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Previous: GPU INC /PA/, U-1, EX-99.EX.I, 2001-01-18 |
Next: GPU INC /PA/, U-1, EX-99.EX.1-B, 2001-01-18 |
<TABLE>
<CAPTION>
Financial Statements
Item 6(b) 1-A
Page 1 of 34
GPU, Inc. and Subsidiaries
Consolidated Balance Sheets
Actual and Pro Forma (unaudited)
September 30, 2000
-----------------------------------------
(In Thousands)
ASSETS Actual Adjustments Pro Forma
------ ------ ----------- ---------
Utility Plant:
<S> <C> <C> <C>
Utility plant in service $ 9,941,749 $ - $ 9,941,749
Accumulated depreciation (3,218,081) - (3,218,081)
----------- ----------- -----------
Net utility plant in service 6,723,668 - 6,723,668
Construction work in progress 222,281 - 222,281
Other, net 18,687 - 18,687
----------- ----------- -----------
Net utility plant 6,964,636 - 6,964,636
----------- ----------- -----------
Other Property and Investments:
Equity investments 223,297 - 223,297
Goodwill, net 1,999,695 - 1,999,695
Nuclear decommissioning trusts, at market 389,588 - 389,588
Nuclear fuel disposal trust, at market 125,698 - 125,698
Other, net 613,667 - 613,667
----------- ----------- -----------
Total other property and investments 3,351,945 - 3,351,945
----------- ----------- -----------
Current Assets:
Cash and temporary cash investments 398,807 87,804 486,611
Marketable securities 30,953 - 30,953
Special deposits 66,239 - 66,239
Accounts receivable:
Customers, net 608,316 - 608,316
Other 211,166 - 211,166
Unbilled revenues 163,383 - 163,383
Costs and estimated earnings in excess
of billings on uncompleted contracts 28,846 - 28,846
Materials and supplies, at average cost or less 78,258 - 78,258
Deferred income taxes 37,948 - 37,948
Prepayments 282,205 - 282,205
----------- ----------- -----------
Total current assets 1,906,121 87,804 1,993,925
----------- ----------- -----------
Deferred Debits and Other Assets:
Regulatory assets, net 5,020,086 - 5,020,086
Deferred income taxes 2,501,836 - 2,501,836
Other 588,462 - 588,462
----------- ----------- -----------
Total deferred debits and other assets 8,110,384 - 8,110,384
----------- ----------- -----------
Total Assets $20,333,086 $ 87,804 $20,420,890
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Financial Statements
Item 6(b) 1-A
Page 2 of 34
GPU, Inc. and Subsidiaries
Consolidated Balance Sheets
Actual and Pro Forma (unaudited)
September 30, 2000
-----------------------------------------
(In Thousands)
LIABILITIES AND CAPITALIZATION Actual Adjustments Pro Forma
----------- ----------- -----------
Capitalization:
<S> <C> <C> <C>
Common stock $ 331,958 $ - $ 331,958
Capital surplus 1,014,196 (822) 1,013,374
Retained earnings 2,317,970 (2,275) 2,315,695
Accumulated other comprehensive loss (59,628) - (59,628)
----------- ----------- -----------
Total 3,604,496 (3,097) 3,601,399
Reacquired common stock, at cost (313,643) 38,626 (275,017)
----------- ----------- -----------
Total common stockholders' equity 3,290,853 35,529 3,326,382
Cumulative preferred stock:
With mandatory redemption 51,500 - 51,500
Without mandatory redemption 12,649 - 12,649
Subsidiary-obligated mandatorily redeemable
preferred securities 125,000 - 125,000
Trust preferred securities 200,000 - 200,000
Long-term debt 4,268,567 - 4,268,567
----------- ----------- -----------
Total capitalization 7,948,569 35,529 7,984,098
----------- ----------- -----------
Current Liabilities:
Securities due within one year 919,624 - 919,624
Notes payable 1,486,722 50,000 1,536,722
Bank overdraft 248,666 - 248,666
Obligations under capital leases 474 - 474
Accounts payable 456,348 - 456,348
Billings in excess of costs and estimated
earnings on uncompleted contracts 21,751 - 21,751
Taxes accrued 6,379 (1,225) 5,154
Interest accrued 80,811 3,500 84,311
Other 450,383 - 450,383
----------- ----------- -----------
Total current liabilities 3,671,158 52,275 3,723,433
----------- ----------- -----------
Deferred Credits and Other Liabilities:
Deferred income taxes 3,847,077 - 3,847,077
Unamortized investment tax credits 45,745 - 45,745
Three Mile Island Unit 2 future costs 507,577 - 507,577
Purchase power contract loss liability 3,309,791 - 3,309,791
Other 1,003,169 - 1,003,169
----------- ----------- -----------
Total deferred credits and other liabilities 8,713,359 - 8,713,359
----------- ----------- -----------
Total Liabilities and Capitalization $20,333,086 $ 87,804 $20,420,890
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Financial Statements
Item 6(b) 1-A
Page 3 of 34
GPU, Inc. and Subsidiaries
Consolidated Statements of Income and Retained Earnings
Actual and Pro Forma (unaudited)
For The Twelve Months Ended September 30, 2000
-----------------------------------------
(In Thousands)
Actual Adjustments Pro Forma
---------- -------- ----------
<S> <C> <C> <C>
Operating Revenues $5,283,539 $ - $5,283,539
---------- -------- ----------
Operating Expenses:
Fuel 104,738 - 104,738
Power purchased and interchanged 2,015,721 - 2,015,721
Deferred costs, net (214,008) - (214,008)
Other operation and maintenance 1,632,493 - 1,632,493
Loss on sale of business 372,492 - 372,492
Depreciation and amortization 560,693 - 560,693
Taxes, other than income taxes 219,740 - 219,740
---------- -------- ----------
Total operating expenses 4,691,869 - 4,691,869
---------- -------- ----------
Operating Income 591,670 - 591,670
---------- -------- ----------
Other Income and Deductions:
Allowance for other funds used during
construction 1,198 - 1,198
Equity in undistributed earnings
of affiliates, net 32,654 - 32,654
Other income, net 120,901 - 120,901
---------- -------- ----------
Total other income and deductions 154,753 - 154,753
---------- -------- ----------
Income Before Interest Charges and
Preferred Dividends 746,423 - 746,423
---------- -------- ----------
Interest Charges and Preferred Dividends:
Long-term debt and notes payable 514,607 3,500 518,107
Subsidiary-obligated trust preferred securities 13,689 - 13,689
Subsidiary-obligated mandatorily
redeemable preferred securities 12,900 - 12,900
Other interest 11,599 - 11,599
Allowance for borrowed funds used
during construction (3,468) - (3,468)
Preferred stock dividends of subsidiaries 7,891 - 7,891
---------- -------- ----------
Total interest charges and
preferred dividends 557,218 3,500 560,718
---------- -------- ----------
Income Before Income Taxes and Minority Interest 189,205 - 185,705
Income taxes 87,514 (1,225) 86,289
Minority interest net income 4,510 - 4,510
---------- -------- ----------
Net Income $ 97,181 $ (2,275) $ 94,906
========== ======== ==========
Retained Earnings:
Balance at beginning of period $2,482,862 $ - $2,482,862
Net income/(loss) 97,181 (2,275) 94,906
Cash dividends declared on common stock (262,047) - (262,047)
Other adjustments, net (26) - (26)
---------- -------- ----------
Balance at end of period $2,317,970 $ (2,275 $2,315,695
========== ======== ==========
</TABLE>
<PAGE>
Financial Statements
Item 6(b) 1-A
Page 4 of 34
GPU, Inc. and Subsidiaries
Pro Forma Journal Entries
-----------------------------------------
(In Thousands)
(1)
Cash and temporary cash investment $ 50,000
Notes payable $ 50,000
To record the maximum amount of debt ($50
million) that could be issued by MYR
under the proposed new loan agreement.
(2)
Interest on notes payable $ 3,500
Interest accrued $ 3,500
To record interest expense on the $50
million of debt proposed to be issued by
MYR under the new loan agreement, using
an assumed interest rate of 7%.
(3)
Taxes accrued $ 1,225
Income tax benefit $ 1,225
To record the tax effect of the interest
expense on the $50 million of debt
proposed to be issued by MYR under the
new loan agreement, at an assumed tax
rate of 35%.
(4)
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 (SEC File No. 70-7670).
(5)
Cash and temporary cash investments $ 6,765
Capital surplus 148
Reacquired common stock, at cost $ 6,913
To record the proposed issuance of
250,000 shares of $2.50 par valve common
stock at $27.06 per share as of 6/30/2000
(SEC File No. 70-8695).
<PAGE>
Financial Statements
Item 6(b) 1-A
Page 5 of 34
GPU, Inc. and Subsidiaries
Pro Forma Journal Entries
------------------------------------
Notes: These pro forma financial statements do not include the impact of the
----- proposed issuance of $471 million of transition bonds, by an affiliate of
JCP&L, to securitize the recovery of bondable stranded costs attributable
to the projected net investment in the Oyster Creek Nuclear Generating
Station. The proceeds would be used to paydown outstanding debt and to
fund decommissioning of the plant (SEC File No. 70-9529).
The proposed declaration and payment of common stock dividends by Met-Ed
and Penelec (SEC File No. 70-9593) does not have an impact on GPU's
consolidated financial statements since such dividends would be paid to
GPU, Inc., the parent company of Met-Ed and Penelec (SEC File No.
70-9593).
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