SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 28, 2001
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MIRANT CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware 001-16107 58-2056305
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(State or other jurisdiction (Commission File (IRS Employer Identification
of incorporation) Number) No.)
1155 Perimeter Center West Suite 100, Atlanta, Georgia 30338
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (678) 579-5000
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N/A
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(Former name or former address, if changed since last report.)
Item 5. Other
On October 28, 2001 Mirant Corporation, issued a press release
reporting its financial results for the three and nine months ended September
30, 2001. Attached in Item 7 is the financial information for the three and nine
months ended September 30, 2001 included in that release.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Financial information for the three and nine months ended
September 30, 2001, dated October 28, 2001
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date: October 29, 2001 MIRANT CORPORATION
` By /s/ James A. Ward
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James A. Ward
Senior Vice President, Finance
And Accounting
(Principal Accounting Officer)
EXHIBIT 99.1
MIRANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2001 2000 2001 2000
---------- -------- --------- --------
(in millions) (in millions)
Operating Revenues $8,185 $4,198 $24,295 $5,357
Operating Expenses:
Cost of fuel, electricity and other products 7,303 3,569 21,811 3,965
Maintenance 32 36 103 104
Depreciation and amortization 100 89 284 244
Selling, general and administrative 209 209 748 323
Impairment Loss 3 5 96 19
Other 81 73 265 175
---------- -------- --------- --------
Total operating expenses 7,728 3,981 23,307 4,830
---------- -------- --------- --------
Operating Income 457 217 988 527
Other Income (Expense):
Interest income 27 42 111 123
Interest expense (142) (162) (428) (461)
Equity in income of affiliates 38 69 164 132
Other, net 9 27 30 66
---------- -------- --------- --------
Total other income (expense) (68) (24) (123) (140)
---------- -------- --------- --------
Income From Continuing Operations Before
Income Taxes and Minority Interest 389 193 865 387
Provision (Benefit) for Income Taxes 137 85 284 55
Minority Interest 18 17 48 60
---------- -------- --------- --------
Income From Continuing Operations 234 91 533 272
Income from Discontinued Operations After
Income Taxes and Minority Interest - 7 5 20
---------- -------- --------- --------
Net Income $ 234 $ 98 $ 538 $ 292
========== ======== ========= ========
Notes:
(1) Certain prior-year data has been reclassified to conform with the
current-year presentation.
(2) Basic Earnings Per Share from Continuing Operations for the nine months
ended September 30, 2001 and 2000 were $1.57 and $1.00, respectively, based
on the weighted average of 340,385,222 and 272,000,000 shares of common
stock outstanding.
(3) Diluted Earnings Per Share from Continuing Operations for the nine months
ended September 30, 2001 was $1.53. Pro Forma Diluted Earnings Per Share
from Continuing Operations for the nine months ended September 30, 2000 was
$0.79.
MIRANT CORPORATION AND SUBSIDIARIES
EARNINGS AND PRO FORMA EARNINGS PER SHARE (UNAUDITED)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2001 2000 % Change 2001 2000 % Change
--------- -------- -------- ---------- --------- ---------
Consolidated Earnings (in millions)
As Reported $ 234 $ 98 139% $ 538 $ 292 84%
As Reported from Continuing Operations 234 91 157% 533 272 96%
Adjustments (page 7) - 28 NM 57 28 NM
--------- --------- --------------------
From Operations $ 234 $ 119 97% $ 590 $ 300 97%
========= ========= ====================
Contributions to Income from Operations by Group
Asia-Pacific $ 53 $ 33 61% $ 149 $ 180 -17%
Europe 12 19 -37% 60 62 -3%
Americas 222 113 96% 552 141 291%
Corporate (53) (46) 15% (171) (83) 106%
--------- --------- --------------------
From Operations $ 234 $ 119 97% $ 590 $ 300 97%
========= ========= ====================
Diluted Earnings Per Share (Pro Forma for 2000):
------------------------------------------------
Average number of shares of common stock
outstanding (in millions) 355.7 352.6 355.1 352.6
Additions to Income for Pro Forma Diluted
Earnings Per Share (in million) $ 4 $ 5 $ 11 $ 6
Consolidated Earnings Per Share
As Reported $ 0.67 $ 0.29 131% $ 1.55 $ 0.85 82%
As Reported from Continuing Operations 0.67 0.27 148% 1.53 0.79 94%
Adjustments (page 7) - 0.08 NM 0.16 0.08 NM
--------- --------- --------- ----------
From Operations $ 0.67 $ 0.35 91% $ 1.69 $ 0.87 94%
========= ========= ========= ==========
Contributions to Diluted Earnings Per Share by Group
Asia-Pacific $ 0.15 $ 0.09 67% $ 0.42 $ 0.51 -18%
Europe 0.03 0.05 -40% 0.17 0.18 -6%
Americas 0.62 0.32 94% 1.55 0.40 288%
Corporate (0.13) (0.11) 18% (0.45) (0.22) 105%
--------- --------- --------- ----------
From Operations $ 0.67 $ 0.35 91% $ 1.69 $ 0.87 94%
========= ========= ========= ==========
Basic Earnings Per Share (Pro Forma for 2000):
----------------------------------------------
Average number of shares of common stock
outstanding (in millions) 340.4 338.7 339.7 338.7
Consolidated Earnings
As Reported $ 0.69 $ 0.29 138% $ 1.58 $ 0.86 84%
As Reported from Continuing Operations 0.69 0.27 156% 1.57 0.80 96%
Adjustments (page 7) - 0.08 NM 0.17 0.08 NM
--------- --------- --------- ----------
From Operations $ 0.69 $ 0.35 97% $ 1.74 $ 0.88 98%
========= ========= ========= ==========
NM = Not Meaningful
MIRANT CORPORATION AND SUBSIDIARIES
EARNINGS AND PRO FORMA EARNINGS PER SHARE
AS REPORTED AND FROM OPERATIONS (UNAUDITED)
2001 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year
-----
----------- ----------- ----------- ----------- ------------
Consolidated Earnings (in millions)
As Reported $ 180 $ 124 $ 234 $ - $ 538
As Reported from Continuing Operations 175 124 234 - 533
Adjustments for: Write-off of Chilean Investment 57 - 57
----------- ----------- ----------- ----------- ------------
From Operations $ 175 $ 181 $ 234 $ - $ 590
=========== =========== =========== =========== ============
2000
-----
Consolidated Earnings (in millions)
As Reported $ 101 $ 93 $ 98 $ 67 $ 359
As Reported from Continuing Operations 95 86 91 60 332
Adjustment for Costs Related to Transitioning to a Public Company - - 28 6 34
----------- ----------- ----------- ----------- ------------
From Operations $ 95 $ 86 $ 119 $ 66 $ 366
=========== =========== =========== =========== ============
Diluted Earnings Per Share (Pro Forma for 2000):
2001
-----
Number of shares of common stock outstanding (in millions) 354.1 356.8 355.7 355.1
Additions to Income for Diluted Earnings Per Share (in millions) $ 4 $ 3 $ 4 $ - $ 11
Diluted Earnings Per Share
As Reported $ 0.52 $ 0.36 $ 0.67 $ - $ 1.55
As Reported from Continuing Operations $ 0.51 $ 0.36 $ 0.67 $ - $ 1.53
Adjustments for: Write-off of Chilean Investment $ - $ 0.16 $ - $ - $ 0.16
From Operations $ 0.51 $ 0.52 $ 0.67 $ - $ 1.69
2000
-----
Number of shares of common stock outstanding (in millions) 352.2 352.2 352.6 354.0 353.1
Additions to Income (in millions) $ - $ 1 $ 5 $ 4 $ 10
Pro Forma Diluted Earnings Per Share
As Reported $ 0.29 $ 0.27 $ 0.29 $ 0.20 $ 1.05
As Reported from Continuing Operations $ 0.27 $ 0.25 $ 0.27 $ 0.18 $ 0.97
From Operations $ 0.27 $ 0.25 $ 0.35 $ 0.20 $ 1.07
Basic Earnings Per Share (Pro Forma for 2000):
2001
-----
Number of shares of common stock outstanding (in millions) 338.7 340.1 340.4 339.7
Basic Earnings Per Share Based on Consolidated Earnings
As Reported $ 0.53 $ 0.36 $ 0.69 $ - $ 1.58
As Reported from Continuing Operations 0.52 $ 0.36 $ 0.69 - $ 1.57
Adjustments for: Write-off of Chilean Investment $ - $ 0.17 $ - $ - $ 0.17
----------- ----------- ----------- ----------- ------------
From Operations $ 0.52 $ 0.53 $ 0.69 $ - $ 1.74
=========== =========== =========== =========== ============
2000
-----
Number of shares of common stock outstanding (in millions) 338.7 338.7 338.7 338.7 338.7
Pro Forma Basic Earnings Per Share Based on Consolidated Earnings
As Reported $ 0.30 $ 0.27 $ 0.29 $ 0.20 $ 1.06
As Reported from Continuing Operations 0.28 0.25 0.27 0.18 0.98
Adjustment for Costs Related to Transitioning to a Public Company - - 0.08 0.02 0.10
----------- ----------- ----------- ----------- ------------
From Operations $ 0.28 $ 0.25 $ 0.35 $ 0.20 $ 1.08
=========== =========== =========== =========== ============
MIRANT CORPORATION AND SUBSIDIARIES
FINANCIAL DATA BY GROUP (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
Corporate and
Americas Europe Asia-Pacific Eliminations Consolidated
---------------- ------------- --------------- -------------- ----------------
2001 2000 2001 2000 2001 2000 2001 2000 2001 2000
(in millions)
Operating Revenues
Generation and energy marketing $ 7,695 $ 3,953 $201 $ - $ 127 $123 $ - $ - $ 8,023 $ 4,076
Distribution & integrated utilities 154 43 - 71 - - - - 154 114
Other 3 - - 5 4 - 4 8 8
---------------- ------------- --------------- -------------- ----------------
Total operating revenues 7,852 3,996 201 71 132 127 - 4 8,185 4,198
Operating Expenses:
Cost of fuel, electricity and
other products 7,098 3,562 204 7 1 - - - 7,303 3,569
Depreciation and amortization 65 38 1 17 33 32 1 2 100 89
Other operating expenses 254 213 7 28 29 30 35 52 325 323
---------------- ------------- --------------- -------------- ----------------
Total operating expenses 7,417 3,813 212 52 63 62 36 54 7,728 3,981
---------------- ------------- --------------- -------------- ----------------
Operating Income (Loss) 435 183 (11) 19 69 65 (36) (50) 457 217
Other Income (Expense)
Interest income (expense) (40) (28) (9) (25) (26) (27) (40) (40) (115) (120)
Equity in income of affiliates 1 23 24 28 13 18 - - 38 69
Other 2 14 1 6 9 (4) (3) 11 9 27
---------------- ------------- --------------- -------------- ----------------
Income (Loss) From Continuing Operations
Before Income Taxes and Minority Interest 398 192 5 28 65 52 (79) (79) 389 193
Provision (Benefit) for Income Taxes 172 75 (7) 6 4 9 (32) (5) 137 85
Minority Interest 4 4 - 3 8 10 6 - 18 17
---------------- ------------- --------------- -------------- ----------------
Income (Loss) From Continuing Operations 222 113 12 19 53 33 (53) (74) 234 91
Income From Discontinued Operations,
Net of Tax Benefit - - - - - - - 7 - 7
---------------- ------------- --------------- -------------- ----------------
Net Income (Loss) $ 222 $ 113 $ 12 $ 19 $ 53 $ 33 $ (53) $(67) $ 234 $ 98
================ ============= =============== ============== ================
MIRANT CORPORATION AND SUBSIDIARIES
FINANCIAL DATA BY GROUP (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
Corporate and
Americas Europe Asia-Pacific Eliminations Consolidated
----------------- ------------- ------------- -------------- ------------------
2001 2000 2001 2000 2001 2000 2001 2000 2001 2000
(in millions)
Operating Revenues
Generation and energy marketing $ 23,353 $ 4,582 $211 $ (2) $ 376 $369 $ - $ - $ 23,940 $ 4,949
Distribution & integrated utilities 334 126 - 263 - - - - 334 389
Other 5 - - 16 10 - 9 21 19
----------------- ------------- ------------- -------------- ------------------
Total operating revenues 23,692 4,708 211 261 392 379 - 9 24,295 5,357
Operating Expenses:
Cost of fuel, electricity and other
products 21,545 3,942 261 23 5 - - - 21,811 3,965
Depreciation and amortization 182 87 1 58 98 97 3 2 284 244
Other operating expenses 981 381 29 99 90 60 112 81 1,212 621
----------------- ------------- ------------- -------------- ------------------
Total operating expenses 22,708 4,410 291 180 193 157 115 83 23,307 4,830
----------------- ------------- ------------- -------------- ------------------
Operating Income (Loss) 984 298 (80) 81 199 222 (115) (74) 988 527
Other Income (Expense)
Interest income (expense) (126) (97) (18) (79) (75) (79) (98) (83) (317) (338)
Equity in income of affiliates 12 27 116 56 36 49 - - 164 132
Other 8 22 2 14 20 15 - 15 30 66
----------------- ------------- ------------- -------------- ------------------
Income (Loss) From Continuing Operations
Before Income Taxes and Minority Interest 878 250 20 72 180 207 (213) (142) 865 387
Provision (Benefit) for Income Taxes 375 104 (40) (16) 7 (1) (58) (32) 284 55
Minority Interest 8 5 - 26 24 28 16 1 48 60
----------------- ------------- ------------- -------------- ------------------
Income (Loss) From Continuing Operations 495 141 60 62 149 180 (171) (111) 533 272
Income From Discontinued Operations,
Net of Tax Benefit - - - - - - 5 20 5 20
----------------- ------------- ------------- -------------- ------------------
Net Income (Loss) $ 495 $ 141 $ 60 $ 62 $ 149 $180 $(166) $(91) $ 538 $ 292
================= ============= ============= ============== ==================
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Energy Volumes
North America
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1st Quarter 2nd Quarter 3rd Quarter
--------------------------- -----------------------------------------------------
2001 2000 Change 2001 2000 Change 2001 2000 Change
--------------------------- ---------------- ------------------------- ----------
Power (MM MWh) 65.6 54.2 21% 69.7 50.1 39% 91.6 63.3 45%
Power Produced (MM MWh) 21.0 6.0 250% 20.0 7.8 156% 22.1 10.6 108%
Natural Gas (Bcf/d) (a) 12.8 8.9 44% 11.8 7.7 53% 13.1 8.9 47%
(a) Volumes include all volumes reported on GMS, including transfers between
subsidiaries and intracompany transfers (2000 restated).