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Previous: GPU INC /PA/, POS AMC, EX-99.I, 2000-09-18 |
Next: GPU INC /PA/, POS AMC, EX-99.1-B, 2000-09-18 |
<TABLE>
<CAPTION>
Financial Statements
Item 6(b) 1-a
Page 1 of 27
GPU, Inc.
Balance Sheets
Actual and Pro Forma (unaudited)
June 30, 2000
--------------------------------
(In Thousands)
ASSETS Actual Adjustments Pro Forma
----------- ------------ -----------
Investments:
<S> <C> <C> <C>
Investment in subsidiaries $ 3,423,365 $ (300,000) $ 3,123,365
Goodwill, net - - -
Other investments 7,198 - 7,198
----------- ------------ -----------
Total investments 3,430,563 (300,000) 3,130,563
----------- ------------ -----------
Current Assets:
Cash and temporary cash investments 40 331,039 331,079
Accounts receivable, net 13 - 13
Prepayments and Special Deposits 1,810 - 1,810
----------- ------------ -----------
Total current assets 1,863 331,039 332,902
----------- ------------ -----------
Deferred debits and other assets 12,458 - 12,458
----------- ------------ -----------
Total Assets $ 3,444,884 $ 31,039 $ 3,475,923
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Financial Statements
Item 6(b) 1-a
Page 2 of 27
GPU, Inc.
Balance Sheets
Actual and Pro Forma (unaudited)
June 30, 2000
--------------------------------
(In Thousands)
LIABILITIES AND CAPITALIZATION Actual Adjustments Pro Forma
----------- ----------- -----------
Stockholders' Equity:
<S> <C> <C> <C>
Common stock $ 331,958 $ - $ 331,958
Capital surplus 1,014,032 (674) 1,013,358
Retained earnings 2,280,561 - 2,280,561
Accumulated other comprehensive income/(loss) (35,165) - (35,165)
----------- ----------- -----------
Total 3,591,386 (674) 3,590,712
Reacquired common stock, at cost (315,000) 31,713 (283,287)
----------- ----------- -----------
Total common stockholders' equity 3,276,386 31,039 3,307,425
----------- ----------- -----------
Current Liabilities:
Notes payable 138,200 - 138,200
Accounts payable 18,748 - 18,748
Interest accrued 83 - 83
Taxes accrued 33 - 33
Other 7,722 - 7,722
----------- ----------- -----------
Total current liabilities 164,786 - 164,786
----------- ----------- -----------
Deferred credits and other liabilities 3,712 - 3,712
----------- ----------- -----------
Total Liabilities and Capitalization $ 3,444,884 $ 31,039 $ 3,475,923
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Financial Statements
Item 6(b) 1-a
Page 3 of 27
GPU, Inc.
Statements of Income and Retained Earnings
Actual and Pro Forma (unaudited)
For The Twelve Months Ended June 30, 2000
(In Thousands)
Actual Adjustments Pro Forma
---------- ----------- ----------
Income:
<S> <C> <C> <C>
Equity in earnings of subsidiaries $ 164,133 $ - $ 164,133
---------- ----------- ----------
Operating Expenses:
Other operation and maintenance 14,343 - 14,343
Depreciation and amortization - - -
---------- ----------- ----------
Total operating expenses 14,343 - 14,343
---------- ----------- ----------
Operating Income 149,790 - 149,790
---------- ----------- ----------
Other Income and Deductions:
Other income, net 158 - 158
---------- ----------- ----------
Total other income and deductions 158 - 158
---------- ----------- ----------
Income Before Interest Charges 149,948 - 149,948
---------- ----------- ----------
Interest Charges:
Notes payable 8,730 - 8,730
---------- ----------- ----------
Total interest charges 8,730 - 8,730
---------- ----------- ----------
Income/(Loss) Before Income Taxes 141,218 - 141,218
Income tax expense/(benefit) - - -
---------- ----------- ----------
Net Income $ 141,218 $ - $ 141,218
========== =========== ==========
Retained Earnings:
Balance at beginning of period $2,335,325 $ - $2,335,325
Net income 141,218 - 141,218
Cash dividends declared on common stock (195,957) - (195,957)
Other (25) (25)
---------- ----------- ----------
Balance at end of period $2,280,561 $ - $2,280,561
========== =========== ==========
</TABLE>
<PAGE>
Financial Statements
Item 6(b) 1-a
Page 4 of 27
GPU, Inc.
Pro Forma Journal Entries
--------------------------
(In Thousands)
(1)
Cash and temporary cash investments $ 31,039
Capital surplus 674
Reacquired common stock, at cost $ 31,713
To record the proposed issuance and sale of 1,146,955 shares (authorized
2,500,000 limit less 1,353,045 shares sold to date) of $2.50 par value common
stock at $27.06 per share as of 6/30/2000 under the Dividend Reinvestment and
Stock Purchase Plan.
(2)
Cash and temporary cash investments $300,000
Investment in subsidiaries - Met-Ed $155,000
Investment in subsidiaries - Penelec 145,000
To reflect the proposed receipt of up to $300 million of common stock dividends
to be declared and paid by Met-Ed and Penelec from time to time, through
December 31, 2001 (SEC File No. 70-9593).
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