Consolidated Edison Company of New York newsroom header image

newsroom
Translate the page

News

Con Edison Media Relations
Contact: Joseph Petta
Telephone: (212) 460-4111

For Immediate Release: July 20, 2000

CONSOLIDATED EDISON, INC. REPORTS SECOND QUARTER INCOME

Consolidated Edison, Inc. [NYSE: ED] today (THURSDAY, JULY 20, 2000) reported net income for common stock for the second quarter of 2000 of $68.7 million or $.33 a share, compared with $66.4 million or $.30 a share for the second quarter of 1999. The company also declared a dividend of 54 ˝ cents a share on its common stock payable September 15, 2000 to stockholders of record as of August 16, 2000.

The company’s net income for common stock for the first six months of 2000 was $256.9 million or $1.21 a share, compared with $243.0 million or $1.06 a share for the first six months of 1999.

The company reported net income for common stock for the 12 months ended June 30, 2000 of $714.5 million or $3.32 a share, compared with $721.9 million or $3.13 a share for the 12 months ended June 30, 1999.

The company’s earnings for the second quarter of 2000 were favorably impacted by higher electric sales growth, reflecting the strong local economy. Results for the quarter also reflect the impact of the company’s previously announced $1.3 billion common stock repurchase program. Through June 30, 2000, the company had repurchased 23.2 million shares for $1.0 billion. Earnings for the six and 12-month periods reflect the same factors.

Con Edison’s electric and firm gas sales and transportation volumes in the first six months of 2000 reflect the July 1999 acquisition of Orange and Rockland Utilities, and increases in Con Edison of New York’s electric and firm gas sales and transportation of 4.5 percent and 4.2 percent, respectively, compared to the first six months of 1999.

Consolidated Edison, Inc. is one of the nation’s largest investor-owned energy companies, with more than $8 billion in annual revenues and $16 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.


                          CONSOLIDATED EDISON, INC.

                        CONSOLIDATED INCOME STATEMENT

                  THREE MONTHS ENDED JUNE 30, 2000 AND 1999

                                       2000                    1999

                                          (Thousands of Dollars)
    Operating revenues

     Electric                    $1,531,262              $1,162,543

     Gas                            239,347                 189,701

     Steam                           74,600                  52,878

     Non-utility                    189,016                  73,959

       Total operating

        revenues                  2,034,225               1,479,081
    Operating expenses

     Purchased power                786,689                 281,452

     Fuel                            47,381                 121,427

     Gas purchased for resale       156,869                  78,012

     Other operations               289,865                 278,421

     Maintenance                    128,140                 103,286

     Depreciation and

      amortization                  145,618                 133,616

     Taxes, other than federal

      income tax                    275,349                 284,978

     Federal income tax              32,985                  48,204

       Total operating

        expenses                  1,862,896               1,329,396
    Operating income                171,329                 149,685
    Other income (deductions)

     Investment income                2,503                     577

     Allowance for equity funds

      used during construction          485                     937

     Other income less

      miscellaneous deductions       (4,037)                 (1,046)

     Federal income tax               1,049                    (658)

       Total other income                --                    (190)
    Income before interest

     charges                        171,329                 149,495
    Interest on long-term

     debt                            87,658                  75,820

    Other interest                   12,559                   4,317

    Allowance for borrowed

     funds used during

     construction                    (1,032)                   (438)

       Net interest charges          99,185                  79,699
    Preferred stock dividend

     requirements                     3,398                   3,398

    Net income for common

     stock                          $68,746                 $66,398
    Common shares outstanding

    - average (000)                 211,966                 225,982

    Basic earnings per share          $0.33                   $0.30

    Diluted earnings per share        $0.33                   $0.30
    Consolidated Edison, Inc. Sales

     Electric (thousands of

      kilowatthours)

       Total sales in

        service territory        13,072,152             11,241,183

       Off-system and

        ESCO sales                  740,234              1,344,354

     Gas (dekatherms)

       Firm sales and

        transportation           23,865,966             17,609,992

       Off-system sales           7,772,949              8,003,871

     Steam (thousands of

      pounds)                     4,666,444              4,558,681


                          CONSOLIDATED EDISON, INC.

                        CONSOLIDATED INCOME STATEMENT

                   SIX MONTHS ENDED JUNE 30, 2000 AND 1999

                                       2000                      1999

                                            (Thousands of Dollars)
    Operating revenues

     Electric                    $3,043,511                $2,356,043

     Gas                            708,820                   571,042

     Steam                          244,858                   193,611

     Non-utility                    355,627                   134,971

       Total operating

        revenues                  4,352,816                 3,255,667
    Operating expenses

     Purchased power              1,515,851                   569,277

     Fuel                           133,645                   238,967

     Gas purchased for resale       423,168                   258,543

     Other operations               601,963                   574,224

     Maintenance                    234,972                   204,882

     Depreciation and

      amortization                  288,340                   266,324

     Taxes, other than federal

      income tax                    566,429                   585,359

     Federal income tax             134,410                   149,938

       Total operating

        expenses                  3,898,778                 2,847,514
    Operating income                454,038                   408,153
    Other income (deductions)

     Investment income                6,826                     1,992

     Allowance for equity funds

      used during

      construction                      (91)                    1,909

     Other income less miscellaneous

      deductions                     (4,205)                   (1,413)

     Federal income tax                (152)                     (878)

       Total other income             2,378                     1,610
    Income before interest charges  456,416                   409,763
    Interest on long-term debt      170,971                   151,663

    Other interest                   24,555                     9,150

    Allowance for borrowed

     funds used during

     construction                    (2,787)                     (892)

       Net interest charges         192,739                   159,921
    Preferred stock dividend

     requirements                     6,796                     6,796

    Net income for common stock    $256,881                  $243,046
    Common shares outstanding

     - average (000)                212,352                   228,496

    Basic earnings per share          $1.21                     $1.06

    Diluted earnings per share        $1.21                     $1.06
    Consolidated Edison, Inc. Sales

     Electric (thousands of

      kilowatthours)

       Total sales in service

        territory                26,609,821                23,169,833

       Off-system and ESCO

        sales                     1,704,277                 2,199,575

       Gas (dekatherms)

        Firm sales and

         transportation          77,877,941                58,205,342

        Off-system sales         18,245,560                16,461,693

       Steam (thousands of

        pounds)                  14,892,054                14,774,938


                          CONSOLIDATED EDISON, INC.

                        CONSOLIDATED INCOME STATEMENT

                  TWELVE MONTHS ENDED JUNE 30, 2000 AND 1999

                                    2000                    1999

                                       (Thousands of Dollars)
    Operating revenues

     Electric                 $6,480,000              $5,452,845

     Gas                       1,137,981                 934,919

     Steam                       391,274                 322,742

     Non-utility                 578,910                 224,120

     Total operating

      revenues                 8,588,165               6,934,626
    Operating expenses

     Purchased power           2,770,597               1,140,384

     Fuel                        324,729                 559,550

     Gas purchased for resale    649,778                 414,172

     Other operations          1,233,985               1,181,643

     Maintenance                 450,514                 422,269

     Depreciation and

      amortization               548,129                 527,315

     Taxes, other than

      federal income tax       1,160,867               1,206,186

     Federal income tax          384,188                 429,601

       Total operating

        expenses               7,522,787               5,881,120
    Operating income           1,065,378               1,053,506
    Other income (deductions)

     Investment income            19,572                   7,466

     Allowance for equity funds

      used during

      construction                 1,809                   3,253

     Other income less

      miscellaneous

      deductions                 (15,952)                (10,457)

     Federal income tax           27,617                   1,805

       Total other income         33,046                   2,067
    Income before interest

     charges                   1,098,424               1,055,573
    Interest on long-term

     debt                        338,701                 304,291

    Other interest                35,470                  16,237

    Allowance for borrowed funds

     used during construction     (3,790)                 (1,581)

    Net interest charges         370,381                 318,947
    Preferred stock dividend

     requirements                 13,593                  14,731

    Net income for common

     stock                      $714,450                $721,895
    Common shares outstanding

     - average (000)             215,464                 230,797

    Basic earnings per share       $3.32                   $3.13

    Diluted earnings per share     $3.31                   $3.13
    Consolidated Edison, Inc. Sales

     Electric (thousands of

      kilowatthours)

       Total sales in service

        territory             56,607,677              49,199,242

       Off-system and ESCO

        sales                  4,521,657               4,050,692

     Gas (dekatherms)

       Firm sales and

        transportation       119,721,670              88,345,955

       Off-system sales       34,990,580              32,511,285

     Steam (thousands of

      pounds)                 26,649,913              26,244,233

contact us   |   search   |   careers   |   site map   |   consolidated edison, inc.   |   privacy policy


|