Xcel Energy 2004 Annual Report Download - page 2

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company description Xcel Energy Inc. is a major U.S. electric and natural gas company,
with annual revenues of $8 billion. Based in Minneapolis, Minn., Xcel Energy operates in 10
Western and Midwestern states. The company provides a comprehensive portfolio of energy-
related products and services to 3.3 million electricity customers and 1.8 million natural gas
customers. In terms of customers, Xcel Energy is the fourth-largest combination electric and
natural gas company in the nation.
Xcel Energy AR 2004
table of contents
Letter to shareholders 2
Building the Core 8
Management’s discussion and analysis 16
Consolidated fi nancial statements 42
Notes to consolidated fi nancial statements 48
Shareholder information and fi scal agents 87
Xcel Energy directors and principal offi cers 88
company overview
about the photography
Depicting images of tubes, spools and
other circular items, this year’s photog-
raphy refl ects our strategy for success.
Expressing dynamism, motion and
progress, each image visually reinforces
our commitment to focusing on and
growing our core businesses.
financial highlights
2004 2003
Earnings per common share – diluted $ 0.87 $ 1.50
Discontinued operations $ (0.40) $ 0.23
Earnings per common share – diluted $ 1.27 $ 1.27
before discontinued operations
Dividends annualized $ 0.83 $ 0.75
Stock price (close) $ 18.20 $ 16.98
Assets (millions) $ 20,305 $ 20,205
Book value per common share $ 12.99 $ 12.95
Some of the sections in this annual report, including the letter to shareholders
on page 2, contain forward-looking statements. For a discussion of factors
that could affect operating results, please see the Management’s Discussion
and Analysis on page 16.
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xcel energy earnings per share
dollars per share (diluted)
growing our core businesses