8-KOther Events

FIRSTENERGY CORP 8-K Report (May 1, 2003)

Filed May 1, 2003For Securities:FE

Summary

This Form 8-K filing by FirstEnergy Corp. on May 1, 2003, primarily serves to disclose public announcements made on April 30, 2003, regarding the company's financial performance and outlook. The core of this disclosure comprises a Press Release and a Consolidated Report to the Financial Community. These documents are furnished under Regulation FD and highlight the company's financial results, including the use of non-GAAP financial measures. Investors should note that FirstEnergy is presenting "normalized earnings per share," which excludes unusual or one-time items, to offer a view of ongoing business performance and facilitate comparisons within the energy sector. Management believes this metric aids in evaluating operational results and peer comparisons. The filing also includes forward-looking statements that are subject to various risks and uncertainties inherent in the electric utility industry, such as competition, deregulation, economic conditions, market price fluctuations, and regulatory changes. Investors are advised to consider these potential risks when assessing the company's future performance and are reminded that the non-GAAP information provided should supplement, not replace, GAAP-based financial reporting.

Key Highlights

  • 1FirstEnergy Corp. filed a Form 8-K on May 1, 2003, to report public announcements made on April 30, 2003.
  • 2The filing includes a Press Release and a Consolidated Report to the Financial Community as exhibits.
  • 3The company is disclosing its financial results and performance for the period ending April 30, 2003.
  • 4FirstEnergy is utilizing and disclosing non-GAAP financial measures, specifically 'normalized earnings per share'.
  • 5Normalized earnings per share excludes 'unusual or one-time items' to present ongoing business performance.
  • 6The company believes normalized earnings provide a useful metric for investors to evaluate ongoing results and compare performance to peers.
  • 7The report contains forward-looking statements subject to risks and uncertainties common in the electric utility sector.

Frequently Asked Questions

The main purpose of this Form 8-K filing is to publicly disseminate information that FirstEnergy Corp. released on April 30, 2003, through a press release and a consolidated report to the financial community, as required by Regulation FD.

Normalized earnings per share is a non-GAAP financial measure that excludes the impact of 'unusual or one-time items' from reported earnings. FirstEnergy is reporting this metric because management believes it provides investors with a clearer view of the ongoing operational performance of the business and allows for better comparison with other companies in the energy sector.

No, the Consolidated Report to the Financial Community includes non-GAAP financial measures, such as normalized earnings per share. While the company reconciles these measures to the most directly comparable GAAP financial measures, investors should consider these non-GAAP figures in addition to, and not as a substitute for, earnings reported in accordance with GAAP.

FirstEnergy mentions several risks and uncertainties that could materially affect its actual results. These include increased competition and deregulation in the electric utility industry, economic or weather conditions impacting sales, changes in energy service markets, fluctuating energy market prices, legislative and regulatory changes (including environmental requirements), availability and cost of capital, and the inability to achieve anticipated benefits from strategic goals.