01—Abstract
Summary
Summary of the 10-K/A filed June 29, 1998. Cited figures are marked; the original filing is the authoritative source.
This Form 10-K/A (Amendment No. 1) of Wisconsin Energy Corporation, filed June 29, 1998 for the fiscal year ended December 31, 1997, does not contain the company's full annual financial statements.
Its sole purpose is to add Exhibit 99.1, which furnishes the Form 11-K annual report for the Wisconsin Electric Power Company Employee Retirement Savings Plan (ERSP) for 1997, in lieu of a separate 11-K filing. The amendment also restates the Item 14 exhibit index, which is otherwise unchanged from the original report. The exhibit reports that the ERSP's net assets available for benefits were $378,537,107a at December 31, 1997, up from $149,528,115 at December 31, 1996, with the increase driven largely by plan transfers of $159,141,486 from the WE Management Employee Savings Plan merged in during 1997.
Plan contributions in 1997 totaled $29,653,013,b including employer contributions of $6,590,584 invested in the WEC Common Stock Fund. The WEC Common Stock Fund held $101,877,660 of assets at year-end 1997, the largest single holding, and 1,291 participant loans were outstanding at year-end. For investors in Wisconsin Energy Corporation, this filing carries limited financial information about the parent company's operations.
Its substance concerns the employee savings plan of its subsidiary, Wisconsin Electric Power Company, and the Form 10-K exhibit index it amends. The report of Price Waterhouse LLP, dated June 23, 1998, gives an unqualified opinion on the plan's financial statements.
02—Key points
Key Highlights
- Filed as Amendment No. 1 to the 1997 Form 10-K; its purpose is to furnish Exhibit 99.1, the Form 11-K annual report for the Wisconsin Electric Power Company Employee Retirement Savings Plan.
- ERSP net assets available for benefits were $378,537,107 at December 31, 1997, versus $149,528,115 at December 31, 1996.
- During 1997, the Company merged $159,141,486 of assets from the WE Management Employee Savings Plan into the former plan.
- Total plan contributions for 1997 were $29,653,013, including $6,590,584 in employer contributions invested in the WEC Common Stock Fund.
- The WEC Common Stock Fund held $101,877,660 at December 31, 1997, the plan's largest investment.
- Benefits paid to participants totaled $12,505,862 for 1997.
- Price Waterhouse LLP issued an opinion on the plan's financial statements, dated June 23, 1998, and consented to incorporation by reference in two Form S-8 registration statements.
03—Questions
Frequently Asked Questions
Why was this 10-K/A filed?
The amendment was filed to add Exhibit 99.1, which furnishes the Form 11-K annual report for the Wisconsin Electric Power Company Employee Retirement Savings Plan for the year ended December 31, 1997, as information in lieu of a Form 11-K.
How large was the Employee Retirement Savings Plan at year-end 1997?
Net assets available for benefits totaled $378,537,107 at December 31, 1997, compared with $149,528,115 at December 31, 1996.
What drove the growth in plan assets during 1997?
Plan transfers of $159,141,486 from the WE Management Employee Savings Plan, together with $29,653,013 in contributions and $52,741,268 in investment income, contributed to the increase. Net assets rose by $229,008,992 for the year.
Does the filing include WEC's full annual financial statements?
No. The amendment amends only Item 14 and the exhibit index, and adds the plan's Form 11-K financial statements as Exhibit 99.1. The filing states that the Item 14 exhibit list is otherwise unchanged from the original 10-K.
04—Continue