Published:
MGE Energy Reports Third-Quarter Earnings
MADISON, Wis. - (BUSINESS WIRE) - MGE Energy, Inc. (Nasdaq: MGEE) today reported earnings for the three
months ended September 30, 2009, of $12.7 million or 55 cents per share,
compared to $17.3 million or 78 cents per share for the same period in
the prior year.
Earnings for the three months ended September 30, 2008, benefited from
gains on certain local economic development investments. As a result,
MGE Energy recognized a one-time $2.8 million pretax gain for the three
months ended September 30, 2008.
Earnings from the electric utility decreased $2.7 million for the
quarter ending September 30, 2009, compared to the third quarter of
2008. The decrease is primarily driven by lower retail electric sales of
8.2% during the quarter as a result of cooler weather. Cooling degree
days (a measure for determining the impact of weather during the cooling
season) were 47% lower for the period compared to last year and 50%
lower than normal. In Madison, the weather in July was the coldest on
record. Electric revenues for the period declined $7.4 million compared
to the prior year.
For the three months ended September 30, 2009, a 5% reduction in overall
operations and maintenance expense helped offset the decrease in
electric revenues, when compared to the prior period. Lower
administrative and general costs were contributors to the reduced
expenses for the quarter ended September 30, 2009. Also, customers
benefited from lower fuel costs during the third quarter which
contributed to reduced costs for customers of over $16 million compared
to the same period last year.
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric, generates and distributes
electricity to 137,000 customers in Dane County, Wis., and purchases and
distributes natural gas to 141,000 customers in seven south-central and
western Wisconsin counties. MGE's roots in the Madison area date back
more than 150 years.
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MGE Energy, Inc.
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(In thousands, except per-share amounts)
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(Unaudited)
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2009
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2008
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Three Months Ended September 30
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Operating revenue
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$109,297
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$125,807
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Operating income
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$21,109
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$25,251
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Net income
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$12,722
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$17,310
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Earnings per share (basic and diluted)
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$0.55
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$0.78
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Weighted average shares outstanding (basic and diluted)
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23,114
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22,230
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Nine Months Ended September 30
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Operating revenue
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$397,997
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$440,540
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Operating income
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$62,119
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$67,801
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Net income
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$37,567
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$41,704
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Earnings per share (basic and diluted)
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$1.63
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$1.89
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Weighted average shares outstanding (basic and diluted)
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23,055
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22,109
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MGE Energy, Inc.
Steve Kraus
Manager - Media Relations
608-252-7907
skraus@mge.com
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