Press Release
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Consolidated Edison, Inc. Reports First Quarter Earnings; Company Reaffirms 2002 Earnings Projection
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NEW YORK, Apr 18, 2002 /PRNewswire-FirstCall via COMTEX/ -- Consolidated
Edison, Inc. (NYSE: ED) today (THURSDAY, APRIL 18, 2002) reported net income for
common stock for the first quarter of 2002 of $166.6 million or $.78 a share,
compared with earnings of $179.1 million or $.84 a share for the first quarter
of 2001. The company also declared a quarterly dividend of 55-1/2 cents a share
on its common stock payable June 15, 2002 to stockholders of record as of May
15, 2002.
"Con Edison's earnings in the first three months represent a good start for the year, despite extremely mild winter weather and a relatively weak economic climate," said Eugene R. McGrath, Chairman and Chief Executive Officer. "We are confident that the underlying strength of our regional economy will support a solid recovery beginning later this year, and that Con Edison's financial strength and flexibility, and our management focus, will enable us to continue to achieve the good financial performance our shareholders count on," McGrath said. The company's net income for common stock for the 12 months ended March 31, 2002 was $669.7 million or $3.16 a share, compared with $573.8 million or $2.71 a share for the 12 months ended March 31, 2001. Absent the effect of non-recurring charges for nuclear replacement power and merger-related costs, earnings for the 12 months ended March 31, 2001 would have been $679.1 million or $3.20 a share. The company's earnings for the first quarter of 2002 reflect the exceptionally warm winter weather and the economic downturn, partially offset by lower operating expenses. Excluding the impact of the warmer weather and certain billing adjustments, electric, firm gas and steam energy delivered by Con Edison of New York decreased by 1.0 percent, 0.3 percent and 1.1 percent, respectively, as compared with the prior year. Weather adjusted electric peak load for the first quarter of 2002 was slightly above the 2001 period. For the full year 2002, the Company confirms its previous forecast of earnings in the range of $3.15 to $3.25 a share. 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
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
2002 2001
(Thousands of Dollars)
Operating revenues
Electric $1,300,847 $1,707,374
Gas 473,832 701,819
Steam 141,466 258,252
Non-utility 182,962 218,819
Total operating revenues 2,099,107 2,886,264
Operating expenses
Purchased power 713,496 1,008,606
Fuel 64,542 184,057
Gas purchased for resale 230,122 457,189
Other operations 236,599 261,408
Maintenance 99,707 128,446
Depreciation and amortization 120,443 135,084
Taxes, other than income tax 267,231 307,808
Income tax 109,546 117,173
Total operating expenses 1,841,686 2,599,771
Operating income 257,421 286,493
Other income (deductions)
Investment income 979 2,783
Allowance for equity funds used
during construction 4,205 243
Other income less miscellaneous
deductions (2,005) (4,435)
Income tax 14,093 5,585
Total other income (deductions) 17,272 4,176
Income before interest charges 274,693 290,669
Interest on long-term debt 90,155 99,208
Other interest 14,603 10,487
Allowance for borrowed funds used
during construction (69) (1,538)
Net interest charges 104,689 108,157
Net income 170,004 182,512
Preferred stock dividend requirements 3,398 3,398
Net income for common stock $166,606 $179,114
Common shares outstanding - average
basic (000) 212,342 212,040
Common shares outstanding - average
diluted (000) 213,310 212,697
Basic earnings per share $0.78 $0.84
Diluted earnings per share $0.78 $0.84
Consolidated Edison, Inc. utility
sales
Electric (thousands of kilowatthours)
Total energy delivered in service
areas 13,513,439 13,974,504
Off-system and ESCO sales 18,340 392,908
Gas (dekatherms)
Firm sales and transportation 48,277,094 57,526,249
Off-system sales 6,305,858 2,492,619
Steam (thousands of pounds) 7,935,809 10,482,696
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
FOR THE TWELVE MONTHS ENDED MARCH 31, 2002 AND 2001
2002 2001
(Thousands of Dollars)
Operating revenues
Electric $6,481,336 $7,146,816
Gas 1,237,970 1,494,316
Steam 386,950 540,128
Non-utility 740,549 844,192
Total operating revenues 8,846,805 10,025,452
Operating expenses
Purchased power 3,316,535 3,962,676
Fuel 274,315 407,180
Gas purchased for resale 653,244 1,005,796
Other operations 1,035,618 1,099,372
Maintenance 401,553 479,660
Depreciation and amortization 511,481 578,682
Taxes, other than income tax 1,098,749 1,138,858
Income tax 456,909 333,318
Total operating expenses 7,748,404 9,005,542
Operating income 1,098,401 1,019,910
Other income (deductions)
Investment income 9,358 5,542
Allowance for equity funds used
during construction 5,244 2,118
Other income less miscellaneous
deductions (32,692) (35,505)
Income tax 30,429 17,418
Total other income (deductions) 12,339 (10,427)
Income before interest charges 1,110,740 1,009,483
Interest on long-term debt 372,590 379,889
Other interest 61,246 48,044
Allowance for borrowed funds used
during construction (6,422) (5,858)
Net interest charges 427,414 422,075
Net income 683,326 587,408
Preferred stock dividend requirements 13,593 13,593
Net income for common stock $669,733 $573,815
Common shares outstanding - average
basic (000) 212,226 211,996
Common shares outstanding - average
diluted (000) 213,091 212,402
Basic earnings per share $3.16 $2.71
Diluted earnings per share $3.15 $2.70
Consolidated Edison, Inc. utility
sales
Electric (thousands of kilowatthours)
Total energy delivered in service
areas 57,723,236 56,892,249
Off-system and ESCO sales 122,357 2,848,724
Gas (dekatherms)
Firm sales and transportation 114,089,911 129,396,762
Off-system sales 12,473,647 19,265,462
Steam (thousands of pounds) 22,780,807 26,990,346
SOURCE Consolidated Edison, Inc.
CONTACT: Michael Clendenin of Consolidated Edison, Inc.,
+1-212-460-4111
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