Integrys Energy Group, Inc. Reports 2009 Third Quarter Financial Results

CHICAGO, Nov. 4  /PRNewswire-FirstCall/ -- Integrys Energy Group, Inc. (NYSE:TEG) recognized net income attributed to common shareholders on a GAAP (generally accepted accounting principles) basis of $51.1 million ($0.66 diluted earnings per share) for the quarter ended September 30, 2009, compared with a net loss attributed to common shareholders on a GAAP basis of $59.1 million ($0.77 net loss per share) for the quarter ended September 30, 2008.

Third quarter 2009 net income attributed to common shareholders of $51.1 million included $26.1 million of certain after-tax items, consisting of $27.6 million of after-tax non-cash gains related to derivative and inventory accounting activities at Integrys Energy Services, Inc., partially offset by $1.5 million of after-tax expenses related to restructuring activities at Integrys Energy Services.  The third quarter 2008 net loss attributed to common shareholders of $59.1 million included $79.6 million of after-tax non-cash losses related to derivative and inventory accounting activities at Integrys Energy Services.  Exclusive of these certain after-tax items recognized in the third quarters of 2009 and 2008, Integrys Energy Group's earnings would have increased quarter-over-quarter to net income attributed to common shareholders of $25.0 million ($0.33 diluted earnings per share) for the quarter ended September 30, 2009, from net income attributed to common shareholders of $20.5 million ($0.27 diluted earnings per share) for the quarter ended September 30, 2008.

"Year-to-date results for our core utilities have improved year-over-year, with the impact of our recent rate cases and cost control measures enabling us to overcome a third quarter that was hampered by a difficult economic environment and unfavorable weather conditions.  Our cost control measures will carry through in the fourth quarter, which is part of the reason we are able to increase our earnings guidance for full-year 2009," said Charles Schrock, President and Chief Executive Officer of Integrys Energy Group.  "We are continuing to execute our process to significantly reduce the capital and collateral support requirements for Integrys Energy Services, as evidenced by the transactions we have announced since July of this year."

  Highlights:
  --  Higher earnings at Integrys Energy Services were primarily driven by
      non-cash accounting gains largely due to the partial recovery of
      non-cash accounting losses related to derivative fair value and
      inventory valuation adjustments recorded in prior periods, as well as
      a decrease in bad debt expense driven by write-offs in 2008 related to
      the Lehman Brothers bankruptcy, an increase in realized retail natural
      gas margins related to higher per-unit margins, an increase in
      realized wholesale electric margins as a result of the timing of prior
      transactions settling, and the recognition in discontinued operations
      of a gain on the sale of Integrys Energy Services' Energy Management
      Consulting Services business in the third quarter of 2009, partially
      offset by restructuring expenses recorded in the third quarter of
      2009.
  --  The net loss at the natural gas utility segment increased 11.8%
      quarter-over-quarter, primarily related to a positive adjustment
      allowed by the Michigan Public Service Commission in the third quarter
      of 2008 for the recovery of previously expensed natural gas costs, as
      well as a quarter-over-quarter decrease in natural gas sales volumes.

  --  Quarter-over-quarter, net income attributed to common shareholders at
      the electric utility segment decreased 25.8%, driven by energy costs
      that were lower than what was recovered in rates during the third
      quarter of 2008, a decrease in sales volumes, and an increase in
      operating and maintenance expense, partially offset by higher margin
      from wholesale customers.




Details regarding Integrys Energy Group's financial results for the quarters ended September 30 are as follows:

  Integrys Energy Group's GAAP Results
  (Millions, except per share amounts)    2009    2008    Change
  -----------------------------------     ----    ----    ------

  Net income (loss) attributed to common
   shareholders                          $51.1   ($59.1)   N/A
  Basic earnings per share               $0.67   ($0.77)   N/A
  Diluted earnings per share             $0.66   ($0.77)   N/A

  Average shares of common stock
       Basic                              76.8    76.7     0.1%
       Diluted                            76.9    76.7     0.3%
       -------                            ----    ----     ---


  Significant factors impacting the change in earnings and earnings per
  share were as follows:

  *     Earnings at Integrys Energy Services increased $118.3 million,
        to net income attributed to common shareholders of $23.8 million
        for the quarter ended September 30, 2009, compared with a net
        loss attributed to common shareholders of $94.5 million for the
        quarter ended September 30, 2008, driven by:
        -     A $107.2 million after-tax increase in Integrys Energy
              Services' margin quarter-over-quarter related to non-cash
              activity, due to a $156.5 million after-tax increase
              related to non-cash activity associated with electric
              operations, partially offset by a $49.3 million after-tax
              decrease related to non-cash activity associated with
              natural gas operations.  Further details regarding the
              change in non-cash activity can be found in Integrys
              Energy Group's Form 10-Q for the quarter ended
              September 30, 2009, being filed with the United States
              Securities and Exchange Commission today.
        -     A $5.0 million after-tax decrease in operating and
              maintenance expense, driven by a quarter-over-quarter
              decrease in bad debt expense related to write-offs
              recorded in the third quarter of 2008 associated
              with the bankruptcy of Lehman Brothers.
        -     Realized natural gas margins increased $3.4 million
              after-tax, driven by higher quarter-over-quarter
              per-unit retail natural gas margins related to
              recently contracted sales commitments.
        -     Combined, realized electric margins increased $3.2 million
              after-tax:

              The realized wholesale electric margin increased $4.6
              million after-tax.  In general, realized margins are
              impacted by transaction activity in prior periods.
              Integrys Energy Services recognizes realized margin
              when the contracts actually settle, which typically
              occurs over a 12- to 24-month time period from the
              time the contract was actually entered into.
              Wholesale transactions were scaled back in
              conjunction with the global credit crisis in
              the latter half of 2008 and continue to be scaled
              back with the announced Integrys Energy Services
              strategy change.  The scaled back transaction
              activity will negatively impact realized margins in
              subsequent periods.

              Margins from realized retail electric operations
              decreased $1.4 million after-tax, resulting from
              Integrys Energy Services' adjusted product
              pricing strategy, which was implemented in response
              to increased business risk and a higher cost of capital.

        -     A $2.3 million after-tax gain included in
              discontinued operations relating to Integrys
              Energy Services' sale of its Energy Management
              Consulting Services business.
        -     Partially offsetting the above increases, after-tax
              restructuring expenses recorded at Integrys Energy
              Services during the third quarter of 2009 were
              $1.5 million.

  *     Net income attributed to common shareholders related to the
        holding company and other segment increased $7.3 million,
        from $1.6 million during the quarter ended September 30, 2008,
        to $8.9 million during the quarter ended September 30, 2009,
        driven by a change in the effective tax rate quarter-over-
        quarter.  The decrease in the effective tax rate from the third
        quarter of 2008 to the third quarter of 2009 had an
        approximate $7 million positive impact on earnings because
        income tax expense for the holding company and other segment
        for interim periods is affected by changes in the forecasted
        annual effective tax rates as well as factors that impact the
        allocation of consolidated income tax expense to the
        segments.  Earnings from Integrys Energy Group's 34% interest
        in American Transmission Company LLC increased $0.5 million
        ($0.3 million after-tax).  Integrys Energy Group recorded
        $19.3 million of pre-tax equity earnings from American
        Transmission Company during the quarter ended September 30,
        2009, compared with $18.8 million of pre-tax equity earnings
        during the same quarter in 2008.

  *     During the third quarter of 2009, the regulated natural gas
        utility segment recognized a net loss attributed to common
        shareholders of $19.9 million, compared with a net loss
        attributed to common shareholders of $17.8 million during the
        same quarter in 2008.  The $2.1 million increase in the net
        loss was driven by:
        -     An approximate $3 million ($1.8 million after-tax)
              quarter-over-quarter decrease in margin at Michigan Gas
              Utilities Corporation related to a third quarter 2008
              adjustment for recovery of prior natural gas costs in a
              Michigan Public Service Commission proceeding.
        -     An 11.9% decrease in natural gas throughput volumes
              attributed primarily to the negative impact of the
              general economic slowdown, which resulted in an
              approximate $2 million ($1.2 million after-tax)
              decrease in natural gas utility segment margin.
              The impact of lower quarter-over-quarter natural
              gas throughput volumes was somewhat mitigated by the
              impact of decoupling mechanisms that were first effective
              for The Peoples Gas Light and Coke Company and North
              Shore Gas Company on March 1, 2008, and for Wisconsin
              Public Service Corporation on January 1, 2009.  Under
              decoupling, these utilities are allowed to defer the
              difference between the actual and rate case authorized
              delivery charge components of margin from certain
              customers and adjust future rates in accordance with
              rules applicable to each jurisdiction.  The decoupling
              mechanism for Wisconsin Public Service's natural gas
              utility includes an annual $8.0 million pre-tax cap for
              the deferral of any excess or shortfall from the
              rate-case authorized margin.  Approximately $5 million
              of additional revenues were recognized at Wisconsin
              Public Service under the decoupling mechanism due to
              the shortfall from the rate-case authorized margin for
              the nine months ended September 30, 2009.
        -     A partially offsetting approximate $1 million ($0.6
              million after-tax) net positive quarter-over-quarter
              impact on margin, primarily related to rate increases
              at Michigan Gas Utilities and Minnesota Energy
              Resources Corporation.

  *     During the third quarter of 2009, the regulated electric
        utility segment recognized net income attributed to common
        shareholders of $38.3 million, compared with net income
        attributed to common shareholders of $51.6 million during
        the same quarter in 2008.  The $13.3 million decrease was
        driven by:
        -     A $6.6 million after-tax decrease in earnings as a
              result of fuel and purchased power costs at Wisconsin
              Public Service that were approximately $3 million ($1.8
              million after-tax) lower than what was recovered in
              rates during the quarter ended September 30, 2009,
              compared with fuel and purchased power costs that
              were approximately $14 million ($8.4 million after-tax)
              lower than what was recovered in rates during the same
              quarter in 2008.  On April 23, 2009, the Public Service
              Commission of Wisconsin made the 2009 fuel cost recovery
              subject to refund, effective April 25, 2009, as actual
              and projected fuel costs for the remainder of the year
              are estimated to be below the 2% fuel window.  As of
              September 30, 2009, Wisconsin Public Service recorded
              a liability of $17.1 million related to this refund.
        -     A 3.0% quarter-over-quarter decrease in residential
              sales volumes and a 4.5% quarter-over-quarter decrease
              in sales volumes to commercial and industrial customers
              drove an approximate $7 million ($4.2 million after-tax)
              quarter-over-quarter decrease in electric utility
              segment margin, driven by cooler weather during the
              third quarter of 2009, compared with the same quarter
              in 2008.

              A decoupling mechanism first became effective for
              Wisconsin Public Service on January 1, 2009.  Under
              decoupling, Wisconsin Public Service is allowed to defer
              the difference between its actual margin and the rate
              case authorized margin recognized from residential and
              small commercial and industrial customers.  The rate order
              for the four-year pilot program for electric decoupling
              has an annual $14.0 million pre-tax cap for the deferral
              of any excess or shortfall from the rate-case authorized
              margin.  This cap was reached in the second quarter of
              2009; therefore, no additional decoupling deferral was
              allowed in the third quarter of 2009 for any shortfall
              from authorized margin.

        -     A $3.9 million after-tax increase in operating and
              maintenance expenses, driven by a quarter-over-quarter
              increase in employee benefit costs, and a major planned
              outage at the Weston 3 generation plant in the third
              quarter of 2009, compared with no major outages during
              the same period in 2008.
        -     A partially offsetting approximate $5 million ($3.0
              million after-tax) increase in margin from an increase
              in contracted sales volumes with a large existing
              wholesale customer and an increase in demand charges
              to wholesale customers to recover costs related to the
              Weston 4 generation plant.

  YEAR-TO-DATE RESULTS



Integrys Energy Group recognized a net loss attributed to common shareholders on a GAAP basis of $94.4 million ($1.23 net loss per share) for the nine months ended September 30, 2009, compared with net income attributed to common shareholders on a GAAP basis of $100.8 million ($1.31 diluted earnings per share) for the nine months ended September 30, 2008.

The net loss attributed to common shareholders for the nine months ended September 30, 2009 of $94.4 million included $259.8 million of certain after-tax items, consisting of a $248.8 million after-tax non-cash goodwill impairment loss related to the natural gas utility segment, $2.4 million of after-tax non-cash gains related to derivative and inventory accounting activities at Integrys Energy Services, and $13.4 million of after-tax expenses related to restructuring activities at Integrys Energy Services.  Net income attributed to common shareholders for the nine months ended September 30, 2008 of $100.8 million included $49.0 million of after-tax non-cash losses related to derivative and inventory accounting activities at Integrys Energy Services and a $6.5 million after-tax non-cash goodwill impairment loss related to the regulated natural gas utility segment.  Exclusive of these certain after-tax items recognized during the nine months ended September 30, 2009, and 2008, Integrys Energy Group's earnings would have increased period-over-period to net income attributed to common shareholders of $165.4 million ($2.15 diluted earnings per share) for the nine months ended September 30, 2009, from net income attributed to common shareholders of $156.3 million ($2.03 diluted earnings per share) for the nine months ended September 30, 2008.

EARNINGS FORECAST

Given the previously announced strategic shift to focus on our core utility businesses, we have excluded any guidance related to Integrys Energy Services from the ranges below.  The projected guidance range for 2009 diluted earnings per share - adjusted is anticipated to be between $2.26 and $2.38.  In 2011, the first full year Integrys Energy Group expects to be a predominantly Midwestern regional regulated utility company, the projected guidance range for diluted earnings per share - adjusted is anticipated to be between $2.80 and $3.20.  This guidance assumes operational improvements and rate relief for certain utilities, the availability of generation units, successful execution of the strategy related to Integrys Energy Services, and normal weather conditions.  Diluted earnings per share - adjusted guidance provides investors with additional insight into the company's operating performance because it eliminates the effects of certain items that are not comparable from one period to the next.  Please see the "Diluted Earnings per Share Information - NonGAAP Financial Information" included at the end of this news release and also included with the supplemental data package on the company's Web site for a reconciliation of diluted earnings per share to diluted earnings per share - adjusted.

Integrys Energy Group reiterates its expected long-term diluted earnings per share growth rate of 4% to 6%, on an average annualized basis, with 2011 as its base year.

Integrys Energy Group's management will discuss earnings guidance for 2009 and also for 2011, the first full year it expects to be a predominantly Midwestern regional regulated utility company, during its earnings conference call at 8 a.m. CST on Thursday, November 5.

SUPPLEMENTAL DATA PACKAGE

Concurrent with this news release, a supplemental data package has been posted on Integrys Energy Group's corporate Web site that includes this narrative news release, as well as financial statements, non-GAAP financial information, supplemental quarterly financial information by reportable segment, and a summary of earnings (loss) by reportable segment.

CONFERENCE CALL

An earnings conference call is scheduled for 8 a.m. CST on Thursday, November 5, 2009.   Integrys Energy Group will discuss 2009 third quarter financial results, as well as future prospects.  To access the call, which is open to the public, call 888788-9425 (toll free) 15 minutes prior to the scheduled start time.  Callers will be required to supply EARNINGS as the passcode and MR. STEVEN ESCHBACH as the leader.  Callers will be placed on hold with music until the call begins.  A replay of the conference call will be available through February 23, 2010, by dialing 888-673-3573 (toll free).

Investors may also listen to the conference live on Integrys Energy Group's corporate Web site at http://www.integrysgroup.com/investor/presentations.aspx.  An archive of the Webcast will be available on the company's Web site at http://www.integrysgroup.com/investor/presentations.aspx.

In conjunction with this conference call, Integrys Energy Group will post on its Web site PowerPoint slides that will be referred to within the prepared remarks during the call.  The slides will be available at 6:00 a.m. CST on Thursday, November 5.

FORWARD-LOOKING STATEMENTS

Financial results in this news release are unaudited.  In this news release, Integrys Energy Group and its subsidiaries make statements concerning expectations, beliefs, plans, objectives, goals, strategies, and future events or performance.  Such statements are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements are subject to assumptions and uncertainties; therefore, actual results may differ materially from those expressed or implied by such forward-looking statements.  Although Integrys Energy Group and its subsidiaries believe that these forward-looking statements and the underlying assumptions are reasonable, they cannot provide assurance that such statements will prove correct.

Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, regulatory matters, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, environmental and other capital expenditures, liquidity and capital resources, trends, estimates, completion of construction projects, and other matters.

Forward-looking statements involve a number of risks and uncertainties.  Some risk factors that could cause results to differ from any forward-looking statement include those described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008, as may be amended or supplemented in our Quarterly Reports on Form 10-Q.  Other factors include:

  --  Resolution of pending and future rate cases and negotiations
      (including the recovery of deferred costs) and other regulatory
      decisions impacting Integrys Energy Group's regulated businesses;
  --  The impact of recent and future federal and state regulatory changes,
      including legislative and regulatory initiatives regarding
      deregulation and restructuring of the electric and natural gas utility
      industries and future initiatives to address concerns about global
      climate change, changes in environmental, tax, and other laws and
      regulations to which Integrys Energy Group and its subsidiaries are
      subject, as well as changes in the application of existing laws and
      regulations;
  --  Current and future litigation, regulatory investigations, proceedings,
      or inquiries, including but not limited to, manufactured gas plant
      site cleanup, reconciliation of revenues from the gas charge and
      related natural gas costs, and the proceeding regarding the Weston 4
      air permit;
  --  The impacts of changing financial market conditions, credit ratings,
      and interest rates on the liquidity and financing efforts of Integrys
      Energy Group and its subsidiaries;
  --  The risks associated with executing Integrys Energy Group's plan to
      significantly reduce the scope and scale of, or divest in its
      entirety, the nonregulated energy services business;
  --  The risks associated with changing commodity prices (particularly
      natural gas and electricity) and the available sources of fuel and
      purchased power, including their impact on margins;
  --  Resolution of audits or other tax disputes with the Internal Revenue
      Service and various state, local, and Canadian revenue agencies;
  --  The effects, extent, and timing of additional competition or
      regulation in the markets in which Integrys Energy Group's
      subsidiaries operate;
  --  The retention of market-based rate authority;
  --  The risk associated with the value of goodwill or other intangibles
      and their possible impairment;
  --  Investment performance of employee benefit plan assets;
  --  Advances in technology;
  --  Effects of and changes in political and legal developments, as well as
      economic conditions and the related impact on customer demand;
  --  Potential business strategies, including mergers, acquisitions, and
      construction or disposition of assets or businesses, which cannot be
      assured to be completed timely or within budgets;
  --  The direct or indirect effects of terrorist incidents, natural
      disasters, or responses to such events;
  --  The effectiveness of risk management strategies and the use of
      financial and derivative instruments;
  --  The risks associated with the inability of Integrys Energy Group's and
      its subsidiaries' counterparties, affiliates, and customers to meet
      their obligations;
  --  Weather and other natural phenomena, in particular the effect of
      weather on natural gas and electricity sales;
  --  The utilization of tax credit and loss carryforwards;
  --  The effect of accounting pronouncements issued periodically by
      standard-setting bodies; and

  --  Other factors discussed in the 2008 Annual Report on Form 10-K and in
      other reports filed by Integrys Energy Group from time to time with
      the United States Securities and Exchange Commission.




Except to the extent required by the federal securities laws, Integrys Energy Group and its subsidiaries undertake no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future events, or otherwise.

About Integrys Energy Group, Inc.

Integrys Energy Group is a diversified holding company with regulated utility operations operating through six wholly owned subsidiaries, Wisconsin Public Service Corporation, The Peoples Gas Light and Coke Company, North Shore Gas Company, Upper Peninsula Power Company, Michigan Gas Utilities Corporation, and Minnesota Energy Resources Corporation; nonregulated operations through its wholly owned nonregulated subsidiary, Integrys Energy Services; and also a 34% equity ownership interest in American Transmission Company LLC (an electric transmission company operating in Wisconsin, Michigan, Minnesota, and Illinois).

More information about Integrys Energy Group, Inc. is available online at http://www.integrysgroup.com/.

                        Integrys Energy Group, Inc.

  Diluted Earnings Per Share Information - Non-GAAP Financial Information

  Non-GAAP Financial Information

  Integrys Energy Group prepares financial statements in accordance with
  accounting principles generally accepted in the United States (GAAP).
  Along with this information, we disclose and discuss diluted earnings
  per share (EPS) - adjusted, which is a non-GAAP measure.  Management
  uses the measure in its internal performance reporting and for reports
  to the Board of Directors.  We disclose this measure in our quarterly
  earnings releases, on investor conference calls, and during investor
  conferences and related events.  Management believes that diluted
  EPS - adjusted is a useful measure for providing investors with
  additional insight into our operating performance because it eliminates
   the effects of certain items that are not comparable from one period
  to the next.  Therefore, this measure allows investors to better compare
  our financial results from period to period.  The presentation of this
  additional information is not meant to be considered in isolation or
  as a substitute for our results of operations prepared and presented
  in conformance with GAAP.

  Actual Quarter and Year-to-Date Results for Periods Ended September 30,
  2009 and 2008

                                      Three Months Ended  Nine Months Ended
                                         September 30       September 30
                                       2009        2008    2009      2008
                                       ----        ----    ----      ----
   Diluted EPS                        $0.66      $(0.77) $(1.23)    $1.31
   Average Shares of Common Stock -
    Diluted                            76.9        76.7    76.8      76.9
   --------------------------------    ----        ----    ----      ----

  Information on Special Items:
  Diluted earnings per share are adjusted for special items and their
  financial impact on diluted earnings per share for the three and nine
  months ended September 30, 2009 and 2008.  Due to Integrys Energy
  Group's change in strategy related to Integrys Energy Services, the
  results of the business operations of Integrys Energy Services are
  shown as a special adjusting item.

  Diluted EPS                         $0.66      $(0.77) $(1.23)    $1.31

  Special Items (net of taxes):

  Goodwill impairment - natural
   gas segment                            -           -    3.24      0.08

  Integrys Energy Services'
   total segment results              (0.31)       1.23   (0.08)     0.44
  ----------------------               ----        ----    ----      ----


  Diluted EPS - Adjusted               0.35        0.46    1.93      1.83
  ======================               ====        ====    ====      ====




  Integrys Energy Group, Inc.

  Diluted Earnings Per Share Information - Non-GAAP Financial Information

  Due to Integrys Energy Group's change in strategy related to Integrys
  Energy Services, the actual 2008 results for the business operations
  of Integrys Energy Services, including the impacts of discontinued
  operations, are shown as an adjustment to diluted EPS.  There are a
  number of scenarios that we are considering for the restructuring of
  Integrys Energy Services that can produce a wide range of impacts on
  our financial results.  As a result, we have excluded any guidance
  related to Integrys Energy Services from the tables below.

  Actual 2008
   Results with
   2009 and 2011
   Forecasts                    Potential 2009         Potential 2011
                                --------------         --------------
                     Actual     Low        High        Low         High
                      2008    Scenario   Scenario    Scenario    Scenario
                      ----    --------   --------    --------    --------

  Diluted EPS        $1.64
  Integrys Energy
   Services' total
   segment results    0.80
                      ----
    Diluted EPS
     (excluding
     Integrys
     Energy
     Services)        $2.44     $(0.98)  $(0.86)        $2.80       $3.20
                      =====     ======    =====         =====       =====
    Average
     Shares
     of
     Common
     Stock -
     Diluted           77.0       76.7     76.7          77.4        77.4
                       ----       ----     ----          ----        ----

  Information on Special Items:
  Diluted earnings per share are adjusted for special items and their
  financial impact on the actual 2008 diluted earnings per share and
  diluted earnings per share guidance for 2009.

    Diluted EPS
     (excluding
     Integrys
    Energy
     Services)        $2.44     $(0.98)  $(0.86)        $2.80       $3.20

    Special Items
     (net of
     taxes):

    Goodwill
     impairment
     - natural
     gas
     segment           0.08       3.24     3.24             -           -
     -------          -----      -----    -----         -----       -----


      Diluted
       EPS -
       Adjusted       $2.52      $2.26    $2.38         $2.80       $3.20
      =========       =====      =====    =====         =====       =====

  * Key Assumptions for 2009 and 2011:
    -- Operational improvements and rate relief for certain utilities
    -- Availability of generation units
    -- Successful execution of the strategy related to Integrys Energy
       Services
    -- Normal weather conditions


DATASOURCE: Integrys Energy Group, Inc.



CONTACT:  Steven P. Eschbach, CFA, Vice President - Investor Relations of

Integrys Energy Group, Inc., [phone]



Web Site:  http://www.integrysgroup.com/ 

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