| For the years ended December 31 (Thousands) |
2007 | 2006 | 2005 |
| Operating Activities | |||
| Net income | $ 48,825 | $ 42,423 | $ 32,091 |
| Items not affecting cash: | |||
| Depreciation and amortization | 32,199 | 31,342 | 29,275 |
| Deferred income taxes | 750 | 5,241 | 10,900 |
| Amortization of investment tax credits | (410) | (432) | (460) |
| AFUDC - equity funds | (1,927) | (554) | (414) |
| Equity in earnings in ATC* | (6,047) | (5,317) | (4,871) |
| Employee benefit plan expenses | 8,101 | 10,178 | 9,665 |
| Provisions for doubtful accounts receivable | 3,080 | 3,230 | 2,080 |
| Amortization of debt issuance costs and discount | 543 | 595 | 493 |
| Reserve for fuel refund | — | 2,312 | — |
| Gain on sale of investments | (778) | — | — |
| Other items | 1,950 | 653 | 1,109 |
| Changes in working capital items: | |||
| (Increase) decrease in current assets | (12,312) | 13,042 | (32,323) |
| Increase (decrease) in current liabilities | 3,818 | (4,299) | 8,515 |
|
Proceeds from Congestion Cost and Line Loss Allocation Agreement |
2,545 | — | — |
| Dividend income from ATC* | 4,441 | 4,003 | 3,550 |
| Cash contributions to pension and other postretirement plans | (6,346) | (5,779) | (5,536) |
| Other noncurrent items, net | (1,846) | 4,401 | (697) |
| Cash Provided by Operating Activities | 76,586 | 101,039 | 53,377 |
| Investing Activities | |||
| Capital expenditures | (136,258) | (92,575) | (85,771) |
| Capital contributions to ATC* and other investments | (255) | (1,974) | (1,686) |
| Repayment from ATC* related to WCCF ** | — | — | 12,964 |
| Proceeds from sale of property to ATC* | 724 | — | — |
|
Advance to Wisconsin Electric Power Company for ATC* work related to Elm Road |
(138) | (808) | (1,599) |
| Other | 1,136 | 916 | 359 |
| Cash Used for Investing Activities | (134,791) | (94,441) | (75,733) |
| Financing Activities | |||
| Issuance of common stock, net | 32,786 | 17,050 | 2,259 |
| Issuance (purchase) of treasury stock | — | 119 | (119) |
| Cash dividends paid on common stock | (30,295) | (28,513) | (28,054) |
| Repayment of long-term debt | (15,000) | — | — |
| Issuance of long-term debt | 25,000 | 30,000 | 20,000 |
| Increase(decrease) in short-term debt | 46,500 | (25,500) | 29,225 |
| Other | — | (82) | (1,128) |
| Cash Provided by/(Used for) Financing Activities | 58,991 | (6,926) | 22,183 |
| Change in Cash and Cash Equivalents | 786 | (328) | (173) |
| Cash and cash equivalents at beginning of period | 3,003 | 3,331 | 3,504 |
| Cash and cash equivalents at end of period | $ 3,789 | $ 3,003 | $ 3,331 |
* American Transmission Company ** West Campus CogenerationFacility |
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For detailed financial information, see the 2007 MGE Energy Form 10-K. |
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