Con Edison Reaffirms 2001 Earnings Projection

Apr 19, 2001, 01:00 ET from Consolidated Edison, Inc.

    NEW YORK, April 19 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE:   ED)
 today (Thursday, April 19, 2001) reported net income for common stock for the
 first quarter of 2001 of $179.1 million or $.84 a share, compared with
 earnings of $188.1 million or $.88 a share for the first quarter of 2000.  The
 company also declared a quarterly dividend of 55 cents a share on its common
 stock payable June 15, 2001 to stockholders of record as of May 16, 2001.
     The company's net income for common stock from on-going operations for the
 12 months ended March 31, 2001 was $677.8 million or $3.20 a share, compared
 with $712.1 million or $3.25 a share for the 12 months ended March 31, 2000.
 Earnings for the 2001 period were $573.8 million or $2.71 a share, after
 reflecting total non-recurring charges of $164 million, or $.49 a share,
 comprised of $130 million for nuclear replacement power costs and $34 million
 for merger-related charges.
     Excluding the effects of weather, electric sales for Con Edison of New
 York increased by 2.7 percent for the first quarter of 2001, when compared to
 the prior year, and firm gas sales increased by 2.6 percent.
     The company's earnings for the first quarter of 2001 reflect electric rate
 reductions for Con Edison of New York effective April 1, 2000 and
 October 1, 2000 in accordance with the company's 1997 and 2000 regulatory
 agreements.  The impact of these reductions is being offset by higher electric
 and firm gas sales and increased pension credits.  Earnings for the first
 quarter reflect the timing of O&M expenses, including electric distribution
 costs related to preparation for summer 2001.  For the full year 2001, the
 Company confirms its previous forecast of earnings for the year 2001 in the
 range of $3.20 to $3.30 a share.
     "We are off to a solid start in 2001," said Chairman and Chief Executive
 Officer Eugene R. McGrath.  "We expect to meet our earnings targets and we are
 working hard to ensure the highest levels of system reliability for the
 upcoming summer.  We're investing $483 million in our electric transmission
 and distribution infrastructure in 2001 alone, to meet the growing energy
 needs of our customers."
 
     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 more than $10 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 MARCH 31, 2001 AND 2000
 
                                                 2001                 2000
                                                   (Thousands of Dollars)
 
     Operating revenues
          Electric                            $1,707,374           $1,512,249
          Gas                                    701,819              469,473
          Steam                                  258,252              170,258
          Non-utility                            218,819              166,611
                  Total operating
                   revenues                    2,886,264            2,318,591
 
     Operating expenses
          Purchased power                      1,015,885              730,188
          Fuel                                   170,316               85,238
          Gas purchased for resale               463,485              266,298
          Other operations                       261,604              312,098
          Maintenance                            128,446              106,832
          Depreciation and amortization          134,998              142,722
          Taxes, other than income tax           307,750              290,735
          Income tax                             117,298              101,771
                Total operating expenses       2,599,782            2,035,882
 
     Operating income                            286,482              282,709
 
     Other income (deductions)
          Investment income                        1,465                4,399
          Allowance for equity funds used
           during construction                       243                 (577)
          Other income less miscellaneous
           deductions                             (3,116)                (262)
          Income tax                               5,595               (1,200)
                      Total other income           4,187                2,360
 
     Income before interest charges              290,669              285,069
 
     Interest on long-term debt                   99,208               83,313
     Other interest                               10,487               11,978
     Allowance for borrowed funds used
      during construction                         (1,538)              (1,755)
                      Net interest charges       108,157               93,536
 
     Preferred stock dividend
      requirements                                 3,398                3,398
     Net income for common stock                $179,114             $188,135
 
     Common shares outstanding - average
      (000)                                      212,160              212,641
     Basic earnings per share                      $0.84                $0.88
     Diluted earnings per share                    $0.84                $0.88
 
     Consolidated Edison, Inc. Utility
      Sales
         Electric (thousands of
                    kilowatthours)
               Total sales in service
                territory                     13,974,504           13,537,669
               Off-system and ESCO sales         392,908              961,643
         Gas (dekatherms)
               Firm sales and
                transportation                57,526,249           54,011,976
               Off-system sales                2,492,619            8,898,564
         Steam (thousands of pounds)          10,482,696           10,225,610
 
                           CONSOLIDATED EDISON, INC.
                         CONSOLIDATED INCOME STATEMENT
                  TWELVE MONTHS ENDED MARCH 31, 2001 AND 2000
 
                                                  2001                 2000
                                                    (Thousands of Dollars)
 
     Operating revenues
          Electric                             $7,146,816           $6,111,422
          Gas                                   1,494,316            1,088,215
          Steam                                   540,128              369,552
          Non-utility                             844,192              463,919
                  Total operating revenues     10,025,452            8,033,108
 
     Operating expenses
          Purchased power                       3,962,676            2,266,386
          Fuel                                    407,181              397,748
          Gas purchased for resale              1,005,796              570,922
          Other operations                      1,099,372            1,222,534
          Maintenance                             479,660              425,664
          Depreciation and amortization           578,682              536,131
          Taxes, other than income tax          1,138,858            1,170,151
          Income tax                              333,318              399,752
                  Total operating expenses      9,005,543            6,989,288
 
     Operating income                           1,019,909            1,043,820
 
     Other income (deductions)
          Investment income                         5,542               17,825
          Allowance for equity funds used
           during construction                      2,118                2,261
          Other income less miscellaneous
           deductions                             (35,505)             (13,244)
          Income tax                               17,418               25,910
                      Total other income          (10,427)              32,752
 
     Income before interest charges             1,009,482            1,076,572
 
     Interest on long-term debt                   379,889              326,863
     Other interest                                48,044               27,209
     Allowance for borrowed funds used
      during construction                          (5,859)              (3,195)
                      Net interest charges        422,074              350,877
 
     Preferred stock dividend
      requirements                                 13,593               13,593
     Net income for common stock                 $573,815             $712,102
 
     Common shares outstanding - average
      (000)                                       211,996              218,920
     Basic earnings per share                       $2.71                $3.25
     Diluted earnings per share                     $2.70                $3.25
 
     Consolidated Edison, Inc. Utility
      Sales
         Electric (thousands of
                    kilowatthours)
               Total sales in service
                territory                      56,892,249           54,773,674
               Off-system and ESCO sales        2,848,724            5,123,377
         Gas (dekatherms)
               Firm sales and
                transportation                129,396,762          113,353,224
               Off-system sales                19,265,462           33,383,178
         Steam (thousands of pounds)           26,990,346           26,542,150
 
 

SOURCE Consolidated Edison, Inc.
    NEW YORK, April 19 /PRNewswire/ -- Consolidated Edison, Inc. (NYSE:   ED)
 today (Thursday, April 19, 2001) reported net income for common stock for the
 first quarter of 2001 of $179.1 million or $.84 a share, compared with
 earnings of $188.1 million or $.88 a share for the first quarter of 2000.  The
 company also declared a quarterly dividend of 55 cents a share on its common
 stock payable June 15, 2001 to stockholders of record as of May 16, 2001.
     The company's net income for common stock from on-going operations for the
 12 months ended March 31, 2001 was $677.8 million or $3.20 a share, compared
 with $712.1 million or $3.25 a share for the 12 months ended March 31, 2000.
 Earnings for the 2001 period were $573.8 million or $2.71 a share, after
 reflecting total non-recurring charges of $164 million, or $.49 a share,
 comprised of $130 million for nuclear replacement power costs and $34 million
 for merger-related charges.
     Excluding the effects of weather, electric sales for Con Edison of New
 York increased by 2.7 percent for the first quarter of 2001, when compared to
 the prior year, and firm gas sales increased by 2.6 percent.
     The company's earnings for the first quarter of 2001 reflect electric rate
 reductions for Con Edison of New York effective April 1, 2000 and
 October 1, 2000 in accordance with the company's 1997 and 2000 regulatory
 agreements.  The impact of these reductions is being offset by higher electric
 and firm gas sales and increased pension credits.  Earnings for the first
 quarter reflect the timing of O&M expenses, including electric distribution
 costs related to preparation for summer 2001.  For the full year 2001, the
 Company confirms its previous forecast of earnings for the year 2001 in the
 range of $3.20 to $3.30 a share.
     "We are off to a solid start in 2001," said Chairman and Chief Executive
 Officer Eugene R. McGrath.  "We expect to meet our earnings targets and we are
 working hard to ensure the highest levels of system reliability for the
 upcoming summer.  We're investing $483 million in our electric transmission
 and distribution infrastructure in 2001 alone, to meet the growing energy
 needs of our customers."
 
     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 more than $10 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 MARCH 31, 2001 AND 2000
 
                                                 2001                 2000
                                                   (Thousands of Dollars)
 
     Operating revenues
          Electric                            $1,707,374           $1,512,249
          Gas                                    701,819              469,473
          Steam                                  258,252              170,258
          Non-utility                            218,819              166,611
                  Total operating
                   revenues                    2,886,264            2,318,591
 
     Operating expenses
          Purchased power                      1,015,885              730,188
          Fuel                                   170,316               85,238
          Gas purchased for resale               463,485              266,298
          Other operations                       261,604              312,098
          Maintenance                            128,446              106,832
          Depreciation and amortization          134,998              142,722
          Taxes, other than income tax           307,750              290,735
          Income tax                             117,298              101,771
                Total operating expenses       2,599,782            2,035,882
 
     Operating income                            286,482              282,709
 
     Other income (deductions)
          Investment income                        1,465                4,399
          Allowance for equity funds used
           during construction                       243                 (577)
          Other income less miscellaneous
           deductions                             (3,116)                (262)
          Income tax                               5,595               (1,200)
                      Total other income           4,187                2,360
 
     Income before interest charges              290,669              285,069
 
     Interest on long-term debt                   99,208               83,313
     Other interest                               10,487               11,978
     Allowance for borrowed funds used
      during construction                         (1,538)              (1,755)
                      Net interest charges       108,157               93,536
 
     Preferred stock dividend
      requirements                                 3,398                3,398
     Net income for common stock                $179,114             $188,135
 
     Common shares outstanding - average
      (000)                                      212,160              212,641
     Basic earnings per share                      $0.84                $0.88
     Diluted earnings per share                    $0.84                $0.88
 
     Consolidated Edison, Inc. Utility
      Sales
         Electric (thousands of
                    kilowatthours)
               Total sales in service
                territory                     13,974,504           13,537,669
               Off-system and ESCO sales         392,908              961,643
         Gas (dekatherms)
               Firm sales and
                transportation                57,526,249           54,011,976
               Off-system sales                2,492,619            8,898,564
         Steam (thousands of pounds)          10,482,696           10,225,610
 
                           CONSOLIDATED EDISON, INC.
                         CONSOLIDATED INCOME STATEMENT
                  TWELVE MONTHS ENDED MARCH 31, 2001 AND 2000
 
                                                  2001                 2000
                                                    (Thousands of Dollars)
 
     Operating revenues
          Electric                             $7,146,816           $6,111,422
          Gas                                   1,494,316            1,088,215
          Steam                                   540,128              369,552
          Non-utility                             844,192              463,919
                  Total operating revenues     10,025,452            8,033,108
 
     Operating expenses
          Purchased power                       3,962,676            2,266,386
          Fuel                                    407,181              397,748
          Gas purchased for resale              1,005,796              570,922
          Other operations                      1,099,372            1,222,534
          Maintenance                             479,660              425,664
          Depreciation and amortization           578,682              536,131
          Taxes, other than income tax          1,138,858            1,170,151
          Income tax                              333,318              399,752
                  Total operating expenses      9,005,543            6,989,288
 
     Operating income                           1,019,909            1,043,820
 
     Other income (deductions)
          Investment income                         5,542               17,825
          Allowance for equity funds used
           during construction                      2,118                2,261
          Other income less miscellaneous
           deductions                             (35,505)             (13,244)
          Income tax                               17,418               25,910
                      Total other income          (10,427)              32,752
 
     Income before interest charges             1,009,482            1,076,572
 
     Interest on long-term debt                   379,889              326,863
     Other interest                                48,044               27,209
     Allowance for borrowed funds used
      during construction                          (5,859)              (3,195)
                      Net interest charges        422,074              350,877
 
     Preferred stock dividend
      requirements                                 13,593               13,593
     Net income for common stock                 $573,815             $712,102
 
     Common shares outstanding - average
      (000)                                       211,996              218,920
     Basic earnings per share                       $2.71                $3.25
     Diluted earnings per share                     $2.70                $3.25
 
     Consolidated Edison, Inc. Utility
      Sales
         Electric (thousands of
                    kilowatthours)
               Total sales in service
                territory                      56,892,249           54,773,674
               Off-system and ESCO sales        2,848,724            5,123,377
         Gas (dekatherms)
               Firm sales and
                transportation                129,396,762          113,353,224
               Off-system sales                19,265,462           33,383,178
         Steam (thousands of pounds)           26,990,346           26,542,150
 
 SOURCE  Consolidated Edison, Inc.