NewsCon Edison Media Relations
Contact: Mary S. McCartney
Telephone: (212) 460-4111
For Immediate Release: April 20, 2000
CON EDISON ANNOUNCES INCREASE IN FIRST QUARTER EARNINGS
Consolidated Edison, Inc. [NYSE: ED] today (THURSDAY, APRIL 20, 2000) reported a 15.8 percent increase in earnings per share for the first quarter of 2000. The company also declared a dividend of 54 ˝ cents a share on its common stock payable June 15, 2000 to stockholders of record as of May 17, 2000.
The company’s net income for common stock for the first quarter of 2000 was $188.1 million or $.88 a share, compared with $176.6 million or $.76 a share for the first quarter of 1999.
The company also reported net income for common stock for the 12 months ended March 31, 2000 of $712.1 million or $3.25 a share, compared with $717.5 million or $3.08 a share for the 12 months ended March 31, 1999.
"The higher earnings for the first quarter of 2000 demonstrate the company’s success in maintaining our financial strength and growing our business during this period of industry restructuring," said Joan S. Freilich, executive vice president and chief financial officer. "Our acquisition of Orange and Rockland Utilities was an important step in implementing our strategy of expanding our core transmission and distribution business. This expansion helped mitigate the effects on earnings of the divestiture of most of our generating assets and of ongoing rate reductions implemented under our electric restructuring plan." Results for the quarter also reflect the impact of the company’s previously announced $1.3 billion common stock repurchase program. Through March 31, 2000, the company had repurchased 23.2 million shares for $1.0 billion.
Con Edison’s electric sales and firm gas sales and transportation volumes in the 2000 first quarter reflect the July 1999 acquisition of Orange and Rockland Utilities and increases in Con Edison of New York’s electric sales and firm gas sales and transportation of 3.5 percent and 2.7 percent, respectively, compared to the 1999 first quarter.
Consolidated Edison, Inc. is one of the nation’s 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 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.