NewsCon Edison Media Relations
Contact: Joseph Petta
Telephone: (212) 460-4111
For Immediate Release: October 19, 2000
CONSOLIDATED EDISON, INC. REPORTS THIRD QUARTER INCOME
New York, N.Y. – Consolidated Edison, Inc. [NYSE: ED] today (THURSDAY, OCTOBER 19, 2000) reported net income for common stock for the third quarter of 2000 of $279.9 million or $1.32 a share, compared with $336.0 million or $1.50 a share for the third quarter of 1999. Earnings for the third quarter of 2000 include a charge of approximately $.08 per share representing the impact of replacement power costs for the Indian Point 2 nuclear generating station that were not recovered from customers. A final determination as to the company’s ability to recover replacement power costs will be made by the New York Public Service Commission as part of a review it is conducting of the current outage at the plant.
The company also declared a dividend of 54 ˝ cents a share on its common stock payable December 15, 2000 to stockholders of record as of November 15, 2000.
The company’s net income for common stock for the first nine months of 2000 was $536.8 million or $2.53 a share, compared with $579.1 million or $2.56 a share for the first nine months of 1999. Earnings for the first nine months of 2000 include a charge of approximately $.18 per share representing the impact of replacement power costs as discussed above.
The company’s earnings for the third quarter of 2000 were also affected by the cooler than normal summer weather, whereas the summer of 1999 was significantly warmer than normal.
Results for the quarter and year-to-date reflect the impact of the company’s previously announced $1.3 billion common stock repurchase program. Through September 30, 2000, the company had repurchased 23.2 million shares for $1.0 billion.
The economy in New York City and Westchester County continues to be very robust and the ongoing strong economic activity is reflected in the company’s electric sales. Excluding the effects of weather, electric sales for Consolidated Edison of New York increased by 3.0 percent and 3.2 percent, respectively, for the third quarter and for the first nine months of 2000, when compared to the prior year.
The company expects that its earnings for the year 2000 from on-going operations, excluding any charges related to the recovery of replacement power costs discussed above, will be between $3.10 and $3.15 per share. This projection is a forward-looking statement of future expectations. Actual results might differ materially from those projected because of factors such as those identified in reports the company has filed with the Securities and Exchange Commission.
Consolidated Edison, Inc. is one of the nation’s largest investor-owned energy companies, with more than $9 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.