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Consolidated Edison, Inc. Reports Third Quarter Income
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NEW YORK, Oct. 19 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today reported net income for common stock for the third quarter of 2000 of $279.9 million or $1.32 a share, compared with $336.0 million or $1.50 a share for the third quarter of 1999. Earnings for the third quarter of 2000 include a charge of approximately $.08 per share representing the impact of replacement power costs for the Indian Point 2 nuclear generating station that were not recovered from customers. A final determination as to the company's ability to recover replacement power costs will be made by the New York Public Service Commission as part of a review it is conducting of the current outage at the plant. The company also declared a dividend of 54-1/2 cents a share on its common stock payable December 15, 2000 to stockholders of record as of November 15, 2000. The company's net income for common stock for the first nine months of 2000 was $536.8 million or $2.53 a share, compared with $579.1 million or $2.56 a share for the first nine months of 1999. Earnings for the first nine months of 2000 include a charge of approximately $.18 per share representing the impact of replacement power costs as discussed above. The company's earnings for the third quarter of 2000 were also affected by the cooler than normal summer weather, whereas the summer of 1999 was significantly warmer than normal. Results for the quarter and year-to-date reflect the impact of the company's previously announced $1.3 billion common stock repurchase program. Through September 30, 2000, the company had repurchased 23.2 million shares for $1.0 billion. The economy in New York City and Westchester County continues to be very robust and the ongoing strong economic activity is reflected in the company's electric sales. Excluding the effects of weather, electric sales for Consolidated Edison of New York increased by 3.0 percent and 3.2 percent, respectively, for the third quarter and for the first nine months of 2000, when compared to the prior year. The company expects that its earnings for the year 2000 from on-going operations, excluding any charges related to the recovery of replacement power costs discussed above, will be between $3.10 and $3.15 per share. This projection is a forward-looking statement 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 $9 billion in annual revenues and $16 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
NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
2000 1999
(Thousands of Dollars)
Operating revenues
Electric $5,371,732 $4,361,566
Gas 894,380 725,590
Steam 327,695 260,419
Non-utility 587,458 254,332
Total operating revenues 7,181,265 5,601,907
Operating expenses
Purchased power 2,724,301 1,216,637
Fuel 239,189 349,369
Gas purchased for resale 562,758 339,716
Other operations 865,426 899,613
Maintenance 349,943 320,634
Depreciation and amortization 439,125 400,793
Taxes, other than federal income tax 896,471 903,185
Federal income tax 265,141 340,524
Total operating expenses 6,342,354 4,770,471
Operating income 838,911 831,436
Other income (deductions)
Investment income 8,461 9,500
Allowance for equity funds used during
construction 451 2,768
Other income less miscellaneous deductions 2,310 (117)
Federal income tax (2,315) (5,207)
Total other income 8,907 6,944
Income before interest charges 847,818 838,380
Interest on long-term debt 266,370 236,161
Other interest 38,436 14,322
Allowance for borrowed funds used during
construction (3,935) (1,349)
Net interest charges 300,871 249,134
Preferred stock dividend requirements 10,194 10,194
Net income for common stock $ 536,753 $579,052
Common shares outstanding - average (000) 212,240 225,754
Basic earnings per share $ 2.53 $2.56
Diluted earnings per share $ 2.53 $2.56
Consolidated Edison, Inc. Sales
Electric (thousands of kilowatthours)
Total sales in service territory 42,595,904 39,926,264
Off-system and ESCO sales 2,921,998 3,974,400
Gas (dekatherms)
Firm sales and transportation 92,310,670 71,328,201
Off-system sales 23,555,275 26,147,665
Steam (thousands of pounds) 20,392,813 21,099,048
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
2000 1999
(Thousands of Dollars)
Operating revenues
Electric $2,328,220 $2,005,523
Gas 177,891 154,548
Steam 82,837 66,808
Non-utility 231,831 119,362
Total operating revenues 2,820,779 2,346,241
Operating expenses
Purchased power 1,208,450 647,360
Fuel 105,544 110,402
Gas purchased for resale 131,921 81,172
Other operations 263,463 325,389
Maintenance 114,971 115,753
Depreciation and amortization 150,786 134,470
Taxes, other than federal income tax 330,041 317,826
Federal income tax 130,730 190,585
Total operating expenses 2,435,906 1,922,957
Operating income 384,873 423,284
Other income (deductions)
Investment income 1,520 7,478
Allowance for equity funds used during
construction 542 859
Other income less miscellaneous deductions 6,560 1,325
Federal income tax (2,075) (4,329)
Total other income 6,547 5,333
Income before interest charges 391,420 428,617
Interest on long-term debt 95,399 84,498
Other interest 13,899 5,171
Allowance for borrowed funds used during
construction (1,148) (457)
Net interest charges 108,150 89,212
Preferred stock dividend requirements 3,399 3,399
Net income for common stock $ 279,871 $336,006
Common shares outstanding - average (000) 211,974 220,293
Basic earnings per share $ 1.32 $1.50
Diluted earnings per share $ 1.32 $1.50
Consolidated Edison, Inc. Sales
Electric (thousands of kilowatthours)
Total sales in service territory 15,986,083 16,756,431
Off-system and ESCO sales 1,217,721 1,774,825
Gas (dekatherms)
Firm sales and transportation 14,432,740 13,122,859
Off-system sales 5,309,715 9,685,972
Steam (thousands of pounds) 5,500,759 6,324,110
SOURCE Consolidated Edison, Inc.
CONTACT: Consolidated Edison, Inc. Media Relations, 212-460-4111/ |
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