SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
X THE SECURITIES EXCHANGE ACT OF 1934
------
For the quarterly period ended March 31, 1995
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
------ THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 0-337
Wisconsin Power and Light Company
(Exact name of registrant as specified in its charter)
Wisconsin 39-0714890
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or organization) No.)
222 West Washington Avenue, Madison, Wisconsin 53703
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 608-252-3311
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES X NO
-------- --------
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Common Stock Outstanding at March 31, 1995: 13,236,601 shares
<PAGE>
CONTENTS
PAGE
PART I. Financial Information:
Consolidated Financial Statements of Wisconsin Power and
Light Co.
Consolidated Balance Sheets as of March 31, 1995
and 1994 and December 31, 1994 . . . . . . . . . . . . 2
Consolidated Statements of Income for the Three
Months Ended March 31, 1995 and 1994 . . . . . . . . . 4
Consolidated Statements of Cash Flows - Three
Months Ended March 31, 1995 and 1994 . . . . . . . . . 5
Notes to Consolidated Financial Statements . . . . . . . 6
Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . . 7
PART II. Other Information . . . . . . . . . . . . . . . . . . . . . . 11
Signatures . . . . . . . . . . . . . . . . . . . . . . . 12
Exhibit Index . . . . . . . . . . . . . . . . . . . . . 13
<PAGE>
WISCONSIN POWER AND LIGHT COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
March 31, March 31, December 31
1995 1994 1994
(Thousands of dollars)
ASSETS
UTILITY PLANT:
Plant in service--
Electric................ $ 1,641,965 $ 1,529,537 $ 1,611,351
Gas..................... 207,581 194,319 204,514
Water................... 21,929 20,848 22,070
Common.................. 126,434 111,608 123,255
--------- --------- ---------
1,997,909 1,856,312 1,961,190
Dedicated decommissioning
funds.................... 63,480 51,541 51,791
--------- --------- ---------
2,061,389 1,907,853 2,012,981
Less: Accumulated
provision for
depreciation............. 834,837 776,483 808,853
--------- --------- ---------
1,226,552 1,131,370 1,204,128
Construction work in
progress................. 28,268 69,546 42,731
Nuclear fuel, net......... 17,605 16,926 19,396
--------- --------- ---------
Total utility plant..... 1,272,425 1,217,842 1,266,255
--------- --------- ---------
OTHER PROPERTY AND
EQUIPMENT, net............. 12,585 650 9,133
--------- --------- ---------
INVESTMENTS................. 12,033 12,636 12,228
--------- --------- ---------
CURRENT ASSETS:
Cash and equivalents...... 5,620 6,081 2,234
Net accounts receivable
and unbilled revenue,
less allowance for
doubtful accounts of
$209, $159, and $209,
respectively............ 27,062 15,072 21,689
Accounts receivable from
parent for income taxes. - 2,117 -
Coal, at average cost..... 12,061 12,633 15,824
Materials and supplies,
at average cost.......... 22,914 22,272 20,835
Gas in storage, at average
cost..................... 1,944 1,846 7,975
Prepayments and other..... 19,087 16,670 22,310
--------- --------- ---------
Total current assets.... 88,688 76,691 90,867
--------- --------- ---------
DEFERRED CHARGES:
Regulatory assets...... 142,306 132,422 144,476
Other.................. 51,048 61,470 62,165
--------- --------- ---------
Total deferred
charges........... 193,354 193,892 206,641
--------- --------- ---------
TOTAL ASSETS................ $ 1,579,085 $ 1,501,711 $ 1,585,124
========= ========= =========
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
WISCONSIN POWER AND LIGHT COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
March 31, March 31, December 31,
1995 1994 1994
(Thousands of dollars)
CAPITALIZATION AND LIABILITIES
COMMON SHAREOWNER'S INVESTMENT:
Common stock, $5 par value,
authorized--18,000,000 shares;
issued and outstanding--
13,236,601 shares............. $ 66,183 $ 66,183 $ 66,183
Premium on capital stock and
capital surplus............... 199,169 193,237 199,170
Reinvested earnings............. 285,718 279,487 279,153
--------- --------- ---------
551,070 538,907 544,506
PREFERRED STOCK WITHOUT MANDATORY
REDEMPTION:
Cumulative, without par value,
authorized 3,750,000 shares,
maximum aggregate stated value
$150,000,000; Cumulative, without
par value, $100 stated value,
449,765 shares
outstanding................... 44,977 44,977 44,977
Cumulative, without par value,
$25 stated value, 599,460
shares outstanding............ 14,986 14,986 14,986
--------- --------- ---------
Total preferred stock...... 59,963 59,963 59,963
FIRST MORTGAGE BONDS, NET......... 336,553 336,492 336,538
--------- --------- ---------
Total capitalization.......... 947,586 935,362 941,007
--------- --------- ---------
CURRENT LIABILITIES:
Variable rate demand bonds...... 56,975 56,975 56,975
Short-term debt................. 19,000 7,000 50,500
Accounts payable................ 67,269 57,796 67,518
Accrued payroll and vacation.... 12,201 11,871 12,624
Accrued taxes................... 20,696 16,465 7,299
Accrued interest................ 6,114 5,773 7,669
Other........................... 14,066 24,203 12,456
--------- --------- ---------
Total current liabilities..... 196,321 180,083 215,041
--------- --------- ---------
OTHER CREDITS:
Accumulated deferred income
taxes ........................ 223,770 212,284 222,373
Accumulated deferred investment
tax credits................... 40,279 42,203 40,758
Accrued environmental remediation
costs......................... 79,267 80,480 79,280
Other........................... 91,862 51,299 86,665
--------- --------- ---------
Total other credits........... 435,178 386,266 429,076
--------- --------- ---------
TOTAL CAPITALIZATION AND
LIABILITIES......................$1,579,085 $1,501,711 $1,585,124
========= ========= =========
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
WISCONSIN POWER AND LIGHT COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
Three Months Ended
March 31,
1995 1994
(Thousands of Dollars)
OPERATING REVENUES:
Electric......................... $ 131,151 $ 137,197
Gas.............................. 55,207 65,077
Water............................ 984 977
-------- --------
187,342 203,251
-------- --------
OPERATING EXPENSES:
Electric production fuels........ 29,713 32,286
Purchased power.................. 7,148 9,487
Purchased gas.................... 33,882 43,687
Other operation.................. 34,980 34,610
Maintenance...................... 9,832 9,372
Depreciation..................... 19,495 19,496
Taxes --
Current federal income......... 11,446 11,527
Deferred income taxes.......... 1,721 1,781
Investment tax credit
(restored)................... (479) (481)
Current state income........... 2,565 2,787
Property, payroll & other...... 7,160 7,015
-------- --------
157,463 171,567
-------- --------
NET OPERATING INCOME............... 29,879 31,684
-------- --------
OTHER INCOME AND (DEDUCTIONS):
Allowance for equity funds used
during construction............ 271 449
Other, net....................... 63 5,276
Current income tax............... 32 (2,485)
Deferred income tax.............. 4 102
-------- --------
370 3,342
-------- --------
INCOME BEFORE INTEREST EXPENSE..... 30,249 35,026
-------- --------
INTEREST EXPENSE:
Interest on bonds................ 7,809 7,174
Allowance for borrowed funds
used during construction
(credit)....................... (90) (189)
Other............................ 803 580
-------- --------
8,522 7,565
-------- --------
NET INCOME......................... 21,727 27,461
PREFERRED STOCK DIVIDENDS.......... 828 828
-------- --------
NET INCOME AFTER PREFERRED STOCK
DIVIDENDS......................... $ 20,899 $ 26,633
======== ========
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
WISCONSIN POWER AND LIGHT COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended
March 31,
1995 1994
(Thousands of Dollars)
Cash flows from (used for)
operating activities:
Net income......................... $ 21,727 $ 27,461
Adjustments to reconcile net
income to net cash from
operating activities:
Depreciation.................... 19,495 19,496
Amortization of nuclear fuel.... 2,208 1,825
Deferred income tax............. 1,725 1,883
Investment tax credit restored.. (479) (481)
Allowance for equity funds
used during construction....... (271) (449)
Other, net...................... - 1,773
Changes in assets and liabilities:
Net accounts receivable and
unbilled revenues.............. (5,372) 15,500
Coal............................ 3,763 3,409
Materials and supplies.......... (2,079) (593)
Gas in storage.................. 6,031 6,908
Prepayments and other........... 3,224 5,007
Accounts payable and accruals... (6,013) (14,634)
Accrued taxes................... 13,398 15,661
Deferred charges................ 11,540 (9,140)
Deferred credits................ 10,720 (3,551)
Other, net...................... 1,912 11,522
-------- --------
Net cash generated from
operating activities.......... 81,529 81,597
-------- --------
Cash flows from (used for)
financing activities:
Common stock cash dividends........ (14,334) (14,026)
Preferred stock dividends.......... (828) (828)
Preferred stock issuance expense... - (120)
Net change in short term debt...... (31,500) (52,000)
Equity contribution from parent.... - 3,717
-------- --------
Net cash (used for) financing
activities.................... (46,662) (63,257)
Cash flows from (used for)
investing activities:
Additions to utility plant,
excluding AFUDC.................. (17,089) (17,263)
Allowance for borrowed funds
used during construction......... (90) (189)
Dedicated decommissioning funds.... (11,689) (1,738)
Other, net......................... (2,613) 1,001
-------- --------
Net cash (used for) investing
activities...................... (31,481) (18,189)
-------- --------
Net increase in cash and
equivalents........................ 3,386 151
Cash and equivalents at beginning
of period.......................... 2,234 5,930
-------- --------
Cash and equivalents at end
of period.......................... $ 5,620 $ 6,081
======== ========
Supplemental disclosures of cash
flow information:
Cash paid during the period for:
Interest - debt................. $ 9,488 $ 9,676
Income taxes.................... $ 1,864 $ 1,745
The accompanying notes are an integral part of the consolidated financial
statements.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The consolidated financial statements included herein have been
prepared by Wisconsin Power and Light Company (the "Company" or
"WPL"), without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Accordingly, certain information
and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles
have been condensed or omitted. The consolidated financial statements
include the Company and its wholly owned consolidated subsidiaries.
The Company is a wholly-owned subsidiary of WPL Holdings, Inc. These
financial statements should be read in conjunction with the financial
statements and the notes thereto included in the Company's latest
annual report on Form 10-K.
In the opinion of the Company, the consolidated interim financial
statements reflect all adjustments necessary to fairly state the
results of operations for the interim periods presented. However,
because of the seasonal nature of the Company's operations, the
results shown for portions of a year are not indicative of annual
results.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1995 VS. MARCH 31, 1994:
OVERVIEW
The Company reported consolidated first quarter net income of $20.9
million compared to $26.6 million for the same period in 1994. The
principal operating factors include a $1.1 million pre-tax decrease in
electric margin due to less than favorable weather conditions and a $.8
million pre-tax increase in interest expense primarily from additional
short-term debt requirements.
An additional factor was the reversal of a $ 4.8 million pre-tax reserve
in the first quarter of 1994 which represented a penalty assessment to the
PSCW relating to the administration of a coal contract.
<TABLE>
Electric Operations
<CAPTION>
Revenues and
kWhs Sold, Costs Per
Revenues Generated kWh Sold
and Costs % and Purchased % Generated Customers at
(In Thousands) Change (In Thousands) Change and Purchased End of Quarter
1995 1994 1995 1994 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Residential
and Farm $51,890 $54,555 -5% 769,610 786,866 -2% .067 .069 325,971 319,393
Industrial 31,555 32,212 -2% 883,174 867,043 2% .038 .037 776 720
Commercial 24,290 25,550 -5% 421,040 427,983 -2% .058 .060 44,035 42,927
Wholesale
and Class A 21,739 22,362 -3% 685,138 706,117 -3% .032 .032 81 80
Other 1,677 2,518 -33% 13,247 16,783 -21% .126 .150 1,496 1,454
------- ---------- ------- ------- ------- ------- -------- ------- ------- -------
Total $131,151 $137,197 -4% 2,772,209 2,804,792 -1% .047 .049 372,359 364,574
========= ========= ========= ========== ========== ====== ========= ======= ========= ========
Electric
production
fuels $29,713 $32,286 -8% 2,508,594 2,453,010 2% .012 .013
========= ========= ======== ========= ========
Purchased
Power $7,148 $9,487 -25% 380,949 430,781 -12% .019 .022
------ --------- ------- ======= ========= ===== ======== ========
Margin $94,290 $95,424 -1%
======== ========= =======
</TABLE>
Electric margin decreased slightly in the first quarter of 1995
compared to the first quarter of 1994. Revenues and electric production
fuels decreased due to less favorable weather conditions than the first
quarter of 1994. Growth among all customer classes remained strong due to
favorable economic conditions in WPL's service territory.
<TABLE>
Gas Operations
<CAPTION>
Revenues Therms Sold Revenues and
and Costs % and Purchased % Costs per Therms Customers at
(In thousands) Change (In Thousands) Change Sold and Purchased End of Quarter
1995 1994 1995 1994 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Residential $28,866 $34,753 -17% 54,950 60,245 -9% .53 .58 126,098 121,553
Firm 15,777 20,130 -22% 38,481 44,067 -13% .41 .46 15,689 15,260
Interruptible 1,171 2,845 -59% 4,160 6,994 -41% .28 .41 237 252
Transport 4,494 4,961 -9% 24,666 25,064 -2% .18 .20 153 113
Other 4,899 2,388 - 29,297 14,299 - .17 .17 81 88
------- ------- ------- ------- ------- ------- ------- ------ ------- -------
Total $55,207 $65,077 -15% 151,554 150,669 1% .36 .43 142,258 137,266
======= ======== ======= ======= ======= ======== ======= ====== ======== =======
Purchased gas $33,882 $43,687 -22% 148,805 155,318 -4% $.23 $.28
------- ------- ------- ======= ======= ======= ======= =======
Margin $21,325 $21,390 -.3%
======= ========= =======
</TABLE>
Gas margin for the first quarter of 1995 was comparable to the first
quarter of 1994. Less favorable weather in the first quarter of 1995
compared to the same period in 1994 resulted in lower revenues and a
corresponding decrease in purchased gas expense. However, overall margin
was maintained due to WPL's effective gas procurement strategies which
lowered the unit cost of purchased gas per therm. Customer growth
remained strong from the solid economic conditions in WPL's service
territory.
Other Income and Deductions - Other, Net
Other, net decreased for the first quarter of 1995 compared with the
same period in 1994, primarily due to the reversal of $4.8 million, pre-
tax reserve which represented a penalty assessment by the PSCW relating to
the administration of a coal contract. In the first quarter of 1994, the
Wisconsin State Supreme Court ruled in favor of WPL asserting that the
assessment represented retroactive ratemaking. Accordingly, the tax
effect of the above impacted current income tax expense under Other Income
and Deductions in the first quarter of 1994.
Interest Expense
The increase in interest expense between the first quarters is primarily
from the issuance of $12 million of short-term debt by the Company and a
general rise in interest rates compared to the first quarter of 1994.
LIQUIDITY AND CAPITAL RESOURCES
Financing and Capital Structure
The level of short-term borrowing fluctuates based primarily on seasonal
corporate needs, the timing of long-term financing and capital market
conditions. To maintain flexibility in its capital structure and to take
advantage of favorable short-term rates, the Company also uses proceeds
from the sales of accounts receivable and unbilled revenues to finance a
portion of its long-term cash needs.
The Company's capitalization at March 31, 1995, including the current
maturities of long-term debt, variable rate demand bonds and short-term
debt, consisted of 58 percent common equity, 6 percent preferred stock and
36 percent long-term debt.
Capital Expenditures
The Company's liquidity is primarily determined by the level of cash
generated from operations and the funding requirements of WPL's ongoing
construction and maintenance programs. Cash flows from operating
activities, after dividends paid, provided approximately $66 million and
$67 million for the three months ended March 31, 1995 and 1994,
respectively. The Company finances its construction expenditures through
internally generated funds supplemented, when required, by outside
financing. The estimated construction expenditures for the remainder of
1995 are $95 million. The Company currently anticipates that it will
finance approximately 79 percent of these expenditures through internally
generated funds.
The expenditures for the decommissioning of the Kewaunee Nuclear Power
Plant ("Kewaunee") are estimated to begin in 2014. It is anticipated that
expenditures related to the actual decommissioning of the plant will occur
between 2014 and 2021 of which WPL's share in terms of future dollars,
approximates $581 million. An additional $435 million related to the
storage of spent nuclear fuel on site and other maintenance of the site
will likely occur from 2022 to 2050. By 2013, WPL currently expects to
have the cost collected through electric rates and funded in an external
trust. Therefore, such expenditures are not expected to have a direct
impact on the liquidity or the availability of capital resources.
Industry Outlook
The Public Service Commission of Wisconsin (PSCW) has recently opened a
formal docket initiating an inquiry into the goals of Wisconsin utility
regulation and identification of alternative forms of regulation. WPL has
submitted its views which, in summary form, call for open access to
transmission and distribution systems and a competitive power generation
market place. It is not possible at this time to predict the outcome of
these proceedings.
The Federal Energy Regulatory Commission (FERC) has put utilities on
notice that they must provide open access to their transmission facilities
for wholesale customers subject to certain approved FERC tariffs. WPL
believes its existing open access tariffs position it well to compete
under such market conditions.
Other
The steam generator tubes at Kewaunee are susceptible to corrosion
characteristics, a condition that has been experienced throughout the
nuclear industry. Annual inspections are performed to identify degraded
tubes. Continued use of degraded tubes raises concerns regarding primary-
to-secondary leakage of reactor coolant. Therefore, degraded tubes are
either repaired by sleeving or are removed from service by plugging. The
steam generators were designed with an approximately 15 percent heat
transfer margin, meaning that full power should be sustainable with the
equivalent of 15 percent of the steam generator tubes plugged. Tube
plugging and the build-up of deposits on the tubes affect the heat-
transfer capability of the steam generators to the point where eventually
full-power operation will not be possible and there will be a gradual
decrease in the capacity of the plant. As of December 31, 1994, the
equivalent of approximately 12 percent of the tubes in the steam
generators were plugged.
Kewaunee was taken out of service for scheduled maintenance and
refueling on April 1, 1995. During the maintenance and refueling, the
results of the ongoing steam generator inspections have revealed tube
crack indications that will require an additional 700 of the nearly 7,000
existing tubes to be temporarily plugged during the next operating cycle.
This additional plugging will result in a total of approximately 22
percent of the tubes being plugged. This will result in the plant
operating with an approximate 4 percent power level reduction, or 20-25
Megawatts of the 525 Megawatt net plant output. The continued safe
operation of the plant will not be impacted by the newly plugged tubes or
the reduced capacity level. There may be slightly increased maintenance
and purchased power expenses resulting from the removal of the degraded
tubes and the purchase of replacement power. However, these impacts are
not expected to be material. It is anticipated that Kewaunee will be
returned to service during the week of May 14.
Operation at this reduced power level should be temporary. Cost
effective repair technologies are available which will allow return of the
tubes to service as early as the next maintenance and refueling shutdown
which is scheduled for the fall of 1996. Several tube samples have been
removed for further structural and metallurgical examination in an effort
to determine the best repair method. After repairs are undertaken, as few
as 9% of the tubes could remain plugged, thus allowing resumption of full
power operation. An accurate estimate of the cost of recovering plugged
tubes is not available at this time.
<PAGE>
PART II--OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
1. Exhibits:
27 Financial Data Schedule
2. Reports on Form 8-K: None
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Wisconsin Power and Light Company
Date: May 10, 1995 /s/ Daniel A. Doyle
Daniel A. Doyle, Vice President - Finance,
Controller and Treasurer
(principal accounting officer and officer
authorized to sign on behalf of the
registrant)
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS CONTAINED IN THE FORM 10-Q FILED BY WISCONSIN POWER AND LIGHT COMPANY
FOR THE QUARTER ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 1,272,425
<OTHER-PROPERTY-AND-INVEST> 24,618
<TOTAL-CURRENT-ASSETS> 88,688
<TOTAL-DEFERRED-CHARGES> 193,354
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 1,579,085
<COMMON> 66,183
<CAPITAL-SURPLUS-PAID-IN> 199,169
<RETAINED-EARNINGS> 285,718
<TOTAL-COMMON-STOCKHOLDERS-EQ> 551,070
0
59,963
<LONG-TERM-DEBT-NET> 336,553
<SHORT-TERM-NOTES> 56,975
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 19,000
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 555,524
<TOT-CAPITALIZATION-AND-LIAB> 1,579,085
<GROSS-OPERATING-REVENUE> 187,342
<INCOME-TAX-EXPENSE> 15,253
<OTHER-OPERATING-EXPENSES> 34,980
<TOTAL-OPERATING-EXPENSES> 157,463
<OPERATING-INCOME-LOSS> 29,879
<OTHER-INCOME-NET> 370
<INCOME-BEFORE-INTEREST-EXPEN> 30,249
<TOTAL-INTEREST-EXPENSE> 8,522
<NET-INCOME> 21,727
828
<EARNINGS-AVAILABLE-FOR-COMM> 20,899
<COMMON-STOCK-DIVIDENDS> 14,344
<TOTAL-INTEREST-ON-BONDS> 9,488
<CASH-FLOW-OPERATIONS> 81,529
<EPS-PRIMARY> 0<F1>
<EPS-DILUTED> 0<F1>
<FN>
<F1>Earnings per share of common stock is not reflected because all of such shares
are held by WPL Holdings, Inc.
</FN>
</TABLE>
