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Consolidated Edison, Inc. Reports Second Quarter Income
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NEW YORK, July 20 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today reported net income for common stock for the second quarter of 2000 of $68.7 million or $.33 a share, compared with $66.4 million or $.30 a share for the second quarter of 1999. The company also declared a dividend of 54-1/2 cents a share on its common stock payable September 15, 2000 to stockholders of record as of August 16, 2000. The company's net income for common stock for the first six months of 2000 was $256.9 million or $1.21 a share, compared with $243.0 million or $1.06 a share for the first six months of 1999. The company reported net income for common stock for the 12 months ended June 30, 2000 of $714.5 million or $3.32 a share, compared with $721.9 million or $3.13 a share for the 12 months ended June 30, 1999. The company's earnings for the second quarter of 2000 were favorably impacted by higher electric sales growth, reflecting the strong local economy. Results for the quarter also reflect the impact of the company's previously announced $1.3 billion common stock repurchase program. Through June 30, 2000, the company had repurchased 23.2 million shares for $1.0 billion. Earnings for the six and 12-month periods reflect the same factors. Con Edison's electric and firm gas sales and transportation volumes in the first six months of 2000 reflect the July 1999 acquisition of Orange and Rockland Utilities, and increases in Con Edison of New York's electric and firm gas sales and transportation of 4.5 percent and 4.2 percent, respectively, compared to the first six months of 1999. Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $8 billion in annual revenues and $16 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
THREE MONTHS ENDED JUNE 30, 2000 AND 1999
2000 1999
(Thousands of Dollars)
Operating revenues
Electric $1,531,262 $1,162,543
Gas 239,347 189,701
Steam 74,600 52,878
Non-utility 189,016 73,959
Total operating
revenues 2,034,225 1,479,081
Operating expenses
Purchased power 786,689 281,452
Fuel 47,381 121,427
Gas purchased for resale 156,869 78,012
Other operations 289,865 278,421
Maintenance 128,140 103,286
Depreciation and
amortization 145,618 133,616
Taxes, other than federal
income tax 275,349 284,978
Federal income tax 32,985 48,204
Total operating
expenses 1,862,896 1,329,396
Operating income 171,329 149,685
Other income (deductions)
Investment income 2,503 577
Allowance for equity funds
used during construction 485 937
Other income less
miscellaneous deductions (4,037) (1,046)
Federal income tax 1,049 (658)
Total other income -- (190)
Income before interest
charges 171,329 149,495
Interest on long-term
debt 87,658 75,820
Other interest 12,559 4,317
Allowance for borrowed
funds used during
construction (1,032) (438)
Net interest charges 99,185 79,699
Preferred stock dividend
requirements 3,398 3,398
Net income for common
stock $68,746 $66,398
Common shares outstanding
- average (000) 211,966 225,982
Basic earnings per share $0.33 $0.30
Diluted earnings per share $0.33 $0.30
Consolidated Edison, Inc. Sales
Electric (thousands of
kilowatthours)
Total sales in
service territory 13,072,152 11,241,183
Off-system and
ESCO sales 740,234 1,344,354
Gas (dekatherms)
Firm sales and
transportation 23,865,966 17,609,992
Off-system sales 7,772,949 8,003,871
Steam (thousands of
pounds) 4,666,444 4,558,681
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
SIX MONTHS ENDED JUNE 30, 2000 AND 1999
2000 1999
(Thousands of Dollars)
Operating revenues
Electric $3,043,511 $2,356,043
Gas 708,820 571,042
Steam 244,858 193,611
Non-utility 355,627 134,971
Total operating
revenues 4,352,816 3,255,667
Operating expenses
Purchased power 1,515,851 569,277
Fuel 133,645 238,967
Gas purchased for resale 423,168 258,543
Other operations 601,963 574,224
Maintenance 234,972 204,882
Depreciation and
amortization 288,340 266,324
Taxes, other than federal
income tax 566,429 585,359
Federal income tax 134,410 149,938
Total operating
expenses 3,898,778 2,847,514
Operating income 454,038 408,153
Other income (deductions)
Investment income 6,826 1,992
Allowance for equity funds
used during
construction (91) 1,909
Other income less miscellaneous
deductions (4,205) (1,413)
Federal income tax (152) (878)
Total other income 2,378 1,610
Income before interest charges 456,416 409,763
Interest on long-term debt 170,971 151,663
Other interest 24,555 9,150
Allowance for borrowed
funds used during
construction (2,787) (892)
Net interest charges 192,739 159,921
Preferred stock dividend
requirements 6,796 6,796
Net income for common stock $256,881 $243,046
Common shares outstanding
- average (000) 212,352 228,496
Basic earnings per share $1.21 $1.06
Diluted earnings per share $1.21 $1.06
Consolidated Edison, Inc. Sales
Electric (thousands of
kilowatthours)
Total sales in service
territory 26,609,821 23,169,833
Off-system and ESCO
sales 1,704,277 2,199,575
Gas (dekatherms)
Firm sales and
transportation 77,877,941 58,205,342
Off-system sales 18,245,560 16,461,693
Steam (thousands of
pounds) 14,892,054 14,774,938
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
TWELVE MONTHS ENDED JUNE 30, 2000 AND 1999
2000 1999
(Thousands of Dollars)
Operating revenues
Electric $6,480,000 $5,452,845
Gas 1,137,981 934,919
Steam 391,274 322,742
Non-utility 578,910 224,120
Total operating
revenues 8,588,165 6,934,626
Operating expenses
Purchased power 2,770,597 1,140,384
Fuel 324,729 559,550
Gas purchased for resale 649,778 414,172
Other operations 1,233,985 1,181,643
Maintenance 450,514 422,269
Depreciation and
amortization 548,129 527,315
Taxes, other than
federal income tax 1,160,867 1,206,186
Federal income tax 384,188 429,601
Total operating
expenses 7,522,787 5,881,120
Operating income 1,065,378 1,053,506
Other income (deductions)
Investment income 19,572 7,466
Allowance for equity funds
used during
construction 1,809 3,253
Other income less
miscellaneous
deductions (15,952) (10,457)
Federal income tax 27,617 1,805
Total other income 33,046 2,067
Income before interest
charges 1,098,424 1,055,573
Interest on long-term
debt 338,701 304,291
Other interest 35,470 16,237
Allowance for borrowed funds
used during construction (3,790) (1,581)
Net interest charges 370,381 318,947
Preferred stock dividend
requirements 13,593 14,731
Net income for common
stock $714,450 $721,895
Common shares outstanding
- average (000) 215,464 230,797
Basic earnings per share $3.32 $3.13
Diluted earnings per share $3.31 $3.13
Consolidated Edison, Inc. Sales
Electric (thousands of
kilowatthours)
Total sales in service
territory 56,607,677 49,199,242
Off-system and ESCO
sales 4,521,657 4,050,692
Gas (dekatherms)
Firm sales and
transportation 119,721,670 88,345,955
Off-system sales 34,990,580 32,511,285
Steam (thousands of
pounds) 26,649,913 26,244,233
SOURCE Consolidated Edison, Inc.
CONTACT: Joseph Petta of Consolidated Edison, Inc., 212-460-4111/ |
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