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Consolidated Edison, Inc. Announces The Third Quarter Financial Earnings

Consolidated Edison, Inc. today (THURSDAY, OCTOBER 14, 1999) announced its financial results for the third quarter of 1999.

The company’s net income for common stock for the third quarter of 1999 was $336.0 million or $1.50 a share, compared with $347.0 million or $1.49 a share for the third quarter of 1998.

The company’s net income for common stock for the first nine months of 1999 was $579.1 million or $2.56 a share, compared with $580.9 million or $2.48 a share for the first nine months of 1998.

The company also reported net income for common stock for the 12 months ended September 30, 1999 of $710.9 million or $3.12 a share, compared with $720.0 million or $3.07 a share for the 12 months ended September 30, 1998 and $3.04 a share for calendar year 1998.

Net income from common stock for the 1999 periods reflect Con Edison’s purchase of Orange and Rockland Utilities (O&R) in July 1999, while the periods prior to July 1999 do not include O&R’s financial results.

The company’s earnings for the third quarter of 1999 were favorably impacted by higher electric revenues resulting from the warmer than normal weather, continued strength in the New York City economy and the common stock repurchase program. These factors were offset by costs incurred in recovering from Hurricane Floyd and its aftermath and by increased electric distribution expenses associated with the very hot summer weather. Earnings for the nine and 12-month periods also reflect the same factors.

Through the end of the third quarter, Con Edison repurchased 17 million shares, amounting to almost $790 million of its previously announced $1 billion common stock repurchase program. The company expects to continue this program.

Consolidated Edison Company of New York’s electric sales volume in the first nine months of 1999 increased 4.3 percent from the 1998 period. Firm gas sales and transportation volume increased 6.2 percent and steam sales volume also increased 6.2 percent, 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 more than $7 billion in annual revenues and approximately $15 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.


                                              Consolidated Edison, Inc.
                                            Consolidated Income Statement
                           for the Three Months Ended September 30, 1999 and 1998 

                                                        1999              1998
                                                        (Thousands of Dollars)
 Operating revenues
   Electric                                      $   2,005,653       $  1,818,855
   Gas                                                 154,428            139,928
   Steam                                                66,808             62,946
   Non-utility                                         119,350             39,893
     Total operating revenues                        2,346,239          2,061,622

 Operating expenses             
   Purchased power                                     647,360            322,123
   Fuel                                                110,402            203,186
   Gas purchased for resale                             81,172             61,230
   Other operations                                    320,814            273,264
   Maintenance                                         120,296            115,259
   Depreciation and amortization                       134,502            130,206
   Taxes, other than federal income tax                317,826            326,063
   Federal income tax                                  190,586            191,888
     Total operating expenses                        1,922,958          1,623,219

 Operating income                                      423,281            438,403

 Other income (deductions)              
   Investment income                                     7,478              1,957
   Allowance for equity funds used during construction     859                647
   Other income less miscellaneous deductions            1,517            (10,281)
   Federal income tax                                   (4,329)             1,228
     Total other income                                  5,525             (6,449)


 Income before interest charges                        428,806            431,954

 Interest on long-term debt                             84,498             76,821
 Other interest                                          5,361              3,910
 Allowance for borrowed funds used during construction    (457)              (332)
     Net interest charges                               89,402             80,399

 Preferred stock dividend requirements                   3,398              4,537 
 Net income for common stock                   $       336,006      $     347,018

 Common shares outstanding – average (000)             220,293            233,628
 Basic earnings per share                      $          1.50      $        1.50
 Diluted earnings per share                    $          1.50      $        1.50


 Consolidated Edison Company of New York, Inc. Sales            
     Electric (thousands of kilowatthours)              
        Total sales in service territory            15,282,536         14,251,363
        Off-system and ESCO sales                    3,322,358          1,660,022
     Gas (dekatherms)           
        Firm sales and transportation               10,013,292          9,936,190
        Off-system sales                             6,850,801          7,681,043
     Steam (thousands of pounds)                     6,324,110          6,335,238





                                              Consolidated Edison, Inc.
                                            Consolidated Income Statement
                            for the Nine Months Ended September 30, 1999 and 1998 

                                                         1999            1998
                                                        (Thousands of Dollars)

  Operating revenues
     Electric                                      $   4,361,696    $   4,396,499
     Gas                                                 725,470          735,660
     Steam                                               260,419          255,747
     Non-utility                                         254,321           87,805
             Total operating revenues                  5,601,906        5,475,711

  Operating expenses            
     Purchased power                                   1,216,637        1,004,799
     Fuel                                                349,369          461,610
     Gas purchased for resale                            339,716          337,571
     Other operations                                    887,404          838,483
     Maintenance                                         332,811          365,943
     Depreciation and amortization                       400,825          387,729
     Taxes, other than federal income tax                903,185          918,697
     Federal income tax                                  340,525          319,864
             Total operating expenses                  4,770,472        4,634,696


  Operating income                                       831,434          841,015

  Other income (deductions)             
     Investment income                                     9,500            7,904
     Allowance for equity funds used during construction   2,768            1,734
     Other income less miscellaneous deductions              230           (9,746)
     Federal income tax                                   (5,207)             774
             Total other income                            7,291              666

  Income before interest charges                         838,725          841,681

  Interest on long-term debt                             236,161          232,864
  Other interest                                          14,667           15,186
  Allowance for borrowed funds used during construction   (1,349)            (889)
             Net interest charges                        249,479          247,161

  Preferred stock dividend requirements                   10,194           13,609
  Net income for common stock                     $      579,052    $     580,911

  Common shares outstanding - average (000)              225,754          234,679
  Basic earnings per share                        $         2.56    $        2.48
  Diluted earnings per share                      $         2.56    $        2.48


  Consolidated Edison Company of New York, Inc. Sales           
     Electric (thousands of kilowatthours)              
        Total sales in service territory              38,452,369       36,867,541
        Off-system and ESCO sales                      7,150,548        2,420,455
     Gas (dekatherms)           
        Firm sales and transportation                 68,218,634       64,221,815
        Off-system sales                              23,312,494       17,613,651
     Steam (thousands of pounds)                      21,099,048       19,861,637





                                              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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