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Consolidated Edison, Inc. Reports Third Quarter Income
NEW YORK, Oct. 19 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE: ED) today reported net income for common stock for the third quarter of 2000 of $279.9 million or $1.32 a share, compared with $336.0 million or $1.50 a share for the third quarter of 1999. Earnings for the third quarter of 2000 include a charge of approximately $.08 per share representing the impact of replacement power costs for the Indian Point 2 nuclear generating station that were not recovered from customers. A final determination as to the company's ability to recover replacement power costs will be made by the New York Public Service Commission as part of a review it is conducting of the current outage at the plant.
The company also declared a dividend of 54-1/2 cents a share on its common stock payable December 15, 2000 to stockholders of record as of November 15, 2000.
The company's net income for common stock for the first nine months of 2000 was $536.8 million or $2.53 a share, compared with $579.1 million or $2.56 a share for the first nine months of 1999. Earnings for the first nine months of 2000 include a charge of approximately $.18 per share representing the impact of replacement power costs as discussed above.
The company's earnings for the third quarter of 2000 were also affected by the cooler than normal summer weather, whereas the summer of 1999 was significantly warmer than normal.
Results for the quarter and year-to-date reflect the impact of the company's previously announced $1.3 billion common stock repurchase program. Through September 30, 2000, the company had repurchased 23.2 million shares for $1.0 billion.
The economy in New York City and Westchester County continues to be very robust and the ongoing strong economic activity is reflected in the company's electric sales. Excluding the effects of weather, electric sales for Consolidated Edison of New York increased by 3.0 percent and 3.2 percent, respectively, for the third quarter and for the first nine months of 2000, when compared to the prior year.
The company expects that its earnings for the year 2000 from on-going operations, excluding any charges related to the recovery of replacement power costs discussed above, will be between $3.10 and $3.15 per share. This projection is a forward-looking statement 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 more than $9 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 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
2000 1999 (Thousands of Dollars) Operating revenues Electric $5,371,732 $4,361,566 Gas 894,380 725,590 Steam 327,695 260,419 Non-utility 587,458 254,332 Total operating revenues 7,181,265 5,601,907 Operating expenses Purchased power 2,724,301 1,216,637 Fuel 239,189 349,369 Gas purchased for resale 562,758 339,716 Other operations 865,426 899,613 Maintenance 349,943 320,634 Depreciation and amortization 439,125 400,793 Taxes, other than federal income tax 896,471 903,185 Federal income tax 265,141 340,524 Total operating expenses 6,342,354 4,770,471 Operating income 838,911 831,436 Other income (deductions) Investment income 8,461 9,500 Allowance for equity funds used during construction 451 2,768 Other income less miscellaneous deductions 2,310 (117) Federal income tax (2,315) (5,207) Total other income 8,907 6,944 Income before interest charges 847,818 838,380 Interest on long-term debt 266,370 236,161 Other interest 38,436 14,322 Allowance for borrowed funds used during construction (3,935) (1,349) Net interest charges 300,871 249,134 Preferred stock dividend requirements 10,194 10,194 Net income for common stock $ 536,753 $579,052 Common shares outstanding - average (000) 212,240 225,754 Basic earnings per share $ 2.53 $2.56 Diluted earnings per share $ 2.53 $2.56 Consolidated Edison, Inc. Sales Electric (thousands of kilowatthours) Total sales in service territory 42,595,904 39,926,264 Off-system and ESCO sales 2,921,998 3,974,400 Gas (dekatherms) Firm sales and transportation 92,310,670 71,328,201 Off-system sales 23,555,275 26,147,665 Steam (thousands of pounds) 20,392,813 21,099,048 CONSOLIDATED EDISON, INC. CONSOLIDATED INCOME STATEMENT THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
2000 1999 (Thousands of Dollars) Operating revenues Electric $2,328,220 $2,005,523 Gas 177,891 154,548 Steam 82,837 66,808 Non-utility 231,831 119,362 Total operating revenues 2,820,779 2,346,241 Operating expenses Purchased power 1,208,450 647,360 Fuel 105,544 110,402 Gas purchased for resale 131,921 81,172 Other operations 263,463 325,389 Maintenance 114,971 115,753 Depreciation and amortization 150,786 134,470 Taxes, other than federal income tax 330,041 317,826 Federal income tax 130,730 190,585 Total operating expenses 2,435,906 1,922,957 Operating income 384,873 423,284 Other income (deductions) Investment income 1,520 7,478 Allowance for equity funds used during construction 542 859 Other income less miscellaneous deductions 6,560 1,325 Federal income tax (2,075) (4,329) Total other income 6,547 5,333 Income before interest charges 391,420 428,617 Interest on long-term debt 95,399 84,498 Other interest 13,899 5,171 Allowance for borrowed funds used during construction (1,148) (457) Net interest charges 108,150 89,212 Preferred stock dividend requirements 3,399 3,399 Net income for common stock $ 279,871 $336,006 Common shares outstanding - average (000) 211,974 220,293 Basic earnings per share $ 1.32 $1.50 Diluted earnings per share $ 1.32 $1.50 Consolidated Edison, Inc. Sales Electric (thousands of kilowatthours) Total sales in service territory 15,986,083 16,756,431 Off-system and ESCO sales 1,217,721 1,774,825 Gas (dekatherms) Firm sales and transportation 14,432,740 13,122,859 Off-system sales 5,309,715 9,685,972 Steam (thousands of pounds) 5,500,759 6,324,110
SOURCE Consolidated Edison, Inc.
CONTACT: Consolidated Edison, Inc. Media Relations, 212-460-4111/
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