| For the years ended December 31 (in thousands) |
2008 | 2007 | 2006 |
| Operating Activities | |||
| Net income | $ 52,768 | $ 48,825 | $ 42,423 |
| Items not affecting cash: | |||
| Depreciation and amortization | 39,273 | 32,199 | 31,342 |
| Deferred income taxes | 8,583 | 750 | 5,241 |
| Amortization of investment tax credits | (351) | (410) | (432) |
| AFUDC - equity funds | (858) | (1,927) | (554) |
| Equity in earnings in ATC* | (7,241) | (6,047) | (5,317) |
| Employee benefit plan expenses | 7,891 | 8,101 | 10,178 |
| Provision for doubtful accounts receivable | 4,273 | 3,080 | 3,230 |
| Amortization of debt issuance costs and discount | 545 | 543 | 595 |
| Reserve for fuel refund | 5,506 | — | 2,312 |
| Gain on sale of investments | (3,113) | (778) | — |
| Gain on sale of property | (295) | — | — |
| Other items | 1,663 | 1,950 | 653 |
| Changes in working capital items: | |||
| (Increase) decrease in current assets | (39,202) | (12,312) | 13,042 |
| Increase (decrease) in current liabilities | 1,616 | 3,818 | (4,299) |
| Proceeds from Congestion Cost and Line Loss Allocation Agreement | — | 2,545 | — |
| Dividend income from ATC* | 5,272 | 4,441 | 4,003 |
| Cash contributions to pension and other postretirement plans | (7,665) | (6,346) | (5,779) |
| Other noncurrent items, net | (6,047) | (1,846) | 4,401 |
| Cash Provided by Operating Activities | 74,712 | 76,586 | 101,039 |
| Investing Activities | |||
| Capital expenditures | (105,777) | (136,258) | (92,575) |
| Capital contributions to ATC* and other investments | (3,678) | (255) | (1,974) |
| Proceeds from sale of investments | 3,612 | 910 | — |
| Proceeds from sale of property | 304 | 724 | — |
|
Advance to Wisconsin Electric Power Company for ATC* work related to Elm Road |
(330) | (138) | (808) |
| Other | 1,587 | 226 | 916 |
| Cash Used for Investing Activities | (104,282) | (134,791) | (94,441) |
| Financing Activities | |||
| Issuance of common stock, net | 30,997 | 32,786 | 17,050 |
| Issuance (purchase) of treasury stock | — | — | 119 |
| Cash dividends paid on common stock | (31,780) | (30,295) | (28,513) |
| Repayment of long-term debt | (30,000) | (15,000) | — |
| Issuance of long-term debt | 40,000 | 25,000 | 30,000 |
| Increase(decrease) in short-term debt | 21,000 | 46,500 | (25,500) |
| Other | (330) | — | (82) |
| Cash Provided by/(Used for) Financing Activities | 29,887 | 58,991 | (6,926) |
| Change in Cash and Cash Equivalents | 317 | 786 | (328) |
| Cash and cash equivalents at beginning of period | 3,789 | 3,003 | 3,331 |
| Cash and cash equivalents at end of period | $ 4,106 | $ 3,789 | $ 3,003 |
* American Transmission Company |
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For detailed financial information, see the 2008 MGE Energy Form 10-K. |
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