ST. LOUIS, Aug. 15, 2002 — Ameren Corp. recently announced that it had filed its Quarterly Report on Form 10-Q for the period ended June 30, 2002 with the Securities and Exchange Commission (SEC).
The company reported second quarter net earnings of $115 million, or 80 cents per share, compared to $95 million or 69 cents per share for the same quarter last year.
Charles W. Mueller, Ameren’s chairman and chief executive officer, and Warner L. Baxter, Ameren’s senior vice president and chief financial officer, by certification letter to the SEC, recently affirmed the accuracy of Ameren’s Form 10-K report for 2001; Form 10-Q reports for the first and second quarters of 2002; the company’s 2002 proxy statement to shareholders and other recent filings.
These actions are in response to a June 27, 2002, order by the SEC requiring approximately 950 companies to certify the accuracy of financial reports.
The Form 10-Q filed recently includes second quarter 2002 net earnings of $115 million, or 80 cents per share, compared to second quarter 2001 net earnings of $95 million, or 69 cents per share.
Net earnings for the first six months of 2002 were $174 million, or $1.22 per share, compared to $153 million, or $1.12 per share in the first half of 2001.
On August 4, 2002, the Missouri Public Service Commission (the “Commission”) order that approved a joint settlement filed by all parties participating in a Missouri electric rate case relating to Ameren’s subsidiary, AmerenUE, became effective. The order included, among other things, a rate reduction retroactive to April 1, 2002.
In Ameren’s earnings release on July 25, 2002, prior to the Commission’s approval of the joint settlement, it was estimated that the terms of the joint settlement would reduce earnings for 2002 by 22 cents per share in the last half of 2002.
Since the Commission’s order became effective before Ameren filed its Form 10-Q with the SEC, net earnings filed recently for the second quarter and first six months of 2002 include an after-tax charge of $20 million, or 14 cents per share, to reflect the allocation of a portion of the previously-disclosed estimated 22 cents per share 2002 charge to the period from April 1, 2002 to June 30, 2002.
The total expected amount of the charge for 2002 related to the joint settlement remains unchanged. Accordingly, earnings for the last half of 2002 are expected to be reduced by 8 cents per share as a result of the joint settlement. Previously-reported earnings guidance of $3.05 to $3.25 for the year ending December 31, 2002 remains unchanged.
With assets of over $10 billion, Ameren owns a diverse mix of electric generating plants strategically located in its Midwest market with a capacity of more than 13,000 megawatts. Ameren serves 1.5 million electric customers and 300,000 natural gas customers in a 44,500-square-mile area of Missouri and Illinois.
Source: Ameren Corp.