GREEN BAY, Wis., Aug. 4 /PRNewswire-FirstCall/ -- WPS Resources
Corporation (NYSE: WPS) announces the following:
Highlights:
-- Year-to-date basic earnings per share of $2.37, an 87% increase
compared to $1.27 for the same period in the prior year
-- Second quarter basic earnings per share of $0.63, a 425% increase
compared to $0.12 for the same quarter in the prior year
-- 2005 basic earnings per share guidance of $3.62 to $3.86
WPS Resources' income available for common shareholders was $89.8 million
for the six-month period ended June 30, 2005, compared with $47.2 million for
the six-month period ended June 30, 2004. Basic earnings per share of WPS
Resources' common stock were $2.37 for the six months ended June 30, 2005,
compared with $1.27 for the six months ended June 30, 2004.
WPS Resources' income available for common shareholders was $23.9 million
for the quarter ended June 30, 2005, compared with $4.6 million for the
quarter ended June 30, 2004. Basic earnings per share of WPS Resources' common
stock were $0.63 for the second quarter of 2005, compared with $0.12 for the
second quarter of 2004.
"Year-to-date financial results remain strong," stated Larry Weyers, WPS
Resources' Chairman, President, and CEO. "Earnings at our nonregulated WPS
Power Development subsidiary have exceeded our plan, largely due to higher
margins at Sunbury. With the expiration of a fixed price outtake contract on
December 31, 2004, Sunbury had more opportunities to sell power into the
market. Market prices were significantly higher than the prices previously
received under the expired outtake contract. Warm weather conditions
contributed to an increase in electric utility earnings. As a result of the
warm weather, both Wisconsin Public Service and Upper Peninsula Power set all-
time records for meeting peak electric demand in the second quarter, and this
trend continued into the third quarter. In connection with our asset
management strategy, which calls for the continuing disposition and
acquisition of assets in a manner that enhances our earnings capability, we
completed the sale of Sunbury's allocated emission allowances in the second
quarter. Proceeds from this sale give us time to evaluate various operational
and sales alternatives for Sunbury," he said.
Year-To-Date Results
The following tables depict income available for common shareholders and
revenue for the six-month periods ended June 30, 2005, and June 30, 2004, and
include a reconciliation of the increase in basic earnings per share for the
six months ended June 30, 2005, compared to the same period in 2004.
WPS Resources' Income and Revenue
For the Six Months Ended June 30, 2005 and June 30, 2004
Income (Loss) Revenue
Segment 2005 2004 2005 2004
(in millions) (in millions) (in millions) (in millions)
Electric Utility $44.4 $28.1 $484.2 $433.7
Gas Utility 12.1 13.2 264.4 243.2
WPS Energy Services 16.3 14.2 2,016.3 1,742.6
WPS Power Development 15.5 (9.2) 89.4 59.8
Holding Company and Other 1.5 0.9 0.6 0.6
Intersegment Eliminations - - (40.5) (33.4)
Total WPS Resources $89.8 $47.2 $2,814.4 $2,446.5
Detail of WPS Resources' Earnings and Earnings Per Share Changes
Between the Six Months Ended June 30, 2005 and June 30, 2004
Dollar Impact Earnings Per
In millions Share Impact
(Before Tax) (After Tax)
Increase in Electric Utility Margin $32.8 $.52
Increase in Gas Utility Margin 1.3 .02
Decrease in WPS Energy Services' Electric Margin (2.1) (.03)
Increase in WPS Energy Services' Gas Margin 8.0 .13
Increase in WPS Power Development's Margin 25.6 .41
Increase in Operating and Maintenance Expense (5.2) (.08)
Increase in Depreciation and
Decommissioning Expense (43.5) (.69)
Gain on Sale of Emission Allowances 86.8 1.37
Impairment Loss (80.6) (1.28)
Increase in Miscellaneous Income 42.3 .67
Increase in Interest Expense (11.3) (.18)
Provision for Income Taxes .26
Change in Other Items and Rounding (.02)
Total Earnings Per Share Impact $ 1.10
Comparison of Weather Impact on Utility Earnings
Between the Six Months Ended June 30, 2005 and June 30, 2004
Electric Gas
Percent EPS Impact EPS Impact
Change (After Tax) (After Tax)
Heating Compared with Normal 2% warmer $(0.01) $(0.05)
Cooling Compared with Normal 58% warmer 0.10 -
Heating Compared with Prior Year 4% warmer (0.02) (0.04)
Cooling Compared with Prior Year 245% warmer 0.16 -
Segments
WPS Resources' Electric Utility segment includes the regulated electric
utility operations of two wholly owned regulated utility subsidiaries,
Wisconsin Public Service Corporation and Upper Peninsula Power Company. The
Gas Utility segment consists of the natural gas utility operations at
Wisconsin Public Service. Nonregulated segments include WPS Energy Services,
Inc., a diversified energy supply and services company, and WPS Power
Development, LLC., an electric generation company. The Holding Company and
Other segment includes the operations of the WPS Resources holding company and
the non-utility activities of Wisconsin Public Service and Upper Peninsula
Power.
Year-to-date Highlights
-- The margin contributed by the electric utility increased $32.8 million
for the six months ended June 30, 2005, compared to the same period in
the prior year. The increase was driven by an approved retail electric
rate increase of $60.7 million annually (8.6%), which was effective
January 1, 2005, and a 6.0% increase in electric sales volumes. The
rate increase was required primarily to recover increased costs related
to fuel and purchased power and costs related to construction of the
Weston 4 base-load generation facility. Electric sales volumes
increased because of warmer weather conditions during the cooling
season and new power sales agreements that were entered into with
several wholesale customers.
-- WPS Energy Services' margin increased $6.0 million for the six months
ended June 30, 2005, compared to the same period in 2004, due primarily
to improved financial results from natural gas operations. The natural
gas margin increased $8.0 million, largely due to higher sales volumes
related to the addition of new customers, and improved management of
supply for Ohio residential and commercial customers. WPS Energy
Services' electric margin decreased $2.1 million. An $8.2 million
decrease in margin from retail electric operations in Michigan, driven
by higher transmission related charges resulting from the Seams
Elimination Charge Adjustment, and customer attrition related to tariff
changes and high wholesale energy prices, was partially offset by
higher margin from portfolio optimization strategies and positive
financial results from Advantage Energy.
-- WPS Power Development's margin increased $25.6 million. While modest
margin improvements were noted at several of WPS Power Development's
subsidiaries, the greatest improvement occurred at Sunbury. Sunbury's
margin improved by $16.5 million, primarily due to more opportunities
to sell power into the market as a result of the expiration of a fixed
price outtake contract on December 31, 2004. Although Sunbury's
overall sales volumes have decreased compared to the same period in
2004 because of planned outages and temporary shutdowns due to
economics, market energy prices during the period were significantly
higher than the fixed price previously received under the expired
contract. Mark-to-market gains on derivative instruments utilized to
protect a portion of WPS Power Development's Section 29 federal tax
credits, net of related premium amortization, contributed $3.9 million
to the increase in WPS Power Development's margin.
-- The increases in depreciation expense and miscellaneous income are
primarily related to gains realized on the nonqualified nuclear
decommissioning trust assets. Approximately $38 million of the
increase in miscellaneous income was related to these realized gains.
A change in the investment strategy for the nonqualified
decommissioning trust assets resulted in approximately $63 million of
realized gains. The nonqualified decommissioning trust assets were
placed in more conservative investments in anticipation of the sale of
Kewaunee. Pursuant to regulatory practice, $38 million of realized
gains were recognized in miscellaneous income, and were offset by a $38
million increase in decommissioning expense. As the nonqualified
decommissioning trust funds will be returned to ratepayers pursuant to
the Public Service Commission of Wisconsin's order approving the sale
of Kewaunee, the remaining $25 million of realized gains were deferred
as a regulatory liability. Overall, the change in investment strategy
for the nonqualified decommissioning trust assets had no impact on
income available for common shareholders.
-- WPS Power Development completed the sale of Sunbury's allocated
emission allowances for $109.9 million in May 2005, resulting in a pre-
tax gain of $85.9 million. WPS Power Development also sold a small
amount of Sunbury's emission allowances in the first quarter of 2005,
recognizing a pre-tax gain of $0.9 million. Partially offsetting the
gain on the sale of emission allowances, WPS Resources recorded a non-
cash, pre-tax impairment charge of $80.6 million in the second quarter
of 2005 to reduce the carrying value of the Sunbury generation assets
to fair value. The impairment charge reflects the reduction in the
fair value of the Sunbury assets without the related emission
allowances. The following table summarizes the impact on income before
taxes of Sunbury transactions that occurred during the six months ended
June 30, 2005.
Increase/(Decrease)
To Income Before
(In Millions) Taxes
Gain on sale of emission allowances $86.8
Impairment loss (80.6)
Termination of interest rate swap
(discussed in more detail below) (9.1)
Write-down of spare parts inventory
(recorded in operating and maintenance expense) (0.7)
Impact on income before taxes $(3.6)
-- Interest expense increased $11.3 million. In June 2005, the Sunbury
non-recourse debt obligation was restructured to a WPS Resources'
obligation. The restructuring of the debt triggered the recognition of
$9.1 million of interest expense related to losses on interest rate
swaps previously deferred under hedge accounting rules as a component
of other comprehensive income. The interest rate swaps previously
hedged the interest rate exposure on Sunbury's non-recourse debt
obligation. The remaining increase in interest expense was primarily
related to an increase in the level of debt outstanding. Debt levels
have increased primarily related to recent capital expenditures
(including the Weston 4 base-load plant) and funding of costs related
to the Wausau, Wisconsin, to Duluth, Minnesota, transmission line.
-- An increase in the amount of Section 29 federal tax credits recognized
for the six months ended June 30, 2005, compared to the same period in
the prior year, resulted in an increase in income available for common
shareholders. Our ownership interest in the synthetic fuel operation
resulted in recognizing the tax benefit of Section 29 federal tax
credits totaling $18.6 million for the six months ended June 30, 2005,
and $8.8 million for the six months ended June 30, 2004. In compliance
with generally accepted accounting principles, the amount of Section 29
federal tax credits recognized is based upon the estimated annual
effective tax rate and is not necessarily reflective of tax credits
produced during the period. For the year ending December 31, 2005, we
expect to recognize the benefit of Section 29 federal tax credits
totaling approximately $24 million. For the year ended
December 31, 2004, we recognized the benefit of $27.8 million of
Section 29 federal tax credits.
Second Quarter Results
The following tables depict income available for common shareholders and
revenue for the quarters ended June 30, 2005, and June 30, 2004, and include a
reconciliation of the increase in basic earnings per share for the quarter
ended June 30, 2005, compared to the same quarter in 2004.
WPS Resources' Income and Revenue
For the Quarters Ended June 30, 2005 and June 30, 2004
Income (Loss) Revenue
Segment 2005 2004 2005 2004
(in millions) (in millions) (in millions) (in millions)
Electric Utility $20.9 $ 9.9 $240.2 $210.8
Gas Utility (1.9) (0.4) 89.8 69.6
WPS Energy Services 4.6 2.1 981.9 766.5
WPS Power Development (1.0) (8.2) 37.0 27.4
Holding Company and Other 1.3 1.2 0.3 0.3
Intersegment Eliminations - - (21.7) (15.1)
Total WPS Resources $23.9 $ 4.6 $1,327.5 $1,059.5
Detail of WPS Resources' Earnings and Earnings Per Share Changes
Between the Quarters Ended June 30, 2005 and June 30, 2004
Dollar Impact Earnings Per
In millions Share Impact
(Before Tax) (After Tax)
Increase in Electric Utility Margin $ 19.9 $.31
Increase in Gas Utility Margin 0.3 -
Increase in WPS Energy Services' Electric Margin 0.7 .01
Increase in WPS Energy Services' Gas Margin 5.7 .09
Increase in WPS Power Development's Margin 9.3 .15
Increase in Operating and Maintenance Expense (3.4) (.05)
Increase in Depreciation and Decommissioning
Expense (40.0) (.63)
Gain on Sale of Emission Allowances 85.9 1.36
Impairment Loss (80.6) (1.27)
Increase in Miscellaneous Income 39.4 .62
Increase in Interest Expense (10.0) (.16)
Provision for Income Taxes .09
Change in Other Items and Rounding (.01)
Total Earnings Per Share Impact $.51
Comparison of Weather Impact on Utility Earnings
Between the Quarters Ended June 30, 2005 and June 30, 2004
Electric Gas
Percent EPS Impact EPS Impact
Change (After Tax) (After Tax)
Heating Compared with Normal 11% warmer $(0.01) $(0.05)
Cooling Compared with Normal 58% warmer 0.10 -
Heating Compared with Prior Year 15% warmer (0.01) (0.04)
Cooling Compared with Prior Year 245% warmer 0.16 -
Second Quarter Highlights
-- The margin contributed by the electric utility increased $19.9 million,
driven by an 11.0% increase in electric sales volumes and an approved
retail electric rate increase of $60.7 million annually (8.6%), which
was effective January 1, 2005. The rate increase was required
primarily to recover increased costs related to fuel and purchased
power, and costs related to construction of the Weston 4 base-load
generation facility. Electric sales volumes increased because of
warmer weather conditions during the cooling season and new power sales
agreements that were entered into with several wholesale customers.
-- WPS Energy Services' margin increased $6.4 million for the quarter
ended June 30, 2005, compared to the same quarter in 2004, due
primarily to improved financial results from natural gas operations.
The natural gas margin increased $5.7 million, driven by a $3.3 million
favorable settlement with a wholesale counterparty and an increase in
margin from structured wholesale transactions (the increase in
transaction opportunities was primarily related to increased
variability in the price of natural gas in the second quarter of 2005,
compared to the same quarter in 2004). WPS Energy Services' electric
margin increased $0.7 million. A $4.6 million increase in the
wholesale electric margin (primarily related to portfolio optimization
strategies) and retail margin from Advantage Energy, was substantially
offset by lower margin from retail electric operations in Michigan,
driven by higher transmission related charges resulting from the Seams
Elimination Charge Adjustment, and customer attrition related to tariff
changes and high wholesale energy prices.
-- WPS Power Development's margin increased $9.3 million. While modest
margin improvements were noted at several of WPS Power Development's
subsidiaries, the greatest improvement occurred at Sunbury. Sunbury's
margin improved by $5.8 million, primarily due to more opportunities to
sell power into the market as a result of the expiration of a fixed
price outtake contract on December 31, 2004. Mark-to-market gains on
derivative instruments utilized to protect a portion of WPS Power
Development's Section 29 federal tax credits, net of related premium
amortization, contributed $1.1 million to the increase in WPS Power
Development's margin.
-- An increase in the amount of Section 29 federal tax credits recognized
for the quarter ended June 30, 2005, compared to the same quarter in
the prior year resulted in an increase in income available for common
shareholders. Our ownership interest in the synthetic fuel operation
resulted in recognizing the tax benefit of Section 29 federal tax
credits totaling $5.8 million for the quarter ended June 30, 2005, and
$2.0 million for the quarter ended June 30, 2004. In compliance with
generally accepted accounting principles, the amount of Section 29
federal tax credits recognized is based upon the estimated annual
effective tax rate and is not necessarily reflective of tax credits
produced during the period.
-- Explanations for the quarter-over-quarter changes in, depreciation and
decommissioning expense, gain on sale of emission allowances,
impairment loss, miscellaneous income, and interest expense are similar
to the year-to-date discussion above.
2005 EARNINGS FORECAST
In 2005, we are continuing to manage our portfolio of businesses to
achieve utility and nonregulated growth but we are placing emphasis on
regulated growth, which limits our exposure to the risks of nonregulated
markets. In all of our business units, we continue to utilize financial tools
commonly used in the industry to help mitigate risk. Also, our asset
management strategy will continue to deliver shareholder return from certain
asset transactions. Our long-term basic earnings per share growth rate target
remains at 6% to 8% on an average annualized basis, with fluctuations in any
given year that may be above or below that targeted range. Our 2005 basic
earnings per share guidance for income from continuing operations is between
$3.62 and $3.86, assuming normal weather for the remainder of the year,
availability of our generation units, and completion of our planned land
sales. Earnings per share guidance does not reflect the cumulative effect
adjustment that may be required upon our adoption of FASB Interpretation No.
47, Accounting for Conditional Asset Retirement Obligations, which is
effective December 31, 2005.
CONFERENCE CALL
An earnings conference call is scheduled for 3 p.m. Central Time, on
Thursday, August 4. Larry L. Weyers, WPS Resources' Chairman, President, and
CEO, will discuss second quarter 2005 financial results. To access the call,
which is open to the public, call 888-690-9634 (toll free) 15 minutes prior to
the scheduled start time. Callers will be required to supply EARNINGS as the
passcode and MR. LARRY WEYERS as the leader. Callers will be placed on hold
with music until the call begins. A replay of the conference call will be
available through August 18, 2005, by dialing 800-294-3091.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934. You can identify these
statements by the fact that they do not relate strictly to historical or
current facts and often include words such as "anticipate," "believe,"
"estimate," "expect," "intend," "plan," "project," and other similar words.
Although we believe we have been prudent in our plans and assumptions, there
can be no assurance that indicated results will be realized. Should known or
unknown risks or uncertainties materialize, or should underlying assumptions
prove inaccurate, actual results could vary materially from those anticipated.
Forward-looking statements speak only as of the date on which they are
made, and we undertake no obligation to update any forward-looking statements,
whether as a result of new information, future events, or otherwise. We
recommend that you consult any further disclosures we make on related subjects
in our 10-Q, 8-K, and 10-K reports to the Securities and Exchange Commission.
The following is a cautionary list of risks and uncertainties that may
affect the assumptions which form the basis of forward-looking statements
relevant to our business. These factors, and other factors not listed here,
could cause actual results to differ materially from those contained in
forward-looking statements.
-- Resolution of pending and future rate cases and negotiations (including
the recovery of deferred costs) and other regulatory decisions
regarding Wisconsin Public Service Corporation and Upper Peninsula
Power Company;
-- The impact of recent and future federal and state regulatory changes,
including legislative and regulatory initiatives regarding deregulation
and restructuring of the electric utility industry, changes in
environmental, tax, and other laws and regulations to which WPS
Resources and its subsidiaries are subject, as well as changes in
application of existing laws and regulations;
-- Current and future litigation, regulatory investigations, proceedings
or inquiries, including manufactured gas plant site cleanup and pending
Environmental Protection Agency investigations of Wisconsin Public
Service Corporation's generation facilities;
-- Resolution of audits by the Internal Revenue Service and various state
revenue agencies;
-- The effects, extent, and timing of additional competition in the
markets in which WPS Resources Corporation's subsidiaries operate;
-- The impact of fluctuations in commodity prices, interest rates, and
customer demand;
-- Available sources and costs of fuels and purchased power;
-- Ability to control costs (including costs of decommissioning generation
facilities);
-- Investment performance of employee benefit plans;
-- Advances in technology;
-- Effects of and changes in political, legal, and economic conditions and
developments in the United States;
-- The performance of projects undertaken by nonregulated businesses and
the success of efforts to invest in and develop new opportunities;
-- Potential business strategies, including acquisitions or dispositions
of assets or businesses, which cannot be assured to be completed (such
as construction of the Weston 4 generation plant and construction of
the Wausau, Wisconsin, to Duluth, Minnesota, transmission line);
-- The direct or indirect effect resulting from terrorist incidents or
responses to such incidents;
-- Financial market conditions and the results of financing efforts,
including credit ratings and risks associated with commodity prices,
interest rates, and counterparty credit;
-- Weather and other natural phenomena; and
-- The effect of accounting pronouncements issued periodically by
standard-setting bodies.
WPS RESOURCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
June 30
(Millions) 2005 2004
Operating Activities
Net income before preferred stock
dividends of subsidiary $91.4 $48.8
Adjustments to reconcile net income
to net cash provided by operating
activities
Depreciation and decommissioning 95.8 52.3
Amortization of nuclear fuel and other 23.4 21.0
Realized gain on investments held
in trust, net of regulatory deferral (15.7) (2.3)
Pension and postretirement expense 25.3 20.8
Pension and postretirement funding (3.0) -
Deferred income taxes and
investment tax credit (44.7) 1.4
Unrealized gains on nonregulated
energy contracts (2.4) (1.1)
Gain on sale of partial interest
in synthetic fuel operation (3.7) (3.7)
Gain on sale of emission allowances (86.8) -
Impairment loss 80.6 -
Deferral of Kewaunee outage costs (55.3) -
Other (9.6) (14.2)
Changes in working capital
Receivables, net 69.0 162.8
Inventories 15.1 53.0
Other current assets 9.9 (1.1)
Accounts payable (58.4) (87.8)
Other current liabilities 27.5 (13.4)
Net cash provided by operating activities 158.4 236.5
Investing Activities
Capital expenditures (188.7) (115.1)
Sale of property, plant, and equipment 2.6 3.2
Sale of emission allowances 110.9 -
Purchase of equity investments and other
acquisitions (30.3) (19.1)
Decommissioning funding - (0.3)
Other (0.4) 12.6
Net cash used for investing activities (105.9) (118.7)
Financing Activities
Short-term debt, net (29.9) 30.0
Repayment of long-term debt and note
to preferred stock trust (2.0) (104.8)
Payment of dividends
Preferred stock (1.6) (1.6)
Common stock (41.6) (40.3)
Issuance of common stock 16.9 16.3
Other (11.1) (1.8)
Net cash used for financing activities (69.3) (102.2)
Change in cash and cash equivalents (16.8) 15.6
Cash and cash equivalents at
beginning of period 40.0 50.7
Cash and cash equivalents at end of period $23.2 $66.3
WPS RESOURCES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) June 30 December 31
(Millions) 2005 2004
Assets
Cash and cash equivalents $23.2 $40.0
Accounts receivable - net of reserves
of $8.6 and $8.0, respectively 512.7 531.3
Accrued unbilled revenues 66.5 113.2
Inventories 183.8 196.1
Current assets from risk management
activities 404.7 376.5
Assets held for sale 0.8 24.1
Other current assets 80.8 91.5
Current assets 1,272.5 1,372.7
Property, plant, and equipment, net
of reserves of $1,622.1 and
$1,588.5, respectively 2,143.0 2,076.5
Nuclear decommissioning trusts 345.5 344.5
Regulatory assets 218.1 160.9
Long-term assets from risk management
activities 135.0 74.6
Other 338.4 347.6
Total assets $4,452.5 $4,376.8
Liabilities and Shareholders' Equity
Short-term debt $259.9 $292.4
Current portion of long-term debt 3.7 6.7
Accounts payable 540.4 589.4
Current liabilities from risk
management activities 390.2 338.6
Deferred income taxes 7.0 9.1
Other current liabilities 118.3 73.2
Current liabilities 1,319.5 1,309.4
Long-term debt 869.6 865.7
Deferred income taxes 25.0 71.0
Deferred investment tax credits 15.4 16.2
Regulatory liabilities 272.4 288.3
Environmental remediation liabilities 67.1 68.4
Pension and postretirement benefit
obligations 93.7 94.6
Long-term liabilities from risk
management activities 112.9 62.5
Asset retirement obligations 377.3 366.6
Other 97.5 91.2
Long-term liabilities 1,930.9 1,924.5
Commitments and contingencies
Preferred stock of subsidiary with no
mandatory redemption 51.1 51.1
Common stock equity 1,151.0 1,091.8
Total liabilities and shareholders'
equity $4,452.5 $4,376.8
WPS RESOURCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME (Unaudited)
Three Months Ended Six Months Ended
(Millions, except per share June 30 June 30
amounts) 2005 2004 2005 2004
Nonregulated revenue $1,006.1 $783.7 $2,082.1 $1,784.0
Utility revenue 321.4 275.8 732.3 662.5
Total revenues 1,327.5 1,059.5 2,814.4 2,446.5
Nonregulated cost of fuel, gas, and
purchased power 970.2 762.0 1,989.0 1,715.4
Utility cost of fuel, gas, and
purchased power 134.7 110.6 336.3 307.6
Operating and maintenance expense 142.1 138.7 275.4 270.2
Depreciation and decommissioning
expense 66.6 26.6 95.8 52.3
Gain on sale of emission allowances (85.9) - (86.8) -
Impairment loss 80.6 - 80.6 -
Taxes other than income 11.9 11.5 23.9 23.3
Operating income 7.3 10.1 100.2 77.7
Miscellaneous income 45.5 6.1 53.2 10.9
Interest expense (24.4) (14.4) (40.6) (29.3)
Minority interest 1.2 1.1 2.2 1.1
Other income (expense) 22.3 (7.2) 14.8 (17.3)
Income before taxes 29.6 2.9 115.0 60.4
Provision (benefit) for income taxes 4.9 (2.5) 23.6 11.6
Net income before preferred stock
dividends of subsidiary 24.7 5.4 91.4 48.8
Preferred stock dividends of
subsidiary 0.8 0.8 1.6 1.6
Income available for common
shareholders $23.9 $4.6 $89.8 $47.2
Average shares of common stock
Basic 38.0 37.3 37.9 37.2
Diluted 38.4 37.5 38.2 37.4
Earnings per common share
Basic $0.63 $0.12 $2.37 $1.27
Diluted $0.62 $0.12 $2.35 $1.26
Dividends per common share declared $0.555 $0.545 $1.110 $1.090
SOURCE WPS Resources Corporation
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Related links:
http://www.wpsr.com
CONTACT:
Joseph P. O'Leary, Senior Vice President and
Chief Financial Officer, +1-920-433-1463, or Donna M. Sheedy,
Manager Investor Relations, +1-920-433-1857, both of WPS
Resources Corporation
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