Energy East Corporation (NYSE: EAS) Announced the Following First Quarter Financial Highlights

Apr 27, 2001, 01:00 ET from Energy East Corporation

    ALBANY, N.Y., April 27 /PRNewswire/ -- Energy East Corporation (NYSE:   EAS)
 announced the following first quarter financial highlights.
 
     Financial Highlights
     Periods Ended March 31 (Unaudited)
 
                                Three Months              Twelve Months
                            2001            2000        2001          2000
                                  (Thousands, except per share amounts)
 
     Operating revenues  $1,271,139      $684,426   $3,546,234    $2,308,596
     Income before
       extraordinary item  $115,601       $93,327     $258,953      $242,608
     Net income            $115,601       $93,327     $257,308      $225,042
     Average shares
       outstanding          117,386       112,777      115,354       114,120
     Earnings per share,
       basic and diluted       $.98          $.83        $2.23         $1.97
     Dividends per share       $.23          $.22         $.89          $.85
 
     Energy Delivery Statistics
     Electricity (thousands of megawatt-hours)
       Residential            2,514         1,519        7,467         5,407
       Commercial             1,633           838        5,299         3,492
       Industrial             1,616           812        5,417         3,385
       Other                    441           392        1,592         1,497
         Total retail         6,204         3,561       19,775        13,781
       Wholesale              1,662         1,842        6,035         9,042
         Total                7,866         5,403       25,810        22,823
 
     Natural Gas (thousands of dekatherms)
       Residential           26,424        14,690       53,971        26,926
       Commercial            10,752         5,136       21,202         9,053
       Industrial             1,177           926        2,942         1,957
       Other                  3,253         2,087       11,240         3,661
       Transportation of
        customer-owned gas   13,890        11,654       39,788        27,311
         Total retail        55,496        34,493      129,143        68,908
       Wholesale              3,375         2,618       11,431         9,461
         Total               58,871        37,111      140,574        78,369
 
     Earnings per share for the quarter ended March 31, 2001, increased
 15 cents compared to last year primarily due to earnings from the merged
 companies, higher retail electricity and natural gas deliveries and the share
 repurchase program.  Those increases were partially offset by higher costs of
 energy and lower retail electricity prices.  Due to the seasonal nature of the
 merged companies' businesses, earnings for 2001 are expected to be stronger in
 the first and fourth quarters and weaker in the second and third, as compared
 to last year.
     Earnings per share increased 18 cents for the 12 months ended
 March 31, 2001, excluding a non-recurring benefit from the sale of the
 company's coal-fired generation assets in 2000 and 1999, the extraordinary
 losses from the early retirement of debt in 2000 and 1999 and the sale of
 XENERGY, Inc.  The increase is primarily due to higher retail electricity and
 natural gas deliveries, the share repurchase program, earnings from the merged
 companies and cost control efforts.  Those increases were partially offset by
 higher costs of energy and lower retail electricity prices.
     Energy East is a super-regional energy services and delivery company
 serving 2 million customers (1.4 million electricity and 600,000 natural gas)
 in upstate New York and New England over a 32,000 square mile service area.
 On February 20, 2001, Energy East announced a strategic combination with RGS
 Energy Group, the parent company of Rochester Gas and Electric Corporation.
 The combined company will be one of the largest, most diversified energy
 providers in the Northeast, servicing half of upstate New York and nearly
 3 million customers, including approximately 1.8 million electric customers,
 almost one million gas customers and approximately 200,000 other retail energy
 customers.
 
     Additional Information and Where To Find It
     In connection with their proposed merger, Energy East and RGS Energy have
 filed a joint proxy statement/prospectus with the Securities and Exchange
 Commission.  It is expected that the joint proxy statement/prospectus will be
 mailed to Energy East and RGS Energy shareholders beginning on or about
 April 28, 2001.  INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE JOINT
 PROXY STATEMENT/PROSPECTUS, BECAUSE IT CONTAINS IMPORTANT INFORMATION.
 Investors and security holders may obtain a free copy of the joint proxy
 statement/prospectus and other documents filed by Energy East and RGS Energy
 with the Commission at the Commission's web site at http://www.sec.gov.  Free
 copies of the joint proxy statement/prospectus, and each company's other
 filings with the Commission may also be obtained from the respective
 companies.  Free copies of Energy East's filings may be obtained by directing
 a request to Energy East Corporation, P.O. Box 3200, Ithaca, NY 14852-3200,
 Telephone: 800-225-5643.  Free copies of RGS Energy's filings may be obtained
 by directing a request to RGS Energy Group, Inc., 89 East Avenue, Rochester,
 NY 14649, Telephone: 800-724-8833.
 
     Participants In Solicitation
     Energy East Corporation, RGS Energy Group, Inc. and their respective
 directors, executive officers and other members of their management and
 employees may be soliciting proxies from their respective shareholders in
 connection with the merger. Information concerning Energy East's participants
 in the solicitation is set forth in Energy East's Current Report on Form 8-K
 filed with the Commission on February 20, 2001, and information concerning RGS
 Energy's participants in the solicitation is set forth in RGS Energy's Current
 Report on Form 8-K filed with the Commission on February 20, 2001.
 
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SOURCE Energy East Corporation
    ALBANY, N.Y., April 27 /PRNewswire/ -- Energy East Corporation (NYSE:   EAS)
 announced the following first quarter financial highlights.
 
     Financial Highlights
     Periods Ended March 31 (Unaudited)
 
                                Three Months              Twelve Months
                            2001            2000        2001          2000
                                  (Thousands, except per share amounts)
 
     Operating revenues  $1,271,139      $684,426   $3,546,234    $2,308,596
     Income before
       extraordinary item  $115,601       $93,327     $258,953      $242,608
     Net income            $115,601       $93,327     $257,308      $225,042
     Average shares
       outstanding          117,386       112,777      115,354       114,120
     Earnings per share,
       basic and diluted       $.98          $.83        $2.23         $1.97
     Dividends per share       $.23          $.22         $.89          $.85
 
     Energy Delivery Statistics
     Electricity (thousands of megawatt-hours)
       Residential            2,514         1,519        7,467         5,407
       Commercial             1,633           838        5,299         3,492
       Industrial             1,616           812        5,417         3,385
       Other                    441           392        1,592         1,497
         Total retail         6,204         3,561       19,775        13,781
       Wholesale              1,662         1,842        6,035         9,042
         Total                7,866         5,403       25,810        22,823
 
     Natural Gas (thousands of dekatherms)
       Residential           26,424        14,690       53,971        26,926
       Commercial            10,752         5,136       21,202         9,053
       Industrial             1,177           926        2,942         1,957
       Other                  3,253         2,087       11,240         3,661
       Transportation of
        customer-owned gas   13,890        11,654       39,788        27,311
         Total retail        55,496        34,493      129,143        68,908
       Wholesale              3,375         2,618       11,431         9,461
         Total               58,871        37,111      140,574        78,369
 
     Earnings per share for the quarter ended March 31, 2001, increased
 15 cents compared to last year primarily due to earnings from the merged
 companies, higher retail electricity and natural gas deliveries and the share
 repurchase program.  Those increases were partially offset by higher costs of
 energy and lower retail electricity prices.  Due to the seasonal nature of the
 merged companies' businesses, earnings for 2001 are expected to be stronger in
 the first and fourth quarters and weaker in the second and third, as compared
 to last year.
     Earnings per share increased 18 cents for the 12 months ended
 March 31, 2001, excluding a non-recurring benefit from the sale of the
 company's coal-fired generation assets in 2000 and 1999, the extraordinary
 losses from the early retirement of debt in 2000 and 1999 and the sale of
 XENERGY, Inc.  The increase is primarily due to higher retail electricity and
 natural gas deliveries, the share repurchase program, earnings from the merged
 companies and cost control efforts.  Those increases were partially offset by
 higher costs of energy and lower retail electricity prices.
     Energy East is a super-regional energy services and delivery company
 serving 2 million customers (1.4 million electricity and 600,000 natural gas)
 in upstate New York and New England over a 32,000 square mile service area.
 On February 20, 2001, Energy East announced a strategic combination with RGS
 Energy Group, the parent company of Rochester Gas and Electric Corporation.
 The combined company will be one of the largest, most diversified energy
 providers in the Northeast, servicing half of upstate New York and nearly
 3 million customers, including approximately 1.8 million electric customers,
 almost one million gas customers and approximately 200,000 other retail energy
 customers.
 
     Additional Information and Where To Find It
     In connection with their proposed merger, Energy East and RGS Energy have
 filed a joint proxy statement/prospectus with the Securities and Exchange
 Commission.  It is expected that the joint proxy statement/prospectus will be
 mailed to Energy East and RGS Energy shareholders beginning on or about
 April 28, 2001.  INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE JOINT
 PROXY STATEMENT/PROSPECTUS, BECAUSE IT CONTAINS IMPORTANT INFORMATION.
 Investors and security holders may obtain a free copy of the joint proxy
 statement/prospectus and other documents filed by Energy East and RGS Energy
 with the Commission at the Commission's web site at http://www.sec.gov.  Free
 copies of the joint proxy statement/prospectus, and each company's other
 filings with the Commission may also be obtained from the respective
 companies.  Free copies of Energy East's filings may be obtained by directing
 a request to Energy East Corporation, P.O. Box 3200, Ithaca, NY 14852-3200,
 Telephone: 800-225-5643.  Free copies of RGS Energy's filings may be obtained
 by directing a request to RGS Energy Group, Inc., 89 East Avenue, Rochester,
 NY 14649, Telephone: 800-724-8833.
 
     Participants In Solicitation
     Energy East Corporation, RGS Energy Group, Inc. and their respective
 directors, executive officers and other members of their management and
 employees may be soliciting proxies from their respective shareholders in
 connection with the merger. Information concerning Energy East's participants
 in the solicitation is set forth in Energy East's Current Report on Form 8-K
 filed with the Commission on February 20, 2001, and information concerning RGS
 Energy's participants in the solicitation is set forth in RGS Energy's Current
 Report on Form 8-K filed with the Commission on February 20, 2001.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X43789456
 
 SOURCE  Energy East Corporation

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