Press Release
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Con Edison Reports Solid Second Quarter Earnings; On Target to Meet 2001 Projections
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NEW YORK, Jul 19, 2001 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today (Thursday, July 19, 2001) reported net income for common stock for the second quarter of 2001 of $100.7 million or $.48 a share, compared with earnings of $68.7 million or $.33 a share for the second quarter of 2000. The company also declared a quarterly dividend of 55 cents a share on its common stock payable September 15, 2001 to stockholders of record as of August 15, 2001. "Con Edison is on target for another solid year in 2001," said Chairman and Chief Executive Officer Eugene R. McGrath. "We are adding financial value for our shareholders as we continue to meet the growing energy needs of our customers with the most reliable electric delivery system in the nation," he added. The company's net income for common stock for the first six months of 2001 was $279.8 million or $1.32 a share, compared with $256.9 million or $1.21 a share for the first six months of 2000. The company's net income for common stock for the 12 months ended June 30, 2001 was $605.7 million or $2.86 a share, compared with $714.5 million or $3.32 a share for the 12 months ended June 30, 2000. Excluding non-recurring charges for the year 2000, earnings per share for the second quarter, first six months and 12 months ended June 30, 2000 would have been $.42, $1.30 and $3.41, respectively, while the earnings per share for the 12 months ended June 30, 2001 would have been $3.26. Electric sales for Con Edison of New York, after excluding the effects of weather, increased by 2.8 percent for the first six months of 2001 when compared to the prior year, and firm gas sales increased by 3.0 percent. The company's earnings for the second quarter and first six months of 2001 reflect electric rate reductions for Con Edison of New York effective October 1, 2000 and April 1, 2001 in accordance with the company's 1997 and 2000 regulatory agreements. The impact of these reductions is being offset by higher electric and firm gas sales, reflecting continuing growth in the New York City economy, and increased pension credits. For the full year 2001, the company confirms its previous forecast of earnings for the year 2001 in the range of $3.20 to $3.30 a share. This release contains forward-looking statements of future expectations. Actual results might differ materially from those projected because of factors such as those identified in reports the company has filed with the Securities and Exchange Commission. Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $10 billion in annual revenues and $17 billion in assets. The company provides a wide range of energy-related products and services to its customers through its six subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York State, as well as adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, an infrastructure development company; and Con Edison Communications, a telecommunications infrastructure company. For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at http://www.conedison.com.
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED JUNE 30, 2001 AND 2000
2001 2000
(Thousands of Dollars)
Operating revenues
Electric $1,531,949 $1,531,262
Gas 305,394 247,016
Steam 89,666 74,600
Non-utility 185,206 189,016
Total operating revenues 2,112,215 2,041,894
Operating expenses
Purchased power 806,027 791,340
Fuel 46,019 42,730
Gas purchased for resale 168,555 164,538
Other operations 279,382 289,865
Maintenance 116,341 128,140
Depreciation and amortization 136,868 145,618
Taxes, other than income tax 256,484 275,160
Income tax 86,724 33,174
Total operating expenses 1,896,400 1,870,565
Operating income 215,815 171,329
Other income (deductions)
Investment income 1,422 2,542
Allowance for equity funds
used during construction 258 486
Other income less miscellaneous deductions (8,772) (3,989)
Income tax 1,558 961
Total other income (5,534) --
Income before interest charges 210,281 171,329
Interest on long-term debt 98,355 87,658
Other interest 9,536 12,559
Allowance for borrowed funds
used during construction (1,684) (1,032)
Net interest charges 106,207 99,185
Preferred stock dividend requirements 3,398 3,398
Net income for common stock $ 100,676 $68,746
Common shares outstanding
- average basic (000) 212,115 211,966
Common shares outstanding
- average diluted (000) 212,555 212,074
Basic earnings per share $ 0.48 $0.33
Diluted earnings per share $ 0.48 $0.33
Consolidated Edison, Inc. Utility Sales
Electric (thousands of kilowatthours)
Total sales in service territory 13,438,722 13,072,152
Gas (dekatherms)
Firm sales and transportation 24,633,923 23,865,966
Steam (thousands of pounds) 4,707,156 4,666,444
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
SIX MONTHS ENDED JUNE 30, 2001 AND 2000
2001 2000
(Thousands of Dollars)
Operating revenues
Electric $3,239,323 $3,043,511
Gas 1,007,213 716,489
Steam 347,918 244,858
Non-utility 404,024 355,627
Total operating revenues 4,998,478 4,360,485
Operating expenses
Purchased power 1,821,912 1,521,528
Fuel 216,335 127,968
Gas purchased for resale 632,039 430,836
Other operations 540,987 601,963
Maintenance 244,786 234,972
Depreciation and amortization 271,866 288,340
Taxes, other than income tax 564,469 564,332
Income tax 203,787 136,508
Total operating expenses 4,496,181 3,906,447
Operating income 502,297 454,038
Other income (deductions)
Investment income 2,887 6,941
Allowance for equity funds
used during construction 501 (91)
Other income less miscellaneous deductions (11,889) (4,251)
Income tax 7,154 (239)
Total other income (1,347) 2,360
Income before interest charges 500,950 456,398
Interest on long-term debt 197,563 170,971
Other interest 20,023 24,537
Allowance for borrowed funds
used during construction (3,222) (2,787)
Net interest charges 214,364 192,721
Preferred stock dividend requirements 6,796 6,796
Net income for common stock $ 279,790 $256,881
Common shares outstanding
- average basic (000) 212,078 212,352
Common shares outstanding
- average diluted (000) 212,440 212,425
Basic earnings per share $ 1.32 $1.21
Diluted earnings per share $ 1.32 $1.21
Consolidated Edison, Inc. Utility Sales
Electric (thousands of kilowatthours)
Total sales in service territory 27,413,226 26,609,821
Gas (dekatherms)
Firm sales and transportation 82,160,172 77,877,941
Steam (thousands of pounds) 15,189,852
14,892,054
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
TWELVE MONTHS ENDED JUNE 30, 2001 AND 2000
2001 2000
(Thousands of Dollars)
Operating revenues
Electric $7,147,502 $6,480,141
Gas 1,552,693 1,145,530
Steam 555,195 391,274
Non-utility 840,383 578,888
Total operating revenues 10,095,773 8,595,833
Operating expenses
Purchased power 3,977,364 2,776,274
Fuel 410,470 319,052
Gas purchased for resale 1,009,812 657,447
Other operations 1,088,890 1,233,978
Maintenance 467,860 450,518
Depreciation and amortization 569,933 548,133
Taxes, other than income tax 1,120,417 1,158,769
Income tax 386,632 386,286
Total operating expenses 9,031,378 7,530,457
Operating income 1,064,395 1,065,376
Other income (deductions)
Investment income 4,423 19,761
Allowance for equity funds
used during construction 1,890 1,809
Other income less miscellaneous deductions (40,289) (16,070)
Income tax 18,015 27,530
Total other income (15,961) 33,030
Income before interest charges 1,048,434 1,098,406
Interest on long-term debt 390,585 338,701
Other interest 45,022 35,452
Allowance for borrowed funds
used during construction (6,510) (3,790)
Net interest charges 429,097 370,363
Preferred stock dividend requirements 13,593 13,593
Net income for common stock $605,744 $714,450
Common shares outstanding
- average basic (000) 212,034 215,464
Common shares outstanding
- average diluted (000) 212,307 215,719
Basic earnings per share $2.86 $3.32
Diluted earnings per share $2.85 $3.31
Consolidated Edison, Inc. Utility Sales
Electric (thousands of kilowatthours)
Total sales in service territory 57,260,908 56,607,677
Gas (dekatherms)
Firm sales and transportation 130,216,153 119,721,670
Steam (thousands of pounds) 27,031,058 26,649,913
SOURCE Consolidated Edison, Inc. CONTACT: Michael Clendenin of Consolidated Edison, Inc.,
+1-212-460-4111
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