01—Abstract
Summary
Summary of the 8-K filed April 29, 2003. Cited figures are marked; the original filing is the authoritative source.
Xcel Energy Inc. (XEL) filed an 8-K on April 29, 2003, to furnish a preliminary earnings release for the first quarter of 2003.
This release contains material, non-public information and presents financial measures that are not in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP measures are adjusted to reflect the impact of historical and expected future events, and to align with the company's previously issued earnings guidance.
Key adjustments and non-GAAP considerations in the preliminary earnings release include the expected divestiture of NRG Energy, Inc. as part of its financial restructuring, and the completed divestiture of Viking Gas Transmission in January 2003. Investors should carefully review the preliminary earnings release (Exhibit 99.01) for a full understanding of these adjustments and their impact on the reported financial condition and results of operations.
02—Key points
Key Highlights
- Xcel Energy released preliminary Q1 2003 earnings on April 29, 2003, via an 8-K filing.
- The earnings release contains material, non-public information.
- The company is presenting non-GAAP financial measures alongside GAAP results.
- Non-GAAP measures are adjusted for historical and future events, including expected divestitures.
- The expected divestiture of NRG Energy, Inc. due to its financial restructuring is a significant factor.
- The divestiture of Viking Gas Transmission, completed in January 2003, is also reflected.
- Investors are directed to the Preliminary Earnings Release (Exhibit 99.01) for detailed information.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The main purpose of this 8-K filing is to furnish Xcel Energy's preliminary earnings release for the first quarter of 2003, which contains material, non-public information and non-GAAP financial measures.
What are non-GAAP financial measures and why is Xcel Energy using them?
Non-GAAP financial measures are financial metrics that are not calculated according to Generally Accepted Accounting Principles (GAAP). Xcel Energy is using them to provide a clearer picture of its performance by adjusting for the impact of specific historical and future events, such as divestitures, and to align with its previous earnings guidance.
What specific divestitures are mentioned in the filing that affect the financial results?
The filing mentions the expected divestiture of NRG Energy, Inc. as part of NRG's financial restructuring, and the completed sale of Viking Gas Transmission in January 2003. These events are being factored into the non-GAAP financial measures.
Where can I find more detailed information about these preliminary earnings and adjustments?
Investors can find more detailed information in Exhibit 99.01, which is the Preliminary Earnings Release of Xcel Energy dated April 29, 2003, filed as part of this 8-K.
04—Continue