UNITED STATES
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):

July 30, 2014
 


Commission
Registrant; State of Incorporation
IRS Employer
File Number
Address; and Telephone Number
Identification No.
 
 
 
 
 
 
001-09057
       WISCONSIN ENERGY CORPORATION
39-1391525
 
                   (A Wisconsin Corporation)
 
 
                   231 West Michigan Street
 
 
                   P.O. Box 1331
 
 
                   Milwaukee, WI 53201
 
 
                   (414) 221-2345
 
 
 
 
 
The name and address of the registrant has not changed since the last report.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





WISCONSIN ENERGY CORPORATION
 


ITEM 2.02  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On Wednesday, July 30, 2014, Wisconsin Energy Corporation issued a press release announcing its financial results for the quarter and six months ended June 30, 2014. A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99 attached hereto and incorporated herein by reference.
















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.
 
 
 
 
 
 
 
WISCONSIN ENERGY CORPORATION
 
(Registrant)
 
 
 
/s/ STEPHEN P. DICKSON
Date: July 30, 2014
Stephen P. Dickson -- Vice President and Controller
 
 
 
 
 
 
 
 





Exhibit 99 WEC Q2 2014 Earnings


Exhibit 99



From:    Brian Manthey (news media)
414-221-4444
brian.manthey@we-energies.com

Colleen F. Henderson, CFA (analysts)
414-221-2592
colleen.henderson@wisconsinenergy.com

July 30, 2014                

Wisconsin Energy posts 2014 second quarter and first half results

MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported net income of $133.0 million or 58 cents a share for the second quarter of 2014. This compares with net income of $119.0 million or 52 cents a share for the second quarter of 2013. Costs related to the acquisition of Integrys Energy reduced earnings by one cent per share in this year’s second quarter.

Second quarter 2014 revenues were $1.04 billion. Revenues totaled $1.01 billion in the same quarter last year.

For the first six months of 2014, the company recorded net income of $340.6 million or $1.50 a share - up from $295.6 million or $1.28 a share in the corresponding period a year ago.

“With our continued focus on cost control, productivity, and customer satisfaction, we delivered solid results in the second quarter - despite a cool, rainy June that significantly reduced demand for air conditioning across the region,” said Gale Klappa, chairman and chief executive officer.

Residential use of electricity dropped by 3.8 percent from last year's second quarter. Consumption of electricity by small commercial and industrial customers was down 2.1 percent. Electricity use by large commercial and industrial customers - excluding the iron ore mines in Michigan's Upper Peninsula - was 2.1 percent higher.

On a weather-normal basis, retail consumption of electricity increased by 2.9 percent.







1


At the end of June 2014, the company was serving approximately 3,200 more electric customers and 6,400 more natural gas customers than a year ago.

Earnings per share listed in this news release are on a fully diluted basis.

Conference call
A conference call is scheduled for 1 p.m. Central time on July 30, 2014. The presentation will review 2014 second quarter earnings and will discuss the company's outlook for the future.

All interested parties, including stockholders, news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing
866-439-9410 up to 15 minutes before the call begins. International callers may dial
706-643-5658.The conference ID is 74061608. Access also may be gained through the company's website (wisconsinenergy.com). Select 'Second Quarter Earnings Release and Conference Call' and then select 'Go to webcast.' In conjunction with this earnings announcement, Wisconsin Energy will post on its website a package of detailed financial information on its second quarter and first half performance. The materials will be available at 6:30 a.m. Central time on July 30, 2014.

Replay
A replay will be available on the website and by phone after the presentation. Access to the webcast replay will be available on the website by 5:00 p.m. Central time on July 30, 2014. Access to a phone replay also will be available after the presentation and remain accessible through Aug. 13, 2014. Domestic callers should dial 855-859-2056. International callers should dial 404-537-3406. The replay conference ID is 74061608.


Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan’s Upper Peninsula and 1.1 million natural gas customers in Wisconsin.  The company’s principal utility is We Energies.  The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.

Wisconsin Energy (wisconsinenergy.com), a component of the S&P 500, has nearly $15 billion of assets, 4,300 employees and approximately 40,000 stockholders of record.

Tables follow



2


WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
(Unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended June 30
 
Six Months Ended June 30
 
2014
 
2013
 
2014
 
2013
 
(Millions of Dollars, Except Per Share Amounts)
 
 
 
 
 
 
 
 
Operating Revenues
$
1,043.7

 
$
1,012.3

 
$
2,738.7

 
$
2,287.5

 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
Fuel and purchased power
292.5

 
276.1

 
611.1

 
547.1

Cost of gas sold
125.9

 
115.2

 
717.4

 
385.3

Other operation and maintenance
256.0

 
265.4

 
531.4

 
553.5

Depreciation and amortization
101.4

 
96.7

 
202.0

 
192.2

Property and revenue taxes
30.3

 
29.4

 
60.9

 
58.9

Total Operating Expenses
806.1

 
782.8

 
2,122.8

 
1,737.0

 
 
 
 
 
 
 
 
Treasury Grant
3.1

 
—

 
6.6

 
—

 
 
 
 
 
 
 
 
Operating Income
240.7

 
229.5

 
622.5

 
550.5

 
 
 
 
 
 
 
 
Equity in Earnings of Transmission Affiliate
17.5

 
17.3

 
34.8

 
33.9

Other Income, net
8.1

 
5.8

 
9.2

 
10.2

Interest Expense, net
59.0

 
63.3

 
121.3

 
128.3

 
 
 
 
 
 
 
 
Income Before Income Taxes
207.3

 
189.3

 
545.2

 
466.3

 
 
 
 
 
 
 
 
Income Tax Expense
74.3

 
70.3

 
204.6

 
170.7

 
 
 
 
 
 
 
 
Net Income
$
133.0

 
$
119.0

 
$
340.6

 
$
295.6

 
 
 
 
 
 
 
 
Earnings Per Share
 
 
 
 
 
 
 
Basic
$
0.59

 
$
0.52

 
$
1.51

 
$
1.29

Diluted
$
0.58

 
$
0.52

 
$
1.50

 
$
1.28

 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding (Millions)
 
 
 
 
 
 
 
Basic
225.5

 
228.4

 
225.6

 
228.6

Diluted
227.6

 
230.5

 
227.7

 
230.8

 
 
 
 
 
 
 
 
Dividends Per Share of Common Stock
$
0.39

 
$
0.34

 
$
0.78

 
$
0.68







3


WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
 
 
 
June 30, 2014
 
December 31, 2013
 
(Millions of Dollars)
Assets
 
 
 
 
 
 
 
Property, Plant and Equipment, Net
$
11,024.0

 
$
10,906.6

 
 
 
 
Investments
 
 
 
Equity investment in transmission affiliate
416.8

 
402.7

Other
35.3

 
36.1

Total Investments
452.1

 
438.8

 
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
33.4

 
26.0

Accounts receivable, net
404.9

 
406.0

Accrued revenues
174.8

 
321.1

Materials, supplies and inventories
304.3

 
329.4

Current deferred tax asset, net
199.3

 
310.0

Prepayments and other
168.8

 
158.6

Total Current Assets
1,285.5

 
1,551.1

 
 
 
 
Deferred Charges and Other Assets
 
 
 
Regulatory assets
1,094.9

 
1,108.5

Goodwill
441.9

 
441.9

Other
321.4

 
322.5

Total Deferred Charges and Other Assets
1,858.2

 
1,872.9

Total Assets
$
14,619.8

 
$
14,769.4

 
 
 
 
Capitalization and Liabilities
 
 
 
 
 
 
 
Capitalization
 
 
 
Common equity
$
4,367.1

 
$
4,233.0

Preferred stock of subsidiary
30.4

 
30.4

Long-term debt
4,587.5

 
4,363.2

Total Capitalization
8,985.0

 
8,626.6

 
 
 
 
Current Liabilities
 
 
 
Long-term debt due currently
45.1

 
342.2

Short-term debt
410.1

 
537.4

Accounts payable
288.5

 
342.6

Accrued payroll and benefits
70.4

 
96.9

Other
166.7

 
177.3

Total Current Liabilities
980.8

 
1,496.4

 
 
 
 
Deferred Credits and Other Liabilities
 
 
 
Regulatory liabilities
854.9

 
879.1

Deferred income taxes - long-term
2,714.6

 
2,634.0

Deferred revenue, net
639.7

 
664.2

Pension and other benefit obligations
169.3

 
173.2

Other
275.5

 
295.9

Total Deferred Credits and Other Liabilities
4,654.0

 
4,646.4

Total Capitalization and Liabilities
$
14,619.8

 
$
14,769.4

 
 
 
 


4


WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
 
 
 
Six Months Ended June 30
 
2014
 
2013
 
(Millions of Dollars)
Operating Activities
 
 
 
Net income
$
340.6

 
$
295.6

Reconciliation to cash
 
 
 
Depreciation and amortization
206.5

 
197.7

Deferred income taxes and investment tax credits, net
188.0

 
143.1

Working capital and other
(13.8
)
 
45.1

Cash Provided by Operating Activities
721.3

 
681.5

 
 
 
 
Investing Activities
 
 
 
Capital expenditures
(305.5
)
 
(307.3
)
Investment in transmission affiliate
(7.9
)
 
(5.2
)
Other, net
0.5

 
(24.1
)
Cash Used in Investing Activities
(312.9
)
 
(336.6
)
 
 
 
 
Financing Activities
 
 
 
Common stock repurchased under benefit plans, net
(21.1
)
 
(40.3
)
Common stock repurchased under repurchase plan
(18.6
)
 
(54.7
)
Dividends paid on common stock
(176.0
)
 
(155.6
)
Change in debt, net
(188.4
)
 
(119.2
)
Other, net
3.1

 
10.3

Cash Used in Financing Activities
(401.0
)
 
(359.5
)
 
 
 
 
Change in Cash
7.4

 
(14.6
)
 
 
 
 
Cash at Beginning of Period
26.0

 
35.6

 
 
 
 
Cash at End of Period
$
33.4

 
$
21.0

 
 
 
 





















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