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NEW YORK, April 19 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED)
today (Thursday, April 19, 2001) reported net income for common stock for the
first quarter of 2001 of $179.1 million or $.84 a share, compared with
earnings of $188.1 million or $.88 a share for the first quarter of 2000. The
company also declared a quarterly dividend of 55 cents a share on its common
stock payable June 15, 2001 to stockholders of record as of May 16, 2001.
The company's net income for common stock from on-going operations for the
12 months ended March 31, 2001 was $677.8 million or $3.20 a share, compared
with $712.1 million or $3.25 a share for the 12 months ended March 31, 2000.
Earnings for the 2001 period were $573.8 million or $2.71 a share, after
reflecting total non-recurring charges of $164 million, or $.49 a share,
comprised of $130 million for nuclear replacement power costs and $34 million
for merger-related charges.
Excluding the effects of weather, electric sales for Con Edison of New
York increased by 2.7 percent for the first quarter of 2001, when compared to
the prior year, and firm gas sales increased by 2.6 percent.
The company's earnings for the first quarter of 2001 reflect electric rate
reductions for Con Edison of New York effective April 1, 2000 and
October 1, 2000 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 and increased pension credits. Earnings for the first
quarter reflect the timing of O&M expenses, including electric distribution
costs related to preparation for summer 2001. 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.
"We are off to a solid start in 2001," said Chairman and Chief Executive
Officer Eugene R. McGrath. "We expect to meet our earnings targets and we are
working hard to ensure the highest levels of system reliability for the
upcoming summer. We're investing $483 million in our electric transmission
and distribution infrastructure in 2001 alone, to meet the growing energy
needs of our customers."
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
$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
THREE MONTHS ENDED MARCH 31, 2001 AND 2000
2001 2000
(Thousands of Dollars)
Operating revenues
Electric $1,707,374 $1,512,249
Gas 701,819 469,473
Steam 258,252 170,258
Non-utility 218,819 166,611
Total operating
revenues 2,886,264 2,318,591
Operating expenses
Purchased power 1,015,885 730,188
Fuel 170,316 85,238
Gas purchased for resale 463,485 266,298
Other operations 261,604 312,098
Maintenance 128,446 106,832
Depreciation and amortization 134,998 142,722
Taxes, other than income tax 307,750 290,735
Income tax 117,298 101,771
Total operating expenses 2,599,782 2,035,882
Operating income 286,482 282,709
Other income (deductions)
Investment income 1,465 4,399
Allowance for equity funds used
during construction 243 (577)
Other income less miscellaneous
deductions (3,116) (262)
Income tax 5,595 (1,200)
Total other income 4,187 2,360
Income before interest charges 290,669 285,069
Interest on long-term debt 99,208 83,313
Other interest 10,487 11,978
Allowance for borrowed funds used
during construction (1,538) (1,755)
Net interest charges 108,157 93,536
Preferred stock dividend
requirements 3,398 3,398
Net income for common stock $179,114 $188,135
Common shares outstanding - average
(000) 212,160 212,641
Basic earnings per share $0.84 $0.88
Diluted earnings per share $0.84 $0.88
Consolidated Edison, Inc. Utility
Sales
Electric (thousands of
kilowatthours)
Total sales in service
territory 13,974,504 13,537,669
Off-system and ESCO sales 392,908 961,643
Gas (dekatherms)
Firm sales and
transportation 57,526,249 54,011,976
Off-system sales 2,492,619 8,898,564
Steam (thousands of pounds) 10,482,696 10,225,610
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
TWELVE MONTHS ENDED MARCH 31, 2001 AND 2000
2001 2000
(Thousands of Dollars)
Operating revenues
Electric $7,146,816 $6,111,422
Gas 1,494,316 1,088,215
Steam 540,128 369,552
Non-utility 844,192 463,919
Total operating revenues 10,025,452 8,033,108
Operating expenses
Purchased power 3,962,676 2,266,386
Fuel 407,181 397,748
Gas purchased for resale 1,005,796 570,922
Other operations 1,099,372 1,222,534
Maintenance 479,660 425,664
Depreciation and amortization 578,682 536,131
Taxes, other than income tax 1,138,858 1,170,151
Income tax 333,318 399,752
Total operating expenses 9,005,543 6,989,288
Operating income 1,019,909 1,043,820
Other income (deductions)
Investment income 5,542 17,825
Allowance for equity funds used
during construction 2,118 2,261
Other income less miscellaneous
deductions (35,505) (13,244)
Income tax 17,418 25,910
Total other income (10,427) 32,752
Income before interest charges 1,009,482 1,076,572
Interest on long-term debt 379,889 326,863
Other interest 48,044 27,209
Allowance for borrowed funds used
during construction (5,859) (3,195)
Net interest charges 422,074 350,877
Preferred stock dividend
requirements 13,593 13,593
Net income for common stock $573,815 $712,102
Common shares outstanding - average
(000) 211,996 218,920
Basic earnings per share $2.71 $3.25
Diluted earnings per share $2.70 $3.25
Consolidated Edison, Inc. Utility
Sales
Electric (thousands of
kilowatthours)
Total sales in service
territory 56,892,249 54,773,674
Off-system and ESCO sales 2,848,724 5,123,377
Gas (dekatherms)
Firm sales and
transportation 129,396,762 113,353,224
Off-system sales 19,265,462 33,383,178
Steam (thousands of pounds) 26,990,346 26,542,150
SOURCE Consolidated Edison, Inc.
CONTACT: Michael Clendenin of Consolidated Edison, Inc., 212-460-4111/
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