01—Abstract
Summary
Summary of the 10-K/A filed March 21, 2007. Cited figures are marked; the original filing is the authoritative source.
This filing is an amendment (10-K/A) to FirstEnergy Corp.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
The amendment primarily corrects a typographical error in the performance graph included in the original filing, which will be present in the forthcoming annual report to stockholders. The filing reaffirms that FirstEnergy Corp. is a large accelerated filer and not a shell company. It also details share repurchases made during the fourth quarter of 2006, noting that these purchases were primarily to fulfill obligations under various employee compensation and incentive plans, as well as to satisfy tax withholding and exercise price requirements for stock options.
02—Key points
Key Highlights
- This is an Amendment No. 1 to the Form 10-K for the fiscal year ended December 31, 2006, filed to correct a performance graph error.
- FirstEnergy Corp. is a large accelerated filer, indicating significant public float and market capitalization.
- The company repurchased 642,639 shares of its common stock in Q4 2006, with an average price of $59.45 per share.
- Share repurchases were primarily executed to fulfill obligations under employee compensation and incentive plans, and for stock option-related transactions.
- A share repurchase plan was initiated on August 10, 2006, with approximately 1.37 million shares authorized for future repurchase.
- The filing includes a performance graph comparing FirstEnergy's stock return against the EEI Index of Investor-Owned Electric Utility Companies and the S&P 500 from December 31, 2001, to December 31, 2006.
03—Questions
Frequently Asked Questions
What is the main purpose of this 10-K/A filing?
This filing is an amendment to correct a typographical error in the performance graph presented in the original Form 10-K for the fiscal year ended December 31, 2006. It does not otherwise modify or update the original report.
What were the reasons for FirstEnergy's stock repurchases in Q4 2006?
The share repurchases during the fourth quarter of 2006 were primarily to satisfy FirstEnergy's obligations to deliver common stock under its various executive and director incentive compensation plans, deferred compensation plans, savings plan, and stock investment plan. Additionally, shares were purchased to cover employee tender of shares for exercise prices or withholding taxes upon exercise of stock options.
Does FirstEnergy have an ongoing share repurchase program?
Yes, FirstEnergy initiated a share repurchase plan on August 10, 2006. As of the end of Q4 2006, there were approximately 1,369,241 shares that could still be purchased under this program.
How did FirstEnergy's stock perform relative to its peers and the market in the period presented?
The performance graph (which was subject to correction in this amendment) compares the cumulative total return of FirstEnergy's common stock against the EEI's Index of Investor-Owned Electric Utility Companies and the S&P 500, starting with a $100 investment on December 31, 2001, through December 31, 2006. This information provides investors with a historical view of the stock's performance relative to benchmarks.
04—Continue