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Previous: NORTEK INC, S-2/A, 1994-02-09 |
Next: NORWEST CORP, S-4/A, 1994-02-09 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 31, 1994
Northern States Power Company
(Exact name of registrant as specified in its charter)
Minnesota
(State or other jurisdiction of incorporation)
1-3034 41-0448030
(Commission File Number) (IRS Employer Identification No.)
414 Nicollet Mall, Mpls, MN 55401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 612-330-5500
(Former name of former address, if changed since last report)
Item 5. Other Events
On January 31, 1994, Northern States Power Company, a Minnesota corporation,
("the Company") received notice that an appeal of the Minnesota Public
Utilities Commission's (MPUC) determination on the allowed return on common
equity was filed with the Minnesota Court of Appeals by the Minnesota
Department of Public Service, the Office of the Attorney General and the
Minnesota Energy Consumers intervenor groups. The appeal concerns the method
of calculation of the rate of return on common equity for both the Minnesota
electric and gas cases. The amount at issue is approximately $7 million in
annual revenues for the Company. The ultimate financial impact of this
appeal, if any, is not determinable at this time. A decision by the Court
is expected by year end, 1994.
On January 31, 1994, the Company was notified by the United States
Environmental Protection Agency (USEPA) that it is a potentially responsible
party (PRP) at the Brooklyn Park Superfund site in Minnesota, which is in
addition to the sites identified in the Company's previous filings. The
USEPA states that costs incurred to date in investigating and remediating the
site have been approximately $1,300,000. If NSP is determined to be a
responsible party, it is jointly and severally liable for the costs of
investigation and remediation. Eleven other parties have been named as PRPs.
The Company is reviewing its records and conducting an investigation to
determine if the site was used by the Company or the other PRPs.
The Company's Unaudited Consolidated Balance Sheets and Unaudited
Consolidated Statements of Capitalization as of December 31, 1993 and 1992
and the Company's Unaudited Consolidated Statements of Income, Unaudited
Consolidated Statements of Cash Flows, and Unaudited Consolidated Statements
of Changes in Common Stockholders' Equity for the three years ended December
31, 1993 are included as Exhibit 28, and are hereby incorporated by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
28.01 Northern States Power Company, a Minnesota Corporation - Certain
Unaudited Financial Information:
- Unaudited Consolidated Statements of Income for the three years
ended December 31, 1993
- Unaudited Consolidated Statements of Cash Flows for the three years
ended December 31, 1993
- Unaudited Consolidated Balance Sheets, December 31, 1993 and 1992
- Unaudited Consolidated Statements of Changes in Common
Stockholders' Equity for the three years ended December 31, 1993
- Unaudited Consolidated Statements of Capitalization, December 31,
1993 and 1992
SIGNATURES
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.
Northern States Power Company
(a Minnesota Corporation)
By (Edward J. McIntyre)
Edward J. McIntyre
Vice President and
Chief Financial Officer
Dated: February 9, 1994
<TABLE>
Item 7. Financial Statements, Pro Forma Financial Information Exhibit 28.01
and Exhibits Page 1 of 6
Northern States Power Company (Minnesota and Subsidiaries)
Consolidated Statements of Income (Unaudited) Year Ended Dec. 31
<CAPTION>
(Thousands of dollars, except per share data) 1993 1992 1991
<S> <C> <C> <C>
Utility Operating Revenues $2 403 992 $2 159 522 $2 201 158
Utility Operating Expenses
Electric production expenses - fuel and purchased power 524 126 451 696 452 157
Cost of gas purchased and transported 282 028 220 370 211 361
Other operation 304 675 307 232 301 388
Maintenance 161 413 180 585 182 540
Administrative and general 182 535 187 975 179 860
Conservation and energy management 29 358 17 626 17 894
Depreciation and amortization 264 517 242 914 234 163
Property and general taxes 223 108 204 439 198 998
Income taxes 128 346 90 669 117 336
Total 2 100 106 1 903 506 1 895 697
Utility Operating Income 303 886 256 016 305 461
Other Income and Expense
Allowance for funds used during construction - equity 7 328 8 993 7 534
Other income and deductions - net 8 618 (1 041) (290)
Total 15 946 7 952 7 244
Income Before Interest Charges 319 832 263 968 312 705
Interest Charges
Interest on long-term debt 104 714 103 035 102 929
Other interest and amortization 8 848 6 203 6 783
Allowance for funds used during construction - debt (5 470) (6 198) (4 019)
Total 108 092 103 040 105 693
Income From Continuing Operations Before Accounting Change 211 740 160 928 207 012
Discontinued Operations
Income from discontinued telephone operations (net of income taxes) 237
Gain on disposal of telephone operations (net of income taxes of $9,863) 16 798
Total 17 035
Accounting Change
Cumulative effect on prior years of change in accounting
principle - unbilled revenues (net of deferred income
taxes of $30,594) 45 512
Net Income 211 740 206 440 224 047
Preferred Stock Dividends 14 580 16 172 17 994
Earnings Available for Common Stock $197 160 $190 268 $206 053
Average number of common and equivalent shares
outstanding (000's) 65 211 62 641 62 566
Earnings per average common share:
Continuing operations before accounting change $3.02 $2.31 $3.02
Discontinued telephone operations .27
Cumulative effect of unbilled revenue accounting change .73
Total $3.02 $3.04 $3.29
Common Dividends Declared per Share $2.565 $2.495 $2.395
</TABLE>
<TABLE>
Item 7 Financial Statements, Pro Forma Financial Information Exhibit 28.01
and Exhibits Page 2 of 6
Northern States Power Company (Minnesota and Subsidiaries)
Consolidated Statements of Cash Flows (Unaudited) Year Ended Dec. 31
<CAPTION>
(Thousands of dollars) 1993 1992 1991
<S> <C> <C> <C>
Cash Flows from Operating Activities:
Net Income $211 740 $206 440 $224 047
Adjustments to reconcile net income to cash from operating activities:
Depreciation and amortization 286 855 261 457 255 826
Nuclear fuel amortization 43 120 45 129 48 886
Deferred income taxes from operations 12 256 5 186 23 696
Investment tax credit amortization (9 320) (9 708) (9 629)
Allowance for funds used during construction - equity (7 328) (8 993) (7 534)
Cumulative effect of unbilled revenue accounting change - net of tax (45 512)
Gain on disposal of telephone operations (26 661)
Conservation program expenditures - net of amortization (21 185) (16 948) (2 739)
Cash provided by (used for) changes in certain working
capital items 33 259 (31 478) (103 923)
Cash provided by changes in other assets and liabilities 12 437 4 029 4 625
Net Cash Provided by Operating Activities 561 834 409 602 406 594
Cash Flows from Investing Activities:
Capital expenditures (361 695) (427 815) (349 862)
Increase (decrease) in construction payables 2 598 (2 863) 7 120
Allowance for funds used during construction - equity 7 328 8 993 7 534
Sale of short-term investments - net 62 1 552 70 853
Investment in external decommissioning fund (32 578) (27 929) (40 871)
Business acquisitions (159 385)
Proceeds from sale of telephone operations 48 000
Investments in non-regulated projects and other (27 099) 1 548 (241)
Net Cash Used for Investing Activities (570 769) (446 514) (257 467)
Cash Flows from Financing Activities:
Change in short-term debt - net issuances (repayments) (40 361) 146 561
Proceeds from issuance of long-term debt 613 120 126 531 49 957
Repayment of long-term debt including reacquisition premiums (489 106) (48 344) (23 833)
Proceeds from issuance of common stock 183 654 2 940
Redemption of preferred stock including premium (36 092) (25 838)
Dividends paid (180 220) (171 355) (166 394)
Net Cash Provided by (Used for) Financing Activities 50 995 30 495 (140 270)
Net Increase (Decrease) in Cash and Cash Equivalents 42 060 (6 417) 8 857
Cash and Cash Equivalents at Beginning of Period 15 752 22 169 13 312
Cash and Cash Equivalents at End of Period $57 812 $15 752 $22 169
Cash Provided by (Used for) Changes in Certain Working Capital Items:
Accounts receivable and accrued utility revenues $(50 403) $(14 108) $(32 121)
Materials and supplies inventories 13 911 (5 280) (10 327)
Payables and accrued liabilities (excluding construction
payables) 53 898 5 206 (7 661)
Customer rate refunds 12 584 (11 987) (73 086)
Other 3 269 (5 309) 19 272
Net $33 259 $(31 478) $(103 923)
Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for:
Interest (net of amount capitalized) $107 037 $99 669 $102 574
Income taxes $101 566 $93 032 $118 123
</TABLE>
<TABLE>
Item 7 Financial Statements, Pro Forma Financial Information Exhibit 28.01
and Exhibits Page 3 of 6
Northern States Power Company (Minnesota and Subsidiaries)
Consolidated Balance Sheets (Unaudited) Dec. 31
<CAPTION>
(Thousands of dollars) 1993 1992
<S> <C> <C>
Assets
Utility Plant
Electric - including construction work in progress:
1993, $174,893; 1992, $147,763 $6 167 670 $5 956 865
Gas 621 871 481 157
Other 237 293 199 912
Total 7 026 834 6 637 934
Accumulated provision for depreciation (2 888 144) (2 593 213)
Nuclear fuel - including amounts in process:
1993, $15,358; 1992, $29,725 749 078 711 517
Accumulated provision for amortization (673 669) (630 548)
Net utility plant 4 214 099 4 125 690
Current Assets
Cash and cash equivalents 57 812 15 752
Short-term investments - at cost, which approximates market 26 88
Accounts receivable - net of accumulated provision for
uncollectible accounts: 1993, $4,476; 1992, $4,046 266 531 224 618
Accrued utility revenues 111 296 100 172
Federal income tax refund receivable 20 927 24 525
Materials and supplies - at average cost
Fuel 41 776 53 826
Other 103 599 105 041
Prepayments and other 40 885 28 724
Total current assets 642 852 552 746
Other Assets
Regulatory assets 334 354 239 487
External decommissioning fund and other investments 169 745 108 865
Non-regulated property - net of accumulated depreciation of 156 707 94 305
$63,267 and $54,669, respectively
Intangible assets and other 69 961 21 368
Total other assets 730 767 464 025
Total $5 587 718 $5 142 461
Liabilities & Equity
Capitalization (See pages 5-6)
Common stockholders' equity $1 827 454 $1 622 098
Preferred stockholders' equity 240 469 275 493
Long-term debt 1 291 867 1 299 850
Total capitalization 3 359 790 3 197 441
Current Liabilities
Long-term debt due within one year 90 618 32 426
Redeemable long-term debt 141 600 41 600
Short-term debt - commercial paper 106 200 146 561
Accounts payable 210 654 180 149
Taxes accrued 177 853 161 533
Interest accrued 24 110 27 590
Dividends declared on common and preferred stocks 46 195 43 220
Estimated rate refunds to customers 12 584 0
Accrued payroll and other 61 208 39 065
Total current liabilities 871 022 672 144
Other Liabilities
Deferred income taxes 788 378 770 092
Deferred investment tax credits 187 466 200 207
Regulatory liabilities 243 880 232 466
Pension and other benefit obligations 62 743 38 037
Other long-term obligations and deferred income 74 439 32 074
Total other liabilities 1 356 906 1 272 876
Commitments and Contingent Liabilities
Total $5 587 718 $5 142 461
</TABLE>
<TABLE>
Item 7 Financial Statements, Pro Forma Financial Information Exhibit 28.01
and Exhibits Page 4 of 6
Northern States Power Company (Minnesota and Subsidiaries)
Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited)
<CAPTION>
Number of Retained Shares Held
(Dollar amounts in thousands) Shares Issued Par Value Premium Earnings by ESOP
<S> <C> <C> <C> <C> <C>
Balance at Dec. 31, 1990 62 541 404 $156 354 $368 021 $1 010 341 $(7 626)
Net Income 224 047
Dividends Declared:
Cumulative preferred stock at required rates (17 994)
Common stock (149 787)
Capital Stock Expense and Other (48)
Loan to ESOP to purchase shares (15 000)
Repayment of ESOP loan 8 522
Balance at Dec. 31, 1991 62 541 404 $156 354 $368 021 $1 066 559 $(14 104)
Net Income 206 440
Dividends Declared:
Cumulative preferred stock at required rates (16 172)
Common stock (156 109)
Exercise of Stock Options and Other Stock Awards 56 956 142 2 805
Preferred Stock Redemption and Stock Issuance Costs (7) (822)
Repayment of ESOP loan 8 991
Balance at Dec. 31, 1992 62 598 360 $156 496 $370 819 $1 099 896 $(5 113)
Net Income 211 740
Dividends Declared:
Cumulative preferred stock at required rates (14 580)
Common stock (168 615)
Issuances of Common Stock 4 281 217 10 703 176 296
Preferred Stock Redemption and Stock Issuance Costs (3 345) (1 069)
Loan to ESOP to purchase shares (15 000)
Repayment of ESOP loan 9 226
Balance at Dec. 31, 1993 66 879 577 $167 199 $543 770 $1 127 372 $(10 887)
</TABLE>
<TABLE>
Item 7 Financial Statements, Pro Forma Financial Information Exhibit 28.01
and Exhibits Page 5 of 6
Northern States Power Company (Minnesota and Subsidiaries)
Consolidated Statements of Capitalization (Unaudited) Dec. 31
<CAPTION>
(Thousands of dollars) 1993 1992
<S> <C> <C>
Common Stockholders' Equity
Common stock-authorized 160,000,000 shares of $2.50 par value;
issued shares: 1993, 66,879,577; 1992, 62,598,360 $ 167 199 $156 496
Premium on common stock 543 770 370 819
Retained earnings 1 127 372 1 099 896
Leveraged common stock held by Employee Stock Ownership Plan (ESOP)
- shares at cost: 1993, 239,940; 1992, 143,217 (10 887) (5 113)
Total common stockholders' equity $1 827 454 $1 622 098
Cumulative Preferred Stock - authorized 7,000,000 shares of $100 par value;
outstanding shares: 1993, 2,400,000; 1992, 2,750,000
Minnesota Company
$3.60 series, 275,000 shares $ 27 500 $ 27 500
4.08 series, 150,000 shares 15 000 15 000
4.10 series, 175,000 shares 17 500 17 500
4.11 series, 200,000 shares 20 000 20 000
4.16 series, 100,000 shares 10 000 10 000
4.56 series, 150,000 shares 15 000 15 000
6.80 series, 200,000 shares 20 000 20 000
7.00 series, 200,000 shares 20 000 20 000
7.84 series, 350,000 shares 35 000
Variable Rate series A, 300,000 shares 30 000 30 000
Variable Rate series B, 650,000 shares 65 000 65 000
Total 240 000 275 000
Premium on preferred stock 469 493
Total preferred stockholders' equity $240 469 $275 493
Long-Term Debt
First Mortgage Bonds Minnesota Company
Series due:
Sept. 1, 1993, 4 3/8% $ 15 000 March 1, 2002, 7 3/8% 50 000
June 1, 1995, 6 1/8% 30 000 Feb. 1, 2003, 7 1/2% 50 000
March 1, 1996, 6.2% 8 800* Jan. 1, 2004, 8 3/8% 75 000
Aug. 1, 1996, 5 7/8% 45 000 May 1, 2005, 9 1/2% 79 200
Oct. 1, 1997, 5 7/8% 100 000 Dec. 1, 1992-2006, 6.54% 24 400**
Oct. 1, 1997, 6 1/2% 30 000 March 1, 2011, Variable Rate 13 700*
May 1, 1998, 6 3/4% 45 000 Dec. 1, 2013, 10 3/8% 100 000*
Oct. 1, 1999, 8% 45 000 July 1, 2019, 9 1/8% 100 000
March 1, 2001, 8% 50 000 June 1, 2020, 9 3/8% 100 000
June 1, 2001, 8 1/4% 50 000
Total $1 011 100 $1 011 100
Issuance of Series due Dec. 1, 2000, 5 3/4% 100 000
Issuance of Series due April 1, 2003, 6 3/8% 80 000
Issuance of Series due Dec. 1, 2005, 6 1/8% 70 000
Less redemption of 1993, 1999, 2001, 2005 and 2013 series bonds (339 200)
Less sinking fund and other redemptions (2 000)
Less redeemable bonds classified as current (13 700) (13 700)
Less current maturities, including in 1993 the 2004 series bonds
redeemed in January 1994 (76 100) (16 000)
Net $830 100 $981 400
* Pollution control financing
** Resource recovery financing
</TABLE>
<TABLE>
Item 7 Financial Statements, Pro Forma Financial Information Exhibit 28.01
and Exhibits Page 6 of 6
Northern States Power Company (Minnesota and Subsidiaries)
Consolidated Statements of Capitalization (Unaudited) - continued
Dec. 31
<CAPTION>
(Thousands of dollars) 1993 1992
<S> <C> <C>
Long-Term Debt-continued
First Mortgage Bonds Wisconsin Company --
(less reacquired bonds of $42 at Dec. 31, 1992)
Series due:
Aug. 1, 1994, 4 1/2% $10 938
Dec. 1, 1999, 9 1/4% 7 800
Oct. 1, 2003, 5 3/4% $40 000
Oct. 1, 2003, 7 3/4% 24 570
July 1, 2016, 9 1/4% 47 500
March 1, 2018, 9 3/4% 38 400
April 1, 2021, 9 1/8% 49 000 49 500
March 1, 2023, 7 1/4% 110 000
Total 199 000 178 708
Less current maturities - 1999 series redeemed in January 1993 (7 800)
Less sinking fund requirements not reacquired (1 808)
Net $199 000 $169 100
Guaranty Agreements Minnesota Company
Series due:
Feb. 1, 1992-2003, 5.41% $ 6 100* $ 6 400*
May 1, 1992-2003, 5.69% 25 250* 25 750*
Feb. 1, 2003, 7.40% 3 500* 3 500*
Total 34 850 35 650
Less current maturities (700) (800)
Net $34 150 $34 850
Miscellaneous Long-Term Debt
City of Becker Pollution Control Revenue Bonds-Series due
Dec. 1, 2005, 7.25% $ 9 000* $ 9 000*
April 1, 2007, 6.80% 60 000* 60 000*
March 1, 2019, Variable Rate 27 900* 27 900*
Sept. 1, 2019, Variable Rate 100 000*
Anoka County Resource Recovery Bond-Series due
Dec. 1, 1992-2008, 7.04% 26 100** 26 950**
City of La Crosse, Resource Recovery Bond-Series due
Nov. 1, 2011, 7 3/4% 18 600** 18 600**
Viking Gas Transmission Company Senior Notes-Series due
Oct. 31, 2008, 6.4% 31 644
NRG Energy Center, Inc. Senior Secured Notes-Series due
June 15, 2013, 7.31% 83 518
Employee Stock Ownership Bank Loans due 1992-1995,
Variable Rate 10 887 5 113
Other 8 397 4 075
Total 376 046 151 638
Less redeemable Becker bonds classified as current (127 900) (27 900)
Less current maturities (13 818) (6 018)
Net 234 328 $117 720
Unamortized discount on long-term debt-net (5 711) (3 220)
Total long-term debt 1 291 867 1 299 850
Total capitalization $3 359 790 $3 197 441
* Pollution control financing
** Resource recovery financing
</TABLE>
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