1st Quarter Earnings Release
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 27, 2004
| |
Exact name of registrant as specified |
I.R.S. |
| |
in its charter, state of incorporation, |
Employer |
| Commission |
address of principal executive offices, |
Identification |
| File Number |
Telephone |
Number |
| 1-16305 |
PUGET ENERGY, INC. |
91-1969407 |
| |
A Washington Corporation. |
|
| |
10885 - N.E. 4th Street |
|
| |
Bellevue, Washington 98004-5591 |
|
| |
(425) 454-6363 |
|
| 1-4393 |
PUGET SOUND ENERGY, INC. |
91-0374630 |
| |
A Washington Corporation |
|
| |
10885 - N.E. 4th Street |
|
| |
Bellevue, Washington 98004-5591 |
|
| |
(425) 454-6363 |
|
ITEM 12.
Results of Operations and Financial Condition
On April 27, 2004, the Company issued
the following press release.
Puget Energy reports
first-quarter 2004 earnings
Winter temperatures
support improved results
Puget Energy
1st Q 2004 highlights
| • |
Income
for common stock of $66.4 million or 67 cents per diluted share |
| • |
Reaffirm
full-year 2004 guidance of $1.50 to $1.60 per share |
| |
First Quarter ended March 31, |
| (in millions except per share data) |
|
2004 |
2003 |
Change |
|
|
|
| Revenues | |
$743 |
.5 |
$640 |
.6 |
16 |
% |
| Operating Income | |
109 |
.7 |
91 |
.4 |
20 |
% |
| Net Income for common stock | |
66 |
.4 |
42 |
.7 |
55 |
% |
| Earnings per share (diluted) | |
$0.6 |
7 |
$0.4 |
5 |
49 |
% |
Bellevue,
Wash. (April 27, 2004) —Puget Energy’s (NYSE: PSD) 2004 first-quarter income for
common stock of $66.4 million, or 67 cents per diluted share, compared with $42.7 million,
or 45 cents per diluted share, in the first quarter of 2003. These results were largely
driven by near-normal winter temperatures that increased sales of natural gas and
electricity for Puget Sound Energy (PSE), the company’s utility subsidiary. Earnings
for the same period in 2003 were lower primarily due to reduced energy sales caused by
winter temperatures that were warmer than normal and higher power costs incurred through
the utility’s power cost adjustment mechanism.
“We
are pleased with our improved first-quarter performance, and our earnings are on target
for the year,” said Stephen P. Reynolds, Puget Energy President and CEO. “Our
efforts to rebuild the company’s financial strength continue on schedule,” he
added.
Reynolds
noted that Puget Sound Energy’s customer base continues to grow above the national
average. “We are fortunate to serve a vibrant, growing region,” said Reynolds.
“We are working with our regulators and others to obtain the financial capability
needed to extend the pipes and wires to customers and secure least-cost energy resources
to serve them. I remain fully committed to meeting our goals for sustained, long-term
growth,” added Reynolds.
Included
in Puget Sound Energy’s strategy to secure additional power generation is the
purchase of a 49.85 percent share (137 megawatts) of the Federickson Power LP plant near
Tacoma, Washington. The company this week obtained final regulatory approval to proceed
with the purchase.
Quarterly Highlights
First-quarter 2004
highlights for Puget Sound Energy
| • |
First-quarter
2004 earnings of $66.9 million, or 67 cents per share, compared with $46.2 million, or 49
cents per share, for the same period in 2003. |
| • |
PSE’s
energy margins for the first quarter of 2004 increased by $26.9 million, primarily due to
a 7 percent increase in gas therm sales and a 5 percent increase in electric
kilowatt-hour sales to PSE’s customers compared with the first quarter of 2003.
Electric sales and revenues totaled 6.4 million megawatt-hours and $392.5 million,
respectively. Gas sales and revenues totaled 374.5 million therms and $275.7 million,
respectively. PSE’s first quarter 2003 energy sales and margins were adversely
impacted by warmer than normal temperatures which reduced PSE’s first quarter 2003
financial results by approximately 10 cents per share. Electric margin is electric sales
to retail and transportation customers less the cost of generating and purchasing
electric energy sold to customers, including transmission costs, to bring electric energy
to PSE’s service territory. Gas margin is gas sales to retail and transportation
customers less the cost of gas purchased, including gas transportation costs, to bring
gas to PSE’s service territory. |
| • |
The
number of heating degree-days in the first quarter of 2004 was 96 percent of normal (4
percent warmer) compared with 91 percent of normal (9 percent warmer) in the first
quarter of 2003. |
|
|
|
|
|
|
|
| |
Heating Degree Days |
% Change |
Heating Degree Days |
% Change |
|
|
|
| Month Ending |
2004 |
Normal* |
2004 vs. Normal |
2004 |
2003 |
2004 vs. 2003 |
| January |
757 |
747 |
1% Colder |
757 |
590 |
28% Colder |
| February |
589 |
634 |
7% Warmer |
589 |
648 |
9% Warmer |
| March |
530 |
582 |
9% Warmer |
530 |
556 |
5% Warmer |
| First Quarter |
1,876 |
1,963 |
4% Warmer |
1,876 |
1,794 |
5% Colder |
| |
*Heating
degree days in 2004 are adjusted for leap year by adding the heating degree day for
February 28th. In the first quarter of 2003 there were 1,942 heating degree days. |
| • |
During
the first three months of 2004, the average number of natural gas customers in PSE’s
service territory grew by 3.5 percent to approximately 650,700, and electric customers
increased by 2.1 percent to approximately 983,600 customers over the same period in 2003. |
| • |
In
the first quarter of 2004, PSE recovered the majority of net variable electric power
supply costs through the Power Cost Adjustment Mechanism (PCA) compared to an
under-recovery of approximately $11.6 million, or 8 cents per share, in the first
quarter of 2003. Net power costs of $13.9 million are being deferred for later
recovery in PSE's electric rates for the first quarter of 2004 under the PCA.
The PCA allows the Company to recover variable power costs on
a shared basis with its customers if PSE’s costs vary from a baseline level established
in electric rates. Under the PCA, PSE's cumulative maximum pre-tax earnings
exposure due to power-supply cost variations over the four-year period ending
June 30, 2006 is limited to $40 million plus 1 percent of the excess. At
year-end 2003, the cumulative $40 million power cap was reached. In 2004, PSE’s
earnings should therefore be minimally impacted by increases in variable power-supply
costs, whether stemming from adverse hydrological conditions, changes in market prices,
higher fuel costs, forced outages or other causes. Current estimates of hydrological
conditions suggest that PSE’s share of excess power costs will remain at the $40
million cumulative cap level at year-end 2004. |
| • |
Utility operations and
maintenance expenses for the first quarter of 2004 totaled$73.9 million,
an increase of approximately $3.8 million, compared to the same period a year ago. First
quarter 2004 operations and maintenance expenses include approximately $6.2 million,or 4
cents per share, of electric storm damage restoration costs. In 2003, PSE incurred
approximately $1.8 million, or 1 cent per share, in electric-service restoration costs
related to storm damage. |
| • |
PSE’s
income-tax expense increased by $4.7 million, or 13.6 percent, to $39.2 million in the
first quarter of 2004 compared to $34.5 million for the first quarter of 2003. The
increase was primarily due to higher income realized in the first quarter of 2004
compared to the first quarter in 2003. |
| • |
As
a result of initiatives in 2003 to reduce debt and refinance higher cost securities, PSE’s
financial results benefited from a combined decrease in interest expense and preferred
dividends of $4.4 million after-tax, in the first quarter of 2004 as compared with the
same period in 2003. During the fourth quarter 2003, Puget Energy sold approximately $100
million of common stock. The sale was non-dilutive to 2003 and 2004 expected earnings per
share because the proceeds were invested in PSE and were used to redeem approximately $94
million of high-cost preferred stock. |
| • |
PSE’s
common equity ratio was 40.9 percent at March 31, 2004 compared to 37.0 percent at March
31, 2003. |
First-quarter 2004
highlights for InfrastruX Group (InfrastruX)
| • |
InfrastruX,
the unregulated utility construction services subsidiary of Puget Energy, reported a loss
of $0.4 million (less than 1 cent per share), as compared with a loss of $3.4 million (4
cents per share) for the first of quarter 2003, net of minority interests. In 2003,
InfrastruX’s first quarter financial results were adversely impacted by severe
winter weather in the Northeast and Midwest and extremely wet winter conditions in the
South, resulting in a significant slowdown in utility construction work in the areas
where InfrastruX primarily conducts business. The construction services business is
seasonal, with highest revenues in the second and third quarters of the year when weather
conditions are more supportive. |
|
|
| First Quarter 2004 vs. First Quarter 2003 Reconciliation |
|
|
| Cents Per Share |
| Puget Energy Q1 2003 Reported Earnings (fully diluted) |
$ 0.45 |
| Change in margin related to customer usage |
0.10 |
| Change in margin related to PCA mechanism |
0.08 |
| Change in InfrastruX results |
0.04 |
| Increase in Operations and Maintenance Expense |
-0.03 |
| All other variances, net |
0.03 |
|
| Puget Energy Q1 2004 Reported Earnings (fully diluted) |
$ 0.67 |
|
PSE Regulatory
Initiatives
| • |
In
April 2004, the Washington Utilities and Transportation Commission (WUTC) and the Federal
Energy Regulatory Commission (FERC) both approved PSE’s request to purchase a 49.85
percent interest or approximately 137 megawatts in the Frederickson 1 generating facility
located in Tacoma, Washington for $80 million. PSE expects to finalize the acquisition by
the end of April 2004. |
| • |
The
WUTC is expected to issue a separate order by the end of April 2004 to resolve the
remaining issues in PSE’s power cost only rate case including certain potential
future fuel cost disallowances relating to the Tenaska and Encogen generating facilities
proposed by the WUTC staff. PSE believes that the fuel cost disallowances relating to
Tenaska and Encogen proposed by the WUTC staff are legally and factually deficient and
PSE filed its rebuttal case on February 13, 2004. These costs are currently recovered in
rates and PSE believes it is probable that recovery will occur in the future. If,
however, the Commission were to adopt the WUTC Staff’s recommendations, the proposed
fuel cost disallowances would adversely affect the Company’s future financial
performance. |
| • |
On
April 5, 2004, PSE filed an electric and natural-gas rate-increase proposal with the WUTC
designed to financially strengthen the utility as well as to enhance customer service and
stabilize energy costs. |
2004 Outlook
| • |
Puget
Energy anticipates its 2004 financial results to be within the range of $1.50 to $1.60
per share, which is unchanged from earnings guidance given when the company released its
calendar year 2003 financial results in its news release on February 10, 2004. |
| • |
In
a normal water year, Puget Sound Energy obtains approximately 38 percent of its energy
supply from low cost hydroelectric facilities, primarily from dams below Grand Coulee on
the Columbia River. The Northwest Rivers Forecast Center on April 19, 2004 predicted that
stream-flows in that basin would be only 84 percent of normal. If the forecasted
stream-flow reductions occur, the Company will need to replace low cost hydropower with
more expensive thermally generated and purchased power. Under the PCA mechanism, PSE’s
2004 earnings should be minimally impacted by these power costs if incurred. |
| • |
PSE
is continuing to implement its multi-stage plan to acquire approximately 400 megawatts
(MWs) of electric energy in the near-term to meet its core customers needs. PSE has
issued requests for proposals (RFP) for up to 355 average megawatts (aMW) from any power
supply resource, including 50 aMW of wind power and additional electricity savings
through 20 megawatts of conservation on an incremental basis each year through 2013. |
FIRST-QUARTER 2004
EARNINGS ANALYST TELECONFERENCE
A
conference call for analysts to discuss with management the first-quarter results and the
outlook for future performance is scheduled at 10 a.m. EDT (7 a.m. PDT) Wednesday, April
28, 2004. The conference call will be broadcast live through a Web cast at www.pse.com by
accessing the Investors section of the Web site. The Web cast will be archived and
available for replay following the live conference call. A recorded replay of the
conference call also will be available two hours after completion on April 28 through
midnight (EDT) Wednesday, May 12, 2004. To access the recording, dial 1-888-286-8010, and
enter the conference I.D. number 26471713.
Puget Energy is an energy services holding
company that conducts all of its operations through its subsidiaries, PSE and InfrastruX
Group. PSE is a regulated utility company that generates, purchases and sells electricity;
and purchases, transports and sells natural gas. The service territory of PSE covers
approximately 6,000 square miles, principally in the Puget Sound region of Washington
state. InfrastruX specializes in contracting services to other gas and electric utilities
primarily in the Midwest, Texas, and the south-central and eastern United States
regions.
_________________
Certain statements contained in
this news release are “forward-looking statements” within the meaning of the
federal securities laws. Although Puget Energy and Puget Sound Energy believe that
the expectations reflected in such statements are reasonable, there can be no assurance
that the expected results will be achieved. For additional information concerning certain
assumptions, risks, and uncertainties involved in the forward-looking statements contained
herein, please refer to Puget Energy’s reports on file with the SEC.
PUGET ENERGY — SUMMARY INCOME
STATEMENT
(In thousands, except per-share amounts)
| |
Unaudited
Three months ended 3/311 |
|
| |
| |
|
|
|
2004 |
|
|
2003 |
|
|
| |
| Operating revenues | | |
| Electric2 | | |
$ | 392,495 |
|
$ | 381,673 |
|
| Gas | | |
| 275,692 |
|
| 187,788 |
|
| Non-utility construction services | | |
| 74,756 |
|
| 70,677 |
|
| Other | | |
| 527 |
|
| 499 |
|
|
| |
| |
| Total operating revenues | | |
| 743,470 |
|
| 640,637 |
|
|
| |
| |
| Operating expenses | | |
| Purchased electricity2 | | |
| 196,367 |
|
| 205,112 |
|
| Residential exchange | | |
| (54,423 |
) |
| (52,679 |
) |
| Purchased gas | | |
| 162,407 |
|
| 86,954 |
|
| Electric generation fuel | | |
| 13,988 |
|
| 15,074 |
|
| Unrealized (gain) loss on derivative instruments | | |
| (87 |
) |
| (477 |
) |
| Utility operations & maintenance | | |
| 73,855 |
|
| 70,055 |
|
| Other operations & maintenance | | |
| 67,002 |
|
| 70,521 |
|
| Depreciation & amortization | | |
| 60,288 |
|
| 57,944 |
|
| Conservation amortization | | |
| 8,190 |
|
| 7,722 |
|
| Taxes other than income taxes | | |
| 67,492 |
|
| 57,660 |
|
| Income taxes | | |
| 38,711 |
|
| 31,366 |
|
|
| |
| |
| Total operating expenses | | |
| 633,790 |
|
| 549,252 |
|
|
| |
| |
| Operating income | | |
| 109,680 |
|
| 91,385 |
|
| Other income (net of tax) | | |
| 64 |
|
| 704 |
|
|
| |
| |
| Income before interest charges & minority interest | | |
| 109,744 |
|
| 92,089 |
|
| Interest charges | | |
| AFUDC | | |
| (1,078 |
) |
| (616 |
) |
| Interest expense | | |
| 44,477 |
|
| 48,281 |
|
| Mandatorily redeemable securities interest expense3 | | |
| 23 |
|
| -- |
|
|
| |
| |
| Total interest charges | | |
| 43,422 |
|
| 47,665 |
|
|
| |
| |
| Minority interest | | |
| (43 |
) |
| (332 |
) |
|
| |
| |
| Net income before cumulative effect of | | |
| accounting change | | |
| 66,365 |
|
| 44,756 |
|
| FAS-143 transition adjustment loss (net of tax) | | |
| -- |
|
| 169 |
|
|
| |
| |
| Net Income | | |
| 66,365 |
|
| 44,587 |
|
| Less preferred stock dividend accruals3 | | |
| -- |
|
| 1,867 |
|
|
| |
| |
| Income for common stock | | |
$ | 66,365 |
|
$ | 42,720 |
|
|
| |
| |
| Common shares outstanding | | |
| 99,169 |
|
| 93,740 |
|
| Diluted shares outstanding | | |
| 99,637 |
|
| 94,172 |
|
|
| |
| |
| Basic earnings per common share before | | |
| cumulative effect of accounting change | | |
$ | 0.67 |
|
$ | 0.46 |
|
| Cumulative effect of accounting change | | |
| -- |
|
| -- |
|
|
| |
| |
| Basic earnings per common share | | |
$ | 0.67 |
|
$ | 0.46 |
|
|
| |
| |
| Diluted earnings per common share before | | |
| cumulative effect of accounting change | | |
$ | 0.67 |
|
$ | 0.45 |
|
| Cumulative effect of accounting change | | |
| -- |
|
| -- |
|
|
| |
| |
| Diluted earnings per common share4 | | |
$ | 0.67 |
|
$ | 0.45 |
|
|
| |
| |
| 1 |
Partial-year
results may not accurately predict full-year performance, as earnings are significantly
affected by weather. |
| 2 |
Effective
January 1, 2004, non-trading derivative instruments meeting Emerging Issues Task Force
Issue No. 03-11 must be shown net in the income statement. Previous year amounts have
been reclassified to conform to the current presentation. |
| 3 |
Effective
July 1, 2003, SFAS 150, “Accounting for Certain Financial Instruments with
Characteristics of Both Liabilities and Equity,” requires companies with equity that
has characteristics of debt to classify their dividends as interest expense instead of as
preferred stock dividends. |
| 4 |
Diluted
earnings per common share include the dilutive effect of securities related to employee
compensation plans. |
PUGET SOUND ENERGY
— UTILITY OPERATING DATA
| |
Three months ended 3/31 |
|
| |
|
2004 |
2003 |
|
| |
| Energy sales revenues ($ in thousands; unaudited) |
|
|
| |
|
| |
|
| Electricity | | |
| Residential | | |
$ | 204,398 |
|
$ | 190,671 |
|
| Commercial | | |
| 153,607 |
|
| 147,548 |
|
| Industrial | | |
| 22,374 |
|
| 23,135 |
|
| Other retail sales, including change in unbilled | | |
| (12,881 |
) |
| (13,618 |
) |
|
| |
| |
| Subtotal, retail sales | | |
| 367,498 |
|
| 347,736 |
|
| Transportation, including change in unbilled | | |
| 2,253 |
|
| 3,174 |
|
| Sales to other utilities & marketers1 |
|
|
|
11,487 |
|
|
21,895 |
|
| Other2 |
|
|
|
11,257 |
|
|
8,868 |
|
|
| |
| |
| Total electricity sales | | |
| 392,495 |
|
| 381,673 |
|
| Gas | | |
| Residential | | |
| 180,761 |
|
| 124,492 |
|
| Commercial | | |
| 77,463 |
|
| 49,631 |
|
| Industrial | | |
| 11,126 |
|
| 7,223 |
|
|
| |
| |
| Subtotal, retail sales | | |
| 269,350 |
|
| 181,346 |
|
| Transportation | | |
| 3,432 |
|
| 3,511 |
|
| Other | | |
| 2,910 |
|
| 2,931 |
|
|
| |
| |
| Total gas sales | | |
| 275,692 |
|
| 187,788 |
|
|
| |
| |
| Total energy sales revenues | | |
$ | 668,187 |
|
$ | 569,461 |
|
|
| Energy sales volumes (Unaudited) | | |
| Electricity (in mWh) | | |
| Residential | | |
| 3,289,191 |
|
| 3,101,106 |
|
| Commercial | | |
| 2,196,287 |
|
| 2,113,957 |
|
| Industrial | | |
| 327,028 |
|
| 344,520 |
|
| Other, including change in unbilled | | |
| (210,510 |
) |
| (219,923 |
) |
|
| |
| |
| Subtotal, retail sales | | |
| 5,601,996 |
|
| 5,339,660 |
|
| Transportation, including change in unbilled | | |
| 483,702 |
|
| 491,578 |
|
| Sales to other utilities & marketers | | |
| 269,610 |
|
| 487,634 |
|
|
| |
| |
| Total mWh | | |
| 6,355,308 |
|
| 6,318,872 |
|
| Gas (in 000's of therms) | | |
| Residential | | |
| 203,749 |
|
| 187,568 |
|
| Commercial | | |
| 99,740 |
|
| 91,696 |
|
| Industrial | | |
| 14,849 |
|
| 13,863 |
|
| Transportation | | |
| 56,182 |
|
| 57,281 |
|
|
| |
| |
| Total gas volumes | | |
| 374,520 |
|
| 350,408 |
|
|
| Margins3 ($ in thousands; unaudited) | | |
| Electric | | |
$ | 194,135 |
|
$ | 172,772 |
|
| Gas | | |
| 87,124 |
|
| 81,629 |
|
|
| Customers served4 (Unaudited) | | |
| Electricity | | |
| Residential | | |
| 866,872 |
|
| 850,389 |
|
| Commercial | | |
| 110,594 |
|
| 107,309 |
|
| Industrial | | |
| 3,976 |
|
| 3,937 |
|
| Other | | |
| 2,150 |
|
| 2,027 |
|
| Transportation | | |
| 16 |
|
| 16 |
|
|
| |
| |
| Total electricity customers | | |
| 983,608 |
|
| 963,678 |
|
| Gas | | |
| Residential | | |
| 599,222 |
|
| 578,636 |
|
| Commercial | | |
| 48,582 |
|
| 47,088 |
|
| Industrial | | |
| 2,738 |
|
| 2,728 |
|
| Transportation | | |
| 129 |
|
| 137 |
|
|
| |
| |
| Total gas customers | | |
| 650,671 |
|
| 628,589 |
|
|
| Weather (Unaudited) | | |
| Actual heating degree days | | |
| 1,876 |
|
| 1,794 |
|
| Normal heating degree days5 | | |
| 1,963 |
|
| 1,942 |
|
| 1 |
Effective
January 1, 2004, non-trading derivative instruments meeting Emerging Issues Task Force
Issue No. 03-11 must be shown net in the income statement. Previous year amounts have
been reclassified to conform to the current presentation. |
| 2 |
Includes
Conservation Trust collection and sales of non-core gas supplies. As of the third quarter
2003 the Conservation Trust payments to bondholders are no longer shown as a reduction in
revenue but as an expense due to the consolidation of the Conservation Trust onto PSE’s
books beginning July 1, 2003. There is no impact on net income. |
| 3 |
Electric
margin is electric sales to retail and transportation customers less the cost of
generating and purchasing electric energy sold to customers, including transmission
costs, to bring electric energy to PSE’s service territory. Gas margin is gas sales
to retail and transportation customers less the cost of gas purchased, including gas
transportation costs, to bring gas to PSE’s service territory. |
| 4 |
Quarterly
data represents average served during March. |
| 5 |
Seattle-Tacoma
Airport statistics reported by NOAA which are based on a 30-year average, 1971-2000.
Heating degree days measure how far the daily average temperature falls below 65 degrees.
Heating degree days in 2004 are adjusted for leap year by adding the heating degree day
for February 28th. |
PUGET SOUND ENERGY
— SEGMENT RESULTS
(In thousands)
|
|
|
|
|
| Three months ended 3/31/04 (Unaudited) |
|
|
|
Regulated Utility
Operations |
|
|
Infrastru |
X |
|
Other1 |
|
|
Puget Energy
Total |
|
|
| Revenues | | |
$ | 668,187 |
|
$ | 74,756 |
|
$ | 527 |
|
$ | 743,470 |
|
| Depreciation and amortization | | |
| 55,807 |
|
| 4,418 |
|
| 63 |
|
| 60,288 |
|
| Income taxes | | |
| 39,220 |
|
| (386 |
) |
| (123 |
) |
| 38,711 |
|
| Operating income | | |
| 108,801 |
|
| 937 |
|
| (58 |
) |
| 109,680 |
|
| Interest charges | | |
| 42,015 |
|
| 1,356 |
|
| 51 |
|
| 43,422 |
|
| Net income | | |
| 66,854 |
|
| (380 |
) |
| (109 |
) |
| 66,365 |
|
|
| |
| Goodwill, net at 3/31/04 | | |
$ | -- |
|
$ | 133,069 |
|
$ | -- |
|
$ | 133,069 |
|
| Total assets at 3/31/04 | | |
| 5,308,778 |
|
| 338,711 |
|
| 72,502 |
|
| 5,719,991 |
|
|
| |
| Three months ended 3/31/03 (Unaudited) | | |
|
| Revenues | | |
$ | 569,461 |
|
$ | 70,677 |
|
$ | 499 |
|
$ | 640,637 |
|
| Depreciation and amortization | | |
| 54,532 |
|
| 3,359 |
|
| 53 |
|
| 57,944 |
|
| Income taxes | | |
| 34,497 |
|
| (3,096 |
) |
| (35 |
) |
| 31,366 |
|
| Operating income | | |
| 93,815 |
|
| (2,479 |
) |
| 49 |
|
| 91,385 |
|
| Interest charges | | |
| 46,356 |
|
| 1,309 |
|
| -- |
|
| 47,665 |
|
| Net income | | |
| 47,981 |
|
| (3,443 |
) |
| 49 |
|
| 44,587 |
|
|
| |
| Goodwill, net at 12/31/03 | | |
$ | -- |
|
$ | 133,302 |
|
$ | -- |
|
$ | 133,302 |
|
| Total assets at 12/31/03 | | |
| 5,257,157 |
|
| 342,332 |
|
| 75,196 |
|
| 5,674,685 |
|
|
PUGET SOUND ENERGY
— CAPITALIZATION
| (In thousands) |
(Unaudited)
At March 31,
2004 |
At December 31,
2003 |
|
|
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term debt2 | | |
$ | -- |
|
| 0 |
.0% |
$ | -- |
|
| 0 |
.0% |
| Junior subordinated debentures of the corporation | | |
| payable to a subsidiary trust holding mandatorily | | |
| redeemable preferred securities | | |
| 280,250 |
|
| 7 |
.1% |
| 280,250 |
|
| 7 |
.2% |
| Mandatorily redeemable preferred stock and | | |
| long-term debt, including current maturities | | |
| 2,034,753 |
|
| 52 |
.0% |
| 2,054,894 |
|
| 52 |
.8% |
| Preferred stock | | |
| -- |
|
| 0 |
.0% |
| -- |
|
| 0 |
.0% |
| Common equity | | |
| 1,601,023 |
|
| 40 |
.9% |
| 1,555,469 |
|
| 40 |
.0% |
|
| Total capitalization including short-term debt | | |
$ | 3,916,026 |
|
| 100 |
.0% |
$ | 3,890,613 |
|
| 100 |
.0% |
|
| 1 |
Includes the
non-regulated subsidiaries of Puget Sound Energy and miscellaneous holding company
expenses. The principal non-regulated subsidiary of PSE is a real estate development
company. |
| 2 |
At March
31, 2004 and December 31, 2003, Rainier Receivables, a wholly owned subsidiary of PSE,
had sold $37 million and $111 million, respectively, in accounts receivable under the
accounts receivable securization program. |
SIGNATURES
Pursuant
to the requirements of the Securities exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the undersigned
thereunto duly authorized.
| |
PUGET ENERGY, INC.
PUGET SOUND ENERGY, INC.
|
| |
/s/ Donald E. Gaines
|
| |
Donald E. Gaines
Vice President Finance and Treasurer
|
| |
|
| Date: April 27, 2004 |
Officer duly authorized
to sign this report on behalf
of each registrant
|