Press Release
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Consolidated Edison, Inc. Announces The Third Quarter Financial Earnings
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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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