-----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, RqAkYvtAC6UryOP4TCP5WcuaqNJIyrPFSrE1C3pIS/9Z+Tc6esM5sQ3QoSpFhO3h 8YxZq19spr5b2Jb//SV15Q== 0000827052-03-000104.txt : 20030805 0000827052-03-000104.hdr.sgml : 20030805 20030805104037 ACCESSION NUMBER: 0000827052-03-000104 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030805 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EDISON INTERNATIONAL CENTRAL INDEX KEY: 0000827052 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 954137452 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09936 FILM NUMBER: 03822525 BUSINESS ADDRESS: STREET 1: 2244 WALNUT GROVE AVE, STE 369 STREET 2: P O BOX 800 CITY: ROSEMEAD STATE: CA ZIP: 91770 BUSINESS PHONE: 6263022222 MAIL ADDRESS: STREET 1: 2244 WALNUT GROVE AVE, STE 369 STREET 2: P O BOX 800 CITY: ROSEMEAD STATE: CA ZIP: 91770 FORMER COMPANY: FORMER CONFORMED NAME: SCECORP DATE OF NAME CHANGE: 19920703 8-K 1 eix8kaug503.htm EIX AUGUST 5, 2003 8-K ON EARNINGS RELEASE EIX 8-K on Earnings Release
===================================================================================================================

                                                   UNITED STATES
                                        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 (Date of earliest event reported): August 5, 2003



                                               EDISON INTERNATIONAL
                              (Exact name of registrant as specified in its charter)



                 CALIFORNIA                           001-9936                              95-4137452
        (State or other jurisdiction                 (Commission                         (I.R.S. Employer
              of incorporation)                     File Number)                        Identification No.)



                                             2244 Walnut Grove Avenue
                                                  (P.O. Box 800)
                                            Rosemead, California 91770
                           (Address of principal executive offices, including zip code)

                                                   626-302-2222
                               (Registrant's telephone number, including area code)


===================================================================================================================










Items 1 through 6 and 8 through 11 are not included because they are inapplicable.

Item 7.  Financial Statements and Exhibits.

(a)      Not applicable

(b)      Not applicable

(c)      Exhibits

         99.1     Press release about second quarter 2003 financial results--Part 1.

         99.2     Press release about second quarter 2003 financial results--Part 2.

Item 12.  Results of Operations and Financial Condition.

         On August 5, 2003, Edison International issued press releases reporting its financial results for the
second quarter of 2003.  Copies of the press releases are attached as Exhibits 99.1 and 99.2.  The information
furnished in this Item 12, Exhibit 99.1, and Exhibit 99.2 shall not be deemed to be "filed" for purposes of the
Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing under the
Securities Act of 1933.


                                                    SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned thereunto duly authorized.


                                                 EDISON INTERNATIONAL
                                                     (Registrant)



                                                               /s/ KENNETH S. STEWART
                                                 ------------------------------------------------------
                                                                 KENNETH S. STEWART
                                                  Assistant General Counsel and Assistant Secretary


AUGUST 5, 2003




EX-99.1 3 prpart1.htm PRESS RELEASE 2ND QTR 2003 PART I Press Release on 2nd Quarter 2003 Financial Results - Part I
EDISON INTERNATIONAL LOGO


                                                                                                 News Release

FOR IMMEDIATE RELEASE
- ---------------------

                                                                                      Media Contact: (626) 302-1033
                                                                                                     www.edison.com

                                           Edison International Reports
                             Financial Results for the Second Quarter of 2003 - Part I

         ROSEMEAD, Calif., August 5, 2003 -- Edison International (NYSE: EIX) recorded second quarter 2003
earnings per share of seven cents, compared to $2.04 per share in the same period last year.  2003 results
include a charge of $150 million, after tax, or 46 cents per share, by Edison Mission Energy (EME) for the
impairment of eight small peaking plants in Illinois.  2002 results include a $1.47-per-share gain from the
implementation of a regulatory decision on Southern California Edison's (SCE) utility retained generation (URG).

         EIX's core earnings include the impairment charge at EME, and exclude the impact of the URG decision at
SCE in 2002 and discontinued operations.  Excluding the EME impairment charge, EIX's second quarter 2003 results
were comparable to core earnings of 54 cents per share for the same period last year.

SECOND-QUARTER EARNINGS DETAIL

Earnings (Loss) from Continuing Operations
- ------------------------------------------

         SCE earnings from continuing operations were $225 million in the second quarter of 2003, compared with
$215 million in the second quarter of 2002, after excluding the $480 million adjustment related to the URG
decision in 2002.  The $10 million increase in core earnings primarily reflects the impact of two items that
occurred in the second quarter of 2002 that did not occur in the current period:  a refueling outage at San
Onofre Nuclear Generating Station Unit 2 and a one-time positive adjustment relating to the implementation of a
sales adjustment mechanism.

         EME's loss from continuing operations was $165 million in the second quarter of 2003 compared to $6
million in the same period last year.  The decrease in earnings is primarily due to the asset impairment charge
of $150 million, a reduction in revenue from the Illinois power plants which reflects the release of certain
power and capacity in 2003 under the power purchase agreements, higher interest and rent expense from the decline
in EME's and its subsidiaries' credit ratings, and lower ancillary revenues at the First Hydro project.  The
decrease in earnings was partially offset by higher U.S. energy prices, higher earnings from oil and gas
activities and lower state income taxes.  On an annual basis, EME's earnings are seasonal with higher earnings
expected during the summer months.

         The impairment charge at EME during the second quarter of 2003 resulted from a revised long-term outlook
for capacity revenues from its small peaking plants in Illinois due to

                                                     - more -





a number of factors, including the effect of higher long-term natural gas prices on the competitiveness of these
units and the current oversupply of generation.  Since capacity value represents a key revenue component for
these small peaking plants, the revised outlook resulted in a write-down of the book value of these assets from
$286 million to their estimated fair market value of $41 million.  The small peaking power plants range in size
from 64 megawatts (MW) to 163 MW, and total 899 MW.

         In addition to the impairment charge related to the small peaking plants, EME's indirect subsidiary,
Midwest Generation LLC, will report in its separate financial statements for its second quarter, an impairment
charge of $475 million, after tax, related to the long-term lease of the 2,698-MW gas-fired Collins Station.  The
impairment charge results from a write-down of the book value of capitalized assets related to the Collins
Station from $858 million to their estimated fair market value of $78 million.  The impairment charge by Midwest
Generation LLC is not reflected in the operating results of EME, Mission Energy Holding Company or EIX as the
Collins Station is treated in their financial statements as an operating lease and not as an asset, and
therefore, is not subject to impairment for accounting purposes.

         Earnings in the second quarter of 2003 for Edison Capital, Mission Energy Holding Company and EIX parent
company and other were substantially unchanged from the results in the same period last year.

Earnings (Loss) from Discontinued Operations
- --------------------------------------------

         The second-quarter financial results include a loss from discontinued operations of $2 million in 2003
and earnings from discontinued operations of $9 million in 2002.  The 2003 loss is due to adjustments related to
the sale of Fiddler's Ferry and Ferrybridge (FFF) and Lakeland.  The 2002 earnings were due to earnings from
Lakeland and the recovery of an insurance claim related to the operation of FFF prior to its sale in 2001.

                                                                Quarter Ended June 30,
Earnings (Loss) Per Share (Unaudited)                               2003                2002             Change
- -------------------------------------                       -----------------------------------------------------
Core Earnings (Loss):
  Southern California Edison                                       $0.69               $0.66              $0.03
  Edison Mission Energy                                            (0.50)              (0.02)             (0.48)
  Edison Capital                                                    0.04                0.04                 --
  Mission Energy Holding Co.                                       (0.08)              (0.07)             (0.01)
  EIX parent company and other                                     (0.07)              (0.07)                 --
- ----------------------------------------------------------------------------------------------------------------
Edison International Core Earnings                                  0.08                0.54              (0.46)
- ----------------------------------------------------------------------------------------------------------------

  SCE implementation of URG decision                                  --                1.47              (1.47)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Ops.                           0.08                2.01              (1.93)
================================================================================================================

Earnings (Loss) from Discontinued Ops.
  EME's FFF & Lakeland Projects                                (0.01)               0.03              (0.04)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings (Loss) from Discontinued Ops.                 (0.01)               0.03              (0.04)
================================================================================================================

Total EIX Consolidated Earnings                                    $0.07               $2.04             $(1.97)
================================================================================================================

                                                     - more -



                                                                Quarter Ended June 30,
Earnings (Loss) (in millions) (Unaudited)                         2003                      2002         Change
- -----------------------------------------                  -----------------------------------------------------
Core Earnings (Loss):
  Southern California Edison                                        $225                $215                $10
  Edison Mission Energy                                             (165)                 (6)              (159)
  Edison Capital                                                      12                  12                 --
  Mission Energy Holding Co.                                         (24)                (24)                 --
  EIX parent company and other                                       (22)                (21)                (1)
- ----------------------------------------------------------------------------------------------------------------
Edison International Core Earnings                                    26                 176               (150)
- ----------------------------------------------------------------------------------------------------------------

  SCE implementation of URG decision                                  --                 480               (480)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Ops.                             26                 656               (630)
================================================================================================================

Earnings (Loss) from Discontinued Ops.
  EME's FFF & Lakeland Projects                                      (2)                   9               (11)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings (Loss) from Discontinued Ops.                   (2)                   9                (11)
================================================================================================================

Total EIX Consolidated Earnings                                      $24                $665              $(641)
================================================================================================================

YEAR-TO-DATE EARNINGS SUMMARY

         EIX recorded earnings per share of 25 cents for the six-month period ending June 30, 2003, compared to
$2.30 for the same period last year on a reported basis.  2003 earnings include an asset impairment charge at EME
of 46 cents per share and 2002 earnings include a gain of $1.47 per share for implementation of SCE's URG
decision.  EIX had core earnings of $91 million for the six-month period ended June 30, 2003, compared with core
earnings of $255 million for the same period last year.  2003 core earnings exclude EME's loss from discontinued
operations of $2 million and charge of $9 million related to a change in accounting principle. 2002 core earnings
exclude the $480 million gain from the implementation of the URG decision at SCE and earnings from discontinued
operations of $14 million at EME.

YEAR-TO-DATE EARNINGS DETAIL

Earnings (Loss) from Continuing Operations
- -------------------------------------------

         Excluding the $480 million gain to implement the URG decision, SCE's earnings from continuing operations
in the first half of 2003 decreased by $34 million, compared to the same period last year.  The decrease
primarily reflects the impact of a one-time positive adjustment relating to the implementation of a sales
adjustment mechanism that occurred in the second quarter of 2002.  Additionally, SCE had higher operating and
maintenance expenses, including health care and storm damage costs, which were offset by higher revenue.

         EME's loss from continuing operations for the six-month period ending June 30, 2003, increased by $126
million compared to the same period last year primarily due to the asset impairment charge of $150 million.
EME's results were favorably impacted by higher U.S. energy prices and lower state income taxes.   Partially
offsetting these favorable items were a reduction in revenue from the Illinois power plants which reflects the
release of certain

                                                        - more -



power and capacity in 2003 under the power purchase agreements, higher interest and rent expense from a decline
in EME's and its subsidiaries' credit ratings, and lower ancillary revenues at the First Hydro project.

         Edison Capital's earnings for the six-months ended June 30, 2003 were $27 million, down $4 million from
the same period last year.  This decrease is primarily due to a maturing investment portfolio which produces
lower income, partially offset by lower net interest expense and higher tax benefits.

         Earnings for the six months ended June 30, 2003 for Mission Energy Holding Company and EIX parent
company and other were substantially unchanged from the results in the same period last year.

Earnings (Loss) from Discontinued Operations
- --------------------------------------------

         The financial results for the six months ended June 30, 2003 include a loss from discontinued operations
of $2 million at EME from adjustments related to the sale of FFF and Lakeland.  The financial results for the six
months ended June 30, 2002 include earnings from discontinued operations of $14 million which reflect operating
results from Lakeland and the recovery of an insurance claim related to the operation of FFF prior to its sale in
2001.

Change in Accounting Principle
- ------------------------------

         EME's results for the six-month period ending June 30, 2003 include a three-cent, or $9 million, charge
for the cumulative effect of a change in accounting principle for asset retirement obligations adopted in 2003.
As SCE follows accounting principles for rate-regulated enterprises, implementation of this new standard did not
affect its earnings.


                                                              Year-To-Date Ended June 30,
Earnings (Loss) Per Share (Unaudited)                              2003                 2002            Change
- -------------------------------------                      -----------------------------------------------------
Core Earnings (Loss):
  Southern California Edison                                       $1.00               $1.11            $(0.11)
  Edison Mission Energy                                            (0.52)              (0.15)            (0.37)
  Edison Capital                                                    0.08                0.09             (0.01)
  Mission Energy Holding Co.                                       (0.15)              (0.14)            (0.01)
  EIX parent company and other                                     (0.12)              (0.13)             0.01
- ----------------------------------------------------------------------------------------------------------------
Edison International Core Earnings                                  0.29                0.78             (0.49)
- ----------------------------------------------------------------------------------------------------------------

  SCE implementation of URG decision                                   --                1.47            (1.47)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Ops.                           0.29                 2.25            (1.96)
================================================================================================================

Earnings (Loss) from Discontinued Ops.
  EME's FFF & Lakeland Projects                                    (0.01)                0.05            (0.06)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings (Loss) from Discontinued Ops.                 (0.01)                0.05            (0.06)
================================================================================================================

EME Cumulative Effect of Accounting Change                         (0.03)                  --            (0.03)
================================================================================================================

Total EIX Consolidated Earnings                                    $0.25                $2.30           $(2.05)
================================================================================================================

                                                     - more -



                                                              Year-To-Date Ended June 30,
Earnings (Loss) (in millions) (Unaudited)                           2003                 2002            Change
- -----------------------------------------                  -----------------------------------------------------
Core Earnings (Loss):
  Southern California Edison                                        $327                $361              $(34)
  Edison Mission Energy                                             (173)                (47)             (126)
  Edison Capital                                                      27                  31                (4)
  Mission Energy Holding Co.                                         (49)                (46)               (3)
  EIX parent company and other                                       (41)                (44)                3
- ----------------------------------------------------------------------------------------------------------------
Edison International Core Earnings                                    91                 255              (164)
- ----------------------------------------------------------------------------------------------------------------

  SCE implementation of URG decision                                   --                 480             (480)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Ops.                              91                 735             (644)
================================================================================================================

Earnings (Loss) from Discontinued Ops.
  EME's FFF & Lakeland Projects                                       (2)                  14              (16)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings (Loss) from Discontinued Ops.                    (2)                  14              (16)
================================================================================================================

EME Cumulative Effect of Accounting Change                            (9)                  --               (9)
================================================================================================================

Total EIX Consolidated Earnings                                       $80                $749            $(669)
================================================================================================================



                                    Reminder: EIX to Hold Conference Call Today

         Today, EIX will hold a conference call to discuss its second quarter 2003 financial results at 8:30 a.m.
PDT.  Although two-way participation in the telephone call is limited to financial analysts and investors, all
other interested parties are invited to participate in a "listen-only mode" through a simultaneous webcast on the
company's Web site at www.edisoninvestor.com.  Financial and other statistical information to be presented during
the call also will be available on the Web site.  The domestic call-in number is (800) 356-8584 and the Call ID#
is 9300.

                                                        ###

        Based in Rosemead, Calif., Edison International is the parent company of Southern California Edison,
Edison Mission Energy and Edison Capital.

EX-99.2 4 prpart2.htm SECOND QTR OF 2003 FINANCIAL RESULTS Press Release 2nd Quarter 2003 Financial Results - Part II
Edison International Reports Financial Results for the Second Quarter of 2003 - Part II

EDISON INTERNATIONAL
                  SUMMARY OF CONSOLIDATED EARNINGS
    (UNAUDITED)


IN MILLIONS, EXCEPT PER-SHARE DATA                               QUARTER ENDED JUNE 30,            YEAR TO DATE JUNE 30,
- -------------------------------------------------------------------------------------------------------------------------
                                                                    2003            2002           2003            2002
- -------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITY                                                  $ 2,394         $ 2,133        $ 4,217         $ 4,041
NONUTILITY POWER GENERATION                                           716             673          1,399           1,209
FINANCIAL SERVICES AND OTHER                                           23              18             48              63
- -------------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUE                                             3,133           2,824          5,664           5,313
- -------------------------------------------------------------------------------------------------------------------------
FUEL                                                                  293             279            627             536
PURCHASED POWER                                                       722             581          1,174             835
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET                    506            (359)           811             314
OTHER OPERATION AND MAINTENANCE                                     1,081             823          1,865           1,538
DEPRECIATION, DECOMMISSIONING AND AMORTIZATION                        252             261            541             503
PROPERTY AND OTHER TAXES                                               51              36            102              75
- -------------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES                                            2,905           1,621          5,120           3,801
- -------------------------------------------------------------------------------------------------------------------------
OPERATING INCOME                                                      228           1,203            544           1,512
INTEREST AND DIVIDEND INCOME                                           47              62             93             178
EQUITY IN INCOME FROM PARTNERSHIPS AND
     UNCONSOLIDATED SUBSIDIARIES - NET                                 60              43            120              94
OTHER NONOPERATING INCOME                                              19               7             53              23
INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED                        (289)           (316)          (589)           (676)
OTHER NONOPERATING DEDUCTIONS                                         (20)            (23)           (51)            (33)
DIVIDENDS ON PREFERRED SECURITIES                                     (26)            (24)           (51)            (47)
DIVIDENDS ON UTILITY PREFERRED STOCK                                   (4)             (6)            (8)            (11)
- -------------------------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS BEFORE TAX                           15             946            111           1,040
INCOME TAX (BENEFIT)                                                  (11)            290             20             306
- -------------------------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS                                      26             656             91             734
INCOME (LOSS) FROM DISCONTINUED OPERATIONS - NET OF TAX                (2)              9             (2)             15
- -------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE ACCOUNTING CHANGE                                        24             665             89             749
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - NET OF TAX                     -               -             (9)              -
- -------------------------------------------------------------------------------------------------------------------------
NET INCOME                                                           $ 24           $ 665           $ 80           $ 749
=========================================================================================================================


WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING                   326             326            326             326

BASIC EARNINGS (LOSS) PER SHARE:
CONTINUING OPERATIONS                                              $ 0.08          $ 2.01         $ 0.29          $ 2.25
DISCONTINUED OPERATIONS                                             (0.01)           0.03          (0.01)           0.05
CUMULATIVE EFFECT OF ACCOUNTING CHANGE                                  -               -          (0.03)              -
                                                                ------------   -------------   ------------   -------------
TOTAL                                                              $ 0.07          $ 2.04         $ 0.25          $ 2.30
                                                              ============   =============   ============   =============

WEIGHTED-AVERAGE SHARES, INCLUDING
   EFFECT OF DILUTIVE SECURITIES                                      329             329            329             329

DILUTED EARNINGS (LOSS) PER SHARE:
CONTINUING OPERATIONS                                              $ 0.08          $ 1.99         $ 0.28          $ 2.23
DISCONTINUED OPERATIONS                                             (0.01)           0.03          (0.01)           0.05
CUMULATIVE EFFECT OF ACCOUNTING CHANGE                                  -               -          (0.03)              -
                                                              ------------   -------------   ------------   -------------
TOTAL                                                              $ 0.07          $ 2.02         $ 0.24          $ 2.28
                                                              ============   =============   ============   =============

DIVIDENDS DECLARED PER COMMON SHARE                                   $ -             $ -            $ -             $ -





EDISON INTERNATIONAL
Financial Overview
June 30, 2003



UNAUDITED
- ---------
Dollars in Millions, Except Per-Share Amounts

EDISON INTERNATIONAL (Consolidated Totals)
- ------------------------------------------
                                                         Second Quarter       Year-to-Date
                                                         --------------       ------------
                                           2003         2002          2003         2002
                                           ----         ----          ----         ----
Assets                                     $35,192      $34,298       $35,192      $34,298
Common Equity                               $4,600       $4,136        $4,600       $4,136
Revenue*                                    $3,133       $2,824        $5,664       $5,313
Earnings**                                     $24         $665           $80         $749
Earnings Per Share**                         $0.07        $2.04         $0.25        $2.30
Book Value Per Share                        $14.12       $12.69        $14.12       $12.69
*excludes discontinued operations
**includes parent company and discontinued operations


SOUTHERN CALIFORNIA EDISON (Electric Utility)
- ---------------------------------------------
                                                         Second Quarter       Year-to-Date
                                                         --------------       ------------
                                           2003         2002          2003         2002
                                           ----         ----          ----         ----
Assets                                     $19,721      $19,363       $19,721      $19,363
Common Equity                               $4,714       $3,999        $4,714       $3,999
Revenue                                     $2,394       $2,133        $4,217       $4,041
Earnings                                      $225         $695          $327         $841
Earnings Per Share                           $0.69        $2.13         $1.00        $2.58

EDISON MISSION ENERGY (Nonutility Power Generation)
- ---------------------------------------------------
                                                         Second Quarter       Year-to-Date
                                                         --------------       ------------
                                           2003         2002          2003         2002
                                           ----         ----          ----         ----
Assets                                     $11,910      $10,763       $11,910      $10,763
Common Equity*                              $1,591       $1,650        $1,591       $1,650
Revenue**                                     $715         $673        $1,399       $1,209
Earnings (Loss)                              $(167)          $3         $(184)        $(33)
Earnings (Loss) Per Share                   $(0.51)       $0.01        $(0.56)      $(0.10)
*includes discontinued operations in 2002 only
**excludes discontinued operations

EDISON CAPITAL (Capital and Financial Services Provider)
- --------------------------------------------------------
                                                         Second Quarter       Year-to-Date
                                                         --------------       ------------
                                           2003         2002          2003         2002
                                           ----         ----          ----         ----
Assets                                      $3,517       $3,638        $3,517       $3,638
Common Equity                                 $806         $780          $806         $780
Revenue                                        $22          $14           $44          $45
Earnings                                       $12          $12           $27          $31
Earnings Per Share                           $0.04        $0.04         $0.08        $0.09







SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
June 30, 2003



                                                                     QUARTER ENDED JUNE 30, 2003
                                                                           INCREASE/(DECREASE)
                                                                        FROM
                                                      KwH               LAST YEAR         %
                                                -----------------------------------------------

RESIDENTIAL                                           5,811,948           252,614         4.54
AGRICULTURAL                                            270,030           (63,920)      (19.14)
COMMERCIAL                                            8,813,676           220,544         2.57
INDUSTRIAL                                            2,654,953          (248,181)       (8.55)
PUBLIC AUTHORITIES                                    1,466,828           (33,482)       (2.23)
RAILROADS & RAILWAYS                                     15,102               (50)       (0.33)
INTERDEPARTMENTAL                                            85                13        18.06
                                                ----------------------------------
  SALES TO ULTIMATE CONSUMERS                        19,032,622           127,538         0.67

RESALE SALES                                          4,012,487         4,011,667            *
                                                ----------------------------------
                                                ----------------------------------
  TOTAL KWH SALES                                    23,045,109         4,139,205        21.89
                                                ==================================

      *over 200%



                                                                    SIX MONTHS ENDED JUNE 30, 2003
                                                                          INCREASE/(DECREASE)
                                                                        FROM
                                                      KwH               LAST YEAR         %
                                                -----------------------------------------------

RESIDENTIAL                                          11,832,324           301,333         2.61
AGRICULTURAL                                            437,277           (83,364)      (16.01)
COMMERCIAL                                           17,168,713           417,991         2.50
INDUSTRIAL                                            5,299,184          (482,225)       (8.34)
PUBLIC AUTHORITIES                                    2,830,405           (75,712)       (2.61)
RAILROADS & RAILWAYS                                     30,475               610         2.04
INTERDEPARTMENTAL                                           162                21        14.89
                                                ----------------------------------
  SALES TO ULTIMATE CONSUMERS                        37,598,540            78,654         0.21

RESALE SALES                                          4,633,519         4,632,543            *
                                                ----------------------------------
                                                ----------------------------------
  TOTAL KWH SALES                                    42,232,059         4,711,197        12.56
                                                ==================================

      *over 200%

-----END PRIVACY-ENHANCED MESSAGE-----