ML20091L995
| ML20091L995 | |
| Person / Time | |
|---|---|
| Site: | South Texas  |
| Issue date: | 12/31/1994 |
| From: | HOUSTON LIGHTING & POWER CO. |
| To: | |
| Shared Package | |
| ML20091L976 | List: |
| References | |
| NUDOCS 9508300043 | |
| Download: ML20091L995 (217) | |
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l. L i t ( j l l c ; l .. i l l oustodlmiustries Incorporated is a holding company involved in the Electric utility business in the United States 'and in foreign markets. Its . L - f regulated subsidiary, Houston Lighting & Power Company, is the nation's
- . ' ninth-largest electric utility in terms of kilowatt-hour sales. HL&P provides l
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- electric service to a 5,000 square-mile ama which includes Houston, the j 7 ,
c nation's fourth-largest city. Houston Industries Energy, Inc., the company's 5 ,
'O j unregulated subsidiary, pursues foreign utility privatizations and unregulated .
! U.S. and foreign power generation projects, ,
- The mission of Houston Industries is to maximize shareholder value . .
l l : and satisfy customer needs, while providing employees a rewarding and 4
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Lproductive work environment arid conducting its affaira responsibly in the ; s. e ,
. community, The company accomplishes this mission by creating a corporate iJ vision of successful growth, by camfully managing its assets, and by integrating i-t Lits businesses through effective planning and alkration of resources.
3 j.. i (on the cover) i i Brian is a ingh whl j$ freshman, avid fisiwrman n, and Boy Samt, whose HI f jc stparen were purt d for ' I' inn adlege educathm. He is , curiently working on a natural scietwrelakd project for whkh he will carn tty rank of Eagk-Smut. mutmg's highent T.. ,
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C o a P e a A -T z - H-i o M L c' M T o p
1994
- HL&P began . construction of the San Jacinto Steam Electric Station, the first utility-owned l-l ? cogeneration facility in Texas.
- _._~
L The South Texas Project nuclear plant was mturned to full service in May and has since performed ., ; I .
.t among the top nuclear plants in the nation, i
.- j p HI Energy began construction of the Ford Heights 'Iim-To-Energy Project, a $106 million electric .
Lgenerating plant south of Chicago. l l _
.l L JThe Indian government selected HI Energy to build, own and operate a 500 megawatt coal-fueled
; generating plant in CentralIndia. i HI Energy was awarded a five-year contract to operate a Shell Oil Company cogeneration facility l
'at Shell's Deer Park, Texas manufacturing complex. j l
4
; HI Energy negotiated a letter of intent with a Pakistani investment group to jointly develop projects in that country.
]
1 FinsT QUARTER 1995 HI agmed to sell KBLCOM Incorporated to 'Ilme Warner Inc. The sale is expected to close in the second half of 1995.- ;
. HL&P mached a settlement with all principal parties to its rate proceeding.
~
- The Nuclear Regulatory Commission mmoved the South Texas Pmject nuclear plant from its watd1 list. ]
l
/ HI Energy acquimd a 90% intemst in the electric utility system of Santiago del Estem, Argentina. l HI Energy signed a letter of intent to build, own and operate a $100 million cogeneration facility
, and operate an exisdng power plant at a San Nicolas, Argentina' steel mill. i 1
J H1's Investor's Choice Plan, featuring dimet purchase and sale of HI common stock, dividend ! Ereinvestment and statement-based accounting services, was appmved by the SEC in January. !
~
S 1 j
-m . .;
.2
FINANCIAL HICHLIOHTO
~
axxLARs IN Tl KX15 ANDS, EXCFFT PER SHARE AMOUNTS) 1994 199?. 1992 % Change (93-94) (Year Ended December 31) Revenues ' $ 4,001,857 $ 4,323,930 $ 4,062,099 ' (7.4) Operating Expenses - $ 2,990,032 $ 3,301,513 $ 3,120,231 (9.4) income Before Cumulative Effect of Change in Accountin'g $ 407,461 $ 416,036 $ 340,487 (2.1) Cumulative Effect of Change in Accounting?_ _(8,2,00) _ _ _ 94,180 ___ __ $ ' 399,261 $ 416,036 $ 434,667 (4.0) N._e_t in.come._c) _. _ ._ Cash Flow from Operations 5 1,197,104 $ 1,207,650 $ 793,812 (0.9) Return on Average Common Equity 11.9 % 12.8% 13.4 % Earnings Per Common Share Before Cumulative Effect of Change in Accountingc) $ 3.32 $ 3.20 $ 2.63 3.7 Cumulative Elfect of Change in Accounting (n _ . _ (.07) ._ _ _ _ _ , __.73 __ _ Earnings Per Common Share c
)__ $ 3.25 $ 3.20 $ 3.36 1.6 Dividends Declared Per Common Share (3) $ 3.00 $ 3.75 $ 2.98 -
Dividends Paid Per Common Share 5 3.00 $ 3.00 $ 2.98 - (At Year End) Book Value Per Common Sharec) $ 27.28 $ 25.06 $ 25.36 8.9 Market Value Per Common Share $ 35.63 $ 47.63 $ 45.88 (25.2) Market to Book Value Ratio a> 131 % 190 % 181 % Price to Earnings Ratio 11.0 14.9 13.7 Total Assets 5 12,294,147 $ 12,230,177 $12,421,667 0.5 Long-Term DebtH) $ 4,242,488 $ 4,278,304 $ 4,757,696 (0.8) Shareholders' Equity $ 3,369,248 $ 3,273,997 $ 3,284,713 2.9 Preferred Stock &D $ 518,955 5 538,590 $ 578,188 (3.6) CapitalizationH) $ 8,130,691 $ 8,090,891 $ 8,620,597 0.5 Common Shares Outstanding (000) 123,526 130,659 129,514 (5.5) Number of Common Shareholders 65,925 70,730 72,504 (6.8) Number of Employees 11,498 11,350 11,576 1.3 Note: on lamnary 20,1995. Iil agtml to sell its cable TV operatkmn. (1) Tlw 19% cumulatur epLrt urhttes to the change in aa ounting por postemphyment Irrwtits. The 1992 cumulatnv effect niates to Ilw change un ammntmg for retenue. Q) Tiw adoption eq
- Employers' Ammnting for Employee Stat Ownership Plans,' effa'Ine lanuary 1.1%4, nduati ru1 innonne twt inenssuest n'anrnings per comneon sluare. 0) Msar ends.d Ehreurd>er 31,1993 includes fnv squarterly diendends of $.75 per , June due to a change in tammg ofi11Iloard of Dnectors dalaratton of dindends. Hp Include's curra'nt unaturities.
NET INCOME
- EARNINGS PER SH ARE**
(Inilliotts ofdollars)
'Incomelefsnr cumulatnw effat ofaccountung sol am dur#mmunen !staa.t soim m sdMniummempH 'so.s7 change nus 5342.8 r
rndhon in 1990, se j .MJCurM%. . .'. sa g s.e si l J . .; [. l . ss.a4 $340.5 rnillion in
' 1992 and $407.5 saj N t% 2 tT N I't m ses4.7 es j yWJgjssm1melanliuminumEE um sa.as millam in 19N.
,, n ; ; .rm % z.. . sais.o na i ci "T".'"'"' sa.ao " Earnings per slurr Iwfore cumulatitv
?
- . #?'?." ? ' . , . . . . ...}***** ** Y MWW ' ^^' ' '
I * * * * ' tin 4 'Y"0""ti"8 6 m f f- ffffff n 1.1 ) $ 1 n 1942 aml$3.32 hr 3 strong rumuLarivs arrzct or accountano cuawors 1994. 3
.m
l i i LETTER To INVESTORS T ? Don D. Jordan, Chairman & Chief Executive officer, Houston Industries Incorporated l-Shamholders of Houston Industries incorporated ha i and total returns that have exceeded industry averages over the long term. We ended 1994 with that record i
- intact. However, it was not an easy year. There was rapid change in the electric utility and cable television industries, interest rates increased causing utility stock prices to [lun. met, and some electric utilities reduced dividends. I can understand that our shareholders might want answers to some tough questions.
4
**WHY is HOUSTON INDUSTRIES A GOOD INVESTMENT 7" I
While Houston Industries historically has been an excellent investment, we are not resting on successes of the past. During the last fourteen months, we took decisive measures that have fortified our organization while benefiting customers and H1 shareholders. , a We maintained our $3.00 per share annual dividend. s We reached an agreement to sell our cable television business, a move that will increase future earnings and enhance the stability of our common stock dividend. m We are paring costs to make the company lean for the new competitive emironment. For example, , 11ouston Lighting & Power reduced operation and maintenance costs by $70 million during 1994. l e We reached an agmement to settle a lengthy HL&P rate proceeding through an acceptable compromise that will put the hearings and other outstanding regulatory issues behind us. I a We restarted the South Texas Project nuclear plant, which has achieved excellent operating performance since mturning to senice. l 4
. - . - - _. . .=.
9'
' a' _We led the Texas electric utility industry in advocating new utility law that encourages fair competition and serves the needs of at electric consumers. '
. e Through our newest subsidiary, HI Energy, we established a presence in unregulated power naarkets in -
several parts of the world. > ' s And, we turned in a solid financial performance despite an camings write-off associated with HlAP's rate proceeding. 1994 EARNINGS WERE STRONG -
' During 1994, Houston industries carned $399 million, or $3.25 per share, compared with $416 million, or
$3.20 per share, in 1993. Earnings were mduced by a one-time, $46 million, after-tax charge related to the settlement of the HL&P rate proceeding. Excluding that charge, camings would have risen 7 percent over
- 1993. A change in accounting practice, described in the " Management's Discussion and Analysis" section L
of this report, also decreased 1994 net income slightly, but increased camings per share. ,
' After including the one-time write-off, HL&P increased net income after preferred dividends by 1 percent. Although an increase in base, or non-fuel, mvenue driven by a modest incmase in kilowatt-hour sales had a positive impact, cost mduction was the most important contributor to improved results.
A SOUND INVESTMENT FOR THE FUTURE We are entering a new era. Our electric utility business is operating in two worlds, and each is changing rapidly. One is the regulated domestic industry in which new competition is spurring efficiencies and new customer services. Organizations which adapt will succeed. You will see in the following pages that HL&P's
' plan for operating in a competitive envimnment is producing successes.
The other is the overseas powes market in which govemment privatizations and growing electric demand are cwating expanding opportunities for Houston Industries Energy. HI Energy closed a successful ,
- year with plans underway for projects in the U.S., Argentina, India and Pakistan.
Historically, times of change have strengthened our organization, and we expect this period to be no different. With the trials and accomplishments of 1994 behind us, we have renewed confidence that Houston Industries will continue to provide shareholders with secure income and attractive returns. j On Do'n D. Jordan
- Chairman & Chief Executive Officer
' February 23,1995 5
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Hi AGREES TO SELL CABLE Assets able television rernains an attractite business, but it is not the sarne industry ut enterni in 1986. Adiuncing technology, growing cornpetition and new regulations
/A .
I1 !1 Don D. SyLora, President & Giief Operating Officer, Ifoustor Industries Incorgerated are pushing KBLCOM's potential to provide turnings gnneth for HI shareholders further into thefuture. Meanwhile, changing world pouvr rnarkets are creating opportunities for attractive returns and gnneth in the non-trgulated pater business where we expect to use H1's experience and relationships to gain a cornyrtitite adiuntage. We reached an agrectnent in January 1995 to sell our KBLCOM subsidiary to Tirne Warner Inc.for approxiniately $2.M billion, including Time Warner securities, annind $600 rnillion in cash, and external debt assurned Iy Tirne Warner. We anticif ute that HI will reali:e an after-tax gain of alvut $650 unillion on the sale which is expected to closein the strond half of1995. The cash will allow HI to juy down debt, strengthening the lulance sheet and providing the financialflexibility to cornpete enore effectively in today's environinent. l In addition, uv will receive Tirne Warner securities that are expected to provide annual after-tax dividend incorne of approxirnately $37 rnillion for fsnar years. Our shareholders will terufit frorn this action thros.gh incnnsed earnings that will enhance the stability of H1's conunon stock dividend. 7 l 1
\
I m l l Hi AGREES 'T o SELL- CABLc ASSETS able television rernains an attractite business, but it is not the same industry uv enteralin 1986. Advancitig technowgy,gnnving competition and new regulations N 4
}
Don U. Sykora, President & Chief Operating Officer, Houston Industries inwrporated i
~ l are pushing KBLCOM's potential to pnnride cantings gnneth for HI shareholders furtherinto thefuture.
Mamwhile, changing uvrld pouer markets are cnuting op;vrtunities for attractiiv returns and gnneth in the i on-regulatal pmer business where ur expect to use H1's experience and trlationsh, n to gain a competitits adtuntage. We reached an agrectnent in January 1995 to sell our KBLCOM subsidiary to Time WarnerInc.for approximately $224 billion, including Time Warner securities, around $600 million in cash, and external debt assumed by Time Warner. We anticipate Ihat H1 will realize an after-tax gain of alcut $650 million cm ihe sale which is exptted to closein ihe second halfof1995. Tise cash will alkne HI to Iny down debt, strengthening the lulance sheet and providing thefinancialflexibility to compete enore effcctitely in today's environment. In addition, uv will recche Time Warner securities that are expected to pnreide annual after-tax dividend income of appmximately $37 million for faar years. Our shareholders willlenefit from this action through increased earnings that will enhance the stalaitu of H1's common stock dividend. 7
4 i i i j M ARKET FUNDAMENTALS CH ANGE l 1 l I The cable television industry has changed dramatically since Iil entered the business in 1986. I 1
) Reregulation, advancing technology and competitive forces have altered the parameters for success.
i .. ,. .g The 1992 Cable Act rolled back basic
~
~
cable rates by 10 percent in 1993 and another [, t , , 7 percent in 1994. During the years prior to
] l the legislation, KULCOM had moved steadily 1?n n -
toward profitability and, despite the basic rate f set-back, reported a profit of approximately (. l '
,- $117,000 in 1994.
With 11,000 cable systems serving over J Kill [OM cmployees pnym' to upgrade existing cable teith filer optic j 55 million subscribers, the fragmented cable tet hnoh>gy that teill incnme cafucity and pnreide the cajubility for interactive sereices- industry is consolidating. Those operators j that can achieve significant size and presence in key markets stand to gain a competitive advantage i
- over other cable operators, wireless competitors and, eventually, telephone companies. To compete i
i in the new environment, KULCOM f **MBLCOM WOULD '. AVal REQUIRED INCREASINGLY LARGE C APITAL i EMPENDITURES TO COMPETE IN THE NEW ENVIRONMENT AND ITS Would need to commit a substantial l l POTENTI AL FOR PROVIDING HI EARNINGS GROWTH WAS MOVING amount of capital for expansion FU RTH ER OUT ON TH E HORIZON. , provision of interactive services and telephony. As a result, KBLCOM's potential for producing } earnings growth and free cash flow for HI has moved further out on the horizon. HI AGREES TO SELL KBLCOM f In January 1995, Ill agreed to sell its cable TV subsidiary to Time Warner Inc. In exchange for KULCOM, i j Time Warner will issue one million shares of its common stock and 11 million shares of a new series j of convertible preferred stock to I11. In addition, Time Warner will purchase intercompany debt of l KULCOM from 111 for approximately $600 million in cash. About $685 million of KBLCOM's external l debt and other liabilities will also be assumed by Time Warner. T e estimated value of the transaction is $2.24 billion, based on a $35.50 per share price of Time Wamer .mmmon stock, and may differ at the time of closing. Each one-dollar change in the Time Warner stock price will change the value of the
- transaction by approximately $24 million. The KBLCOM sale is expected to close in the second half l of 1995.
- 8
The preferred stock will be convertible into approximately 22.9 million shares of Time Warner common stock four years after the closing unless Iil elects to convert the shares before then. The l terms of the preferred stock provide for annual cash dividends of $3.75 per share until conversion. l Coupled with annual dividends from the Time Warner common stock, which currently pays $36 per l share,111 expects to receive after-tax dividend income of approximately $37 million per year for the l l l next four years. l BENEFITS INCLUDE INCREASED EARNINGS 1 r Through the sale, til is trading one growth strategy for another that provides more ficxibility and l better utilizes the company's core skills. The "OUR PRIORITY 15 TO STRENGTHEN THE BALANCE company is exchanging its equity in KBLCOM SHEET. INCREASE EARNINGS ANo ENH ANCE THE STABILITY OF OuR olvioENo." for cash and a new equity position of approximately 5 percent in Time Warner, one of the world's largest media and entertainment companies. The KULCOM sale will stwngthen H1's balance sheet, improve earnings and enhance the i stability of our dividend.111 intends r. l ' ' to pay down debt with a portion of the l g i ' cash proceeds and, depending on market _ , N ., y ; -
- l . .
~
4 conditions, may consider repurchase of j ,. e s i ' o ' ,o J . ' ' I 111 common stock. ; t ' % i The sale willalso provide the . $ R.. s
' ; ll p..
financial flexibility necessary to take
;. i' a.
l advantage of opportunities in unregulated %: i .(
- 1 electric utility markets.
l TIu merging of telephony uth caI>le TV tecimology is exemplified at the contwl ? Hl and Time Warner have also agn'ed center of FIBRCOM, KULCOM's commercial telecommunications division. to form a joint venture to develop energy
- information systems such as automated meter reading and real-time monitoring of utility usage. These 1
l services could be marketed to Time Warner's 10 million cable subscribers, as well as to subscribers to i j other cable or telephone services. l j
"AS WE EXIT CABLE. THE GLOBAL POWER M ARKET i
9 PROVIDES AN ATTR ACTIVE AND FAMILI AR GROWTH j
- i I VEHICLE FOR THE FUTURE." l i
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