EX-99.2 3 a06-3914_1ex99d2.htm EXHIBIT 99.2

Exhibit 99.2

 

Schedule 1

CINERGY CORP.

CONSOLIDATED STATEMENTS OF INCOME

For the Periods Ended December 31, 2005 and 2004

(unaudited)

(dollars in thousands, except per share amounts)

 

 

 

Quarter Ended

 

Year To Date

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

 

Electric

 

$

1,118,974

 

$

849,260

 

$

4,070,972

 

$

3,510,525

 

Gas

 

340,013

 

259,090

 

816,781

 

783,316

 

Other

 

169,724

 

94,741

 

522,095

 

333,988

 

Total Operating Revenues

 

1,628,711

 

1,203,091

 

5,409,848

 

4,627,829

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Fuel, emission allowances and purchased power

 

466,654

 

307,528

 

1,535,088

 

1,233,311

 

Gas purchased

 

218,555

 

137,359

 

513,690

 

428,087

 

Costs of fuel resold

 

145,664

 

77,450

 

443,132

 

280,891

 

Operation and maintenance

 

349,670

 

304,333

 

1,348,554

 

1,230,618

 

Depreciation

 

129,780

 

124,810

 

510,438

 

453,765

 

Taxes other than income taxes

 

62,894

 

49,625

 

272,009

 

253,934

 

Total Operating Expenses

 

1,373,217

 

1,001,105

 

4,622,911

 

3,880,606

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

255,494

 

201,986

 

786,937

 

747,223

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Unconsolidated Subsidiaries

 

8,571

 

30,154

 

33,777

 

48,249

 

Miscellaneous Income (Expense) - Net

 

16,968

 

7,695

 

51,001

 

(3,577

)

Interest Expense

 

73,733

 

65,659

 

283,353

 

275,000

 

Preferred Dividend Requirement of Subsidiary Trust

 

—

 

—

 

—

 

—

 

Preferred Dividend Requirements of Subsidiaries

 

324

 

858

 

2,643

 

3,432

 

 

 

 

 

 

 

 

 

 

 

Income Before Taxes

 

206,976

 

173,318

 

585,719

 

513,463

 

 

 

 

 

 

 

 

 

 

 

Income Taxes

 

15,137

 

26,860

 

95,597

 

103,064

 

 

 

 

 

 

 

 

 

 

 

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

 

191,839

 

146,458

 

490,122

 

410,399

 

Discontinued operations, net of tax

 

858

 

(32

)

2,575

 

(9,531

)

Cumulative effect of changes in accounting principles, net of tax

 

(3,044

)

—

 

(3,044

)

—

 

Net Income

 

$

189,653

 

$

146,426

 

$

489,653

 

$

400,868

 

 

 

 

 

 

 

 

 

 

 

Average Common Shares Outstanding - Basic

 

199,557

 

183,455

 

198,199

 

180,965

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share - Basic

 

 

 

 

 

 

 

 

 

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

 

$

0.96

 

$

0.81

 

$

2.47

 

$

2.27

 

Discontinued operations, net of tax

 

0.00

 

—

 

0.01

 

(0.05

)

Cumulative effect of changes in accounting principles, net of tax

 

(0.01

)

—

 

(0.01

)

—

 

Net Income

 

$

0.95

 

$

0.81

 

$

2.47

 

$

2.22

 

 

 

 

 

 

 

 

 

 

 

Average Common Shares Outstanding - Diluted

 

200,324

 

186,369

 

199,172

 

183,531

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share - Diluted

 

 

 

 

 

 

 

 

 

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

 

$

0.96

 

$

0.79

 

$

2.46

 

$

2.23

 

Discontinued operations, net of tax

 

0.00

 

—

 

0.01

 

(0.05

)

Cumulative effect of changes in accounting principles, net of tax

 

(0.01

)

—

 

(0.01

)

—

 

Net Income

 

$

0.95

 

$

0.79

 

$

2.46

 

$

2.18

 

 

 

 

 

 

 

 

 

 

 

Cash Dividends Declared Per Common Share

 

—

 

$

0.47

 

$

1.92

 

$

1.88

 

 

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