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Wec Energy Group Annual Report (Amendment), Year Ended Dec 31, 1996

Filing Date
Filed June 27, 1997
Period End
December 31, 1996
Security
WEC
In the record · 2016–202610-K1110-Q338-K260

WEC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 260 current reports (8-K) between 2016 and 2026.

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01—Abstract

Summary

Summary of the 10-K/A filed June 27, 1997. Cited figures are marked; the original filing is the authoritative source.

This Form 10-K/A (Amendment No. 1) for the fiscal year ended December 31, 1996, filed by Wisconsin Energy Corporation on June 27, 1997, does not contain a full annual financial package.

Its stated purpose is to add Exhibits 99.1 and 99.2, which are Form 11-K annual reports for the Wisconsin Electric Power Company Management Employee Savings Plan and Represented Employee Savings Plan. The amendment also includes Schedule I condensed parent-company financial statements, a list of exhibits, and the unaudited pro forma combined condensed financial information referenced in Item 14 for Primergy Corporation and Wisconsin Energy Company. The parent-company schedule shows 1996 net income of $218,135 thousanda, compared with $234,034 thousand in 1995 and $180,868 thousand in 1994.

Equity in subsidiaries' earnings was $217,289 thousandb in 1996, and dividends from subsidiaries were $167,889 thousand. At December 31, 1996, total assets were $1,957,128 thousand and total stockholders' equity was $1,948,133 thousand, up from $1,874,054 thousand a year earlier. The two savings plan exhibits report net assets available for benefits of $159,141,488 for the Management Employee Savings Plan and $149,528,115 for the Represented Employee Savings Plan at December 31, 1996.

Both plans invest employer contributions in the WEC Common Stock Fund, which held $45,708,902c and $65,335,953 respectively at year-end 1996. Investors seeking the consolidated operating results should refer to the original 10-K filing rather than this amendment.

02—Key points

Key Highlights

  1. Parent-company net income was $218,135 thousand for 1996, versus $234,034 thousand in 1995 and $180,868 thousand in 1994.
  2. Equity in subsidiaries' earnings was $217,289 thousand in 1996, down from $233,874 thousand in 1995.
  3. Dividends received from subsidiaries were $167,889 thousand in 1996, and dividends paid on common stock were $167,236 thousand.
  4. Total assets at the parent company were $1,957,128 thousand at December 31, 1996, and total stockholders' equity was $1,948,133 thousand.
  5. Common stock increased to $703,987 thousand from $680,807 thousand, reflecting $23,180 thousand in stock sales during 1996.
  6. The Management Employee Savings Plan held net assets of $159,141,488 at December 31, 1996, and the Represented Employee Savings Plan held $149,528,115.
  7. The amendment adds Form 11-K savings plan financial statements as Exhibits 99.1 and 99.2 and includes unaudited pro forma information for the proposed Primergy and Wisconsin Energy Company combinations.

03—Questions

Frequently Asked Questions

  1. Why was this 10-K/A filed?

    The filing states that Amendment No. 1 was made to Item 14 and the Exhibit Index to reflect the filing of Exhibit Nos. 99.1 and 99.2, which are the Form 11-K annual reports for the company's two employee savings plans for the year ended December 31, 1996.

  2. How did the parent company's earnings change in 1996?

    Parent-company net income was $218,135 thousand in 1996, down from $234,034 thousand in 1995. The decline reflects lower equity in subsidiaries' earnings, which were $217,289 thousand versus $233,874 thousand a year earlier.

  3. What is the parent company's financial position at year-end 1996?

    At December 31, 1996, the parent company reported total assets of $1,957,128 thousand, total liabilities of $9,995 thousand, and total stockholders' equity of $1,948,133 thousand, with its main asset being its investment in subsidiary companies of $1,893,039 thousand.

  4. How much did the employee savings plans hold, and how were they invested?

    The Management Employee Savings Plan had net assets of $159,141,488 and the Represented Employee Savings Plan had $149,528,115 at December 31, 1996. Employer contributions in both plans were invested in the WEC Common Stock Fund, which held $45,708,902 and $65,335,953 respectively at year-end.

  5. Does this amendment include the company's full consolidated financial statements?

    No. The amendment's stated purpose is to add Exhibits 99.1 and 99.2 and to include the parent-company Schedule I and pro forma combined financial information. The consolidated financial statements referenced in Item 14 are part of the original annual report on Form 10-K.

04—Continue

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