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Con Edison Media Relations
Contact: D. Joy Faber
Telephone: (212) 460-4111

For Immediate Release: April 19, 2001

CON EDISON REAFFIRMS 2001 EARNINGS PROJECTION

Consolidated Edison, Inc. [NYSE: ED] today (THURSDAY, APRIL 19, 2001) reported net income for common stock for the first quarter of 2001 of $179.1 million or $.84 a share, compared with earnings of $188.1 million or $.88 a share for the first quarter of 2000. The company also declared a quarterly dividend of 55 cents a share on its common stock payable June 15, 2001 to stockholders of record as of May 16, 2001.

The company’s net income for common stock from on-going operations for the 12 months ended March 31, 2001 was $677.8 million or $3.20 a share, compared with $712.1 million or $3.25 a share for the 12 months ended March 31, 2000. Earnings for the 2001 period were $573.8 million or $2.71 a share, after reflecting total non-recurring charges of $164 million, or $.49 a share, comprised of $130 million for nuclear replacement power costs and $34 million for merger-related charges.

Excluding the effects of weather, electric sales for Con Edison of New York increased by 2.7 percent for the first quarter of 2001, when compared to the prior year, and firm gas sales increased by 2.6 percent.

The company’s earnings for the first quarter of 2001 reflect electric rate reductions for Con Edison of New York effective April 1, 2000 and October 1, 2000 in accordance with the company’s 1997 and 2000 regulatory agreements. The impact of these reductions is being offset by higher electric and firm gas sales and increased pension credits. Earnings for the first quarter reflect the timing of O&M expenses, including electric distribution costs related to preparation for summer 2001. For the full year 2001, the Company confirms its previous forecast of earnings for the year 2001 in the range of $3.20 to $3.30 a share.

“We are off to a solid start in 2001,” said Chairman and Chief Executive Officer Eugene R. McGrath. “We expect to meet our earnings targets and we are working hard to ensure the highest levels of system reliability for the upcoming summer. We’re investing $483 million in our electric transmission and distribution infrastructure in 2001 alone, to meet the growing energy needs of our customers.”

This release contains forward-looking statements 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 $10 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 MARCH 31, 2001 AND 2000
 
2001 2000
(Thousands of Dollars)
Operating revenues
Electric  $    1,707,374  $  1,512,249
Gas 701,819 469,473
Steam 258,252 170,258
Non-utility 218,819 166,611
Total operating revenues 2,886,264 2,318,591
Operating expenses
Purchased power 1,015,885 730,188
Fuel 170,316 85,238
Gas purchased for resale 463,485 266,298
Other operations 261,604 312,098
Maintenance 128,446 106,832
Depreciation and amortization 134,998 142,722
Taxes, other than income tax 307,750 290,735
Income tax 117,298 101,771
Total operating expenses 2,599,782 2,035,882
Operating income 286,482 282,709
Other income (deductions)
Investment income 1,465 4,399
Allowance for equity funds used during construction 243 (577)
Other income less miscellaneous deductions (3,116) (262)
Income tax 5,595 (1,200)
Total other income 4,187 2,360
Income before interest charges 290,669 285,069
Interest on long-term debt 99,208 83,313
Other interest 10,487 11,978
Allowance for borrowed funds used during construction (1,538) (1,755)
Net interest charges 108,157 93,536
Preferred stock dividend requirements 3,398 3,398
Net income for common stock $179,114 $188,135
Common shares outstanding - average (000) 212,160 212,641
Basic earnings per share $0.84 $0.88
Diluted earnings per share $0.84 $0.88
Consolidated Edison, Inc. Utility Sales
    Electric (thousands of kilowatthours)
          Total sales in service territory 13,974,504 13,537,669
          Off-system and ESCO sales 392,908 961,643
    Gas (dekatherms)
          Firm sales and transportation 57,526,249 54,011,976
          Off-system sales 2,492,619 8,898,564
    Steam (thousands of pounds) 10,482,696 10,225,610




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