Please wait while we load the requested 10-K report or click the link below:
From: Rick James (media)
Colleen F. Henderson, CFA (analysts)
Feb. 2, 2010
Wisconsin Energy Corporation posts fourth quarter
and full-year results for 2009
MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported earnings from continuing operations of $114 million or 96 cents a share for the fourth quarter of 2009. This compares with earnings from continuing operations of $100 million or 85 cents a share for the final quarter of 2008.
Fourth quarter revenues were $1.07 billion in 2009, compared with $1.20 billion in the corresponding period last year. For the full year 2009, revenues were $4.13 billion, down from $4.43 billion in 2008.
Wisconsin Energy's 2009 earnings from continuing operations totaled $377 million or $3.20 per share. In 2008, earnings from continuing operations were $358 million or $3.03 per share.
Retail sales of electricity dropped by 8.1 percent in 2009 compared with the previous year. Electricity use by residential customers was down by 3.8 percent - in large part because of an unusually cool summer. Consumption of electricity by commercial and industrial customers declined by 10 percent, a reflection of the dramatic slowdown in the economy.
Despite the economic climate, the number of customers served by Wisconsin Energy's utilities continued to grow - rising by nearly 6,500 customers or 0.3 percent over 2008.
Among the positive factors contributing to the company's 2009 results were effective cost controls and a full year's earnings from the commercial operation of the newest generating unit at Port Washington.
"In a tough economy we cut costs, improved productivity and posted solid financial results," said Gale Klappa, chairman, president and chief executive officer. "And on virtually every meaningful measure, from customer satisfaction to network reliability to progress on our Power the Future plan, the company made great strides during the year."
Earnings per share listed in this news release are on a fully diluted basis.
All interested parties, including stockholders, the news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing 888-312-9865 up to 15 minutes before the call begins. International callers may dial 719-457-2656. The confirmation code is 6091304. Access also may be gained through the company's Web site (www.wisconsinenergy.com). Click on the icon for the "Year-end Earnings Release & Conference Call" and select "webcast audio." In conjunction with this earnings announcement, Wisconsin Energy will post on its Web site a package of detailed financial information on its fourth quarter and year-end performance. The materials will be available at 6 a.m. Central time on Feb. 2. An archive of the presentation will be available on the Web site after the call. A replay of the audio portion of the presentation will be available approximately two hours following the conclusion of the presentation and will be accessible through Feb. 9, 2010. Domestic callers should dial 888-203-1112. International callers should dial 719-457-0820. The replay confirmation code is 6091304.
Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million natural gas customers in Wisconsin. The company's principal utilities are We Energies and Edison Sault Electric. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants. Wisconsin Energy Corporation (www.wisconsinenergy.com), a component of the S&P 500, has more than $12 billion of assets, approximately 5,000 employees and 48,000 stockholders of record.
The following information was filed by Wisconsin Electric Power Co (WELPM) on Tuesday, February 2, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Wisconsin Electric Power Co's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Wisconsin Electric Power Co.