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News
Con Edison Media Relations
Contact: Joe Petta
Telephone: (212) 460-4111
For Immediate Release: October 28, 1997
FINANCIAL RESULTS, THIRD QUARTER 1997
Consolidated Edison Company of New York, Inc. announced today
(TUESDAY, OCTOBER 28, 1997) its financial results for the third
quarter of 1997 and declared a dividend of 52 1/2 cents a share on its
common stock payable December 15, 1997 to stockholders of record
as of November 19, 1997.
The Company's net income for common stock for the third quarter of
1997 was $350,444,000 or $1.49 a share on an average of
235,030,000 shares outstanding. This compares with $323,382,000 or
$1.38 a share for the third quarter of 1996 on an average of
234,981,000 shares outstanding.
Earnings for the first nine months of 1997 were $555,404,000 or $2.36
a share on an average of 235,016,000 shares outstanding compared
with $572,632,000 or $2.44 a share for the first nine months of 1996 on
an average of 234,972,000 shares outstanding.
The Company also reported net income for common stock for the 12
months ended September 30, 1997 of $670,941,000 or $2.85 a share
on an average of 235,009,000 shares outstanding compared with
$676,867,000 or $2.88 a share on an average of 234,967,000 shares
outstanding for the 12 months ended September 30, 1996 and $2.93 a
share for calendar year 1996.
The Company stated that the variations in earnings in 1997 were
primarily weather-related and the result of the agreements covering the
Company’s electric rates.
Electric sales volume (other than off-system sales) for the first nine
months of 1997 was 0.4 percent higher than the comparable 1996
period. Firm gas sales volume for the first nine months of 1997 was 8.6
percent lower than the comparable 1996 period and steam sales
volume for the first nine months of 1997 was 11.9 percent lower than
the comparable 1996 period, primarily because the first quarter of 1997
was approximately 16 percent warmer than the first quarter of 1996
(which was a colder than normal period). Under the agreements
covering the Company’s rates, weather-related variations in electric
and steam sales affect earnings, but most weather-related variations in
gas sales do not.
Under the 1995 electric rate agreement, the allowed return on common
equity and the level of incentive opportunities for the rate year ended
March 31, 1997 were lower than for the prior rate year. Effective April
1, 1997, the Company implemented for financial statement purposes
the material provisions of the electric rate plan under the Company’s
Settlement Agreement in the New York State Competitive Opportunities
proceeding (including the plan’s rate reductions). On September 23,
1997 the New York State Public Service Commission issued an order
adopting the terms of the Company’s final Settlement Agreement with
the PSC staff and other parties.
For information about the Settlement Agreement and changes to the
Company's business, see "PSC Settlement Agreement" in the
Management's Discussion and Analysis section of the Company's 1996
Form 10-K, First Quarter 1997 Form 10-Q and Second Quarter 1997
Form 10-Q. See also the Company’s Form 8-K, dated September 23,
1997.
Con Edison is one of the nation’s largest investor-owned utilities, with
nearly $7 billion in annual revenues and $14 billion in assets. The
Company provides electric, gas and steam service to three million
customers in New York City and Westchester County, New York.
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