy of focusing on meeting customer needs through a variety of insurance and financial services products, deepening customer relationships, and improving business efficiency. Allstate's execution of this strategy positions it well for future growth and profitability.
This document is the 2004 annual report of Gannett Co., Inc. It summarizes the company's strong financial performance in 2004, with record revenues of $7.4 billion, net income of $1.32 billion, and diluted earnings per share of $4.92. The CEO credits these results to the company's strategies of pursuing growth opportunities, delivering news and information across multiple platforms, and investing in people and new technologies. Challenges in 2004 included an uneven economy and restrictive media ownership regulations.
This document is the 2004 annual report of Gannett Co., Inc. It summarizes the company's strong financial performance in 2004, with record revenues of $7.4 billion, net income of $1.32 billion, and diluted earnings per share of $4.92. The CEO credits these results to the company's strategies of pursuing growth opportunities, delivering news and information across multiple platforms, and investing in people and new technologies. Challenges in 2004 included an uneven economy and restrictive media ownership regulations.
The document summarizes CenterPoint Energy's annual report for shareholders. It discusses the company's solid financial performance in 2007, with operating income growing 13.5% and dividends increasing 13%. It highlights achievements and growth across the company's various energy delivery businesses, including natural gas distribution, interstate pipelines, and field services. It also covers the company's focus on meeting future energy needs through investments in infrastructure, energy efficiency, and renewable energy while creating long-term shareholder value.
This annual report summarizes the financial performance of W.R. Berkley Corporation in 2002. Key points include:
- Net income, total revenues, premiums written, and underwriting profit all reached record highs in 2002.
- All four domestic operating segments (specialty, alternative markets, reinsurance, and regional) contributed significantly to growth through higher premium volumes and earnings.
- The company benefited from industry trends of higher insurance prices, improved terms and conditions, and a contraction of overall industry capacity amidst widespread balance sheet problems facing competitors.
Citi reported a $5.1 billion net loss for Q1 2008, driven by write-downs in fixed income due to sub-prime exposures and losses in highly leveraged finance. Revenues fell 48% to $13.2 billion due to these losses, though transaction services grew 42% and wealth management grew 16%. Credit costs increased $3 billion as consumer delinquencies rose in the weakening US economy. Management is taking actions to strengthen the balance sheet through capital raises and divestitures of non-core assets.
United Health Group Consolidated Financial Statementsfinance3
UnitedHealth Group reported strong financial results in 2001 with record revenues of $23.5 billion, up 11% from 2000. Net earnings reached a record $913 million, up 30% from 2000. All business segments experienced revenue and earnings growth. The consolidated operating margin increased to 6.7% due to productivity gains and a shift to higher-margin fee-based products. Return on shareholders' equity improved to 24.5% from 19.0% in 2000, demonstrating superior performance.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
United Health Group UnitedHealth Group Financial Reviewfinance3
UnitedHealth Group reported strong financial results in 2003 with revenues increasing 15% to $28.8 billion and earnings from operations growing 34% to $2.9 billion. Net earnings grew 35% to $1.8 billion resulting in diluted EPS of $2.96. The results were driven by revenue growth across all business segments, improved margins on risk-based products, and a shift toward higher-margin fee-based services. Looking ahead, the company expects continued growth from increasing premium rates, expanding into new geographies and services, and pursuing additional acquisitions.
This document is Xcel Energy's 2003 annual report. It provides the following key information:
1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states.
2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share.
3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.
This document is Xcel Energy's 2003 annual report. It provides the following key information:
1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states.
2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share.
3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.
This document is Gannett Co.'s 2005 annual report. It includes a financial summary showing increases in operating revenues and income from continuing operations compared to 2004. It also includes letters to shareholders from the chairman and CEO discussing leadership changes at Gannett in 2005, acquisitions made to expand the company's reach both within traditional media and new digital platforms, and efforts to measure audience reach across multiple platforms and expand online offerings.
MeadWestvaco Corporation provides concise summaries of its annual report in 3 sentences or less:
MeadWestvaco is focused on improving productivity, innovation, and customer focus to drive profitable growth. The company achieved over $400 million in annual cost savings through consolidation and efficiency gains. MeadWestvaco remains committed to safety, environmental stewardship, and good governance as it transforms its business and sets the goal of a minimum 10% annual return on capital.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, financial metrics including earnings growth and dividend yield, efforts to divest from the unprofitable NRG Energy business, and capital expenditure plans including converting coal plants to natural gas to reduce emissions. It also provides guidance for 2003 earnings per share and outlines financing plans to redeem higher interest debt.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, its financial performance and guidance, initiatives to reduce emissions in Minnesota, and capital expenditure and financing plans. It highlights Xcel Energy's regulated business model, commitment to dividends, efforts to resolve issues related to its former subsidiary NRG, and expectations for continued earnings growth.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document provides an overview of Xcel Energy from their presentation at the Banc of America Securities Energy & Power Conference in November 2003. Key points include that Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives for 2004 include investing additional capital in utilities, providing competitive returns to shareholders, and improving credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 per share for 2004.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a utility, investment merits, and objectives to invest additional capital in its utility business and improve credit ratings while providing competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a growing utility, its investment merits, and capital expenditure plans to improve its credit ratings and provide competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
Xcel Energy reported improved second quarter 2004 earnings compared to the second quarter of 2003. Net income for the quarter was $86 million, or $0.21 per share, compared to a net loss of $283 million, or $0.71 per share in 2003. Regulated utility earnings from continuing operations improved to $89 million in 2004 from $77 million in 2003. Results from discontinued operations were earnings of $5 million in 2004 compared to losses of $337 million in 2003. The company maintained its annual earnings guidance of $1.15 to $1.25 per share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also outlines Xcel Energy's financial metrics, earnings guidance, and dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
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1. 2002 ann ual report
After a difficult year, Xcel Energy is focusing
on fundamentals as it looks to the future. Strong
core businesses, a commitment to shareholder
value and a continuing dedication to customers,
community and the environment form the
foundation of our business as we move forward
with renewed determination.
2. company description
xcel energy inc.
Xcel Energy Inc. is a major U.S. electric and natural gas company, with annual revenues of $10 billion. Based
in Minneapolis, Minn., Xcel Energy operates in 12 Western and Midwestern states. The company provides
a comprehensive portfolio of energy-related products and services to 3.2 million electricity customers and
1.7 million natural gas customers. In terms of customers, Xcel Energy is the fourth-largest combination
electric and natural gas company in the nation.
financial highlights
Year Ended Dec. 31
2002 2001
Earnings per common share – diluted $ 2.30
$ (5.82)
Discontinued operations $ 0.14
$ (1.46)
Earnings per common share – diluted
before discontinued operations $ 2.16
$ (4.36)
Dividends annualized $ 1.50
$ 0.75
Stock price (close) $ 27.74
$ 11.00
Assets (millions) $28,754
$27, 258
Book value per common share $ 11.70 $ 17.91
Some of the sections in this annual report, including the letter to shareholders on page 3, contain forward-looking statements.
For a discussion of factors that could affect operating results, please see the Management’s Discussion and Analysis on page 16.
table of contents
letter to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 3
focusing on fundamentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 6
3. xcel energy’s allen s. king plant near bayport, minn.,
is one of the company’s many valuable assets.
page 1
5. dear shareholders
2002 was a very difficult year for Xcel Energy, its shareholders increasing credit requirements linked to energy trading lowered
and its employees. In addition to dealing with unprecedented trading volumes throughout the industry. In 2002, Xcel Energy’s
challenges shared by the entire energy industry, we focused sig- gross margin from short-term wholesale and commodity trading
nificant effort on saving our investment in NRG Energy when was $41 million, down from $264 million in 2001. The 2002
the independent power producer industry collapsed. The NRG trading volumes and profitability results are representative of
situation, combined with industry events, had a major impact on what we expect to see in the next few years.
Xcel Energy’s stock price, credit ratings, earnings and dividend – Unfortunately, we were not able to realize our third objective
all of which greatly affected you. for 2002: preserving the value of NRG. As you recall, NRG was
Because one of our top priorities has always been to build created in 1989 to take advantage – both nationally and interna-
shareholder value, we especially regret the impact of the year’s tionally – of a newly competitive wholesale energy market. NRG’s
events on you, and want you to know that we are working tire- strategy was to purchase, build and operate power plants in selected
lessly to improve the situation. In the meantime, it’s important to geographic markets in the United States and around the world.
carefully examine 2002 and then share our plan going forward. The strategy proved successful for several years. NRG grew
At the beginning of the year, Xcel Energy was off to a cautious rapidly as wholesale energy prices rose. By the end of 2001, NRG
but optimistic start. We’d accomplished the majority of our 2001 was the third-largest independent power producer in the world,
goals and had ranked among Fortune magazine’s most-admired with net income of $265 million.
electric and natural gas utilities. There certainly were challenges Much of NRG’s expansion was funded with debt, which was
on the horizon: economic growth was slowing, Enron had declared a business model that the financial community initially supported.
bankruptcy, wholesale electric prices were declining and credit With falling electricity prices, however, came heightened concern
rating agencies were raising concerns about the business models about the level of debt that companies like NRG were carrying.
of independent power producers. But we had a solid plan and As Xcel Energy and NRG management met with bond rating
believed we could manage those issues and deliver good results. agencies, we recognized that NRG’s ratings might be downgraded
As we told you in last year’s annual report, our plan focused below investment grade unless NRG changed its business model.
on increasing the value of our existing assets, while preparing An NRG bond rating below investment grade would significantly
for future opportunities. We refined that plan as time went on diminish the value of our investment in NRG.
to concentrate on three components, each addressing significant After soliciting advice from respected financial advisors, we
aspects of Xcel Energy’s profitability. They included our regulated decided that the best strategy for preventing a downgrade was to:
utility services, our energy trading and marketing operations and – acquire the publicly traded shares of NRG;
NRG Energy. – dramatically cut NRG’s growth;
Our objectives were to: – sell less-profitable assets to reduce debt; and
– continue to improve the performance of our regulated – reduce NRG’s costs.
operations; As 2002 unfolded and we began to implement our plan,
– reduce our trading and marketing activities to reflect circumstances arose that were far beyond reasonable expectation.
declining profit opportunities in that sector; and Our effort to acquire the outstanding shares of NRG was delayed
– preserve the value of our investment in our subsidiary for several months. Allegations about unethical energy marketing
NRG Energy. and trading practices were leveled against several utilities, rocking
Let’s look at results in each area. the industry and driving utility stock prices downward. The normal
Xcel Energy’s core electric and natural gas operations turned summer rise in wholesale energy prices never materialized, result-
in a solid performance in 2002, despite a slowing economy and ing in the lowest wholesale power prices in years. Rating agencies
higher interest rates. As we explain in more detail later, utility continued to downgrade the energy industry. The market value
net income was almost as strong as it was in 2001. of power plants owned by independent power producers such as
Going into 2002, we knew that our electric and natural gas NRG fell in the United States and around the world.
commodity trading group would not be able to match the Despite our best efforts, NRG was downgraded to below
profitability it achieved in 2001 – primarily because wholesale investment grade on July 29. The downgrade triggered a series
electric prices were dropping. In addition, the fall of Enron and of cash collateral calls on NRG and resulted in a sharp drop in
page 3
6. our stock price, a decline in the bond ratings of Xcel Energy and Another issue that affected shareholders last year was the
its utility subsidiaries and reduced access to capital. dividend. As access to capital markets became limited, Xcel
NRG was not able to meet the cash requirements triggered Energy took a hard look at its own financing requirements. In
by the downgrade, and it soon became clear that NRG could not the past, the cash generated by our utilities was not sufficient
survive without a dramatic restructuring of its debt. Xcel Energy to fund both the dividend requirement and the utilities’ capital
began discussions with NRG’s creditors and, as part of the expenditure program. That required us to issue debt or equity
restructuring process, decided that Xcel Energy would no longer to finance our growth.
retain an ownership stake in NRG. Given those circumstances – and after a great deal of analysis
In March 2003, we reached an agreement in principle with and deliberation – Xcel Energy’s board of directors made the
holders of most of NRG’s long-term notes and the steering very difficult decision in September to cut the dividend rate in
committee representing NRG’s bank lenders. The agreement is half. By reducing the dividend, the company is able to retain an
subject to certain conditions and calls for Xcel Energy to make additional $300 million per year in cash. The additional cash
payments to NRG over 13 months, totaling up to $752 million, enables us to better match the cash needed to fund the growth
for the benefit of NRG’s creditors in partial consideration for their of our core businesses, without being forced to issue additional
waiver of any existing and potential claims against Xcel Energy. stock at low prices or raise debt at high cost. Although the
We believe the agreement eliminates the risks and uncertainty decision was painful, we continue to strongly believe that in
surrounding NRG’s current restructuring effort and contains terms the long run it is in the best interest of shareholders.
that greatly reduce our exposure to any material legal claims. We Obviously, the year’s events and the NRG situation also
also feel the agreement reduces the risk of a credit downgrade and affected financial results. In 2002, Xcel Energy’s total earnings –
paves the way for a potential upgrade of our credit ratings. Finally, including NRG results and impacts – were a net loss of $2.2
our stock price has been negatively affected by the uncertainty billion, or $5.82 per share, compared with net earnings of $791
surrounding NRG. We believe this agreement should eliminate million, or $2.30 per share, in 2001. Xcel Energy’s pro forma
that uncertainty. earnings – excluding NRG’s operating results and other NRG
impacts – were $522 million, or $1.37 per share, compared
with $591 million, or $1.72 per share, for 2001.
XCEL ENERGY
EARNINGS PER SHARE Xcel Energy’s earnings in 2002 consisted of:
dollars per share (diluted)
– utility net income of $606 million, or $1.59 per share,
compared with $655 million, or $1.90 per share, for the
1.54 1.08 2.30 1.72 -5.82 1.37
3.00 year 2001;
– other subsidiary net losses and holding company costs
2.00
of $0.22 per share, compared with $0.18 per share for
1.00 the year 2001;
– an NRG net loss of $3.5 billion, or $9.04 per share, com-
0.00
pared with net income of $200 million, or $0.58 per share, in
2001 (including a pretax loss of $2.9 billion, or about $7.09
-1.00
per share, for asset impairments and disposal losses); and
-2.00
– a tax benefit related to the investment of NRG of $706
million, or $1.85 per share, related to Xcel Energy’s
-3.00
investment in NRG.
-4.00
Utility earnings were reduced by $0.34 per share in 2002,
compared with 2001, due to the impacts of less favorable market
-5.00
conditions on electric wholesale and trading sales.
-6.00
Going forward, Xcel Energy’s earnings will come from our
00 01 02
core utility operations, which have consistently performed well.
total earnings per share Despite all that has happened over the past year, those businesses
pro forma utility and other earnings
per share (excluding NRG)
page 4
7. remain strong, with approximately $15 billion of assets, healthy Just as important as environmental protection is our
service territories and knowledgeable, hard-working and responsibility to anticipate and meet customers’ energy needs.
dedicated employees. In late 2002, Xcel Energy filed a resource plan in Minnesota
We manage our core businesses by taking a disciplined and that examines the costs, benefits and risks associated with various
standardized approach to controlling costs, while never losing sight power supply sources. The plan included our recommendation
of quality or customer service. As always, our goal is to get the to continue operating the Monticello and Prairie Island nuclear
most out of our assets by operating each component of the energy plants, which is the best option among several alternatives from
process well – from buying fuel for power plants to delivering the cost, reliability and emissions perspectives.
final product to customers. In 2002, employee expertise – along Xcel Energy also opened the issue to discussion by key
with an innovative management approach and the aid of new tech- stakeholders, including the Minnesota Legislature, which in
nology – resulted in significant core business accomplishments. 1994 imposed a limit on used nuclear fuel storage at the plants.
Among many other achievements, Xcel Energy employees: That limit will force the shutdown of Prairie Island in 2007 and
– negotiated contracts that reduce coal costs by more than Monticello in 2010 if additional storage is not approved. Xcel
$20 million through 2004 and rail costs by approximately Energy is seeking legislative action to keep nuclear power part
$34 million for 2004 and 2005, while benefiting suppliers of our energy portfolio.
through long-term agreements; A strong commitment to customers and the environment is a
– achieved excellent generating results from our Prairie Island reflection of Xcel Energy’s corporate integrity. Equally important
and Monticello nuclear plants, while maintaining the highest is our financial integrity, which was reaffirmed in 2002 when we
safety rating given by the Nuclear Regulatory Commission; asked Deloitte & Touche to re-audit our 2000 and 2001 financial
– set operating records at our Comanche and Sherco coal- statements to remove any doubt about the results of our original
fired plants, while improving worker safety, and achieved audits, which were conducted by Arthur Andersen. No adjustments
top-quartile performance across our fleet of generating or restatements were necessary to our previously reported results.
plants in terms of forced outage rates; Xcel Energy will face the future in the same honest and
– completed a project to convert two of four units at our Black straightforward manner. We have a number of strategic priorities,
Dog power plant from coal to natural gas combined-cycle including bringing final resolution to the NRG restructuring and
technology, which will reduce emissions while boosting improving our financial strength and stock valuation. We also
electric output by more than 100 megawatts; will pursue top-quartile performance in all areas of our operations
– helped customers across our service territory conserve 300 and high levels of excellence in all aspects of governance and
gigawatt-hours of electricity, the amount of energy used by compliance. Finally, we will continue to make environmental
40,000 homes in a year; and stewardship good business, and we will ensure that Xcel Energy’s
– received conditional operating approval for TRANSLink business model successfully positions us for the challenges
Transmission Co., our proposed independent transmission facing our industry.
company, from the Federal Energy Regulatory Commission, We can look forward to a brighter future because our core
and established an interim start-up company. businesses are strong and growing. Our employees are talented and
Xcel Energy’s ability and willingness to protect the environ- hard working. And our commitment to customers, communities
ment is another example of the fundamental strength of our and the environment never wavers. As always, Xcel Energy will
core businesses. In 2002, our Denver metro emissions reduction work tirelessly to earn your trust and support.
project, which is a voluntary effort to reduce air emissions at
three coal-fired plants, became fully operational. The program Sincerely,
is reducing sulfur dioxide emissions by 18,000 tons a year and
nitrogen oxide emissions by 2,200 tons annually. In Minnesota,
we’ve proposed a similar plan to convert two coal-fired plants
to natural gas and install advanced pollution-control equipment
at a third plant. While significantly reducing emissions, the Wayne H. Brunetti
program also will increase the plants’ generating capacities. Chairman, President and CEO
page 5
8. focusing on fundamentals
As it moves forward after a difficult year, Xcel Energy is focusing on the
fundamentals that are essential to long-term success. First and foremost, the
company will rely on its electric and natural gas businesses, which are strong
and growing. With that solid foundation, Xcel Energy will be able to once
again build shareholder value, another important fundamental. Finally, the
company will achieve its goals by remaining committed to environmental
protection, customer satisfaction and the economic strength and social
vitality of the communities in which it operates.
the fundamentals of xcel energy’s business are represented by (clockwise from upper left): employee
ken christensen, a lead fitter in grand junction, colo.; a coal-unloading silo at the allen s. king plant
near bayport, minn.; employee joe massey, a journeyman lineman in grand junction, colo.; and employee
paul bixby, an assistant plant equipment operator at the allen s. king plant.
page 6
9.
10. john minnick is an xcel energy journeyman
lineman in grand junction, colo.
page 8
11. fundamental no. 1
operating our core businesses
Xcel Energy employees understand the energy business as well as anyone.
They know how to buy fuel efficiently, run power plants well, deliver
natural gas and electricity reliably and satisfy customers. But employee
expertise isn’t the only factor operating in favor of Xcel Energy’s core
businesses. Their service territories are healthy and growing, with 66,000
new customers, for example, added in 2002. The core businesses also
include a balanced portfolio of energy sources and valuable assets such as
power plants, substations and transmission lines. Each attribute contributes
to the strength and flexibility of Xcel Energy, enabling it to face the
challenges of the future.
XCEL ENERGY PORTFOLIO
of ENERGY SOURCES
Coal 50%
Nuclear 13%
Gas & Oil 10%
Renewables* 2%
Purchases 21%
Manitoba Hydro
Purchases 4%
*renewables include wind, hydro and biomass
page 9
12. doug jones is an xcel energy yard equipment operator at
the allen s. king plant near bayport, minn.
page 10
13. fundamental no. 2
building shareholder value
Among Xcel Energy’s top priorities for 2003 are to regain financial strength
and begin to grow shareholder value. The first step in achieving those goals
is to successfully resolve the NRG situation. As always, Xcel Energy will
operate its core businesses by carefully managing costs. That will enable
the company to achieve stable cash flow and earnings growth. Although
earnings growth will be slower than in the past, it should eventually result
in dividend growth. In the process, the company will work to increase its
credit ratings, which will give it easier access to lower-cost sources of capital.
As Xcel Energy delivers on these objectives, the company’s stock price
should increase and it will once again build shareholder value.
XCEL ENERGY SULF UR DIOXIDE and
N I T R O G E N O X I D E E M I S S I O N R AT E S
in pounds per megawatt-hour
6.00
Shareholder value depends on
Xcel Energy’s ability to operate
its core businesses in an environ-
5.00
mentally responsible manner. As
this chart indicates, the company
is steadily reducing sulfur dioxide 4.00
and nitrogen oxide emissions from
its power plants. The significant
3.00
reductions estimated for 2003
reflect the implementation in 2002
of the Denver metro emissions
2.00
reduction project.
1.00
0.00
97 98 99 00 01 02 03*
sulfur dioxide emission rate
nitrogen oxide emission rate
* estimated emission rates
page 11
14. ray wetzbarger is an xcel energy service fitter
apprentice in grand junction, colo.
page 12
15. fundamental no. 3
protecting the environment
As an energy provider, Xcel Energy maintains a delicate balance between
meeting customer needs and protecting the environment. The company’s
environmental commitment has many components, including major efforts in
Colorado and Minnesota to reduce power plant emissions, and an impressive
renewable energy portfolio. With almost 480 megawatts of wind power, Xcel
Energy is among the leading providers of wind energy in the nation. In 2002,
the company was recognized nationally for its mercury emissions research
and signed a precedent-setting agreement with the U.S. Fish and Wildlife
Service to expand efforts to reduce bird injuries and deaths from power lines.
Xcel Energy also finances a wide variety of renewable energy research.
XCEL ENERGY
W I N D G E N E R AT I O N
in megawatts
700
654
600
500
478
469
400
348
316
300
200
138
100
25
0
97 98 99 00 01 02
on line as of Dec. 31
contracted wind projects not yet in service
page 13
16. ramona wilson manages xcel energy’s supplier diversity effort, which includes
strategic partners such as copeland truc-king in minneapolis, minn. in 2002, wilson and xcel
energy were recognized for their support of women- and minority-owned businesses.
page 14
17. fundamental no. 4
caring for customers and the community
Xcel Energy’s success is reflected in the satisfaction of its customers and
the health of its communities. In addition to a major, long-term effort
to help customers conserve energy and save money, Xcel Energy makes
significant investments in programs that improve reliability. The company
also communicates frequently and proactively with customers about a
variety of issues, and works hard to ensure that all problems are resolved.
Xcel Energy wants every customer interaction to be satisfying, whether it’s
over the telephone with a customer care representative, electronically through
the company’s Web site or in person with an Xcel Energy employee.
The company is equally committed to supporting the communities in its
service territory. Besides benefiting from a thriving employee and retiree
volunteerism effort, communities received almost $7.6 million in funding to
charitable activities through the Xcel Energy Foundation. As part of that
funding, the company makes donations for each hour employees volunteer
at qualifying nonprofit organizations and matches employee and retiree
contributions to charitable organizations and higher education. Xcel Energy
employees and retirees personally support organizations such as the United
Way, pledging more than $1.5 million to local agencies in 2002.
page 15