EX-99.2 3 a05-2685_1ex99d2.htm EX-99.2

 

Exhibit 99.2

 

CINERGY CORP.

CONSOLIDATED STATEMENTS OF INCOME

For the Periods Ended December 31, 2004 and 2003

(unaudited)

(dollars in thousands, except per share amounts)

 

 

 

Quarter Ended

 

Year To Date

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

 

Electric

 

$

855,571

 

$

853,556

 

$

3,536,649

 

$

3,320,256

 

Gas

 

259,090

 

197,129

 

783,316

 

835,507

 

Other

 

102,311

 

71,335

 

367,985

 

260,114

 

Total Operating Revenues

 

1,216,972

 

1,122,020

 

4,687,950

 

4,415,877

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Fuel, emission allowances, and purchased power

 

310,163

 

316,332

 

1,244,027

 

1,136,950

 

Gas purchased

 

137,359

 

134,938

 

428,087

 

503,834

 

Costs of fuel resold

 

77,450

 

51,691

 

280,891

 

196,974

 

Operation and maintenance

 

313,297

 

258,721

 

1,282,278

 

1,118,680

 

Depreciation

 

126,533

 

98,726

 

460,389

 

398,871

 

Taxes other than income taxes

 

49,625

 

49,211

 

253,945

 

249,746

 

Total Operating Expenses

 

1,014,427

 

909,619

 

3,949,617

 

3,605,055

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

202,545

 

212,401

 

738,333

 

810,822

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Unconsolidated Subsidiaries

 

30,154

 

3,549

 

48,249

 

15,201

 

Miscellaneous Income (Expense) - Net

 

8,206

 

10,478

 

(3,213

)

38,156

 

Interest Expense

 

65,792

 

77,140

 

275,238

 

270,874

 

Preferred Dividend Requirement of Subsidiary Trust

 

—

 

—

 

—

 

11,940

 

Preferred Dividend Requirements of Subsidiaries

 

858

 

859

 

3,432

 

3,433

 

 

 

 

 

 

 

 

 

 

 

Income Before Taxes

 

174,255

 

148,429

 

504,699

 

577,932

 

 

 

 

 

 

 

 

 

 

 

Income Taxes

 

27,829

 

41,387

 

103,831

 

143,508

 

 

 

 

 

 

 

 

 

 

 

Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles

 

$

146,426

 

$

107,042

 

$

400,868

 

$

434,424

 

Discontinued operations, net of tax

 

—

 

11

 

—

 

8,886

 

Cumulative Effect of a change in accounting principles, net of tax

 

—

 

—

 

—

 

26,462

 

Net Income

 

$

146,426

 

$

107,053

 

$

400,868

 

$

469,772

 

 

 

 

 

 

 

 

 

 

 

Average Common Shares Outstanding

 

183,455

 

178,288

 

180,965

 

176,535

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share - Basic

 

 

 

 

 

 

 

 

 

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

 

$

0.81

 

$

0.60

 

$

2.22

 

$

2.46

 

Discontinued operations, net of tax

 

—

 

—

 

—

 

0.05

 

Cumulative effect of changes in accounting principles, net of tax

 

—

 

—

 

—

 

0.15

 

Net Income

 

$

0.81

 

$

0.60

 

$

2.22

 

$

2.66

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share - Diluted

 

 

 

 

 

 

 

 

 

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

 

$

0.79

 

$

0.59

 

$

2.18

 

$

2.43

 

Discontinued operations, net of tax

 

—

 

—

 

—

 

0.05

 

Cumulative effect of changes in accounting principles, net of tax

 

—

 

—

 

—

 

0.15

 

Net Income

 

$

0.79

 

$

0.59

 

$

2.18

 

$

2.63

 

 

 

 

 

 

 

 

 

 

 

Cash Dividends Declared Per Common Share

 

$

0.47

 

$

0.46

 

$

1.88

 

$

1.84

 

 

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