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Con Edison Reports Solid Third Quarter Earnings; Expresses Confidence in Resilience of New York Economy
NEW YORK, Oct 18, 2001 /PRNewswire via COMTEX/ -- Consolidated Edison, Inc. (NYSE: ED) today (THURSDAY, October 18, 2001) reported net income for common stock for the third quarter of 2001 of $277.3 million or $1.31 a share, compared with earnings of $279.9 million or $1.32 a share for the third quarter of 2000. The company also declared a quarterly dividend of 55 cents a share on its common stock payable December 15, 2001 to stockholders of record as of November 14, 2001.
"The overwhelming response of individuals, businesses, as well as government officials to the September 11th attacks on our city and our nation confirms our belief that the spirit and the economic base of New York are strong and resilient and that the economic effects of the attacks will be limited in scope and duration," said Chairman and Chief Executive Officer Eugene R. McGrath. "Con Edison and its 14,000 men and women will contribute their individual and corporate strengths to the restoration of our great City, while continuing to work hard for our investors."
The company's net income for common stock for the first nine months of 2001 was $557.1 million or $2.63 a share, compared with $536.8 million or $2.53 a share for the first nine months of 2000.
The company's net income for common stock for the 12 months ended September 30, 2001 was $603.2 million or $2.84 a share, compared with $658.3 million or $3.09 a share for the 12 months ended September 30, 2000.
Excluding non-recurring charges for the year 2000, earnings per share for the third quarter, first nine months and 12 months ended September 30, 2000 would have been $1.40, $2.71 and $3.27, respectively, while the earnings per share for the 12 months ended September 30, 2001 would have been $3.16.
The company's earnings for the third quarter and first nine 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 and increased pension credits.
Electric sales for Con Edison of New York, after excluding the effects of weather, increased by 3.0 percent for the first nine months of 2001 when compared to the prior year, and firm gas sales increased by 2.1 percent. The electric peak exceeded prior records on several days in 2001. On August 9, 2001, Con Edison reported all-time highs for energy demand when the electric peak load reached 12,207 megawatts. The previous record peak of 11,850 megawatts was reached on July 6, 1999.
Also, on July 25, hourly gas throughput on the Con Edison gas distribution system reached a new record of 58,759 dekatherms. On Thursday, August 9, a new summer total gas system daily delivery record of 1,077,858 dekatherms was achieved.
The attacks of September 11th destroyed or severely damaged a number of buildings in lower Manhattan. The electric peak of these buildings totaled approximately 140 MWs, which is about 1.1 percent of Con Edison's peak delivery load this past summer. The annual after-tax impact of the loss of electric, gas and steam services to these buildings is approximately $15 million.
In addition, two Con Edison electric substations were destroyed, and certain electric, gas and steam facilities were damaged. The estimated cost for the temporary restoration of service and for permanent restoration of the lower Manhattan systems to prior levels of reliability is approximately $400 million. Through September 30, $50 million of costs have been incurred, of which $12 million was charged to capital and $38 million of expenses were deferred. Almost all of the remaining amount to be spent will be capital investment. Con Edison is seeking Federal reimbursement for its response and recovery costs.
For the full year 2001, the company narrowed its forecast earnings range to $3.20 to $3.25 a share, reflecting the short-term economic impact of the September 11th attacks, partially offset by stringent cost controls.
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 approximately $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 SEPTEMBER 30, 2001 AND 2000 2001 2000 (Thousands of Dollars) Operating revenues Electric $2,247,325 $2,328,220 Gas 166,601 177,891 Steam 78,703 82,837 Non-utility 200,241 231,831 Total operating revenues 2,692,870 2,820,779 Operating expenses Purchased power 1,160,150 1,218,017 Fuel 88,207 95,977 Gas purchased for resale 75,792 131,921 Other operations 258,485 263,463 Maintenance 101,128 114,971 Depreciation and amortization 133,125 150,785 Taxes, other than income tax 313,586 328,948 Income tax 176,152 131,824 Total operating expenses 2,306,625 2,435,906 Operating income 386,245 384,873 Other income (deductions) Investment income 3,080 1,520 Allowance for equity funds used during construction 286 542 Other income less miscellaneous deductions (6,562) 6,682 Income tax 5,574 (2,076) Total other income (deductions) 2,378 6,668 Income before interest charges 388,623 391,541 Interest on long-term debt 100,587 95,399 Other interest 9,230 14,021 Allowance for borrowed funds used during construction (1,934) (1,148) Net interest charges 107,883 108,272 Net income 280,740 283,269 Preferred stock dividend requirements 3,398 3,398 Net income for common stock $277,342 $279,871 Common shares outstanding - average basic (000) 212,206 211,974 Common shares outstanding - average diluted (000) 212,807 212,069 Basic earnings per share $1.31 $1.32 Diluted earnings per share $1.30 $1.32 Consolidated Edison, Inc. Utility Sales Electric (thousands of kilowatthours) Total sales in service territory 16,946,162 15,986,083 Gas (dekatherms) Firm sales and transportation 13,943,830 14,432,740 Steam (thousands of pounds) 5,846,306 5,500,759 CONSOLIDATED EDISON, INC. CONSOLIDATED INCOME STATEMENT NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 2001 2000 (Thousands of Dollars) Operating revenues Electric $5,486,648 $5,371,732 Gas 1,173,814 894,380 Steam 426,621 327,695 Non-utility 604,265 587,458 Total operating revenues 7,691,348 7,181,265 Operating expenses Purchased power 2,976,979 2,739,770 Fuel 304,542 223,945 Gas purchased for resale 712,914 562,533 Other operations 799,472 865,426 Maintenance 345,914 349,943 Depreciation and amortization 404,991 439,125 Taxes, other than income tax 878,056 893,280 Income tax 379,938 268,332 Total operating expenses 6,802,806 6,342,354 Operating income 888,542 838,911 Other income (deductions) Investment income 5,968 8,461 Allowance for equity funds used during construction 787 451 Other income less miscellaneous deductions (18,451) 2,432 Income tax 12,727 (2,315) Total other income (deductions) 1,031 9,029 Income before interest charges 889,573 847,940 Interest on long-term debt 298,149 266,370 Other interest 29,254 38,558 Allowance for borrowed funds used during construction (5,156) (3,935) Net interest charges 322,247 300,993 Net income 567,326 546,947 Preferred stock dividend requirements 10,194 10,194 Net income for common stock $557,132 $536,753 Common shares outstanding - average basic (000) 212,119 212,240 Common shares outstanding - average diluted (000) 212,519 212,319 Basic earnings per share $2.63 $2.53 Diluted earnings per share $2.62 $2.53 Consolidated Edison, Inc. Utility Sales Electric (thousands of kilowatthours) Total sales in service territory 44,359,436 42,595,904 Gas (dekatherms) Firm sales and transportation 96,158,100 92,310,670 Steam (thousands of pounds) 21,036,158 20,392,813 CONSOLIDATED EDISON, INC. CONSOLIDATED INCOME STATEMENT TWELVE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 2001 2000 (Thousands of Dollars) Operating revenues Electric $7,066,607 $6,802,708 Gas 1,541,403 1,168,993 Steam 551,061 407,303 Non-utility 808,792 691,369 Total operating revenues 9,967,863 9,070,373 Operating expenses Purchased power 3,916,015 3,347,201 Fuel 402,699 304,627 Gas purchased for resale 957,165 707,927 Other operations 1,083,912 1,172,056 Maintenance 454,017 449,736 Depreciation and amortization 552,272 564,445 Taxes, other than income tax 1,105,056 1,169,890 Income tax 430,960 327,524 Total operating expenses 8,902,096 8,043,406 Operating income 1,065,767 1,026,967 Other income (deductions) Investment income 5,983 13,803 Allowance for equity funds used during construction 1,635 1,493 Other income less miscellaneous deductions (53,533) (10,764) Income tax 25,664 29,783 Total other income (deductions) (20,251) 34,315 Income before interest charges 1,045,516 1,061,282 Interest on long-term debt 395,774 349,602 Other interest 40,231 44,252 Allowance for borrowed funds used during construction (7,297) (4,481) Net interest charges 428,708 389,373 Net income 616,808 671,909 Preferred stock dividend requirements 13,593 13,593 Net income for common stock $603,215 $658,316 Common shares outstanding - average basic (000) 212,091 213,372 Common shares outstanding - average diluted (000) 212,450 213,505 Basic earnings per share $2.84 $3.09 Diluted earnings per share $2.84 $3.08 Consolidated Edison, Inc. Utility Sales Electric (thousands of kilowatthours) Total sales in service territory 58,219,869 55,939,459 Gas (dekatherms) Firm sales and transportation 129,678,073 121,031,540 Steam (thousands of pounds) 27,376,605 25,826,562SOURCE Consolidated Edison, Inc.
CONTACT: Michael Clendenin of Consolidated Edison, Inc., +1-212-460-4111 URL: http://www.conedison.com
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