Press Release
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Consolidated Edison, Inc. Announces The Second Quarter Financial Earnings
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Consolidated Edison, Inc. today (TUESDAY, JULY 27, 1999) announced its financial results for the second quarter of 1999. The company also declared a dividend of 53 ½
cents a share on its common stock payable September 15, 1999 to stockholders of record as of August 18, 1999.
The company’s net income for common stock for the second quarter of 1999 was $66.4 million or $.30 a share, compared with $62.0 million or $.26 a share for the second quarter of 1998. The company’s net income for common stock for the first six months of 1999 was $243.0 million or $1.06 a share, compared with $233.9 million or $.99 a share for the first six months of 1998. The company also reported net income for common stock for the 12 months ended June 30, 1999 of $721.9 million or $3.13 a share, compared with $723.4 million or $3.08 a share for the 12 months ended June 30, 1998 and $3.04 a share for calendar year 1998. The company’s earnings for the second quarter of 1999 were favorably impacted by higher electric sales growth, reflecting continued strength in the New York City economy, and the common stock repurchase program. Earnings in the 1998 second quarter included the impact of the extended maintenance outage at the company’s Indian Point nuclear generating station. Earnings for the six and 12-month periods also reflect the same factors. Through the end of the second quarter, Con Edison has repurchased 12 million shares amounting to about $564 million of its previously announced $1 billion stock repurchase program. Electric sales volume in the first six months of 1999 increased 2.4 percent from the 1998 period. Firm gas sales and transportation volume increased 7.2 percent and steam sales volume increased 9.2 percent from the 1998 period, due primarily to colder winter weather in 1999 compared with 1998. Consolidated Edison, Inc. is one of the nation’s largest investor-owned energy companies, with $7 billion in annual revenues and $15 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 www.conedison.com.
Consolidated Edison, Inc.
Consolidated Income Statement
for the Three Months Ended June 30, 1999 and 1998
1999 1998
(Thousands of Dollars)
Operating revenues
Electric $1,162,543 $1,286,320
Gas 189,700 196,562
Steam 52,878 57,411
Non-utility 73,960 20,748
Total operating revenues 1,479,081 1,561,041
Operating expenses
Purchased power 281,451 324,426
Fuel 121,427 123,870
Gas purchased for resale 78,012 86,902
Other operations 274,619 289,388
Maintenance 107,089 132,709
Depreciation and amortization 133,615 129,265
Taxes, other than federal income tax 284,979 290,415
Federal income tax 48,204 36,015
Total operating expenses 1,329,396 1,412,990
Operating income 149,685 148,051
Other income (deductions)
Investment income 606 3,080
Allowance for equity funds used during construction 937 575
Other income less miscellaneous deductions (919) 1,038
Federal income tax (658) 525
Total other income (34) 5,218
Income before interest charges 149,651 153,269
Interest on long-term debt 75,820 76,985
Other interest 4,473 10,066
Allowance for borrowed funds used during construction (438) (294)
Net interest charges 79,855 86,757
Preferred stock dividend requirements 3,398 4,536
Net income for common stock $ 66,398 $ 61,976
Common shares outstanding – average (000) 225,982 234,992
Basic and diluted earnings per share $ 0.30 $ 0.26
Con Edison Sales
Electric (thousands of kilowatthours)
Total sales in service territory 11,241,182 11,131,556
Off-system and ESCO sales 2,470,029 411,652
Gas (dekatherms)
Firm sales and transportation 17,609,992 17,845,799
Off-peak firm/interruptible 2,799,192 3,646,403
Transportation of customer-owned gas 6,918,547 4,240,859
Off-system sales 8,003,871 4,600,307
Steam (thousands of pounds) 4,558,681 4,540,725
Consolidated Edison, Inc.
Selected Financial Information
for the Six Months Ended June 30, 1999 and 1998
1999 1998
(Thousands of Dollars)
Operating revenues
Electric $ 2,356,043 $ 2,577,643
Gas 571,042 595,732
Steam 193,611 192,801
Non-utility 134,971 47,912
Total operating revenues 3,255,667 3,414,088
Operating expenses
Purchased power 569,277 682,676
Fuel 238,967 258,424
Gas purchased for resale 258,543 276,341
Other operations 566,591 565,218
Maintenance 212,515 250,684
Depreciation and amortization 266,323 257,523
Taxes, other than federal income tax 585,359 592,634
Federal income tax 149,939 127,976
Total operating expenses 2,847,514 3,011,476
Operating income 408,153 402,612
Other income (deductions)
Investment income 2,022 5,984
Allowance for equity funds used during construction 1,909 1,087
Other income less miscellaneous deductions (1,287) 535
Federal income tax (878) (454)
Total other income 1,766 7,152
Income before interest charges 409,919 409,764
Interest on long-term debt 151,663 156,043
Other interest 9,306 11,313
Allowance for borrowed funds used during construction (892) (557)
Net interest charges 160,077 166,799
Preferred stock dividend requirements 6,796 9,072
Net income for common stock $ 243,046 $ 233,893
Common shares outstanding - average (000) 228,496 235,205
Basic and diluted earnings per share $ 1.06 $ 0.99
Con Edison Sales
Electric (thousands of kilowatthours)
Total sales in service territory 23,169,833 22,616,178
Off-system and ESCO sales 3,828,190 760,433
Gas (dekatherms)
Firm sales and transportation 58,205,342 54,285,625
Off-peak firm/interruptible 7,962,748 11,187,254
Transportation of customer-owned gas 13,735,598 8,911,799
Off-system sales 16,461,693 9,932,608
Steam (thousands of pounds) 14,774,938 13,526,399
Consolidated Edison, Inc.
Consolidated Income Statement
for the Twelve Months Ended September 30, 1999 and 1998
1999 1998
(Thousands of Dollars)
Operating revenues
Electric $ 5,639,643 $ 5,748,611
Gas 949,419 1,003,521
Steam 326,604 355,838
Non-utility 303,577 112,911
Total operating revenues 7,219,243 7,220,881
Operating expenses
Purchased power 1,465,620 1,350,370
Fuel 466,766 595,946
Gas purchased for resale 439,453 486,253
Other operations 1,206,878 1,123,626
Maintenance 444,281 473,480
Depreciation and amortization 531,611 515,935
Taxes, other than federal income tax 1,192,590 1,211,319
Federal income tax 428,300 395,612
Total operating expenses 6,175,499 6,152,541
Operating income 1,043,744 1,068,340
Other income (deductions)
Investment income 13,356 13,542
Allowance for equity funds used during construction 3,465 2,106
Other income less miscellaneous deductions (4,236) (12,606)
Federal income tax (3,752) (268)
Total other income 8,833 2,774
Income before interest charges 1,052,577 1,071,114
Interest on long-term debt 311,968 312,748
Other interest 17,840 21,306
Allowance for borrowed funds used during construction (1,706) (1,071)
Net interest charges 328,102 332,983
Preferred stock dividend requirements 13,592 18,144
Net income for common stock $ 710,883 $ 719,987
Common shares outstanding - average (000) 227,469 234,788
Basic earnings per share $ 3.13 $ 3.07
Diluted earnings per share $ 3.12 $ 3.07
Con Edison Sales
Electric (thousands of kilowatthours)
Total sales in service territory 50,230,415 48,522,985
Off-system and ESCO sales 8,685,189 3,067,676
Gas (dekatherms)
Firm sales and transportation 88,423,057 88,462,270
Off-system sales 31,681,044 21,628,561
Steam (thousands of pounds) 26,233,105 26,360,100
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