SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 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) August 5, 2003
Commission Registrant; State of Incorporation; I.R.S. Employer
File Number Address; and Telephone Number Identification No.
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333-21011 FIRSTENERGY CORP. 34-1843785
(An Ohio Corporation)
76 South Main Street
Akron, Ohio 44308
Telephone (800)736-3402
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Description
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99.1 Press Release issued by FirstEnergy Corp., dated August 5, 2003
99.2 Consolidated Report to the Financial Community, dated August 5,
2003
Item 12. Results of Operations and Financial Condition
On August 5, 2003, FirstEnergy Corp. issued two public announcements,
which are attached as Exhibits 99.1, and 99.2 hereto and incorporated by
reference. FirstEnergy's Press Release and Consolidated Report to the Financial
Community contain non-GAAP financial measures. Generally, a non-GAAP financial
measure is a numerical measure of a company's historical or future financial
performance, financial position, or cash flows that either excludes or includes
amounts that are not normally excluded or included in the most directly
comparable measure calculated and presented in accordance with accounting
principles generally accepted in the United States, or GAAP. Pursuant to the
requirements of Regulation G, FirstEnergy has provided quantitative
reconciliations within the Press Release and Consolidated Report to the
Financial Community of the non-GAAP financial measures to the most directly
comparable GAAP financial measures.
The Press Release and Consolidated Report to the Financial Community
include normalized earnings per share, which is not calculated in accordance
with GAAP because it excludes the impact of "unusual items". Unusual items
reflect the impact on earnings of events that are not routine, are related to
prior periods, are related to discontinued businesses or are the cumulative
effect of an accounting change. Management believes presenting normalized
earnings calculated in this manner provides useful information to investors in
evaluating the ongoing results of FirstEnergy's businesses and assists investors
in comparing the company's operating performance to the operating performance of
others in the energy sector. FirstEnergy's management frequently references
these non-GAAP financial measures in its decision-making, using them to
facilitate historical and ongoing performance comparisons as well as comparisons
to the performance of peer companies.
The non-GAAP information presented in the Press Release and
Consolidated Report to the Financial Community should be considered in addition
to, and not as a substitute for, reported earnings per share prepared in
accordance with GAAP.
Forward-Looking Statement: This news release includes forward-looking
statements based on information currently available to management. Such
statements are subject to certain risk and uncertainties. These statements
typically contain, but are not limited to, the terms "anticipate," "potential,"
"expect," "believe," "estimate," and similar words. Actual results may differ
materially due to the speed and nature of increased competition and deregulation
in the electric utility industry, economic or weather conditions affecting
future sales and margins, changes in markets for energy services, changing
energy and commodity market prices, replacement power costs being higher than
anticipated or inadequately hedged, maintenance costs being higher than
anticipated, legislative and regulatory changes (including revised environmental
requirements), availability and cost of capital, inability of the Davis-Besse
Nuclear Power Station to restart (including because of any inability to obtain a
favorable final determination from the Nuclear Regulatory Commission) in the
fall of 2003, additional adjustments which may result from the audited
restatement of the 2002 financial statements and the restatement and review of
the first quarter of 2003 for the Company and the re-audit of 2001 financial
statements for Cleveland Electric Illuminating and Toledo Edison, inability to
accomplish or realize anticipated benefits of strategic goals and other similar
factors.
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SIGNATURE
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.
August 5, 2003
FIRSTENERGY CORP.
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Registrant
/s/ Harvey L. Wagner
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Harvey L. Wagner
Vice President, Controller
and Chief Accounting Officer
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