EX-99.1 4 j9617_ex99d1.htm EX-99.1

Exhibit 99.1

 

SELECTED FINANCIAL DATA

 

ITEM 6.  SELECTED FINANCIAL DATA

 

 

 

2002

 

2001

 

2000

 

1999

 

1998

 

 

 

(in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cinergy(1)

 

 

 

 

 

 

 

 

 

 

 

Results of Operations:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues(2)

 

$

4,125

 

$

4,050

 

$

3,781

 

$

3,428

 

$

3,223

 

Income before discontinued operations and cumulative effect of a change in accounting principle

 

397

 

459

 

400

 

402

 

261

 

Discontinued operations, net of tax(3)

 

(25

)

(17

)

(1

)

2

 

—

 

Cumulative effect of a change in accounting principle, net of tax(4)

 

(11

)

—

 

—

 

—

 

—

 

Net income

 

361

 

442

 

399

 

404

 

261

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (EPS)

 

 

 

 

 

 

 

 

 

 

 

Income before discontinued operations and cumulative effect of a change in accounting principle

 

2.37

 

2.88

 

2.52

 

2.53

 

1.65

 

Discontinued operations, net of tax(3)

 

(0.15

)

(0.10

)

(0.01

)

.01

 

—

 

Cumulative effect of a change in accounting principle, net of tax(4)

 

(0.06

)

—

 

—

 

—

 

—

 

Net income

 

2.16

 

2.78

 

2.51

 

2.54

 

1.65

 

EPS - assuming dilution

 

 

 

 

 

 

 

 

 

 

 

Income before discontinued operations and cumulative effect of a change in accounting principle

 

2.34

 

2.85

 

2.51

 

2.52

 

1.65

 

Discontinued operations, net of tax(3)

 

(0.15

)

(0.10

)

(0.01

)

.01

 

—

 

Cumulative effect of a change in accounting principle, net of tax(4)

 

(0.06

)

—

 

—

 

—

 

—

 

Net income

 

2.13

 

2.75

 

2.50

 

2.53

 

1.65

 

Dividends declared per share

 

1.80

 

1.80

 

1.80

 

1.80

 

1.80

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data (at end of period):

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

13,307

 

12,300

 

12,330

 

9,617

 

9,687

 

Long-term debt (including amounts due in one year)

 

4,272

 

3,745

 

2,917

 

3,020

 

2,740

 

 

 

 

 

 

 

 

 

 

 

 

 

CG&E

 

 

 

 

 

 

 

 

 

 

 

Results of Operations:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues(2)

 

$

2,137

 

$

2,247

 

$

2,101

 

$

1,914

 

$

1,826

 

Net income

 

264

 

327

 

267

 

234

 

216

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data (at end of period):

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

5,542

 

5,360

 

5,987

 

4,917

 

5,154

 

Long-term debt (including amounts due in one year)

 

1,690

 

1,205

 

1,206

 

1,206

 

1,350

 

 

 

 

 

 

 

 

 

 

 

 

 

PSI

 

 

 

 

 

 

 

 

 

 

 

Results of Operations:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues(2)

 

$

1,611

 

$

1,574

 

$

1,512

 

$

1,449

 

$

1,316

 

Net income

 

214

 

162

 

135

 

117

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data (at end of period):

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

4,223

 

4,571

 

4,630

 

3,835

 

3,584

 

Long-term debt (including amounts due in one year)

 

1,372

 

1,348

 

1,113

 

1,243

 

1,032

 

 

(1)          The results of Cinergy also include amounts related to non-registrants.

(2)          Emerging Issues Task Force Issue 02-3, Accounting for Contracts Involved in Energy Trading and Risk Management Activities required that all gains and losses on energy trading derivatives be presented on a net basis beginning January 1, 2003.  All periods presented have been reclassified for this change in accounting principle.  This resulted in substantial reductions in reported Operating Revenues, Fuel and purchased and exchanged power expense, and Gas purchased expense.  However, Operating Income and Net Income were not affected by this change.  For further information see Note 20 of the “Notes to Financial Statements” in “Item 8.  Financial Statements and Supplementary Data”.

(3)          See Note 15 of the “Notes to Financial Statements” in “Item 8. Financial Statements and Supplementary Data” for further explanation.

(4)          In 2002, Cinergy recognized a cumulative effect of a change in accounting principle of $11 million (net of tax) as a result of an impairment charge for goodwill related to certain of our international assets. See Note 14 of the “Notes to Financial Statements” in “Item 8. Financial Statements and Supplementary Data”.

 

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