-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JGpBeEmSNhPxNX/CWuVeWUzZ8ftkY391KiKnPfSiWJOO06Y8P51ZvSXu8jVhesUw nimt6u92QxGHd1w16OKoRw== 0001047862-04-000058.txt : 20040422 0001047862-04-000058.hdr.sgml : 20040422 20040422095809 ACCESSION NUMBER: 0001047862-04-000058 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040422 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED EDISON CO OF NEW YORK INC CENTRAL INDEX KEY: 0000023632 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 135009340 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01217 FILM NUMBER: 04746995 BUSINESS ADDRESS: STREET 1: 4 IRVING PL CITY: NEW YORK STATE: NY ZIP: 10003 BUSINESS PHONE: 2124604600 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORANGE & ROCKLAND UTILITIES INC CENTRAL INDEX KEY: 0000074778 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 131727729 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-38254 FILM NUMBER: 04746994 BUSINESS ADDRESS: STREET 1: ONE BLUE HILL PLZ CITY: PEARL RIVER STATE: NY ZIP: 10965 BUSINESS PHONE: 9143526000 MAIL ADDRESS: STREET 1: ONE BLUE HILL PLAZA CITY: PEARL RIVER STATE: NY ZIP: 10965 FORMER COMPANY: FORMER CONFORMED NAME: ROCKLAND LIGHT & POWER CO DATE OF NAME CHANGE: 19681202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED EDISON INC CENTRAL INDEX KEY: 0001047862 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 133965100 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14514 FILM NUMBER: 04746993 BUSINESS ADDRESS: STREET 1: 4 IRVING PLACE STREET 2: ROOM 1618 S CITY: NEW YORK STATE: NY ZIP: 10003 BUSINESS PHONE: 2124604600 MAIL ADDRESS: STREET 1: 4 IRVING PLACE STREET 2: ROOM 1618 S CITY: NEW YORK STATE: NY ZIP: 10003 8-K 1 ap8k.txt CURRENT REPORT ON FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------- Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: April 22, 2004 Commission Exact name of registrant as specified in its charter State of I.R.S. Employer File Number and principal office address and telephone number Incorporation I.D. Number 1-14514 Consolidated Edison, Inc. New York 13-3965100 4 Irving Place, New York, New York 10003 (212) 460-4600 1-1217 Consolidated Edison Company of New York, Inc. New York 13-5009340 4 Irving Place, New York, New York 10003 (212) 460-4600 1-4315 Orange and Rockland Utilities, Inc. New York 13-1727729 One Blue Hill Plaza, Pearl River, New York 10965 (845) 352-6000
INFORMATION TO BE INCLUDED IN THE REPORT ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE First Quarter Financial Results Unaudited net revenues (operating revenues less purchased power, fuel and gas purchased for resale), operating income and net income for common stock for the three months ended March 31, 2004 and 2003 for Consolidated Edison, Inc. (Con Edison) and its consolidated subsidiaries Consolidated Edison Company of New York, Inc. (Con Edison of New York) and Orange and Rockland Utilities, Inc. (O&R, together with Con Edison and Con Edison of New York, the Companies) were as follows: Con Edison Con Edison of New York O&R (Millions of Dollars) 2004 2003 2004 2003 2004 2003 - ------------------------------------------------------------------------------- Net revenues $1,169 $1,157 $1,029 $1,012 $92 $89 Operating income $255 $257 $230 $229 $19 $21 Net income for common stock $155 $154 $152 $138 $15 $16 The major factors affecting Con Edison and Con Edison of New York's results for the three months ended March 31, 2004, as compared to the 2003 period, were higher depreciation and property tax expense and a reduction in the net credits for pensions and other post-retirement benefits; offset by the effects of sales growth and the recognition in the 2003 period, but not the 2004 period, of a provision for refund to customers of electric earnings in excess of a targeted return. Con Edison's results in the 2004 period reflect lower gross margins on electric sales by its unregulated subsidiaries and higher interest expense. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS 99 Press release, dated April 22, 2004, furnished pursuant to Item 12 of Form 8-K. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 22, 2004, Con Edison issued a press release reporting, among other things, results of operations for first quarter of 2004. Con Edison's condensed consolidated balance sheets at March 31, 2004 and December 31, 2003 and consolidated income statements for the three months ended March 31, 2004 and 2003 were attached to the press release. The press release (including its attachments), which is "furnished" as an exhibit to this report pursuant to Item 12 of Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section and shall not be incorporated by reference into any filing under the Securities Act of 1933. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CONSOLIDATED EDISON, INC. CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. By /s/ EDWARD J. RASMUSSEN Edward J. Rasmussen Vice President and Controller ORANGE AND ROCKLAND UTILITIES, INC. By /s/ LOUIS M. BEVILACQUA Louis M. Bevilacqua Chief Financial Officer and Controller DATE: April 22, 2004 EX-99 3 ex99.txt EXHIBIT 99 TO FORM 8-K Media Relations Consolidated Edison, Inc. 212 460 4111 (24 hours) 4 Irving Place New York, NY 10003 www.conEdison.com News FOR IMMEDIATE RELEASE: Contact: Michael Clendenin April 22, 2004 212-460-4111 CON EDISON, INC. REPORTS 2004 FIRST QUARTER EARNINGS NEW YORK - Consolidated Edison, Inc. (Con Edison) [NYSE: ED] today reported net income for common stock for the first quarter of 2004 of $155 million or 69 cents a share, compared with earnings of $154 million or 72 cents a share for the first quarter of 2003. The company also declared a quarterly dividend of 56 1/2 cents a share on its common stock payable June 15, 2004 to stockholders of record as of May 12, 2004. "Con Edison's performance for the first quarter represents a solid start for the year," said Eugene R. McGrath, chairman and chief executive officer. "The continuing economic recovery, coupled with anticipated new rates for Con Edison of New York's electric, gas and steam businesses, will further enhance the financial strength of the company." The following table represents an analysis of the major factors affecting basic earnings per share for the first quarter of 2004 compared with 2003: Earnings per Share Variation - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- Con Edison of New York: Revenue: -------- Impact of weather in 2004 on net revenues versus 2003 (estimated) $(0.02) Sales growth, normalized for weather (estimated) 0.03 Regulatory accounting 0.04 Expense: -------- Lower operation and maintenance expense, principally corporate 0.01 Increased pension & other post-retirement benefit costs (0.01) Higher depreciation and property tax expense (0.03) Other 0.01 ----- ---- Total Con Edison of New York 0.03 ---- Orange and Rockland Utilities (0.01) Unregulated subsidiaries and parent company (0.05) - ------------------------------------------------------------------------------ Total earnings per share variation $(0.03) - ------------------------------------------------------------------------------ The earnings per share variations shown above reflect the dilutive effect of a higher weighted average number of common shares outstanding in the 2004 period (226 million shares) than in the 2003 period (214 million shares). For Con Edison of New York, net revenues reflect 6 percent fewer heating degree days in the electric, gas and steam billing cycles in the first quarter of 2004 as compared with the 2003 period. Delivery volumes adjusted for weather and billing days more than offset the effect of the weather, with increases of 1.7 percent for electric, 0.9 percent for firm gas and 1.0 percent for steam. - more - Con Edison Reports First Quarter Earnings page 2 Con Edison of New York's earnings variances reflect two significant factors. In 2003, provision was made for a refund to customers of electric earnings in excess of a targeted return, while there was no such provision in 2004. Higher depreciation and property taxes in 2004 reflect large continuing capital investment in energy delivery infrastructure. Regulated utility construction expenditures for 2004 are estimated at $1.2 billion, the same level as 2003. A number of large construction projects are scheduled for completion this year, including three major substations that will be on line this summer to meet demand growth. While not entirely covered under current rate plans, the company expects Con Edison of New York's construction program to be fully reflected in rates to be set through its current gas and steam rate proceedings and its upcoming electric proceeding. Capital expenditures for Orange and Rockland were addressed in its 2003 rate proceedings. The performance of the unregulated subsidiaries and parent in the first quarter of 2004 compared with the 2003 period reflects lower gross margins on electric sales and higher interest expense. For the full year 2004, the company confirms its previous forecast of earnings in the range of $2.60 to $2.80 per share. Con Edison has filed "shelf" Registration Statements on Form S-3 with the Securities and Exchange Commission covering $925 million of securities, including debt, preferred stock and common stock. In addition, Con Edison of New York and Orange and Rockland have filed registration statements covering $825 million and $200 million of their debt securities, respectively. The form and amount of securities to be issued by each of the companies will be determined as the companies continue to review their financing plans. The earnings forecast shown above does not reflect dilution from any common stock that may be issued in addition to ongoing issuances under the dividend reinvestment and employee stock plans. Refer to the attachments to this press release for the condensed consolidated balance sheets at March 31, 2004 and December 31, 2003 and the consolidated income statements for the three months ended March 31, 2004 and 2003. 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. (NYSE: ED) is one of the nation's largest investor-owned energy companies, with $10 billion in annual revenues and approximately $21 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following 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. # # # Attachment A Page 1 of 2 Consolidated Edison, Inc. CONSOLIDATED BALANCE SHEET (Condensed) (UNAUDITED)
March 31, 2004 December 31, 2003 -------------- ----------------- (Millions of Dollars) ASSETS PLANT, AT ORIGINAL COST Utility plant - net $ 14,487 $ 14,284 Non-utility plant - net 952 941 - ------------------------------------------------------------------------------------------------------------------ NET PLANT 15,439 15,225 - ------------------------------------------------------------------------------------------------------------------ CURRENT ASSETS Cash and temporary cash investments 74 67 Accounts receivable - customers, less allowance for uncollectible accounts 795 790 Other receivables, less allowance for uncollectible accounts 268 184 Inventories 132 133 Prepayments 282 98 Other current assets 253 320 - ------------------------------------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,804 1,592 - ------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------ INVESTMENTS 250 248 - ------------------------------------------------------------------------------------------------------------------ DEFERRED CHARGES, REGULATORY ASSETS AND NONCURRENT ASSETS Goodwill 406 406 Intangible assets - net 108 111 Prepaid pension costs 1,303 1,257 Regulatory assets 1,899 1,861 Other deferred charges and noncurrent assets 304 266 - ------------------------------------------------------------------------------------------------------------------ TOTAL DEFERRED CHARGES, REGULATORY ASSETS AND NONCURRENT ASSETS 4,020 3,901 - ------------------------------------------------------------------------------------------------------------------ TOTAL ASSETS* $ 21,513 $ 20,966 - ------------------------------------------------------------------------------------------------------------------
* Con Edison is continuing to review whether, under FASB's revised Interpretation No. 46, "Consolidation of Variable Interest Entities" (FIN 46R), it will be required to deconsolidate its interest in a 237 MW facility located in Lakewood, New Jersey. Attachment A Page 2 of 2 Consolidated Edison, Inc. CONSOLIDATED BALANCE SHEET (Condensed) (UNAUDITED)
March 31, 2004 December 31, 2003 -------------- ----------------- (Millions of Dollars) CAPITALIZATION AND LIABILITIES CAPITALIZATION Common shareholders' equity $ 6,491 $ 6,423 Preferred stock 213 213 Long-term debt 6,987 6,733 - ------------------------------------------------------------------------------------------------------------------ TOTAL CAPITALIZATION 13,691 13,369 - ------------------------------------------------------------------------------------------------------------------ NONCURRENT LIABILITIES Provision for injuries and damages 202 194 Pension and retiree benefits 222 205 Superfund and other environmental costs 199 193 Other noncurrent liabilities including minority interest 149 157 - ------------------------------------------------------------------------------------------------------------------ TOTAL NONCURRENT LIABILITIES 772 749 - ------------------------------------------------------------------------------------------------------------------ CURRENT LIABILITIES Long-term debt due within one year 16 166 Notes payable 394 159 Accounts payable 964 905 Customer deposits 227 228 Other current liabilities 342 453 - ------------------------------------------------------------------------------------------------------------------ TOTAL CURRENT LIABILITIES 1,943 1,911 - ------------------------------------------------------------------------------------------------------------------ DEFERRED CREDITS AND REGULATORY LIABILITIES Deferred income taxes and investment tax credits 3,317 3,172 Regulatory liabilities and other deferred credits 1,790 1,765 - ------------------------------------------------------------------------------------------------------------------ TOTAL DEFERRED CREDITS AND REGULATORY LIABILITIES 5,107 4,937 - ------------------------------------------------------------------------------------------------------------------ TOTAL CAPITALIZATION AND LIABILITIES* $ 21,513 $ 20,966 - ------------------------------------------------------------------------------------------------------------------
* See footnote on page 1 of 2 of the Consolidated Balance Sheet. CONSOLIDATED EDISON, INC. Attachment B ------------------------- Page 1 of 1 CONSOLIDATED INCOME STATEMENT ----------------------------- FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003 (Unaudited) 2004 2003 ---- ---- (Millions of Dollars) Operating revenues Electric $ 1,539 $ 1,493 Gas 645 620 Steam 235 238 Non-utility 266 219 ------ ------ Total operating revenues 2,685 2,570 ------ ------ Operating expenses Purchased power 931 865 Fuel 185 185 Gas purchased for resale 400 363 Other operations and maintenance 390 389 Depreciation and amortization 137 129 Taxes, other than income tax 282 284 Income tax 105 98 ------ ------ Total operating expenses 2,430 2,313 ------ ------ Operating income 255 257 Other income (deductions) Investment and other income 12 5 Allowance for equity funds used during construction 6 2 Other deductions (3) (3) Income tax 2 2 ------ ------ Total other income (deductions) 17 6 ------ ------ Income before interest expense 272 263 Interest expense, net of amounts capitalized 114 106 ------ ------ Income before preferred stock dividends 158 157 ------ ------ Preferred stock dividend requirements 3 3 ------ ------ Net income for common stock $ 155 $ 154 ====== ====== Earnings per common share - Basic $ 0.69 $ 0.72 Earnings per common share - Diluted $ 0.68 $ 0.72 Average number of shares outstanding - Basic (in Millions) 226.2 214.2 Average number of shares outstanding - Diluted (in Millions) 227.5 215.1 Consolidated Edison, Inc. utility sales Electric (thousands of kilowatthours) Total energy delivered in service areas 14,698,680 14,506,804 Gas (dekatherms) Firm sales and transportation 57,260,948 59,382,894 Steam (thousands of pounds) 10,613,568 10,672,089 -----END PRIVACY-ENHANCED MESSAGE-----