SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) - February 28, 2002
ALLETE, INC.
A Minnesota Corporation
Commission File No. 1-3548
IRS Employer Identification No. 41-0418150
30 West Superior Street
Duluth, Minnesota 55802-2093
Telephone - (218) 279-5000
ITEM 5. OTHER EVENTS.
Reference is made to the 2001 Form 10-K of ALLETE, Inc. (ALLETE) for background
information on the following updates.
Ref. Page 30 - Third Paragraph
On February 28, 2002 ALLETE announced its wholly owned subsidiary, ALLETE Water
Services, Inc. (ALLETE Water Services), was continuing negotiations for the sale
of Florida Water Services Corporation's (Florida Water) assets. Florida Water is
a wholly owned subsidiary of ALLETE Water Services. ALLETE Water Services is
looking at various options for selling the company as well as continuing
discussions on a non-exclusive basis with the Florida Governmental Utilities
Authority (FGUA). The FGUA has announced that a purchase price of $520 million
is under consideration with ALLETE Water Services. If a transaction with this
price were consummated, it could close this year and may generate net cash
proceeds of about $275 million to ALLETE. Material terms and conditions,
including price, are still subject to continuing negotiations.
Ref. Page 31 - First and Second Paragraphs
Automotive Services expects to sell 2 million vehicles in 2002, a 5 percent
increase over 2001, and to finance about 1 million vehicles, a 13 percent
increase over 2001.
ALLETE Form 8-K dated February 28, 2002 1
SAFE HARBOR STATEMENT
UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
In connection with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, ALLETE is hereby filing cautionary statements
identifying important factors that could cause ALLETE's actual results to differ
materially from those projected in forward-looking statements (as such term is
defined in the Private Securities Litigation Reform Act of 1995) made by or on
behalf of ALLETE in this Form 8-K, in presentations, in response to questions or
otherwise. Any statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, through the use of words or phrases such as
"anticipates," "believes," "estimates," "expects," "intends," "plans,"
"projects," "will likely result," "will continue" or similar expressions) are
not statements of historical facts and may be forward-looking.
Forward-looking statements involve estimates, assumptions, risks and
uncertainties and are qualified in their entirety by reference to, and are
accompanied by, the following important factors, which are difficult to predict,
contain uncertainties, are beyond the control of ALLETE and may cause actual
results or outcomes to differ materially from those contained in forward-looking
statements:
- war and acts of terrorism;
- prevailing governmental policies and regulatory actions, including
those of the United States Congress, state legislatures, the Federal
Energy Regulatory Commission, the Minnesota Public Utilities
Commission, the Florida Public Service Commission, the North Carolina
Utilities Commission, the Public Service Commission of Wisconsin and
various county regulators, about allowed rates of return, financings,
industry and rate structure, acquisition and disposal of assets and
facilities, operation and construction of plant facilities, recovery
of purchased power and capital investments, and present or
prospective wholesale and retail competition (including but not
limited to transmission costs) as well as general vehicle-related
laws, including vehicle brokerage and auction laws;
- unanticipated impacts of restructuring initiatives in the electric
industry;
- economic and geographic factors, including political and economic
risks;
- changes in and compliance with environmental and safety laws and
policies;
- weather conditions;
- population growth rates and demographic patterns;
- the effects of competition, including the competition for retail and
wholesale customers, as well as suppliers and purchasers of vehicles;
- pricing and transportation of commodities;
- market demand, including structural market changes;
- changes in tax rates or policies or in rates of inflation;
- unanticipated project delays or changes in project costs;
- unanticipated changes in operating expenses and capital expenditures;
- capital market conditions;
- competition for economic expansion or development opportunities;
- our ability to manage expansion and integrate recent acquisitions;
and
- legal and administrative proceedings (whether civil or criminal) and
settlements that affect the business and profitability of ALLETE.
Any forward-looking statement speaks only as of the date on which such statement
is made, and ALLETE undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which that
statement is made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time and it is not possible for management to
predict all of these factors, nor can it assess the impact of each of these
factors on the businesses of ALLETE or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statement.
2 ALLETE Form 8-K dated February 28, 2002
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 thereunto duly authorized.
ALLETE, Inc.
February 28, 2002 James K. Vizanko
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James K. Vizanko
Vice President, Chief Financial Officer
and Treasurer
ALLETE Form 8-K dated February 28, 2002 3