DPL Inc. (NYSE: DPL) today reported third quarter 2011 earnings
of $0.58 per share, compared to $0.74 per share for the same period
in 2010. For the nine months ended September 30, 2011, earnings
were $1.24 per share compared to $1.88 per share for the same
period in 2010. Earnings per share information reported in this
press release is based on diluted shares outstanding unless
otherwise noted. Average total diluted shares outstanding were
115.5 million for the third quarter 2011 and 116.3 million for the
same period in 2010.
Excluding certain special items, adjusted earnings for the third
quarter 2011 and nine months ended September 30, 2011 were $0.70
and $1.61 per share respectively.
Non-GAAP EPS Reconciliation
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2011 2010
2011 2010 Earnings per share
(GAAP unaudited) $0.58
$0.74 $1.24 $1.88
Adjustments:
Mark to market losses
0.06 --- 0.08 ---
Merger related costs 0.05 ---
0.10 --- Debt purchase premium and write-off
--- --- 0.09
---
Tax adjustments
--- --- 0.05
--- Storm costs 0.01 ---
0.05 ---
Adjusted earnings per share
(Non-GAAP) $0.70
$0.74 $1.61 $1.88
“We had a strong quarter from an operational perspective and a
good one financially,” said Paul Barbas, DPL President and CEO.
“Because of our cost control and execution within our core electric
business, we expect to achieve our 2011 adjusted earnings per share
from continuing operations, despite the significant challenges of
increasing retail competition.”
Third Quarter 2011 Financial ResultsRevenues
decreased $5.1 million, or 1%, to $511.8 million for the third
quarter 2011 compared to $516.9 million for the same period in
2010. This decrease was primarily the result of lower retail sales
volumes and a decrease in RTO capacity revenues, partially offset
by higher retail rates, an increase in wholesale sales volumes, and
higher average wholesale prices.
Retail revenues increased $7.7 million resulting primarily from
a 3% increase in average retail rates, partially offset by
increased customer shopping and a 2% decrease in retail sales
volumes.
Wholesale revenues increased $9.5 million primarily as a result
of a 16% increase in average wholesale prices and a 12% increase in
wholesale sales volumes. RTO, RTO capacity and other revenues,
including mark to market losses, decreased $22.3 million primarily
due to a decrease in PJM capacity revenue.
Three Months Ended September
30, $ in millions
2011 2010 Variance Retail
$410.3 $402.6 $7.7 Wholesale
40.7 31.2 9.5 RTO
Revenues 22.3 23.4 (1.1)
RTO Capacity Revenues 37.3 57.0
(19.7) Other Revenues 2.8
2.7 0.1 Mark to Market Losses
(1.6) 0.0 (1.6)
Total Revenues
$511.8 $516.9
(5.1)
For the nine months ended September 30, 2011, revenues increased
$37.8 million, or 3%, to $1,451.4 million compared to $1,413.6
million for the same period in 2010.
Fuel costs, which include coal, gas, oil, and emission
allowances (net of gains on sales), increased $24.7 million, or
24%, for the third quarter 2011 compared to the same period in
2010. The increase was primarily due to a 20% increase in average
fuel prices and a $10.4 million increase related to unrealized
mark-to-market fuel losses. These increases were partially offset
by a 3% reduction in generation volume and a $2.7 million net
increase in gains realized from emission allowance and coal
sales.
Three Months Ended September
30, $ in millions
2011 2010 Variance Fuel Costs
$121.8 $104.8 $17.0 Gains
from Sale of Coal (3.9) (1.1)
(2.8) Gains from Sale of Emission Allowances
0.0 (0.1) 0.1 Mark to Market Losses
11.1 0.7 10.4
Total
Fuel Costs $129.0
$104.3 $24.7
For the nine months ended September 30, 2011, fuel costs
increased $23.8 million, or 8%, to $320.9 million compared to
$297.1 million for the same period in 2010.
Purchased power costs decreased $10.7 million, or 9%, for
the third quarter 2011 compared to the same period in 2010. This
decrease was primarily due to a $24.1 million decrease in RTO
capacity charges and a 13% reduction in average purchase power
prices, partially offset by an $18.9 million increase in purchased
power volumes.
Three Months Ended September
30, $ in millions
2011 2010 Variance Purchased
Power $39.7 $26.5 $13.2
RTO Charges 34.5 33.3 1.2
RTO Capacity Charges 35.5 59.6
(24.1) Mark to Market (Gains) / Losses
(1.4) (0.4) (1.0)
Total Purchased Power
$108.3 $119.0
($10.7)
For the nine months ended September 30, 2011, purchased power
costs increased $60.0 million, or 21%, to $342.7 million compared
to $282.7 million for the same period in 2010.
Gross margin decreased $19.1 million, or 7%, to $274.5
million for the third quarter 2011 compared to $293.6 million for
same period in 2010. For the nine months ended September 30, 2011,
gross margin decreased $46.0 million, or 6%, to $787.8 million
compared to $833.8 million for the same period in 2010.
Operation and maintenance expense increased $7.8 million,
or 9%, for the third quarter 2011 compared to the same period in
2010. The increase was primarily attributable to a $5.8 million
increase in merger related costs, a $3.0 million increase in costs
which are funded through rate riders, a $2.4 million increase in
competitive retail operating costs, and a $2.3 million increase in
storm related costs, partially offset by a $4.6 million decrease in
group insurance and long-term disability costs and a the timing of
routine line maintenance costs of $1.4 million.
For the nine months ended September 30, 2011, operation and
maintenance expense increased $45.9 million, or 18%, to $298.2
million compared to $252.3 million for the same period in 2010.
Depreciation and amortization expense increased $3.6
million, or 11%, for the third quarter 2011 compared to the same
period in 2010. This increase was primarily due to an increase in
depreciable property.
For the nine months ended September 30, 2011, depreciation and
amortization expense increased $0.7 million, or 1%, to $106.0
million compared to $105.3 million for the same period in 2010.
General taxes increased $1.2 million, or 4%, for the
third quarter 2011 compared to the same period in 2010 primarily
due to higher property tax accruals.
For the nine months ended September 30, 2011, general taxes
increased $7.8 million, or 8%, to $104.1 million compared to $96.3
million for the same period in 2010.
Interest expense decreased $0.8 million, or 5%, for the
third quarter 2011 compared to the same period in 2010. The
decrease was primarily related to a reduction in interest expense
due to the purchase of the DPL Capital Trust II 8.125% capital
securities noted below, partially offset by a $3.1 million
write-off of the ineffective portion of DPL’s interest rate hedges.
This write-off has been included as part of the merger related
costs in the non-GAAP to GAAP earnings per share reconciliation
above.
For the nine months ended September 30, 2011, interest expense
decreased $1.7 million, or 3%, to $51.3 million compared to $53.0
million for the same period in 2010.
Charge for the early redemption of debtDPL purchased
$122.0 million principal amount of DPL Capital Trust II 8.125%
capital securities in a privately negotiated transaction in
February 2011. As part of this transaction, DPL paid a $12.2
million, or 10%, premium and recognized $3.1 million of unamortized
discount and issuance costs during the first quarter 2011.
Income taxes decreased $11.8 million, or 29%, for the
third quarter 2011 compared to the same period in 2010 primarily
due to a decrease in pre-tax income.
For the nine months ended September 30, 2011, income taxes
decreased $37.2 million, or 35%, to $69.7 million compared to
$106.9 million for the same period in 2010.
Liquidity and Cash FlowDPL’s cash and cash equivalents
totaled $67.6 million at September 30, 2011 compared to $124.0
million at December 31, 2010. The decrease in cash and cash
equivalents was primarily attributed to $141.3 million of capital
expenditures, $134.2 million related to the purchase of DPL Capital
Trust II 8.125% capital securities, $113.8 million of dividends
paid on common stock, $8.3 million related to the acquisition of MC
Squared Energy Services, LLC, and the posting of $13.5 million of
MC Squared debt and collateral, partially offset by $264.8 million
of cash generated from operating activities, net sales of $69.2
million of short-term investments, proceeds from warrant and option
exercises of $16.6 million, and a net issuance of long-term debt of
$2.6 million.
On August 24, 2011, The Dayton Power and Light Company
(“DP&L”) entered into a four year, $200 million unsecured
revolving credit agreement with a syndicated bank group. The
agreement, which expires on August 24, 2015, replaced DP&L’s
$220 million unsecured revolving credit agreement which was due to
expire on November 21, 2011 and has been terminated.
On August 24, 2011, DPL entered into a three year, $125 million
unsecured revolving credit agreement with a syndicated bank group.
The agreement expires on August 24, 2014.
On August 24, 2011, DPL entered into a $425 million unsecured
term loan agreement with a syndicated bank group. The agreement
expires on August 24, 2014. DPL has drawn down $300 million of the
$425 million available under the facility and used the proceeds to
pay down the $297.4 million Senior Notes that matured on September
1, 2011.
As of October 26, 2011, there were no borrowings on the combined
$525 million revolving credit facilities and there was $125 million
available on the $425 million term loan.
Availability on Revolvers and Term
Loanat October 26, 2011 ($ in millions)
DP&L
DPL Total Availability on DP&L $200
million revolver $200 ---
$200 Availability on DP&L $200 million revolver
200 --- 200
Availability on DPL $125 million revolver
--- 125 125 Availability on DPL
$425 million term loan ---
125 125
Total Availability
$400 $250
$650
Construction additions were $128.5 million during the
nine months ended September 30, 2011. Capital projects are subject
to continuing review and are revised in light of changes in
financial and economic conditions, load forecasts, legislative and
regulatory developments and changing environmental standards, among
other factors. For the period 2011 through 2013, DPL is projecting
to spend an estimated $750 million on capital projects.
Retail Competition UpdateThe annualized percentage of
DP&L’s retail load (in MWHs) that has switched to Competitive
Retail Electric Service (“CRES”) providers is currently 51%.
However, DPL Energy Resources, Inc. (“DPLER”), our retail marketer
affiliate, supplies approximately 82% of the switched load.
Approximately 12% of DP&L’s annualized residential load
switched to CRES providers with DPLER acquiring 57% of the switched
load. For the calendar year 2011, based on current trends, we
project customer shopping will negatively impact gross margin by
approximately $55 - $60 million compared to the 2010 impact of
approximately $17 million.
Current Annualized Estimate %
of MWHs Retail Load Supplied by DP&L
49%
CRES Share of DP&L Load
DPLER Share of DP&L Load 42% 3rd
Party Share of DP&L Load 9%
Total CRES Provided Load
51% Total Retail
Load 100%
2011 Earnings GuidanceDPL has reaffirmed its 2011
adjusted earnings from continuing operations guidance of $2.30 to
$2.55 per share and expects its adjusted earnings from continuing
operations to be at the low end of its guidance. Adjusted earnings
from continuing operations is a non-GAAP financial measure which
excludes the impacts of the year to date September 2011 special
items totaling $0.37 per share, as reflected in the non-GAAP to
GAAP earnings per share reconciliation above, and also excludes
estimated merger transaction costs for the balance of the year
which are reflected in the full year 2011 non-GAAP to GAAP earnings
per share reconciliation on the last page of this press
release.
Merger UpdateOn September 23, 2011, DPL announced that
its shareholders voted to approve the proposal to adopt the
previously announced agreement and plan of merger with The AES
Corporation (“AES”) and its wholly-owned merger subsidiary, Dolphin
Sub, Inc., at the company’s annual shareholders’ meeting.
Completion of the transaction between DPL and AES is subject to
certain conditions, including the receipt of regulatory approvals
from the Federal Energy Regulatory Commission and The Public
Utilities Commission of Ohio.
Non-GAAP Financial MeasuresThis press release contains
non-GAAP financial measures as defined under Securities and
Exchange Commission regulations. Generally, a non-GAAP financial
measure is a numerical measure of a company's historical or future
financial performance, financial position, or cash flows that
either excludes or includes amounts that are not normally excluded
or included in the most directly comparable measure calculated and
presented in accordance with generally accepted accounting
principles (GAAP) in the United States.
DPL’s earnings per share is prepared in accordance with
accounting principles generally accepted in the United States of
America and represent the company’s earnings per share as reported
in DPL’s financial statements filed with the Securities and
Exchange Commission. Adjusted earnings per share is a non-GAAP
financial measure. DPL’s management believes adjusted earnings per
share to be relevant and useful information to our investors as
this measure excludes certain special items. Management feels this
is a meaningful analysis of our financial performance as it is not
obscured by these special events. This non-GAAP measure is also
used by management in evaluating the company’s ongoing operating
performance. Adjusted earnings per share is not a substitute for
measures determined in accordance with GAAP, and may not be
comparable to adjusted earnings per share amounts reported by other
companies. The estimated range of non-GAAP earnings per share for
full year 2011 included in this press release includes known
adjustments and one projected adjustment as of the date of this
press release. Additional events may arise that could affect the
projected adjustment and/or give rise to additional adjustments for
estimated or actual 2011 non-GAAP earnings per share information
disclosed by DPL in the future.
About DPLDPL Inc. (NYSE:DPL) is a regional energy
company. DPL’s principal subsidiaries include The Dayton Power and
Light Company (DP&L); DPL Energy, LLC (DPLE); and DPL Energy
Resources, Inc. (DPLER), which also does business as DP&L
Energy. The Dayton Power and Light Company, a regulated electric
utility, provides service to over 500,000 retail customers in West
Central Ohio; DPLE engages in the operation of merchant peaking
generation facilities; and DPLER is a competitive retail electric
supplier. DPL, through its subsidiaries, owns and operates
approximately 3,800 megawatts of generation capacity, of which
2,800 megawatts are coal-fired units and 1,000 megawatts are
natural gas and diesel peaking units. Further information can be
found at www.dplinc.com.
Forward Looking StatementsCertain statements contained in
this press release are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Matters discussed in this press release that relate to events or
developments that are expected to occur in the future, including
earnings and other projections, the proposed merger transaction
between DPL and The AES Corporation (AES) and the expected timing
and completion of the transaction, management’s expectations,
strategic objectives, business prospects, anticipated economic
performance and financial condition and other similar matters,
constitute forward-looking statements. Forward-looking statements
are based on management’s beliefs, assumptions and expectations of
future economic performance, taking into account the information
currently available to management. These statements are not
statements of historical fact and are typically identified by terms
and phrases such as “anticipate,” “believe,” “intend,” “estimate,”
“expect,” “continue,” “should,” “could,” “may,” “plan,” “project,”
“predict,” “will,” and similar expressions. Such forward-looking
statements are subject to risks and uncertainties, and investors
are cautioned that outcomes and results may vary materially from
those projected due to various factors beyond our control,
including but not limited to: abnormal or severe weather and
catastrophic weather-related damage; unusual maintenance or repair
requirements; changes in fuel costs and purchased power, coal,
environmental emissions, natural gas, oil, and other commodity
prices; volatility and changes in markets for electricity and other
energy-related commodities; performance of our suppliers and other
counterparties; increased competition and deregulation in the
electric utility industry; increased competition in the retail
generation market; a material deterioration in DPL’s retail and/or
wholesale businesses and assets; changes in interest rates; state,
federal and foreign legislative and regulatory initiatives that
affect cost and investment recovery, emission levels and
regulations, rate structures or tax laws; changes in federal and/or
state environmental laws and regulations to which DPL and its
subsidiaries are subject; the development and operation of Regional
Transmission Organizations (RTOs), including PJM Interconnection,
L.L.C. (PJM) to which DPL’s operating subsidiary (DP&L) has
given control of its transmission functions; changes in our
purchasing processes, pricing, delays, employee, contractor, and
supplier performance and availability; significant delays
associated with large construction projects; growth in our service
territory and changes in demand and demographic patterns; changes
in accounting rules and the effect of accounting pronouncements
issued periodically by accounting standard-setting bodies;
financial market conditions; the outcomes of litigation and
regulatory investigations, proceedings or inquiries; general
economic conditions; an otherwise material adverse change in the
business, assets, financial condition or results of operations of
DPL; and the risks and other factors discussed in DPL’s and
DP&L’s filings with the Securities and Exchange Commission.
Regarding the proposed merger transaction with AES, there can be no
assurance as to the timing of the closing of the transaction, or
whether the transaction will close at all. The following factors,
among others, could also cause or contribute to causing our actual
results to differ materially from the results anticipated in our
forward looking statements: the ability to obtain required
regulatory approvals of the transaction or to satisfy other
conditions to the transaction on the terms and expected timeframe
or at all; transaction costs; and the effects of disruption from
the transaction making it more difficult to maintain relationships
with employees, customers, other business partners or government
entities.
Forward-looking statements speak only as of the date of the
document in which they are made. We disclaim any obligation or
undertaking to provide any updates or revisions to any
forward-looking statement to reflect any change in our expectations
or any change in events, conditions or circumstances on which the
forward-looking statement is based.
The information contained herein is submitted for general
information and shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
DPL Inc. CONDENSED CONSOLIDATED STATEMENTS OF RESULTS OF
OPERATIONS Three Months Ended Nine Months Ended September
30, September 30, $ in millions except per share amounts 2011
2010 2011 2010 (Unaudited) (Unaudited)
Revenues $ 511.8 $ 516.9 $ 1,451.4 $ 1,413.6
Cost
of Revenues: Fuel 129.0 104.3 320.9 297.1 Purchased power
108.3 119.0
342.7 282.7
Total cost of revenues
237.3
223.3 663.6
579.8 Gross Margin 274.5
293.6 787.8 833.8
Operating Expenses: Operation and
maintenance 92.0 84.2 298.2 252.3 Depreciation and amortization
35.8 32.2 106.0 105.3 General taxes
33.8
32.6 104.1
96.3 Total operating expenses
161.6 149.0
508.3 453.9
Operating Income 112.9 144.6 279.5 379.9
Other Income / (Expense), Net Investment income 0.1 0.3 0.3
0.6 Interest expense (16.8 ) (17.6 ) (51.3 ) (53.0 ) Charge for
early redemption of debt - - (15.3 ) - Other expense
(0.5 ) (0.5
) (1.2 )
(1.8 ) Total other income / (expense),
net
(17.2 )
(17.8 ) (67.5
) (54.2 )
Earnings Before Income Tax 95.7 126.8 212.0 325.7
Income tax expense
28.6
40.4 69.7
106.9 Net Income
$ 67.1
$ 86.4
$ 142.3
$ 218.8
Average Number of Common Shares Outstanding (Millions):
Basic 115.0 115.8 114.4 115.7 Diluted 115.5 116.3 115.0 116.2
Earnings per Share of Common Stock: Basic $ 0.58 $
0.75 $ 1.24 $ 1.89 Diluted $ 0.58 $ 0.74 $ 1.24 $ 1.88
Dividends Paid per Share of Common Stock $ 0.3325 $ 0.3025 $
0.9975 $ 0.9075
DPL Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS Nine Months Ended September 30, $ in Millions 2011
2010 (Unaudited)
Cash Flows from Operating
Activities: Net income $ 142.3 $ 218.8 Adjustments to
reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization 106.0 105.3 Deferred income taxes
70.5 38.7 Unamortized investment tax credit (2.1 ) (2.1 ) Charge
for early redemption of debt 15.3 - Changes in certain assets and
liabilities (64.1 ) (54.5 ) Other
(3.1
) 25.4 Net Cash Provided
by Operating Activities 264.8
331.6 Cash Flows from
Investing Activities: Capital expenditures (141.3 ) (113.7 )
Purchase of MC Squared (8.3 ) - Purchases of short-term investments
and securities (1.7 ) (62.7 ) Sales of short-term investments and
securities 70.9 14.4 Other
1.5
1.7 Net Cash Used for Investing
Activities (78.9
) (160.3
) Cash Flows from Financing
Activities: Dividends paid on common stock (113.8 ) (104.8 )
Early redemption of Capital Trust II debt (122.0 ) - Premium paid
for early redemption of debt (12.2 ) - Payment of MC Squared debt
(13.5 ) - Payment of long-term debt (297.4 ) - Issuance of
long-term debt 300.0 - Withdrawals from revolving credit facilities
50.0 - Repayments of borrowings from revolving credit facilities
(50.0 ) - Repurchase of DPL common stock - (3.9 ) Exercise of
warrants 14.7 - Other
1.9
1.6 Net Cash Used for Financing
Activities (242.3
) (107.1
) Cash and Cash Equivalents: Net
change (56.4 ) 64.2 Balance at beginning of period
124.0 74.9
Cash and Cash Equivalents at End of Period
$ 67.6
$ 139.1
Supplemental Cash Flow Information: Interest paid, net of
amounts capitalized $ 49.4 $ 59.6 Income taxes paid, net $ 25.5 $
60.8 Non-cash financing and investing activities: Accruals for
capital expenditures $ 14.8 $ 14.1 Long-term liability incurred for
the purchase of assets $ 18.7 $ -
DPL Inc. CONDENSED CONSOLIDATED
BALANCE SHEETS At At September 30, December 31, $ in
Millions 2011 2010 (Unaudited)
ASSETS
Current Assets: Cash and cash equivalents $ 67.6 $ 124.0
Short-term investments - 69.3 Accounts receivable, net 203.2 215.5
Inventories, at average cost 126.8 115.3 Taxes applicable to
subsequent years 15.9 63.7 Other prepayments and current assets
68.6 40.6
Total current assets
482.1
628.4 Property, Plant and
Equipment: Property, plant and equipment 5,508.3 5,353.6 Less:
Accumulated depreciation and amortization
(2,652.7 ) (2,555.2
) 2,855.6 2,798.4 Construction work in process
118.6 119.7 Total
net property, plant and equipment
2,974.2
2,918.1 Other
Noncurrent Assets: Regulatory assets 178.2 189.0 Other deferred
assets
42.0 77.8
Total other noncurrent assets
220.2
266.8 Total Assets
$ 3,676.5
$ 3,813.3
LIABILITIES AND SHAREHOLDERS' EQUITY Current
Liabilities: Current portion - long-term debt $ 0.4 $ 297.5
Accounts payable 82.2 98.7 Accrued taxes 72.4 68.1 Accrued interest
15.6 18.4 Customer security deposits 16.9 18.7 Other current
liabilities
37.0
40.9 Total current liabilities
224.5 542.3
Noncurrent Liabilities: Long-term debt 1,223.6 1,026.6
Deferred taxes 670.0 625.4 Regulatory liabilities 133.1 124.0
Pension, retiree and other benefits 25.9 64.9 Unamortized
investment tax credit 30.3 32.4 Insurance and claims costs 14.1
10.1 Other deferred credits
112.6
146.2 Total noncurrent liabilities
2,209.6 2,029.6
Redeemable Preferred Stock of Subsidiary 22.9 22.9
Common Shareholders' Equity: Common stock, at par
value of $0.01 per share 1.2 1.2 Warrants 1.6 2.7 Common stock held
by employee plans (7.1 ) (12.5 ) Accumulated other comprehensive
loss (72.1 ) (18.9 ) Retained earnings
1,295.9
1,246.0 Total common
shareholders' equity
1,219.5
1,218.5 Total Liabilities and
Shareholders' Equity $
3,676.5 $
3,813.3
DPL Inc. OPERATING
STATISTICS (Unaudited) Three Months Ended Nine Months Ended
September 30, September 30, 2011
2010 2011 2010
Electric Sales (Millions of
kWh): Residential 1,432 1,515 4,120 4,224 Commercial 1,125
1,121 3,042 2,931 Industrial 946 939 2,642 2,717 Other retail
392 399
1,083 1,096 Total retail 3,895
3,974 10,887 10,968 Wholesale
703
625 1,825
2,170 Total electric sales
4,598 4,599
12,712 13,138
Operating Revenues ($ in Thousands): Residential $ 193,684 $
194,510 $ 540,821 $ 520,599 Commercial 108,462 107,503 300,934
289,925 Industrial 71,564 66,909 200,963 196,780 Other retail
30,931 30,832 86,606 85,622 Other miscellaneous revenues
5,749 2,854
12,658 6,949 Total retail 410,390
402,608 1,141,982 1,099,875 Wholesale 40,660 31,124 101,748
110,473 RTO revenues 59,599 80,384 205,501 194,307
Other revenues
1,158 2,769
2,200 8,901 Total
operating revenues
$
511,807 $
516,885 $
1,451,431 $
1,413,556 Other Statistics:
Average price per kWh - Retail (cents) 10.39 10.06 10.37 9.96 Fuel
cost per net kWh generated (cents) 2.84 2.51 2.75 2.40
Fuel cost per net kWh generated (cents) -
Includesallowance/coal sales and derivative gains/(losses)
3.01 2.49 2.80 2.38 Electric customers at end of period 515,758
513,776 515,758 513,776 Average kWh use per residential customer
3,153 3,328 9,051 9,264 Peak demand - Maximum one-hour use (mW)
2,977 2,924 2,977 2,924 Total generation (Millions of kWh) 4,076
4,201 11,020 12,446
Degree Days Heating 124 52 3,604
3,475 Cooling 839 849 1,158 1,225
DPL Inc. RECONCILIATION OF THE
ESTIMATED RANGE OF 2011 NON-GAAP DILUTED EARNINGS PER SHARE
(unaudited)
Estimate For the
Year Ended Non-GAAP Diluted Earnings per Share
Reconciliation December 31,
2011 2011 Diluted EPS - GAAP Range $ 1.73
$ 1.98 Plus: Mark to Market losses $ 0.08 $ 0.08 Debt purchase
premium and write-off 0.09 0.09 Tax adjustments 0.05 0.05 Storm
costs 0.05 0.05 Estimated merger related costs 0.30
0.30
2011 Diluted EPS - Non GAAP Range* $ 2.30 $ 2.55
* The estimated range of non-GAAP diluted earnings per share for
full-year 2011 included in this press release includes four known
adjustments and one estimated adjustment noted above. Additional
events may arise that could affect the estimated adjustment and/or
give rise to additional adjustments for estimated actual 2011
adjusted earnings per share information disclosed by DPL in the
future.
Inquiries concerning this report should be directed to:
Craig Jackson Vice President and Treasurer Telephone (937)
259-7033 The information contained herein is submitted for
general information and not in connection with any sale or offer
for sale of, or solicitation of any offer to buy, any securities.
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