Summary
Xcel Energy Inc. filed an 8-K on August 1, 2003, primarily to disclose its preliminary earnings results for the second quarter of 2003. The release, provided as an exhibit, contains material non-public information and non-GAAP financial measures. These adjusted measures are presented to align with the company's earnings guidance and incorporate the impact of significant events, including the anticipated divestiture of NRG Energy, Inc. as part of NRG's financial restructuring, and the completed sale of Viking Gas Transmission in January 2003. Investors should note that the "adjusted" earnings figures presented in the preliminary release are not prepared in accordance with GAAP. The company has provided these pro-forma adjustments to offer a clearer perspective on ongoing operational performance and to reflect the strategic implications of asset divestitures. Interested parties are directed to the full Preliminary Earnings Release (Exhibit 99.01) for comprehensive details on these financial metrics and the underlying assumptions.
Key Highlights
- 1Xcel Energy released preliminary Q2 2003 earnings results on August 1, 2003.
- 2The earnings release contains material, non-public information.
- 3The company is using non-GAAP financial measures in its earnings release.
- 4Adjusted earnings reflect the impact of historic and expected future events.
- 5The preliminary results are consistent with the company's previously issued earnings guidance.
- 6Pro-forma information accounts for the expected divestiture of NRG Energy, Inc.
- 7The sale of Viking Gas Transmission in January 2003 is also reflected in the adjustments.