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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-K/A

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Fiscal Year Ended September 30, 2003

             
           
Commission   Exact name of registrant as specified in its charter and   States of   I.R.S.
File Number   principal office address and telephone number   Incorporation Employer I.D. Number

1-16163   WGL Holdings, Inc.   Virginia   52-2210912
    101 Constitution Ave, N.W.        
    Washington, D.C. 20080        
    (703) 750-2000        

0-49807   Washington Gas Light Company   District of Columbia   53-0162882
    101 Constitution Ave, N.W.   and Virginia    
    Washington, D.C. 20080        
    (703) 750-4440        
     

Securities registered pursuant to Section 12(b) of the Act (as of September 30, 2003):

Title of each class   Name of each exchange on which registered

WGL Holdings, Inc. common stock, no par value   New York Stock Exchange
     

Securities registered pursuant to Section 12(g) of the Act (as of September 30, 2003):

Title of each class   Name of each exchange on which registered

Washington Gas Light Company preferred stock,
cumulative, without par value:
   
$4.25 Series   Over-the-counter bulletin board
$4.80 Series   Over-the-counter bulletin board
$5.00 Series   Over-the-counter bulletin board

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes   X    No ___

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrants’ knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12-b of the Act): Yes    X    No ___

The aggregate market value of the voting common equity held by non-affiliates of the registrant, WGL Holdings, Inc., amounted to $1,282,856,952 as of March 31, 2003.

WGL Holdings, Inc. common stock, no par value outstanding as of October 31, 2003: 48,626,243 shares.

All of the outstanding shares of Common Stock ($1 par value) of Washington Gas Light Company were held by WGL Holdings, Inc. as of October 31, 2003.


DOCUMENTS INCORPORATED BY REFERENCE

Portions of WGL Holdings, Inc.’s definitive Proxy Statement and Washington Gas Light Company’s definitive Information Statement in connection with the 2004 Annual Meeting of Shareholders, to be filed with the Commission pursuant to Regulation 14A and 14C not later than 120 days after September 30, 2003, are incorporated in Part III of this report.

 


 

WGL Holdings, Inc.
Washington Gas Light Company

2003 Annual Report on Form 10-K/A
Amendment No. 1

TABLE OF CONTENTS

         
    Page
Explanatory Note
    1  
         
Item 6. Selected Financial Data
    2  
         
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
    3  
         
Signatures
    4  

EXPLANATORY NOTE

This amendment to the registrants’ Annual Report on Form 10-K for the fiscal year ended September 30, 2003 is filed for the sole purpose of correcting clerical errors related to two amounts reported in Item 6. Selected Financial Data for “Total assets–year-end” and “Property, plant and equipment-net–year-end.” The amount reported for “Total assets–year-end” at September 30, 2003 of $2,205,380 should have been reported as $2,436,052. The amount reported for “Property, plant and equipment-net–year-end” at September 30, 2003 of $1,644,251 should have been reported as $1,874,923. Such amounts are correctly reported in other parts of the Form 10-K. An excerpt of Item 6. Selected Financial Data reflecting the corrected amounts for 2003 is presented below. The registrants have made no further changes to their original Annual Report on Form 10-K filed with the Commission on December 17, 2003.

Excerpt of Selected Financial Data (as corrected)

                                           
      2003   2002   2001   2000   1999
     
 
 
 
 
OTHER FINANCIAL DATA (in thousands)
                                       
 
Total assets—year-end
  $ 2,436,052     $ 2,113,664     $ 2,081,113     $ 1,939,989     $ 1,775,499  
 
Property, plant and equipment—net—year-end
  $ 1,874,923     $ 1,606,843     $ 1,519,747     $ 1,460,280     $ 1,402,742  

     A complete Item 6. Selected Financial Data is presented on page 2 of this report that reflects the corrected data.

1


 

WGL Holdings, Inc.
Washington Gas Light Company

Part II
Item 6. Selected Financial Data

ITEM 6. SELECTED FINANCIAL DATA


SELECTED FINANCIAL AND OPERATIONS DATA(a)

                                                 
(In thousands, except per share data)                    

Years Ended September 30,   2003   2002   2001   2000   1999

SUMMARY OF EARNINGS
                                       
 
Utility operating revenues
  $ 1,301,057     $ 925,131     $ 1,446,456     $ 1,031,105     $ 972,120  
 
Less: Cost of gas
    696,561       459,149       904,416       552,579       505,346  
 
          Revenue taxes
    40,465       27,549       40,616       35,598       34,793  

     
Utility net revenues
  $ 564,031     $ 438,433     $ 501,424     $ 442,928     $ 431,981  

 
Utility operation and maintenance expenses
  $ 216,255     $ 205,061     $ 194,469     $ 177,504     $ 201,229  
 
Non-utility operating revenues
  $ 763,191     $ 659,671     $ 493,063     $ 218,087     $ 140,096  
 
Net income
  $ 112,342     $ 39,121     $ 82,445     $ 83,251     $ 67,437  
 
Earnings per average common share
Basic
  $ 2.31     $ 0.81     $ 1.75     $ 1.79     $ 1.47  
 
   Diluted
  $ 2.30     $ 0.80     $ 1.75     $ 1.79     $ 1.47  
CAPITALIZATION—YEAR-END
                                       
 
Common shareholders’ equity
  $ 818,218     $ 766,403     $ 788,253     $ 711,496     $ 684,034  
 
Preferred stock
    28,173       28,173       28,173       28,173       28,420  
 
Long-term debt
    636,650       667,951       584,370       559,724       506,084  

     
Total capitalization
  $ 1,483,041     $ 1,462,527     $ 1,400,796     $ 1,299,393     $ 1,218,538  

OTHER FINANCIAL DATA
                                       
 
Total assets—year-end
  $ 2,436,052     $ 2,113,664     $ 2,081,113     $ 1,939,989     $ 1,775,499  
 
Property, plant and equipment-net—year-end
  $ 1,874,923     $ 1,606,843     $ 1,519,747     $ 1,460,280     $ 1,402,742  
 
Capital expenditures
  $ 129,083     $ 162,383     $ 130,215     $ 124,067     $ 158,733  
  Long-term obligations—year-end  
  $ 636,650     $ 667,951     $ 584,370     $ 559,724     $ 506,084  
                                         
COMMON STOCK DATA
                                       
 
Annualized dividends per share
  $ 1.28     $ 1.27     $ 1.26     $ 1.24     $ 1.22  
 
Dividends declared per share
  $ 1.2775     $ 1.2675     $ 1.2550     $ 1.2350     $ 1.2150  
 
Book value per share—year-end
  $ 16.83     $ 15.78     $ 16.24     $ 15.31     $ 14.72  
 
Return on average common equity
    14.2 %     5.0 %     11.0 %     11.9 %     10.4 %
 
Dividend yield on book value
    7.6 %     8.0 %     7.7 %     8.1 %     8.3 %
 
Dividend payout ratio
    55.3 %     156.5 %     71.7 %     69.0 %     82.7 %
 
Shares outstanding—year-end (thousands)
    48,612       48,565       48,543       46,470       46,473  
                                         
UTILITY GAS SALES AND DELIVERIES(thousands of therms)
                                       
 
Gas sold and delivered
                                       
   
Residential-firm
    648,809       509,243       634,949       557,825       604,162  
   
Commercial and industrial
                                       
   
    Firm
    239,628       193,917       258,546       240,239       285,349  
   
    Interruptible
    12,163       10,646       11,927       27,627       48,989  

     
Total gas sold and delivered
    900,600       713,806       905,422       825,691       938,500  

 
Gas delivered for others
                                       
   
Firm
    496,889       346,910       365,262       306,933       191,620  
   
Interruptible
    257,799       277,367       251,039       262,923       272,046  
   
Electric generation
    67,245       169,210       165,918       211,928       129,700  

     
Total gas delivered for others
    821,933       793,487       782,219       781,784       593,366  

       
Total utility gas sales and deliveries
    1,722,533       1,507,293       1,687,641       1,607,475       1,531,866  

OTHER STATISTICS
                                       
   
Active customer meters—year-end
    959,922       939,291       903,789       875,817       846,381  
   
New customer meters added
    26,167       31,205       32,188       30,063       29,503  
   
Degree days — actual
    4,550       3,304       4,314       3,637       3,652  
   
Weather percent colder (warmer) than normal
    19.8 %     (13.4 )%     13.1 %     (5.0 )%     (5.2 )%

(a) Results presented for periods prior to fiscal year 2001 reflect the consolidated operation of Washington Gas Light Company and its
       subsidiaries.

2


 

WGL Holdings, Inc.
Washington Gas Light Company

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

     
(a)3   Exhibits
Exhibits Filed Herewith:
     
Exhibit   Description

 
31.1   Certification of James H. DeGraffenreidt, Jr., the Chairman and Chief Executive Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2   Certification of Frederic M. Kline, Vice President and Chief Financial Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3   Certification of James H. DeGraffenreidt, Jr., the Chairman and Chief Executive Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.4   Certification of Frederic M. Kline, Vice President and Chief Financial Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

3


 

WGL Holdings, Inc.
Washington Gas Light Company

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

     

 

 

Date: January 23, 2004

 
WGL HOLDINGS, INC.
and
WASHINGTON GAS LIGHT COMPANY
(Co-registrants)

/s/ Mark P. O’Flynn
Mark P. O’Flynn
Controller
(Principal Accounting Officer)

4


 

WGL Holdings, Inc.
Washington Gas Light Company

EXHIBIT INDEX

     
Exhibit Description


31.1   Certification of James H. DeGraffenreidt, Jr., the Chairman and Chief Executive Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2   Certification of Frederic M. Kline, Vice President and Chief Financial Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3   Certification of James H. DeGraffenreidt, Jr., the Chairman and Chief Executive Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.4   Certification of Frederic M. Kline, Vice President and Chief Financial Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.