NewsCon Edison Media Relations
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Consolidated Edison, Inc. today (THURSDAY, OCTOBER 14, 1999) announced its financial results for the third quarter of 1999.
The companyís net income for common stock for the third quarter of 1999 was $336.0 million or $1.50 a share, compared with $347.0 million or $1.49 a share for the third quarter of 1998.
The companyís net income for common stock for the first nine months of 1999 was $579.1 million or $2.56 a share, compared with $580.9 million or $2.48 a share for the first nine months of 1998.
The company also reported net income for common stock for the 12 months ended September 30, 1999 of $710.9 million or $3.12 a share, compared with $720.0 million or $3.07 a share for the 12 months ended September 30, 1998 and $3.04 a share for calendar year 1998.
Net income from common stock for the 1999 periods reflect Con Edisonís purchase of Orange and Rockland Utilities (O&R) in July 1999, while the periods prior to July 1999 do not include O&Rís financial results.
The companyís earnings for the third quarter of 1999 were favorably impacted by higher electric revenues resulting from the warmer than normal weather, continued strength in the New York City economy and the common stock repurchase program. These factors were offset by costs incurred in recovering from Hurricane Floyd and its aftermath and by increased electric distribution expenses associated with the very hot summer weather. Earnings for the nine and 12-month periods also reflect the same factors.
Through the end of the third quarter, Con Edison repurchased 17 million shares, amounting to almost $790 million of its previously announced $1 billion common stock repurchase program. The company expects to continue this program.
Consolidated Edison Company of New Yorkís electric sales volume in the first nine months of 1999 increased 4.3 percent from the 1998 period. Firm gas sales and transportation volume increased 6.2 percent and steam sales volume also increased 6.2 percent, due primarily to colder winter weather in 1999 compared with 1998. Consolidated Edison, Inc. is one of the nationís largest investor-owned energy companies, with more than $7 billion in annual revenues and approximately $15 billion in assets. The company provides a wide range of energy-related products and services to its customers through its six subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York State, as well as adjacent sections of northern New Jersey and northeastern Pennsylvania; 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.