EX-99.F.S.2 5 w58657ex99-f_s2.txt CONSOLIDATED STATEMENT OF INCOME ENDED 9/30/2001 FS-2 Page 1 of 2 CONECTIV ACTUAL AND PRO FORMA CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
PRO FORMA ACTUAL ADJUSTMENTS PRO FORMA -------------- --------------- --------------- OPERATING REVENUES Electric $2,944,253 $2,944,253 Gain on sales of electric generating plants 297,140 297,140 Gas 1,328,824 1,328,824 Other services 391,810 391,810 ---------- -------- ---------- 4,962,027 - 4,962,027 ---------- -------- ---------- OPERATING EXPENSES Electric fuel and purchased energy and capacity 2,026,097 2,026,097 Gas purchased 1,304,425 1,304,425 Other services' cost of sales 328,441 328,441 Special charges - - Operation and maintenance 374,146 374,146 Depreciation and amortization 175,559 175,559 Taxes other than income taxes 59,246 59,246 ---------- -------- ---------- 4,267,914 - 4,267,914 ---------- -------- ---------- OPERATING INCOME 694,113 - 694,113 ---------- -------- ---------- OTHER INCOME 74,291 74,291 ---------- -------- ---------- INTEREST EXPENSE Interest charges 146,730 19,687 (2) 166,417 Capitalized interest and allowance for borrowed funds used during construction (12,958) (12,958) ---------- -------- ---------- 133,772 19,687 153,459 ---------- -------- ---------- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES 14,689 14,689 ---------- -------- ---------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 619,943 (19,687) 600,256 INCOME TAXES 253,401 (6,890) (3) 246,511 ---------- -------- ---------- INCOME FROM CONTINUING OPERATIONS 366,542 (12,797) 353,745 DISCONTINUED TELECOMMUNICATION OPERATIONS LOSS FROM OPERATIONS, NET OF INCOME TAXES (7,696) (7,696) LOSS FROM DISPOSAL, NET OF INCOME TAXES (118,788) (118,788) ---------- -------- ---------- INCOME BEFORE EXTRAORDINARY ITEM 240,058 (12,797) 227,261 EXTRAORDINARY ITEM--LOSS ON EXTINGUISHMENT OF DEBT (NET OF $1,885 OF INCOME TAXES) (2,790) (2,790) ---------- -------- ---------- NET INCOME $237,268 $(12,797) $224,471 ========== ======== ==========
(Continued on following page) FS-2 Page 2 of 2 CONECTIV ACTUAL AND PRO FORMA CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
PRO FORMA ACTUAL ADJUSTMENTS PRO FORMA -------------- --------------- --------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK Common stock Continuing operations $356,365 $(12,797) $343,568 Discontinued telecommunication operations Loss from operations (7,696) - (7,696) Loss from disposal (118,788) - (118,788) Extraordinary item, loss on extinguishment of debt (2,790) - (2,790) Class A common stock 10,177 - 10,177 ---------- -------- ---------- $237,268 $(12,797) $224,471 ========== ======== ========== COMMON STOCK AVERAGE SHARES OUTSTANDING (000) Common stock 82,704 82,704 Class A common stock 5,742 5,742 BASIC EARNINGS (LOSS) PER AVERAGE SHARE OF COMMON STOCK Continuing operations $4.31 $4.15 Discontinued telecommunication operations Loss from operations $(0.09) $(0.09) Loss from disposal $(1.44) $(1.44) Extraordinary item--loss on extinguishment of debt $(0.03) $(0.03) BASIC AND DILUTED EARNINGS PER AVERAGE SHARE OF CLASS A COMMON STOCK $1.77 $1.77 DILUTED EARNINGS PER AVERAGE SHARE OF COMMON STOCK FROM CONTINUING OPERATIONS $4.29 $4.13 DIVIDENDS DECLARED PER SHARE Common stock $0.66 $0.66 Class A common stock $1.30 $1.30