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) - MARCH 7, 2003 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 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. The following exhibit of ALLETE, Inc. is filed herewith in accordance with Item 601 of Regulation S-K: Exhibit Number - ------- 99 - ALLETE News Release dated March 7, 2003 updating the sale of Florida Water Services Corporation. ALLETE Form 8-K dated March 7, 2003 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; - natural disasters; - market factors affecting supply and demand for used vehicles; - wholesale power market 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; - 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; - ALLETE's ability to manage expansion and integrate recent acquisitions; and - the outcome of 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 that 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 those factors, nor can it assess the impact of each of those 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 March 7, 2003
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. March 7, 2003 James K. Vizanko --------------------------------------- James K. Vizanko Vice President, Chief Financial Officer and Treasurer ALLETE Form 8-K dated March 7, 2003 3
EXHIBIT INDEX EXHIBIT NUMBER - -------------------------------------------------------------------------------- 99 - ALLETE News Release dated March 7, 2003 updating the sale of Florida Water Services Corporation. ALLETE Form 8-K dated March 7, 2003
Exhibit 99 [GRAPHIC OMITTED] For Release: March 7, 2003 CONTACT: Eric Olson 218-723-3947 eolson@allete.com INVESTOR Tim Thorp CONTACT: 218-723-3953 tthorp@allete.com NEWS FLORIDA WATER SERVICES SALE UPDATE; ALLETE RE-AFFIRMS STRATEGIC REVIEW ---------------------------------------------------------------------- (DULUTH, Minn.)-ALLETE, Inc. (NYSE:ALE) announced that a Florida court ruling, issued today, will delay the sale of assets of its water services business, Florida Water Services Corporation (Florida Water) to the Florida Water Services Authority (FWSA). Florida Water is discussing with the FWSA means for continuing to work together, while it considers possible transactions with other buyers. "ALLETE will consider a broader range of strategic options with respect to our water services businesses," said Dave Gartzke, ALLETE Chairman, President and CEO. "Florida Water Services continues to be a valuable business, and our objective is to maximize its value for the benefit of our shareholders." Gartzke added that the court decision does not stop the strategic evaluation the company is currently undertaking. In conjunction with its investment advisors, the company is undertaking a comprehensive analysis to evaluate the benefits and risks of separating its energy and automotive businesses into independent companies. The company will seek to complete its analysis as soon as practicable and will inform shareholders of its conclusion. If the decision is made to proceed with a separation, public notice will be made at the appropriate time through a filing with the Securities and Exchange Commission or a press release and will include the steps it intends to follow and time frame for implementing those steps. "Whatever the result of the analysis, we remain committed to the fundamentals of operating performance and cash flow discipline for our businesses," Gartzke said. A shareholder proposal was submitted for consideration at ALLETE's 2003 Annual Meeting of Shareholders asking shareholders to recommend that the separation of the energy and automotive businesses be implemented. Because the company is in the midst of a comprehensive review of this matter, the proponents led by Lafer Equity Investors, L.P., and its affiliates have agreed to withdraw such proposal. ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE's holdings include ADESA, the second largest wholesale vehicle auction network in North America; AFC, the leading provider of independent auto dealer financing; Minnesota Power, a low-cost electric utility that serves some of the largest industrial customers in the United States; and significant real estate holdings in Florida. For more information about ALLETE, visit the company's Web site at www.allete.com. The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. #### [GRAPHIC OMITTED] RECYCLED PAPER ALLETE - 30 WEST SUPERIOR STREET, DULUTH, MINNESOTA 55802 WWW.ALLETE.COM