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Con Edison Public Information
Richard D. Mulieri, Director
(mulierir@coned.com)
Telephone: (212) 460-4111, Office Hours,
(212) 460-6981, All Other Times

For Immediate Release: January 28, 1997

Con Edison Announces Fourth Quarter 1996 Results

Consolidated Edison Company of New York, Inc. today (TUESDAY, JANUARY 28, 1997) declared a dividend of 52 1/2 cents a share payable March 15, 1997 to stockholders of record as of February 19, 1997, an increase of 1/2 cent over the prior quarterly level of 52 cents.

The Company reported net income for common stock in 1996, subject to audit, of $688,169,000 or $2.93 a share on an average of 234,977,000 shares outstanding. This compares with 1995 earnings of $688,285,000 or $2.93 a share on an average of 234,930,000 shares outstanding.

For the fourth quarter ended December 31, 1996 the Company reported net income for common stock of $115,537,000 or $.49 a share on an average of 234,989,000 shares outstanding compared with $104,235,000 or $.44 a share on an average of 234,952,000 shares outstanding for the fourth quarter of 1995

Electric sales volume in the Company's service territory in 1996, excluding off-system sales, increased 0.8 percent from the 1995 period. Firm gas sales volume increased 8.9 percent and steam sales volume increased 1.9 percent from the 1995 period. The increases in gas and steam sales volumes were primarily due to colder than normal winter weather in the 1996 period, as compared with the 1995 period. Under existing ratemaking procedures, most of the variations in electric sales from the level projected in rate decisions, and most of the weather-related variation in gas sales, are excluded in determining earnings.



 

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