Press Release
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Consolidated Edison, Inc. Announces The First Quarter Financial Earnings
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Consolidated Edison, Inc. today (TUESDAY, APRIL 27, 1999) reported a 4.1 percent increase in earnings per share for the first quarter of 1999. The company also declared a dividend of 53 1/2 cents a share on its common stock payable June 15, 1999 to stockholders of record as of May 19, 1999. The company’s net income for common stock for the first quarter of 1999 was $176.6 million or $.76 a share, compared with $171.9 million or $.73 a share for the first quarter of 1998. The company also reported net income for common stock for the 12 months ended March 31, 1999 of $717.5 million or $3.08 a share, compared with $704.4 million or $2.99 a share for the 12 months ended March 31, 1998 and $3.04 a share for calendar year 1998. The company’s strong earnings for the first quarter of 1999 were the result of higher electric sales growth, reflecting continued strength in the New York City economy, continued emphasis on cost reduction and the impact of the common stock repurchase program. These factors more than offset the rate reductions being implemented under the company’s five-year competition transition plan. Earnings for the 12-month period continue to be strong for the same reasons and also reflect higher electric net revenues from warmer than normal 1998 summer weather. Through the end of the first quarter, Con Edison has repurchased 7 million shares amounting to about $330 million of its previously announced $1 billion stock repurchase program. "In addition to the very encouraging trend in earnings, a number of other significant events occurred in the first quarter which will be of particular importance to the future prospects of the company,” said Eugene R. McGrath, Chairman and Chief Executive Officer. “The company completed very successful auctions of its New York City based electric generation at prices totaling more than $1.6 billion, or two times the net book value of the plants. The company also received approval from the state regulatory agencies to consummate the merger with Orange and Rockland Utilities. The closings for the sale of generation and the merger are both expected around mid-year. These two events, which are significant elements of the company’s strategic plan, represent important milestones for the company." Electric sales volume in the first quarter of 1999 increased 3.9 percent from the 1998 period. Firm gas sales and transportation volume increased 11.4 percent and steam sales volume increased 13.7 percent from the 1998 period, due primarily to colder winter weather in 1999 as compared to 1998. Under the current rate structure, most weather-related variations in firm gas sales do not affect earnings. Consolidated Edison, Inc. is one of the nation’s largest investor-owned energy companies, with more than $7 billion in annual revenues and $14 billion in assets. The company provides a wide range of energy-related products and services to its customers through its five subsidiaries: Consolidated Edison Company of New York, Inc. (Con Edison), a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; 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.
Selected Financial Information
for the Three Months Ended March 31, 1999 and 1998
1999 1998
(Thousands of Dollars)
Operating revenues $1,776,586 $1,853,047
Purchased power 287,826 358,250
Fuel 117,540 134,554
Gas purchased for resale 180,531 189,439
Operating income 258,467 254,561
Net income for common stock 176,647 171,917
Basic and diluted earnings per share $ 0.76 $0.73
Dividends declared per common share $0.535 $0.53
Average common shares outstanding (000) 230,997 235,490
Consolidated Edison, Inc.
Selected Financial Information
for the Twelve Months Ended March 31, 1999 and 1998
1999 1998
(Thousands of Dollars)
Operating revenues $7,016,586 $7,133,644
Purchased power 1,183,358 1,355,129
Fuel 561,992 580,024
Gas purchased for resale 428,401 490,325
Operating income 1,057,232 1,043,000
Net income for common stock 717,473 704,392
Basic and diluted earnings per share $ 3.08 $ 2.99
Dividends declared per common share $2.125 $2.105
Average common shares outstanding (000) 233,130 235,195
Consolidated Edison, Inc.
Consolidated Income Statement
for the Three Months Ended March 31, 1999 and 1998
1999 1998
(Thousands of Dollars)
Operating revenues
Electric $1,193,500 $1,291,323
Gas 381,342 399,170
Steam 140,733 135,390
Non-utility 61,011 27,164
Total operating revenues 1,776,586 1,853,047
Operating expenses
Purchased power 287,826 358,250
Fuel 117,540 134,554
Gas purchased for resale 180,531 189,439
Other operations 291,972 275,830
Maintenance 105,426 117,975
Depreciation and amortization 132,709 128,258
Taxes, other than federal income tax 300,380 302,219
Federal income tax 101,735 91,961
Total operating expenses 1,518,119 1,598,486
Operating income 258,467 254,561
Other income (deductions)
Investment income 1,416 2,904
Allowance for equity funds used during construction 972 512
Other income less miscellaneous deductions (367) (503)
Federal income tax (220) (979)
Total other income 1,801 1,934
Income before interest charges 260,268 256,495
Interest on long-term debt 75,843 79,058
Other interest 4,834 1,247
Allowance for borrowed funds used during construction (454) (263)
Net interest charges 80,223 80,042
Preferred stock dividend requirements 3,398 4,536
Net income for common stock $ 176,647 $ 171,917
Common shares outstanding - average (000) 230,997 235,490
Basic and diluted earnings per share $ 0.76 $ 0.73
Con Edison Sales
Electric (Thousands of kilowatthours)
Con Edison customers 8,406,243 9,030,401
Delivery service for Retail Choice 1,049,068 -
Delivery service to NYPA and others 2,473,339 2,454,221
Total sales in service territory 11,928,650 11,484,622
Off-system and ESCO sales 1,358,161 348,781
Gas (dekatherms)
Firm sales and transportation 40,595,350 36,439,826
Off-peak firm/interruptible 5,163,556 7,540,851
Total sales to Con Edison customers 45,758,906 43,980,677
Transportation of customer-owned gas
NYPA 15,953 1,083,613
Other 6,801,098 3,587,326
Off-system sales 8,457,822 5,332,301
Total sales and transportation 61,033,779 53,983,917
Steam (Thousands of pounds) 10,216,257 8,985,674
Consolidated Edison, Inc.
Consolidated Income Statement
for the Twelve Months Ended March 31, 1999 and 1998
1999 1998
(Thousands of Dollars)
Operating revenues
Electric $5,576,622 $5,657,948
Gas 941,780 1,038,031
Steam 327,276 365,011
Non-utility 170,908 72,654
Total operating revenues 7,016,586 7,133,644
Operating expenses
Purchased power 1,183,358 1,355,129
Fuel 561,992 580,024
Gas purchased for resale 428,401 490,325
Other operations 1,174,101 1,122,458
Maintenance 464,863 478,600
Depreciation and amortization 522,962 507,921
Taxes, other than federal income tax 1,206,264 1,178,391
Federal income tax 417,413 377,796
Total operating expenses 5,959,354 6,090,644
Operating income 1,057,232 1,043,000
Other income (deductions)
Investment income 10,314 14,082
Allowance for equity funds used during construction 2,891 3,161
Other income less miscellaneous deductions (14,079) (4,082)
Federal income tax 2,988 (2,674)
Total other income 2,114 10,487
Income before interest charges 1,059,346 1,053,487
Interest on long-term debt 305,455 318,464
Other interest 21,987 13,916
Allowance for borrowed funds used during construction (1,438) (1,561)
Net interest charges 326,004 330,819
Preferred stock dividend requirements 15,869 18,276
Net income for common stock $ 717,473 $ 704,392
Common shares outstanding - average (000) 233,130 235,195
Basic and diluted earnings per share $ 3.08 $ 2.99
Con Edison Sales
Electric (Thousands of kilowatthours)
Con Edison customers 35,749,860 37,626,512
Delivery service for Retail Choice 3,466,389 -
Delivery service to NYPA and others 9,873,366 9,658,101
Total sales in service territory 49,089,615 47,284,613
Off-system and ESCO sales 4,964,476 2,536,590
Gas (dekatherms)
Firm sales and transportation 88,581,762 90,659,667
Off-peak firm/interruptible 15,085,606 23,248,182
Total sales to Con Edison customers 103,667,368 113,907,849
Transportation of customer-owned gas
NYPA 3,193,247 15,425,100
Other 17,692,042 9,526,866
Off-system sales 29,107,721 15,785,892
Total sales and transportation 153,660,378 154,645,707
Steam (Thousands of pounds) 26,226,277 26,267,547
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