integrys energy group inc (TEG) Key Developments
Wolf Haldenstein Adler Freeman & Herz LLP and Hach Rose Schirripa & Cheverie LLP Commence a Class Action Lawsuit Against Integrys Energy Group, Inc
Sep 4 14
Wolf Haldenstein Adler Freeman & Herz LLP and Hach Rose Schirripa & Cheverie LLP announced that they have filed a class action lawsuit on behalf of an institutional client in the United States District Court for the Northern District of Illinois on behalf of all persons who purchased or otherwise acquired common stock of Integrys Energy Group, Inc. against the company and certain of the company's officers and directors alleging securities fraud pursuant to, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 in connection with the proposed acquisition of the company’s by Wisconsin Energy Corporation. The complaint arises out of a June 23, 2014 press release in which the company and Wisconsin Energy Corp. jointly announced that they entered into a definitive merger agreement pursuant to which Wisconsin will pay the company’s shareholders $18.58 per share in cash and 1.128 shares of Wisconsin stock. The complaint seeks injunctive relief on behalf of all shareholders who purchased shares of the company’s prior to the release of the S-4 filing by Wisconsin Energy on August 13, 2014 and still retain their shares. If purchased the company’s common stock prior to August 13, 2014, may move to be appointed as lead plaintiff by November 3, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. may retain Wolf Haldenstein or Hach Rose Schirripa & Cheverie LLP, or other counsel of choice, to serve as counsel in this action. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
Integrys Energy Group, Inc. Presents at AGA New York Financial Mini-Forum, Sep-11-2014 08:00 AM
Aug 26 14
Integrys Energy Group, Inc. Presents at AGA New York Financial Mini-Forum, Sep-11-2014 08:00 AM. Venue: The Princeton Club, 15 West 43rd Street, New York, NY 10036, United States.
Integrys Energy Group, Inc. Declares Quarterly Dividend Payable on September 20, 2014
Aug 14 14
The Board of Directors of Integrys Energy Group, Inc. has declared a quarterly dividend of $0.68 per share on common stock, payable on September 20, 2014, to shareholders of record August 29, 2014.
Integrys Energy Group, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Per Share Guidance for the Full Year 2014; Reports Goodwill Impairment Loss the Second Quarter Ended June 30, 2014
Aug 6 14
Integrys Energy Group, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company’s total revenues were $1,432.6 million against $1,116.0 million a year ago. Operating income was $26.1 million against operating loss of $6.9 million a year ago. Income before taxes was $16.3 million against loss before taxes of $7.2 million a year ago. Net income from continuing operations was $8.1 million or $0.09 per diluted share against net loss income from continuing operations of $3.9 million or $0.06 per diluted share a year ago. Net income attributed to common shareholders was $7.2 million or $0.09 per diluted share against net loss attributed to common shareholders of $5.4 million or $0.07 per diluted share a year ago. Adjusted diluted EPS was $0.20 against $0.45 a year ago. Adjusted earnings were $16.5 million against $35.7 million a year ago. Capital expenditures were $189.0 million against $153.1 million a year ago. Adjusted earnings decreased $19.2 million from the second quarter of 2013 to the second quarter of 2014. Higher operating expenses at both the natural gas and electric utility segments drove the decrease.
For the six months, the company reported total revenues of $4,357.5 million against $2,794.2 million a year ago. Operating income was $279.3 million against $286.2 million a year ago. Income before taxes was $259.3 million against $284.6 million a year ago. Net income from continuing operations was $161.3 million or $1.98 per diluted share against $178.3 million or $2.22 per diluted share a year ago. Net income attributed to common shareholders was $159.6 million or $1.98 per diluted share against $182.1 million or $2.29 per diluted share a year ago. Net cash provided by operating activities was $586.0 million against $448.0 million a year ago. Capital expenditures were $348.6 million against $300.1 million a year ago. Adjusted diluted EPS was $1.94 against $2.20 a year ago. Adjusted earnings were $156.2 million against $175.6 million a year ago.
The company provided earnings per share guidance for the full year 2014. For the year, the company’s guidance range for 2014 diluted earnings per share on a GAAP basis is $3.77 to $3.91. This guidance assumes the availability of generation units, normal weather conditions for the rest of the year, and ownership of the company’s retail energy business through December 31, 2014. The company is not estimating the impact of derivative and inventory fair value accounting activities for 2014. The company has revised diluted EPS adjusted guidance range is $3.33 to $3.47. The company expects to report goodwill impairment loss of $0.08 per share. The company reported that it expects that full year 2014 spending will be in line with 2013 spend.
For the second quarter, the company reported goodwill impairment loss of $6.7 million.
Integrys Mulls Auction For Awassa Lodge Property
Jul 21 14
Integrys Energy Group, Inc. (NYSE:TEG) has decided to hold a public auction in order to sell about 200 acres of its Awassa Lodge property along Lake Content in Vilas County. The auction will be conducted by Hall and Hall auction services on September 18, 2014, at 1:00 P.M. at the St. Germain Community Center, in St. Germain. Hall and Hall began marketing the property on July 17, 2014. Hall and Hall have a booth at the EAA AirVenture in Oshkosh in late July to answer questions. It will also begin advertising in area newspapers and select media outside the area.