NewsCon Edison Media Relations
Contact: Joe Petta
Telephone: (212) 460-4111
Consolidated Edison, Inc. announced today (TUESDAY, JANUARY 27, 1998) consolidated financial results for 1997 and declared a dividend of 53 cents a share on its common stock payable March 15, 1998 to stockholders of record as of February 18, 1998, an increase of Ĺ cent over the quarterly dividend of 52-1/2 cents paid by Consolidated Edison Company of New York, Inc. (Con Edison) in December 1997.
Consolidated Edison, Inc. was established as the holding company for Con Edison on January 1, 1998. The announced 1997 results are for Con Edison and its subsidiaries and, therefore, also represent the consolidated financial results of the Company.
The Company reported net income for common stock for 1997, subject to audit, of $694,479,000 or $2.95 a share on an average of 235,082,000 shares outstanding compared with $688,169,000 or $2.93 a share on an average of 234,977,000 shares outstanding for 1996.
Net income for common stock for the fourth quarter of 1997 was $139,076,000 or $.59 a share on an average of 235,235,000 shares outstanding. This compares with $115,537,000 or $.49 a share for the fourth quarter of 1996 on an average of 234,989,000 shares outstanding. The earnings for the fourth quarter of 1997 were higher than the fourth quarter of 1996 primarily as a result of lower operation and maintenance expenses.
The Company stated that the increase in earnings for the year 1997 was primarily the result of lower operation and maintenance expenses, reflecting ongoing productivity improvements, partially offset by the impact of weather on net revenues and reduced incentive earnings under agreements covering electric rates.
Electric sales volume (other than off-system sales) in 1997 was 1.1 percent higher than in 1996. Firm gas sales volume in 1997 was 6.2 percent lower than in 1996 and steam sales volume in 1997 was 8.6 percent lower than in 1996, 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 various rate agreements, weather-related variations in electric and steam sales affect earnings, but most weather-related variations in firm gas sales do not. Other gas sales, including interruptible and off-system sales, had a positive effect on earnings.
Effective April 1, 1997, Con Edison implemented for financial statement purposes the material provisions of the electric rate plan under its Settlement Agreement in the New York State Competitive Opportunities proceeding. On September 23, 1997 the New York State Public Service Commission approved the Settlement Agreement. For information about the Settlement Agreement, see "PSC Settlement Agreement" in the Management's Discussion and
Analysis sections of Con Edisonís 1996 Form 10-K and 1997 Form 10-Qís. See also Con Edisonís Form 8-K, dated September 23, 1997.
Consolidated Edison, Inc. is one of the nationís largest investor-owned energy companies, with more than $7 billion in annual revenues and $15 billion in assets. The Company provides a wide range of energy-related products and services to its customers through its four subsidiaries: Con Edison of New York, a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Con Edison Solutions, a retail energy services company; Con Edison Energy, a wholesale energy supply company; and Con Edison Development, an infrastructure development company.
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