EX-99.2 3 a04-8597_1ex99d2.htm EX-99.2

Exhibit 99.2

 

CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
For the Periods Ended June 30, 2004
(unaudited)

(in thousands, except per share amounts)

 

 

 

Quarter Ended

 

Year To Date

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

 

Electric

 

$

892,266

 

$

769,258

 

$

1,770,394

 

$

1,592,316

 

Gas

 

108,082

 

114,932

 

458,928

 

513,845

 

Other

 

53,389

 

49,733

 

113,073

 

95,719

 

Total Operating Revenues

 

1,053,737

 

933,923

 

2,342,395

 

2,201,880

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Fuel and purchased power

 

293,719

 

240,470

 

580,633

 

510,335

 

Gas purchased

 

47,420

 

53,319

 

270,936

 

289,314

 

Operation and maintenance

 

396,457

 

334,073

 

771,731

 

662,127

 

Depreciation

 

114,331

 

101,018

 

219,188

 

201,623

 

Taxes other than income taxes

 

65,072

 

66,958

 

147,319

 

144,707

 

Total Operating Expenses

 

916,999

 

795,838

 

1,989,807

 

1,808,106

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

136,738

 

138,085

 

352,588

 

393,774

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Unconsolidated Subsidiaries

 

7,331

 

6,104

 

10,079

 

6,696

 

Miscellaneous Income (Expense) - Net

 

5,033

 

7,767

 

(10,475

)

15,382

 

Interest Expense

 

70,276

 

60,537

 

137,671

 

119,829

 

Preferred Dividend Requirement of Subsidiary Trust

 

—

 

5,970

 

—

 

11,940

 

Preferred Dividend Requirements of Subsidiaries

 

858

 

858

 

1,716

 

1,716

 

 

 

 

 

 

 

 

 

 

 

Income Before Taxes

 

77,968

 

84,591

 

212,805

 

282,367

 

 

 

 

 

 

 

 

 

 

 

Income Taxes

 

19,464

 

8,983

 

51,286

 

66,966

 

 

 

 

 

 

 

 

 

 

 

Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles

 

$

58,504

 

$

75,608

 

$

161,519

 

$

215,401

 

Discontinued operations, net of tax

 

—

 

9,045

 

—

 

8,875

 

Cumulative effect of changes in accounting principles, net of tax

 

—

 

—

 

—

 

26,462

 

Net Income

 

$

58,504

 

$

84,653

 

$

161,519

 

$

250,738

 

 

 

 

 

 

 

 

 

 

 

Average Common Shares Outstanding

 

180,236

 

176,645

 

179,749

 

175,025

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share

 

 

 

 

 

 

 

 

 

Income before discontinued operations and cumulative effect of changes in accounting principles

 

$

0.33

 

$

0.42

 

$

0.90

 

$

1.23

 

Discontinued operations, net of tax

 

—

 

0.05

 

—

 

0.05

 

Cumulative effect of changes in accounting principles, net of tax

 

—

 

—

 

—

 

0.15

 

Net Income

 

$

0.33

 

$

0.47

 

$

0.90

 

$

1.43

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share - Assuming Dilution

 

 

 

 

 

 

 

 

 

Income before discontinued operations and cumulative effect of changes in accounting principles

 

$

0.32

 

$

0.42

 

$

0.89

 

$

1.22

 

Discontinued operations, net of tax

 

—

 

0.05

 

—

 

0.05

 

Cumulative effect of changes in accounting principles, net of tax

 

—

 

—

 

—

 

0.15

 

Net Income

 

$

0.32

 

$

0.47

 

$

0.89

 

$

1.42

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

 

$

0.47

 

$

0.46

 

$

0.94

 

$

0.92

 

 

Note:  Prior year data has been reclassified to conform with current year presentation.