Summary
Xcel Energy Inc. (XEL) filed an 8-K on October 24, 2003, primarily to furnish an investor presentation for the Edison Electric Institute Financial Conference scheduled for October 28, 2003. This presentation (Exhibit 99.01) is significant as it contains material, non-public information regarding the company's recent results of operations and financial condition. Investors should note that the presentation includes non-GAAP financial measures. Management uses these pro-forma measures to provide a clearer picture of future earnings performance by adjusting for specific historical and expected future events. The key adjustments highlighted in the presentation relate to the anticipated divestiture of NRG Energy, Inc. as a consequence of its bankruptcy filing and financial restructuring. Additionally, it will reflect the divestiture of Viking Gas Transmission, which was completed in January 2003. These adjustments aim to present a view of Xcel Energy's financial condition and operational results that management believes is more indicative of its ongoing business and future prospects.
Key Highlights
- 1Xcel Energy is presenting updated operational and financial information to investors on October 28, 2003.
- 2The presentation includes material, non-public information not previously disclosed.
- 3The company will be using non-GAAP financial measures in its presentation.
- 4These non-GAAP measures are intended to provide a better indication of future earnings performance.
- 5Key financial adjustments include the expected divestiture of NRG Energy due to its bankruptcy.
- 6The presentation will also reflect the impact of the January 2003 sale of Viking Gas Transmission.