8-KExhibits & Filings

FIRSTENERGY CORP 8-K Report, Exhibit Filing (Feb 15, 2005)

Filed February 15, 2005For Securities:FE

Summary

This Form 8-K filing by FirstEnergy Corp. on February 15, 2005, primarily reports on the company's financial results and condition. The filing announces the issuance of two public documents: a press release and a consolidated report to the financial community. These documents contain non-GAAP financial measures, specifically "normalized earnings per share," which management believes offers a clearer view of ongoing business performance by excluding unusual items. The report also references "free cash flow" and "cash generation," which are also non-GAAP metrics. FirstEnergy emphasizes that these non-GAAP measures are intended to supplement, not replace, GAAP-based reporting and are used internally for performance comparison and benchmarking against industry peers. Investors should note the inclusion of forward-looking statements that highlight potential risks and uncertainties. These include factors such as increased competition and deregulation, economic and weather conditions, energy market price fluctuations, potential regulatory and legal actions (including government investigations related to the Davis-Besse Nuclear Power Station and the August 2003 regional power outage), and capital market access. The company explicitly states it does not intend to update these forward-looking statements.

Key Highlights

  • 1FirstEnergy Corp. announced financial results and conditions on February 15, 2005, via press release and a consolidated report.
  • 2The company is presenting non-GAAP financial measures, including 'normalized earnings per share,' to provide insights into ongoing business performance.
  • 3Normalized earnings per share excludes 'unusual items' (non-routine events, discontinued businesses, accounting changes) to aid investor evaluation.
  • 4Other non-GAAP measures like 'free cash flow' and 'cash generation' are also included, intended to assess performance from a cash perspective.
  • 5Management believes these non-GAAP measures offer useful information for evaluating ongoing results and comparing performance within the energy sector.
  • 6The report includes forward-looking statements detailing risks such as deregulation, market volatility, and significant legal/regulatory scrutiny, including investigations into the Davis-Besse outage and the 2003 regional power outage.
  • 7The company explicitly disclaims any intention to update its forward-looking statements.

Frequently Asked Questions

FirstEnergy Corp. is reporting its financial results and condition by attaching two public documents: a press release (Exhibit 99.1) and a Consolidated Report to the Financial Community (Exhibit 99.2).

FirstEnergy is presenting 'normalized earnings per share' and other non-GAAP measures like 'free cash flow' and 'cash generation' because management believes these metrics provide investors with a more useful view of the company's ongoing operating performance and cash generation capabilities. Normalized earnings, specifically, excludes unusual items to help investors evaluate the core business results and compare performance against peers in the energy sector.

The forward-looking statements highlight several risks including increased competition and deregulation, economic and weather conditions impacting sales, fluctuating energy and commodity prices, higher-than-anticipated costs, legislative and regulatory changes (including environmental requirements), adverse legal decisions, government investigations (such as those concerning the Davis-Besse Nuclear Power Station and the August 2003 regional power outage), and challenges related to accessing capital markets.

No, the company expressly disclaims any current intention to update any forward-looking statements contained in this Form 8-K as a result of new information, future events, or otherwise.