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): May 15, 1995
IES INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Iowa 1-9187 42-1271452
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File No.) Identification No.)
IES Tower, Cedar Rapids, Iowa 52401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 319-398-4411
Item 5. Other Events.
The Iowa Utilities Board (Board) issued its Final Decision
and Order (Order) in IES Utilities' (Utilities) electric pricing case
on May 12, 1995. Utilities is a wholly-owned utility subsidiary of
the registrant. The Order requires an annual reduction in electric
revenues of $16.9 million.
Reference is made to Note 2(a) of the Notes to
Consolidated Financial Statements included in the registrant's
Form 10-Q for the quarter ended March 31, 1995.
The Press Release announcing the results of the Board's
Order is attached hereto and incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits
99 IES Utilities Inc. Press Release dated May 15, 1995.
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 thereunto duly
authorized.
IES INDUSTRIES INC.
(Registrant)
By /s/ Blake O. Fisher, Jr.
(Signature)
Blake O. Fisher, Jr.
Executive Vice President
& Chief Financial Officer
Date May 15, 1995
For Release: May 15, 1995
Contact: Diane Ramsey
(319) 398-7288
Broadcast Line Actuality: 1-800-972-5321
IES UTILITIES TO REQUEST RECONSIDERATION OF BOARD DECISION
CEDAR RAPIDS, IOWA -- On May 12, 1995, the Iowa Utilities
Board (Board) issued its final order in the IES Utilities Inc.
electric pricing case, requiring IES to reduce its rates by
$16.9 million. After reviewing the order, IES has decided to
ask the Board to reconsider elements of its decision.
"We are very disappointed with the Board's decision,"
said Diane Ramsey, IES Manager of Corporate Communications.
"As the law provides, we have decided to exercise our option
to ask the Board for a rehearing of its decision. We feel this
will give us a chance to respond to its decision on issues in
the case now that we know the Board's position in several
crucial areas."
In addition, the company is evaluating and will implement
cost reduction measures in its operations and construction
activities to partially mitigate the impact of the Board's
decision. "In taking these measures, we intend to minimize any
impact on safety to our employees or customers and minimize
any negative impact on the level of service to our customers,"
Ramsey said.
IES Utilities To Request Reconsideration -- Page Two
In its final order on the pricing case, the Board
required IES Utilities to reduce its annual revenue in the
company's northern and southeastern zones. (The northern zone
comprises the former Iowa Electric Light and Power Co. service
territory and the southeastern zone comprises the former Iowa
service territory of Union Electric Co.) At the same time, the
Board will not allow any overall price increase in the
company's southern zone, the former Iowa Southern Utilities
Co.
IES has until June 1 to formally file its request for a
rehearing. Ramsey stressed that no prices will change until
the issues in the case have been decided.
