Press Release
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Con Edison Reports Solid Results for 2001; Increases Dividend for 28th Consecutive Year
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NEW YORK, Jan. 17 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today (THURSDAY, JANUARY 17, 2002) reported year 2001 net income for common stock of $682.2 million or $3.22 a share, compared with earnings of $582.8 million or $2.75 a share for 2000. Earnings for 2000 included non-recurring charges of approximately $162 million, or $0.49 a share, for nuclear replacement power and merger-related costs. Excluding these charges, year 2000 earnings would have been $3.24 a share. The company also declared a quarterly dividend of 55 1/2 cents a share on its common stock, payable March 15, 2002 to stockholders of record as of February 13, 2002, an annualized increase of 2 cents over the previous annual dividend of $2.20 a share. "Con Edison's earnings reflect the company's financial strength and the growth of our core business," said Chairman and Chief Executive Officer Eugene R. McGrath. "During a year when turmoil in the utility industry and devastating terrorist attacks caused concern and uncertainty among investors, the discipline of our financial policies and the skill and dedication of our workforce helped provide our investors with solid earnings and a very good return on their investments. The strength and resilience of Con Edison's energy delivery infrastructure, which we continue to reinforce and expand, will ensure that as the economy recovers, our customers will be able to count on the most reliable energy delivery system in the world to meet their energy needs." "Our shareholders benefited from a solid 11 percent total return in 2001. Today's increase in the dividend, the 28th consecutive annual increase, reflects our confidence in the company's future," said Joan S. Freilich, Executive Vice President and Chief Financial Officer. For the fourth quarter of 2001, the company's net income for common stock was $125.1 million or $0.59 a share, compared with $46.1 million or $0.22 a share for the fourth quarter of 2000. Excluding the non-recurring charges, earnings per share for the 2000 period would have been $0.53 a share. Electric sales for Con Edison of New York, after excluding the effects of weather, increased by 2.4 percent for the year 2001 when compared to the prior year, and firm gas sales increased by 2.8 percent. Earnings for the year 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. These reductions were largely offset by the impact of warmer than normal summer weather, increased pension credits and lower operating costs, reflecting continued emphasis on cost control and technology-driven productivity improvements. The company's unregulated businesses contributed $0.05 a share to earnings in 2001, compared with $0.04 cents in 2000. The company estimates that it will incur approximately $400 million of costs for emergency response to the September 11, 2001 attack on the World Trade Center, and for resulting temporary and, subsequently, permanent restoration of electric, gas and steam transmission and distribution facilities damaged in the attack. Most of the costs are expected to be capital in nature. The company estimates that its insurers will cover approximately $65 million of the costs. The company is seeking Federal reimbursement of the remaining costs. At December 31, 2001, the company had capitalized $54.9 million of such costs as utility plant and deferred $31.9 million of expense as a regulatory asset. The company expects that its earnings for the year 2002 will be in the range of $3.15 to $3.25 a share. This forecast reflects the current economic downturn and expectations for the timing of recovery. This press 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 approximately $10 billion in annual revenues and approximately $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 www.conedison.com.
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED DECEMBER 31, 2001 AND 2000
2001 2000
(Thousands of Dollars)
Operating revenues
Electric $1,401,204 $1,566,397
Gas 292,143 367,589
Steam 77,115 124,440
Non-utility 172,141 191,700
Total operating revenues 1,942,603 2,250,126
Operating expenses
Purchased power 701,230 920,149
Fuel 52,698 111,626
Gas purchased for resale 135,970 226,547
Other operations 262,478 281,172
Maintenance 84,377 108,103
Depreciation and amortization 121,244 147,282
Taxes, other than income tax 261,077 227,000
Income tax 84,712 51,022
Total operating expenses 1,703,786 2,072,901
Operating income 238,817 177,225
Other income (deductions)
Investment income 3,584 15
Allowance for equity funds used
during construction 494 848
Other income less miscellaneous
deductions (15,045) (34,970)
Income tax 9,292 12,937
Total other income (deductions) (1,675) (21,170)
Income before interest charges 237,142 156,055
Interest on long-term debt 98,799 97,624
Other interest 12,569 11,091
Allowance for borrowed funds used
during construction (2,734) (2,141)
Net interest charges 108,634 106,574
Net income 128,508 49,481
Preferred stock dividend requirements 3,398 3,398
Net income for common stock $125,110 $46,083
Common shares outstanding
- average basic (000) 212,231 212,004
Common shares outstanding
- average diluted (000) 213,145 212,642
Basic earnings per share $0.59 $0.22
Diluted earnings per share $0.59 $0.21
Consolidated Edison, Inc. Utility Sales
Electric (thousands of kilowatthours)
Total sales in service territory 13,826,475 13,861,234
Gas (dekatherms)
Firm sales and transportation 27,209,611 33,629,019
Steam (thousands of pounds) 4,291,536 6,340,447
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
TWELVE MONTHS ENDED DECEMBER 31, 2001 AND 2000
2001 2000
(Thousands of Dollars)
Operating revenues
Electric $6,887,863 $6,938,128
Gas 1,465,957 1,261,970
Steam 503,736 452,135
Non-utility 776,406 779,158
Total operating revenues 9,633,962 9,431,391
Operating expenses
Purchased power 3,630,542 3,644,675
Fuel 393,830 350,816
Gas purchased for resale 859,961 789,080
Other operations 1,061,950 1,146,598
Maintenance 430,291 458,046
Depreciation and amortization 526,235 586,407
Taxes, other than income tax 1,139,127 1,121,843
Income tax 464,553 317,790
Total operating expenses 8,506,489 8,415,255
Operating income 1,127,473 1,016,136
Other income (deductions)
Investment income 9,435 8,476
Allowance for equity funds used
during construction 1,281 1,299
Other income less miscellaneous
deductions (33,396) (32,660)
Income tax 21,922 10,622
Total other income (deductions) (758) (12,263)
Income before interest charges 1,126,715 1,003,873
Interest on long-term debt 396,948 363,994
Other interest 41,823 49,527
Allowance for borrowed funds used
during construction (7,891) (6,076)
Net interest charges 430,880 407,445
Net income 695,835 596,428
Preferred stock dividend requirements 13,593 13,593
Net income for common stock $682,242 $582,835
Common shares outstanding
- average basic (000) 212,147 212,186
Common shares outstanding
- average diluted (000) 212,920 212,418
Basic earnings per share $3.22 $2.75
Diluted earnings per share $3.21 $2.74
Consolidated Edison, Inc. Utility Sales
Electric (thousands of kilowatthours)
Total sales in service territory 58,185,910 56,457,137
Gas (dekatherms)
Firm sales and transportation 123,367,711 125,939,689
Steam (thousands of pounds) 25,327,694 26,733,260
SOURCE Consolidated Edison, Inc.
CONTACT: Michael Clendenin of Consolidated |
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