EX-99.1 2 dex991.htm EDISON INTERNATIONAL PRESS RELEASE Edison International Press Release

Exhibit 99.1

LOGO

 

FOR IMMEDIATE RELEASE

    Media relations contact:
   Charles Coleman, (626) 302-7982
   Investor relations contact:
   Scott Cunningham, (626) 302-2540

Edison International Reports Third Quarter 2009 Results

ROSEMEAD, Calif., Nov. 6, 2009 – Edison International (NYSE: EIX) today reported third quarter 2009 GAAP earnings of $1.23 per share, compared to $1.33 per share in the same quarter last year. Third quarter 2009 core earnings were $1.09 per share compared to $1.46 per share in the third quarter 2008. The decline is largely attributable to lower earnings at Edison Mission Group (EMG), partially offset by higher operating results at Southern California Edison (SCE). Core earnings exclude discontinued operations and other non-core items as discussed below.

“Edison International is on track to meet its financial objectives laid out for investors at the beginning of the year. Our strong focus on execution in managing our operations helped us to achieve a good quarter,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.

Third Quarter Earnings Detail

SCE’s third quarter 2009 GAAP earnings were $1.06 per share compared to $0.72 per share in the third quarter 2008. Core earnings were $0.92 per share compared to $0.87 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the utility’s 2009 General Rate Case (GRC) and lower nonoperating expenses, partially offset by higher income tax expense. SCE also recorded a non-core benefit in the third quarter 2009 of $0.14 per share to reflect the non-cash accounting benefit from the final regulatory approval to transfer its Mountainview power plant to utility rate base. SCE recorded a $0.15 per share non-core charge in the third quarter 2008 resulting from the California Public Utilities Commission (CPUC) performance-based ratemaking decision.

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Note: GAAP earnings and losses refer to net income or losses attributable to Edison International and GAAP earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance.

Edison International Reports Third Quarter 2009 Financial Results

Page 2 of 13

 

EMG’s third quarter 2009 GAAP earnings were $0.19 per share compared to $0.66 per share in the third quarter 2008. Core earnings were $0.19 per share compared to $0.64 per share in the same quarter last year. Core earnings declined primarily from lower income at its coal- and gas-fired projects driven by lower energy prices and from lower trading income. Core results for the 2008 period included a $0.05 per share charge related to power contracts with Lehman Brothers and excluded $0.02 per share from discontinued operations.

Edison International parent company and other reported a third quarter 2009 loss of $0.02 per share compared to a $0.05 per share loss in the third quarter 2008.

Year-to-Date Earnings Summary

Edison International reported GAAP earnings of $1.94 per share for the nine-month period ending September 30, 2009, compared to $3.03 per share for the same period last year. Core earnings for the first nine months of 2009 were $2.66 per share compared to $3.18 per share for the same period in 2008. Non-core items included an $0.85 per share charge from the global tax settlement with the Internal Revenue Service and the associated termination of Edison Capital’s cross-border, leveraged leases, SCE’s third quarter non-core items discussed above and discontinued operations at EMG.

Year-to-Date Earnings Detail

SCE’s GAAP earnings through September 30, 2009 were $3.23 per share compared to $1.66 per share in the same period last year. Core earnings for the first nine months of 2009 were $2.17 per share compared to $1.81 per share for the same period in 2008. The increase in core earnings reflects higher operating income related to the GRC decision and lower nonoperating expenses, partially offset by higher income tax expense. SCE’s year-to-date core earnings exclude the impact of the global tax settlement, the impact from the transfer of the Mountainview power plant to utility rate base in 2009 and the CPUC’s performance-based ratemaking decision in 2008.

EMG’s GAAP loss through September 30, 2009 was $1.38 per share compared to GAAP earnings of $1.47 per share in the same period last year. Year-to-date core earnings for EMG were $0.55 per share compared to $1.47 per share in the same period last year. This decrease reflects lower income at its coal- and gas-fired projects driven by lower energy prices as well as lower trading income, lower earnings at Edison Capital and the favorable buy-out of a coal contract in 2008. EMG’s year-to-date core earnings exclude the impacts of the global tax settlement together with discontinued operations.

Edison International parent company and other reported GAAP earnings through September 30, 2009 of $0.09 per share, compared to a loss of $0.10 per share in the same period last year. GAAP earnings include a $0.15 per share benefit in the first half of 2009 related to the global tax settlement.

 

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Edison International Reports Third Quarter 2009 Financial Results

Page 3 of 13

 

2009 Earnings Guidance

The company narrowed its 2009 earnings guidance range to $2.23 to $2.43 per share on a GAAP basis and $2.95 to $3.15 per share on a core basis. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.

Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance1

 

Core Earnings Per Share1

   

2009 Earnings Guidance

as of August 7, 2009

   

2009 Earnings Guidance

as of November 6, 2009

EIX core earnings

          $2.90 - $3.20    $2.95 - $3.15

Non-core items:

            

Global tax settlement:

       (0.85)      

SCE

    $0.92          

EMG

    (1.92)         

EIX parent company and other

    0.15          

SCE – regulatory item

       0.14      

EMG – Discontinued Operations

       (0.01)      

Total Non-Core Items

          (0.72)    (0.72)
               

EIX GAAP earnings

          $2.18 - $2.48    $2.23 - $2.43
               

Midpoint of 2009 core guidance by business element:

            

SCE

          $2.49    $2.55

EMG

          0.70    0.60

EIX parent company and other

          (0.14)    (0.10)
               

Total

          $3.05    $3.05
               

 

1

See Use of Non-GAAP Financial Measures on page 4. GAAP earnings per share refer to basic earnings per common share attributable to Edison International common shareholders. The expected impact of participating securities is $(0.02) per share and is included in EIX parent company and other.

About Edison International

Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

 

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Edison International Reports Third Quarter 2009 Financial Results

Page 4 of 13

 

Appendix

Use of Non-GAAP Financial Measures, Conference Call Information,

Risk Disclosure Statement and Financial Schedules

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and EPS by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and EPS by principal operating subsidiary as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as it allows us to more accurately compare the company’s ongoing performance across periods.

Core earnings exclude discontinued operations and other non-core items and are reconciled to GAAP earnings. Earnings per share (EPS) by principal operating subsidiary is based on the principal operating subsidiary net income attributable to the common shareholders of each operating subsidiary, respectively, and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company and other. EIX core EPS and core EPS by principal operating subsidiary are reconciled to GAAP EPS.

Reminder: Edison International Will Hold a Conference Call Today

Today, Edison International will hold a conference call to discuss its third quarter 2009 financial results at 8 a.m. (Pacific Standard Time). Two-way participation in the telephone call is limited to financial analysts and investors, while all other interested parties are invited to participate in a simultaneous webcast at www.edisoninvestor.com. A presentation accompanying management’s comments on the conference call will be available on the web site as well at www.edisoninvestor.com. The domestic call-in number is (888) 889-2168 and the number for international callers is (773) 681-5951. The ID is “Edison”. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through Nov. 13, 2009 at the following numbers: (800) 283-6499 for callers in the United States and (402) 220-9734 for international callers. The replay passcode is 80709.

Risk Disclosure Statement

Statements contained in this news release about future performance, including, without limitation, earnings guidance, asset and rate base growth, load growth, capital investments and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s 2008 Form 10-K and other reports filed with the Securities and Exchange Commission and are available on our Web site at www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.

Edison International Reports Third Quarter 2009 Financial Results

Page 5 of 13

 

Summary Financial Schedules

Third Quarter GAAP Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Quarter Ended
September 30,		     Change  
   2009     2008    

SCE

    $ 1.06      $ 0.72      $ 0.34   

EMG

      0.19        0.64        (0.45 ) 

EIX parent company and other

      (0.02 )      (0.05 )      0.03   
                        

EIX earnings from continuing operations

      1.23        1.31        (0.08 ) 
                        

EIX earnings from discontinued operations

      —          0.02        (0.02 ) 
                        

EIX GAAP earnings1

    $ 1.23      $ 1.33      $ (0.10 ) 
                        

EIX diluted earnings

    $ 1.22      $ 1.33      $ (0.11 ) 
                        

 

1 The impact of participating securities on the per share amounts is included in EIX parent company and other and was $(0.01) per share for the quarter ended September 30, 2009 and $(0.02) per share for the quarter ended September 30, 2008.

Third Quarter Reconciliation of Core Earnings Per Share to GAAP Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Quarter Ended
September 30,		     Change  
   2009     2008    

Core Earnings1

       

SCE

    $ 0.92      $ 0.87      $ 0.05   

EMG

      0.19        0.64        (0.45 ) 

EIX parent company and other

      (0.02 )      (0.05 )      0.03   
                        

EIX core earnings

      1.09        1.46        (0.37 ) 
                        

Non-core items

       

SCE – regulatory items

      0.14        (0.15 )      0.29   

EMG – discontinued operations

      —          0.02        (0.02 ) 
                        

Total non-core items

      0.14        (0.13 )      0.27   
                        

EIX GAAP earnings1

    $ 1.23      $ 1.33      $ (0.10 ) 
                        

 

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities on the per share amounts is included in EIX parent company and other and was $(0.01) per share for the quarter ended September 30, 2009 and $(0.02) per share for the quarter ended September 30, 2008.

Edison International Reports Third Quarter 2009 Financial Results

Page 6 of 13

 

Third Quarter GAAP Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Quarter Ended
September 30,		        
   2009     2008     Change  

SCE

    $ 346      $ 235      $ 111   

EMG

      61        208        (147 ) 

EIX parent company and other

      (3 )      (10 )      7   
                        

EIX earnings from continuing operations

      404        433        (29 ) 

EIX earnings from discontinued operations

      (1 )      6        (7 ) 
                        

EIX GAAP earnings

    $ 403      $ 439      $ (36 ) 
                        

Third Quarter Reconciliation of Core Earnings to GAAP Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Quarter Ended
September 30,		        
   2009     2008     Change  

Core Earnings1

       

SCE

    $ 300      $ 284      $ 16   

EMG

      61        208        (147 ) 

EIX parent company and other

      (3 )      (10 )      7   
                        

EIX core earnings

      358        482        (124 ) 
                        

Non-core items

       

SCE – regulatory items

      46        (49 )      95   

EMG – discontinued operations

      (1 )      6        (7 ) 
                        

Total non-core items

      45        (43 )      88   
                        

EIX GAAP earnings

    $ 403      $ 439      $ (36 ) 
                        

 

1 See Use of Non-GAAP Financial Measures on page 4.

Edison International Reports Third Quarter 2009 Financial Results

Page 7 of 13

 

Year-to-Date GAAP Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Year-to-Date
September 30,		        
   2009     2008     Change  

SCE

    $ 3.23      $ 1.66      $ 1.57   

EMG

      (1.37 )      1.47        (2.84 ) 

EIX parent company and other

      0.09        (0.10 )      0.19   
                        

EIX earnings from continuing operations

      1.95        3.03        (1.08 ) 
                        

EIX loss from discontinued operations

      (0.01 )      —          (0.01 ) 
                        

EIX GAAP earnings1

    $ 1.94      $ 3.03      $ (1.09 ) 
                        

EIX diluted earnings

    $ 1.94      $ 3.02      $ (1.08 ) 
                        

 

1 The impact of participating securities is included in EIX parent company and other and was $(0.01) per share for the year-to-date period ended September 30, 2009 and $(0.04) per share for the year-to-date period ended September 30, 2008.

Year-to-Date Reconciliation of Core Earnings Per Share to GAAP Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

          Year-to-date
September 30,		        
      2009     2008     Change  

Core Earnings1

          

SCE

       $ 2.17      $ 1.81      $ 0.36   

EMG

         0.55        1.47        (0.92 ) 

EIX parent company and other

         (0.06 )      (0.10 )      0.04   
                           

EIX core earnings

         2.66        3.18        (0.52 ) 
                           

Non-core items

          

SCE – regulatory items

         0.14        (0.15 )      0.29   

Global tax settlement

         (0.85 )      —          (0.85 ) 

SCE

    $   0.92       

EMG

        (1.92)       

EIX parent company and other

         0.15       

EMG – discontinued operations

         (0.01 )      —          (0.01 ) 
                           

Total non-core items

         (0.72 )      (0.15 )      (0.57 ) 
                           

EIX GAAP earnings1

       $ 1.94      $ 3.03      $ (1.09 ) 
                           

 

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was $(0.01) per share for the year-to-date period ended September 30, 2009 and $(0.04) per share for year-to-date period ended September 30, 2008.

Edison International Reports Third Quarter 2009 Financial Results

Page 8 of 13

 

Year-to-Date GAAP Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

         Year-to-Date
September 30,		        
     2009     2008     Change  

SCE

      $ 1,053      $ 542      $ 511   

EMG

        (445 )      479        (924 ) 

EIX parent company and other

        34        (22 )      56   
                          

EIX earnings from continuing operations

        642        999        (357 ) 

EIX loss from discontinued operations

        (5 )      —          (5 ) 
                          

EIX GAAP earnings

      $ 637      $ 999      $ (362 ) 
                          
Year-to-Date Reconciliation of Core Earnings to GAAP Earnings   

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

         Year-to-Date
September 30,		        
     2009     2008     Change  

Core Earnings1

         

SCE

      $ 707      $ 591      $ 116   

EMG

        179        479        (300 ) 

EIX parent company and other

        (16 )      (22 )      6   
                          

EIX core earnings

        870        1,048        (178 ) 
                          

Non-core items

         

SCE – regulatory items

        46        (49 )      95   

Global tax settlement

        (274 )      —          (274 ) 

SCE

   $  300       

EMG

      (624)       

EIX parent company and other

         50       

EMG – discontinued operations

        (5 )      —          (5 ) 
                          

Total non-core items

        (233 )      (49 )      (184 ) 
                          

EIX GAAP earnings

      $ 637      $ 999      $ (362 ) 
                          

 

1 See Use of Non-GAAP Financial Measures on page 4.

 

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Edison International Reports Third Quarter 2009 Financial Results

Page 9 of 13

 

Edison International

Consolidated Statements of Income

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  

In millions, except per-share amounts

    2009     2008     2009     2008  
     (Unaudited)  

Electric utility

    $ 3,065      $ 3,467      $ 7,526      $ 8,696   

Competitive power generation

      592        813        1,759        2,143   

Financial services and other

      7        14        25        45   
                                

Total operating revenue

      3,664        4,294        9,310        10,884   
                                

Fuel

      406        635        1,120        1,725   

Purchased power

      1,032        1,333        2,155        3,053   

Other operation and maintenance

      1,093        1,035        3,136        3,110   

Depreciation, decommissioning and amortization

      365        327        1,053        972   

Lease terminations and other

      —          (1 )      888        (75 ) 
                                

Total operating expenses

      2,896        3,329        8,352        8,785   
                                

Operating income

      768        965        958        2,099   

Interest and dividend income

      2        9        29        44   

Equity in income from partnerships and unconsolidated subsidiaries – net

      35        31        34        40   

Other nonoperating income

      74        23        131        78   

Interest expense – net of amounts capitalized

      (187 )      (176 )      (556 )      (511 ) 

Other nonoperating deductions

      (16 )      (82 )      (41 )      (115 ) 
                                

Income from continuing operations before income taxes

      676        770        555        1,635   

Income tax expense (benefit)

      232        277        (169 )      521   
                                

Income from continuing operations

      444        493        724        1,114   

Income (loss) from discontinued operations – net of tax

      (1 )      6        (5 )      —     
                                

Net income

      443        499        719        1,114   

Less: Net income attributable to noncontrolling interests

      40        60        82        115   
                                

Net income attributable to Edison International common shareholders

    $ 403      $ 439      $ 637      $ 999   
                                

Amounts attributable to Edison International common shareholders:

         

Income from continuing operations, net of tax

    $ 404      $ 433      $ 642      $ 999   

Income (loss) from discontinued operations, net of tax

      (1 )      6        (5 )      —     
                                

Net income attributable to Edison International common shareholders

    $ 403      $ 439      $ 637      $ 999   
                                

Weighted-average shares of common stock outstanding

      326        326        326        326   

Basic earnings per common share attributable to Edison International common shareholders:

         

Continuing operations

    $ 1.23      $ 1.31      $ 1.95      $ 3.03   

Discontinued operations

      —          0.02        (0.01 )      —     
                                

Total

    $ 1.23      $ 1.33      $ 1.94      $ 3.03   
                                

Weighted-average shares of common stock outstanding, including effect of dilutive securities

      329        328        328        329   

Diluted earnings per common share attributable to Edison International common shareholders:

         

Continuing operations

    $ 1.22      $ 1.31      $ 1.95      $ 3.02   

Discontinued operations

      —          0.02        (0.01 )      —     
                                

Total

    $ 1.22      $ 1.33      $ 1.94      $ 3.02   
                                

Dividends declared per common share

    $ 0.310      $ 0.305      $ 0.930      $ 0.915   

Edison International Reports Third Quarter 2009 Financial Results

Page 10 of 13

 

Edison International

Consolidated Balance Sheets

 

In millions

    September 30,
2009		     December 31,
2008		  
     (Unaudited)  

ASSETS

     

Cash and equivalents

    $ 2,411      $ 3,916   

Short-term investments

      5        7   

Receivables, less allowances of $47 and $39 for uncollectible accounts at respective dates

      1,158        1,006   

Accrued unbilled revenue

      583        328   

Inventory

      549        553   

Derivative assets

      403        327   

Restricted cash

      148        3   

Margin and collateral deposits

      222        105   

Regulatory assets

      57        605   

Deferred income taxes – net

      28        104   

Other current assets

      204        399   
                

Total current assets

      5,768        7,353   
                

Nonutility property – less accumulated depreciation of $2,157 and $2,019 at respective dates

      4,718        5,374   

Nuclear decommissioning trusts

      3,025        2,524   

Investments in partnerships and unconsolidated subsidiaries

      238        229   

Investments in leveraged leases

      164        2,467   

Other investments

      93        89   
                

Total investments and other assets

      8,238        10,683   
                

Utility plant, at original cost:

     

Transmission and distribution

      21,035        20,006   

Generation

      2,633        1,819   

Accumulated depreciation

      (5,757 )      (5,570 ) 

Construction work in progress

      2,688        2,454   

Nuclear fuel, at amortized cost

      277        260   
                

Total utility plant

      20,876        18,969   
                

Derivative assets

      344        244   

Restricted deposits

      43        43   

Rent payments in excess of levelized rent expense under plant operating leases

      1,039        878   

Regulatory assets

      5,084        5,414   

Other long-term assets

      1,380        1,031   
                

Total long-term assets

      7,890        7,610   
                

Total assets

    $ 42,772      $ 44,615   
                

Edison International Reports Third Quarter 2009 Financial Results

Page 11 of 13

 

Edison International

Consolidated Balance Sheets

 

In millions, except share amounts

    September 30,
2009		    December 31,
2008
     (Unaudited)

LIABILITIES AND EQUITY

      

Short-term debt

    $ 85    $ 2,143

Current portion of long-term debt

      842      174

Accounts payable

      966      1,031

Accrued taxes

      271      590

Accrued interest

      207      187

Customer deposits

      241      228

Book overdrafts

      260      224

Derivative liabilities

      108      178

Regulatory liabilities

      1,176      1,111

Other current liabilities

      803      831
             

Total current liabilities

      4,959      6,697
             

Long-term debt

      10,448      10,950
             

Deferred income taxes – net

      4,414      5,717

Deferred investment tax credits

      198      109

Customer advances

      123      137

Derivative liabilities

      674      776

Pensions and benefits

      3,000      2,860

Asset retirement obligations

      3,179      3,042

Regulatory liabilities

      2,848      2,481

Other deferred credits and other long-term liabilities

      1,924      1,137
             

Total deferred credits and other liabilities

      16,360      16,259
             

Total liabilities

      31,767      33,906
             

Common stock, no par value (325,811,206 shares outstanding at each date)

      2,294      2,272

Accumulated other comprehensive income

      128      167

Retained earnings

      7,401      7,078
             

Total Edison International’s common shareholders’ equity

      9,823      9,517

Noncontrolling interests – other

      275      285

Preferred and preference stock of utility not subject to mandatory redemption

      907      907
             

Total equity

      11,005      10,709
             

Total liabilities and equity

    $ 42,772    $ 44,615
             

Edison International Reports Third Quarter 2009 Financial Results

Page 12 of 13

 

Edison International

Consolidated Statements of Cash Flows

 

     Nine Months Ended
September 30,		  

In millions

    2009     2008  
     (Unaudited)  

Cash flows from operating activities:

     

Net income

    $ 719      $ 1,114   

Loss from discontinued operations

      5        —     
                

Income from continuing operations

      724        1,114   

Adjustments to reconcile to net cash provided by operating activities:

     

Depreciation, decommissioning and amortization

      1,053        972   

Regulatory impacts of net nuclear decommissioning trust earnings (reflected in accumulated depreciation)

      133        42   

Other amortization

      95        80   

Lease terminations and other

      888        (75 ) 

Stock-based compensation

      17        25   

Equity in income from partnerships and unconsolidated subsidiaries – net

      (34 )      (40 ) 

Distributions and dividends from unconsolidated entities

      5        9   

Deferred income taxes and investment tax credits

      (1,322 )      69   

Rent payments in excess of levelized rent expense

      (161 )      (162 ) 

Income from leveraged leases

      (13 )      (39 ) 

Long-term regulatory assets and liabilities – net

      338        (28 ) 

Long-term derivative assets and liabilities – net

      (176 )      29   

Other assets

      (136 )      (71 ) 

Other liabilities

      835        (13 ) 

Changes in working capital:

     

Margin and collateral deposits – net of collateral received

      (99 )      (70 ) 

Receivables and accrued unbilled revenue

      (409 )      (378 ) 

Inventory

      4        (75 ) 

Restricted cash

      (148 )      —     

Other current assets

      190        93   

Book overdrafts

      41        90   

Accrued taxes

      (318 )      128   

Current regulatory assets and liabilities – net

      613        (97 ) 

Current derivative assets and liabilities – net

      (238 )      (3 ) 

Accounts payable and other current liabilities

      235        35   

Operating cash flows from discontinued operations

      (5 )      —     
                

Net cash provided by operating activities

      2,112        1,635   
                

Cash flows from financing activities:

     

Long-term debt issued

      939        2,132   

Long-term debt issuance costs

      (25 )      (15 ) 

Long-term debt repaid

      (566 )      (246 ) 

Bonds repurchased

      (219 )      (212 ) 

Preferred stock redeemed

      —          (7 ) 

Short-term debt financing – net

      (2,058 )      1,308   

Cash contributions from noncontrolling interests

      2        —     

Stock-based compensation – net

      4        (22 ) 

Dividends and distributions to noncontrolling interests

      (88 )      (116 ) 

Dividends paid

      (303 )      (298 ) 
                

Net cash provided (used) by financing activities

    $ (2,314 )    $ 2,524   
                

Edison International Reports Third Quarter 2009 Financial Results

Page 13 of 13

 

Edison International

Consolidated Statements of Cash Flows

 

     Nine Months Ended
September 30,		  

In millions

    2009     2008  
     (Unaudited)  

Cash flows from investing activities:

     

Capital expenditures

    $ (2,287 )    $ (1,959 ) 

Purchase of interest in acquired companies

      (7 )      (11 ) 

Proceeds from termination of leases

      1,420        —     

Proceeds from sale of property and interests in projects

      1        113   

Proceeds from nuclear decommissioning trust sales

      1,814        2,279   

Purchases of nuclear decommissioning trust investments and other

      (1,977 )      (2,329 ) 

Proceeds from partnerships and unconsolidated subsidiaries, net of investment

      10        35   

Maturities and sales of short-term investments

      3        80   

Purchase of short-term investments

      (1 )      (22 ) 

Customer advances for construction and other investments

      (279 )      (322 ) 
                

Net cash used by investing activities

      (1,303 )      (2,136 ) 
                

Net increase (decrease) in cash and equivalents

      (1,505 )      2,023   

Cash and equivalents, beginning of period

      3,916        1,441   
                

Cash and equivalents, end of period

    $ 2,411      $ 3,464