SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report
(Date of earliest
event reported): December 16, 2002
Alliant Energy Corporation
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(Exact name of registrant as specified in its charter)
Wisconsin 1-9894 39-1380265
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
4902 North Biltmore Lane, Madison, Wisconsin 53718
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(Address of principal executive offices, including zip code)
(608) 458-3311
(Registrant's telephone number)
Item 5. Other Events and Regulation FD Disclosure.
On December 16, 2002, Alliant Energy Corporation (the "Company") reported the
following:
On November 22, 2002, the Company announced its commitment to pursue
during 2003 the sale of, or other exit strategies for, a number of its
businesses, including Whiting Petroleum Corporation, the Company's investments
in Australia, its affordable housing business and several other non-core
businesses. Reference is made to the Company's Current Report on Form 8-K, dated
November 22, 2002, describing such divestitures, which disclosure is
incorporated herein by reference. Whiting Petroleum Corporation, the Company's
investments in Australia and its affordable housing business accounted for
approximately $32 million ($16 million excluding non-cash income related to
electricity derivatives at the Company's Australian operation) of the Company's
net income for the nine months ended September 30, 2002. Under Statement of
Financial Accounting Standards No. 144, Accounting for the Impairment or
Disposal of Long-Lived Assets, the Company will, as early as the fourth quarter
of 2002, be required to classify the assets of these businesses as held for sale
and their operations as discontinued operations. In addition to reporting the
results of these businesses as discontinued operations, the Company may also be
required to record accounting adjustments, other charges and/or income in the
fourth quarter of 2002 and/or in 2003 related to these proposed divestitures.
Although the scope of these potential adjustments is not presently known, they
may have an impact on the Company's results of operations in 2002 and 2003,
including the results projected by the 2003 earnings guidance the Company
provided on November 22, 2002, as well as the 2002 earnings guidance included in
the Company's Quarterly Report on Form 10-Q for the quarter ended September 30,
2002.
As a result of the reclassification of the businesses described above
as held for sale, generally accepted accounting principles will likely require
the Company to reclassify the operations of these businesses as discontinued
operations in its historical financial statements for the years ended December
31, 2001 and 2000 at the time it files its Annual Report on Form 10-K for the
year ended December 31, 2002. The Company's former independent public
accountants, Arthur Andersen LLP, have ceased to audit publicly held companies.
The rules of the Securities and Exchange Commission would have permitted the use
of Arthur Andersen LLP's latest audit report on prior period financial
statements had there been no changes to those prior period financial statements.
Due to the changes to the prior period financial statements to reclassify the
operations of the businesses to be sold as discontinued operations, the rules of
the Securities and Exchange Commission will require that the Company have
another audit firm reaudit those financial statements. The Company has engaged
its current independent auditors, Deloitte & Touche LLP, to reaudit its
financial statements for the years ended December 31, 2001 and 2000. In
connection with the reaudit, it is possible that adjustments, which could be
material, may be made to the Company's historical financial statements.
To enhance its liquidity position, the Company continues to pursue
various financing transactions, the proceeds of which will be used to repay
short-term debt and for other general corporate purposes. The Company currently
expects these transactions, which are expected to raise new debt and preferred
equity financing, will close in December 2002.
The statements in this Current Report on Form 8-K regarding the
potential impact of certain adjustments on the Company's previous earnings
guidance, the need for and potential impacts of any reaudit and the Company's
future financing plans are forward-looking statements. Such statements are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those currently anticipated. Actual results could be
affected by such factors as: the nature and scope of adjustments, charges and/or
income that may be required to be recorded relative to the Company's financial
statements related to its proposed divestitures; unanticipated issues that may
arise in the course
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of any reaudit that may be undertaken by Deloitte & Touche LLP with respect to
the Company's financial statements for the years ended December 31, 2001 and
2000; and unexpected difficulties related to the completion of the Company's
proposed financings. The forward-looking statements included herein are made as
of the date hereof, and Alliant Energy undertakes no obligation to update
publicly such statements to reflect subsequent events or circumstances.
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SIGNATURES
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 hereunto duly authorized.
ALLIANT ENERGY CORPORATION
Date: December 16, 2002 By: /s/ John E. Kratchmer
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John E. Kratchmer
Vice President - Corporate Controller
and Chief Accounting Officer
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