Con Edison Media Relations
Contact: Michael Clendenin
Telephone: (212) 460-4111
For Immediate Release: April 17, 2003
COMPANY REAFFIRMS 2003 EARNINGS PROJECTION
NEW YORK - Consolidated Edison, Inc. today reported net income for common stock for the first quarter of 2003 of $154 million or 72 cents a share, compared with earnings of $146 million or 68 cents a share, for the first quarter of 2002. Net income for the 2002 period includes a one-time goodwill impairment charge of $20 million after-tax, related to certain unregulated generating assets. Excluding this non-cash charge, net income for the first quarter of 2002 was $166 million or 78 cents a share. The company also declared a quarterly dividend of 56 cents a share on its common stock payable June 15, 2003 to stockholders of record as of May 14, 2003.
“Con Edison’s performance for the first quarter represents a solid start for the year,” said Eugene R. McGrath, Chairman and Chief Executive Officer. “In these uncertain times, Con Edison’s steady focus on operational excellence and financial strength continues to build value for our customers and our shareholders.”
The company’s net income for common stock for the 12 months ended March 31, 2003 was $654 million or $3.07 a share, compared with $650 million or $3.06 a share, for the 12 months ended March 31, 2002. Absent the cumulative effect of changes in accounting principles in 2002, earnings for the 12 months ended March 31, 2003 and March 31, 2002 would have been $3.08 and $3.16 a share, respectively.
The company’s earnings for the first quarter of 2003 were positively affected by increased sales related to the cold winter weather, as compared with the mild winter weather in the first quarter of 2002. Offsetting the impact of higher sales was a reduction in net pension and other post-retirement benefits credit.
Volumes of electricity, gas and steam delivered by Con Edison of New York, after adjusting for variations in weather and billing days in the period, increased 3.1 percent, 3.3 percent and 1.2 percent, respectively, for the first three months of 2003 compared with the prior year. The company’s 10 highest winter electric peak loads all occurred this winter, and a new record winter peak of 8,514 MW was set in January 2003.
The following table represents an analysis of the major factors affecting earnings per share for the 1st Quarter of 2003 compared with 2002:
For the full year 2003, the Company confirms its previous forecast of earnings in the range of $2.90 to $3.05 per share.
The press 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 $9 billion in annual revenues and approximately $19 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 in 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 and 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 and service provider.
For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at www.conedison.com.
Income Statements (PDF Format)