NewsCon Edison Media Relations
Telephone: (212) 460-4111
Consolidated Edison, Inc. today (TUESDAY, JULY 27, 1999) announced its financial results for the second quarter of 1999. The company also declared a dividend of 53 ˝ cents a share on its common stock payable September 15, 1999 to stockholders of record as of August 18, 1999.
The company’s net income for common stock for the second quarter of 1999 was $66.4 million or $.30 a share, compared with $62.0 million or $.26 a share for the second quarter of 1998.
The company’s net income for common stock for the first six months of 1999 was $243.0 million or $1.06 a share, compared with $233.9 million or $.99 a share for the first six months of 1998.
The company also reported net income for common stock for the 12 months ended June 30, 1999 of $721.9 million or $3.13 a share, compared with $723.4 million or $3.08 a share for the 12 months ended June 30, 1998 and $3.04 a share for calendar year 1998.
The company’s earnings for the second quarter of 1999 were favorably impacted by higher electric sales growth, reflecting continued strength in the New York City economy, and the common stock repurchase program. Earnings in the 1998 second quarter included the impact of the extended maintenance outage at the company’s Indian Point nuclear generating station.
Earnings for the six and 12-month periods also reflect the same factors.
Through the end of the second quarter, Con Edison has repurchased 12 million shares amounting to about $564 million of its previously announced $1 billion stock repurchase program.
Electric sales volume in the first six months of 1999 increased 2.4 percent from the 1998 period. Firm gas sales and transportation volume increased 7.2 percent and steam sales volume increased 9.2 percent from the 1998 period, due primarily to colder winter weather in 1999 compared with 1998.
Consolidated Edison, Inc. is one of the nation’s largest investor-owned energy companies, with $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 five subsidiaries: Consolidated Edison Company of New York, Inc. (Con Edison), 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; 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 www.conedison.com.