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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 17, 1994
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DELMARVA POWER & LIGHT COMPANY
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(Exact Name of Registrant as Specified in Charter)
Delaware and Virginia I-1405 51-0084283
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
800 King Street, P.O. Box 231, Wilmington, Delaware 19899
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code 302-429-3448
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None
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
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Delmarva Power & Light Company (the "Company") announces the results of its
early retirement option and its consideration of the accounting treatment of the
costs of the early retirement option. See the press release of the Company
attached as Exhibit 99 hereto.
Exhibits
Exhibit No. Description of Exhibit Reference
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99 Press Release of Delmarva Power Filed Herewith
& Light Company
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SIGNATURE
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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 hereunto duly authorized.
Delmarva Power & Light Company
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(Registrant)
Date: October 17, 1994 /s/ B. S. Graham
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Barbara S. Graham, Vice President
& Chief Financial Officer
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EXHIBIT INDEX
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Exhibit 99. Additional Exhibits
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Contents Page No.
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Press Release of Delmarva Power & Light Company 5
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EXHIBIT 99
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FOR RELEASE: Monday, October 17
Delmarva Power Announces
Results of Early Retirement Option
Delmarva Power & Light Co. today announced that 296 out of 360 eligible
employees--or 82%--took the early retirement option announced last spring by the
company. Most of the employees are scheduled to leave their jobs by
December 31, 1994.
"The results are about what we expected," said Howard E. Cosgrove,
chairman, president, and chief executive officer of Delmarva Power. "We will
miss the people. While we are losing a lot of experience and expertise, we have
the depth of resources to continue to manage our business successfully. We felt
this cost-cutting move was necessary to help position the company better for the
competition developing in the utility industry."
The company estimates it can save about $13 million to $17 million annually
through a reduced workforce.
Also, the company is evaluating the accounting for the early retirement
option costs, considering the increasing competition in the utility industry.
Depending on the outcome of this evaluation, the company may decide to write off
the cost of the early retirement package against third quarter 1994 earnings
instead of deferring the cost to be amortized over five years as previously
disclosed. The cost of the early retirement option is estimated to be about
$17.5 million.
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