EX-99 3 a03-4508_1ex99.htm EX-99

EXHIBIT No. 99

Constellation Energy Reports

Strong Quarterly Earnings Despite Impact of Hurricane Isabel and Northeast Blackout

 

Raises 2003 Earnings Guidance to $2.75 - $2.85 per share excluding Special Items and Hurricane Isabel Costs

 

BALTIMORE, Oct. 30, 2003 /PRNewswire-FirstCall via COMTEX/ — Constellation Energy Group (NYSE: CEG) today reported earnings of $1.15 per share for the three months ending September 30, 2003.  Excluding Hurricane Isabel restoration expenses of $0.11, Constellation earned $1.26 per share, an increase of 18 percent compared to $1.07 per share the same period last year excluding special items.  Results excluding restoration expenses exceeded the company’s earnings guidance provided on July 31, 2003, of $1.05 to $1.20 per share. The company also raised its guidance range for 2003 earnings excluding special items to a range of $2.75 to $2.85 per share excluding Hurricane Isabel expenses, or $2.63 to $2.73 per share including Isabel expenses.

 

“Constellation’s strong performance during the third quarter of 2003, the eighth quarter in which this management team has met or exceeded earnings guidance, is indicative of our strength within the energy sector and further validates our unique customer focused business model,” said Mayo A. Shattuck III, Constellation Energy’s chairman, president and chief executive officer. “We achieved these tremendous results despite facing two significant challenges, Hurricane Isabel and the Northeast blackout.  In addition to being extremely pleased and proud of our quarterly performance, this management team remains committed to achieving its 2003 earnings guidance and targeted long-term earnings per share growth at a compound rate of 10 percent.”

 

The following table summarizes both earnings per share excluding special items and earnings per share reported in accordance with generally accepted accounting principles (GAAP) for the third quarter of 2003 and 2002:

 

 

 

 

Three Months Ended
September 30, 2003

 

Three Months Ended
September 30, 2002

 

EARNINGS PER COMMON SHARE

 

Reported
GAAP
EPS

 

EPS
Excluding
Special Items

 

Reported
GAAP
EPS

 

EPS
Excluding
Special Items

 

Merchant energy

 

$

1.03

 

$

1.03

 

$

0.80

 

$

0.89

(1)

Baltimore Gas and Electric

 

0.12

 

0.12

 

0.19

 

0.20

(2)

Other nonregulated

 

—

 

—

 

(0.07

)

(0.02

)(3)

Earnings Per Common Share - Assuming Dilution

 

$

1.15

 

$

1.15

 

$

0.92

 

$

1.07

 

 

 

 

 

 

 

 

 

 

 

Hurricane Isabel Restoration Expenses

 

 

 

$

0.11

 

 

 

 

 

EPS Excluding Special Items & Isabel Restoration Expenses

 

 

 

$

1.26

 

 

 

 

 

 

Details of Adjustments to GAAP EPS:

(1)  Workforce reduction costs - $0.03 per share and impairment of investments in qualifying facilities (QF) and QF fuel supplier - $0.06 per share.

(2)  Workforce reduction costs - $0.01 per share.

(3)  Impairment of real estate and international investments - $0.01 per share and costs associated with exit of BGE Home merchandise stores - $0.04 per share.

 

Merchant Energy

 

For the third quarter of 2003, our merchant energy business earned $1.03 per share. These results exceeded the high end of our July earnings guidance and represent an increase of 16 percent compared to earnings excluding special items of $0.89 per share during the third quarter of 2002. Third quarter growth was driven by our competitive supply business at both the wholesale and commercial and industrial levels, the 2003 start-up of our new California High Desert Plant, and benefits from our productivity initiatives.

 

“Customer focus continues to be our guiding principle at Constellation and that is reflected in our expectation that our competitive supply business will reach the upper half of the 2003 earnings guidance range provided in January,” said Shattuck. “Constellation NewEnergy in particular, which operates in 17 states and has a customer list including 42 of the Fortune 100, is far surpassing our acquisition projections.  Our success and experience with integrating and growing acquired entrepreneurial enterprises bodes well for our newest Midwest competitive supply acquisitions.”

 

 

Baltimore Gas and Electric

 

Baltimore Gas and Electric earnings excluding the costs of Hurricane Isabel exceeded the top end of the $0.14 - $0.19 earnings per share guidance range.  BGE reported earnings of $0.12 per share for the third quarter of 2003.  Excluding Hurricane Isabel expenses incurred during the third quarter of $0.11 per share, BGE’s earnings were $0.23 per share, compared to $0.20 per share excluding special items for the third quarter of 2002.

 

The September 2003 Financial Statements and selected supplemental information are attached.

 

 

 

Earnings Excluding Special Items and Hurricane Isabel Restoration Expense

 

Constellation Energy presents earnings excluding special items in addition to its reported earnings per share in accordance with generally accepted accounting principles (reported GAAP EPS). Earnings excluding special items is a non-GAAP financial measure that differs from reported GAAP EPS because it excludes the cumulative effects of changes in accounting principles and other special items (which we define as items that are not related to our ongoing, underlying business or which distort comparability of results) included in operations. We present earnings excluding special items because we believe that it is appropriate for investors to consider results excluding these items in addition to our results in accordance with GAAP. We believe such a measure provides a picture of our results that is comparable among periods since it excludes the impact of items such as gains or losses on sales of non-core investments and workforce reduction costs, which may recur occasionally, but tend to be irregular as to timing, thereby distorting comparisons between periods. This non-GAAP measure is also used to evaluate management's performance and for compensation purposes. At September 30, 2003, Constellation also provided a measure of earnings which adjusted its reported GAAP EPS to eliminate the cost of Hurricane Isabel related transmission and distribution service restoration, based on its magnitude and distortive impact on earnings comparisons between periods.  However, investors should note that these non-GAAP measures involve judgments by management (in particular, judgments as to what is or is not classified as a special item).

 

Constellation Energy also provides its earnings guidance in terms of earnings excluding special items. Constellation Energy is unable to reconcile its 2003 earnings guidance excluding special items to GAAP earnings per share because we do not predict the future impact of special items due to the difficulty of doing so. The impact of special items could be material to our operating results computed in accordance with GAAP.

 

SEC Filings

 

The Company plans to file its Form 10-Q for the three months ended September 30, 2003 on or about November 14, 2003.

 

 

Forward-Looking Statements

 

We make statements in this news release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our Form 10-K under the forward-looking statements section.

 

Conference Call Oct 30, 2003

 

Constellation Energy Group will host a conference call at 8 a.m. Eastern Standard Time on Oct. 30, 2003, to review its results. To participate, investors, analysts, and members of the media in the United States may dial 1-800-905-0392 shortly before 8 a.m. The international dial-in number is 1-785-832-2041. The conference call host is Constellation Energy Group, and the password is CEG. A replay of the call will be available for one week. The replay number is 1-888-276-5302; the number for international callers is 1-402-220-2331. A live audio webcast of the conference call, as well as presentation slides and the third quarter 2003 earnings press release will be available on the Investor Relations page of the company Web site, www.constellation.com. The reference to our Web site is an active textual reference and the contents of our Web site are not part of this press release.

 

About Constellation Energy Group

 

Constellation Energy Group, a Fortune 500 company based in Baltimore, is the nation’s leading competitive supplier of electricity to large commercial and industrial customers and one of the nation's largest wholesale power sellers. Constellation also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns and operates a diversified fleet of power plants throughout the United States. The company also delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. First nine months 2003 revenue totaled $7.2 billion.

 

 

Constellation Energy Group and Subsidiaries

 

Consolidated Statements of Income (Unaudited)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(In Millions, Except Per Share Amounts)

 

Revenues

 

 

 

 

 

 

 

 

 

Nonregulated revenues

 

$

1,943.8

 

$

605.8

 

$

5,186.0

 

$

1,437.2

 

Regulated electric revenues

 

582.3

 

596.1

 

1,505.5

 

1,536.8

 

Regulated gas revenues

 

78.3

 

67.7

 

514.0

 

379.1

 

Total revenues

 

2,604.4

 

1,269.6

 

7,205.5

 

3,353.1

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Operating expenses

 

2,010.2

 

732.2

 

5,827.8

 

2,063.8

 

Workforce reduction costs

 

0.7

 

12.5

 

2.1

 

51.7

 

Impairment losses and other costs

 

—

 

24.6

 

—

 

24.6

 

Depreciation and amortization

 

127.7

 

125.8

 

355.6

 

360.1

 

Accretion of asset retirement obligations

 

10.7

 

—

 

32.0

 

—

 

Taxes other than income taxes

 

68.0

 

66.5

 

210.2

 

195.7

 

Total expenses

 

2,217.3

 

961.6

 

6,427.7

 

2,695.9

 

Net Gain on Sales of Investments and Other Assets

 

2.1

 

—

 

16.3

 

254.3

 

Income from Operations

 

389.2

 

308.0

 

794.1

 

911.5

 

Other Income

 

4.5

 

8.3

 

19.3

 

21.1

 

Fixed Charges

 

 

 

 

 

 

 

 

 

Interest expense

 

85.3

 

78.4

 

251.2

 

228.9

 

Interest capitalized and allowance for borrowed funds used during construction

 

(2.3

)

(8.5

)

(9.5

)

(40.4

)

BGE preference stock dividends

 

3.3

 

3.3

 

9.9

 

9.9

 

Total fixed charges

 

86.3

 

73.2

 

251.6

 

198.4

 

Income Before Income Taxes

 

307.4

 

243.1

 

561.8

 

734.2

 

Income Taxes

 

114.5

 

92.4

 

205.1

 

273.6

 

Income Before Cumulative Effects of Changes in Accounting Principles

 

192.9

 

150.7

 

356.7

 

460.6

 

Cumulative Effects of Changes in Accounting Principles, Net of Income Taxes of $119.5

 

—

 

—

 

(198.4

)

—

 

Net Income

 

$

192.9

 

$

150.7

 

$

158.3

 

$

460.6

 

Earnings Applicable to Common Stock

 

$

192.9

 

$

150.7

 

$

158.3

 

$

460.6

 

 

 

 

 

 

 

 

 

 

 

Average Shares of Common Stock Outstanding - Basic

 

167.0

 

164.4

 

165.9

 

164.0

 

Average Shares of Common Stock Outstanding - Diluted

 

167.7

 

164.4

 

166.2

 

164.0

 

Earnings Per Common Share Before Cumulative Effects of Changes in Accounting Principles - Basic

 

$

1.16

 

$

0.92

 

$

2.15

 

$

2.81

 

Cumulative Effects of Changes in Accounting Principles

 

—

 

—

 

(1.20

)

—

 

Earnings Per Common Share - Basic

 

$

1.16

 

$

0.92

 

$

0.95

 

$

2.81

 

Earnings Per Common Share Before Cumulative Effects of Changes in Accounting Principles - Diluted

 

$

1.15

 

$

0.92

 

$

2.15

 

$

2.81

 

Cumulative Effects of Changes in Accounting Principles

 

—

 

—

 

(1.20

)

—

 

Earnings Per Common Share - Diluted

 

$

1.15

 

$

0.92

 

$

0.95

 

$

2.81

 

 

Certain prior-period amounts have been reclassified to conform with the current period’s presentation.

 

 

Constellation Energy Group and Subsidiaries

 

Consolidated Balance Sheets (Unaudited)

 

 

 

September 30,
2003

 

December 31,
2002

 

 

 

(In Millions)

 

ASSETS

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash and cash equivalents

 

$

423.1

 

$

615.0

 

Accounts receivable (net of allowance for uncollectibles of $50.0 and $41.9, respectively)

 

1,796.5

 

1,244.1

 

Trading securities

 

—

 

77.1

 

Mark-to-market energy assets

 

506.9

 

759.4

 

Risk management assets

 

162.8

 

72.3

 

Fuel stocks

 

160.4

 

126.5

 

Materials and supplies

 

209.9

 

208.6

 

Prepaid taxes other than income taxes

 

102.5

 

57.1

 

Other

 

175.7

 

157.1

 

Total current assets

 

3,537.8

 

3,317.2

 

Investments And Other Assets

 

 

 

 

 

Real estate projects and investments

 

58.4

 

86.1

 

Investments in qualifying facilities and power projects

 

439.0

 

439.2

 

Nuclear decommissioning trust funds

 

704.7

 

645.4

 

Mark-to-market energy assets

 

342.5

 

926.8

 

Risk management assets

 

27.3

 

88.8

 

Goodwill

 

120.6

 

115.9

 

Other

 

250.7

 

204.7

 

Total investments and other assets

 

1,943.2

 

2,506.9

 

Property, Plant and Equipment

 

 

 

 

 

Regulated property, plant and equipment

 

5,203.2

 

5,075.2

 

Nonregulated generation property, plant and equipment

 

7,552.4

 

6,811.9

 

Other nonregulated property, plant and equipment

 

323.5

 

242.0

 

Nuclear fuel (net of amortization)

 

215.3

 

224.8

 

Accumulated depreciation

 

(3,874.2

)

(4,396.8

)

Net property, plant and equipment

 

9,420.2

 

7,957.1

 

Deferred Charges

 

 

 

 

 

Regulatory assets (net)

 

245.6

 

405.7

 

Other

 

159.0

 

136.0

 

Total deferred charges

 

404.6

 

541.7

 

Total Assets

 

$

15,305.8

 

$

14,322.9

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Short-term borrowings

 

$

10.4

 

$

10.5

 

Current portion of long-term debt

 

314.0

 

426.2

 

Accounts payable

 

1,201.1

 

943.4

 

Customer deposits and collateral

 

160.9

 

102.8

 

Mark-to-market energy liabilities

 

530.1

 

709.6

 

Risk management liabilities

 

197.7

 

20.1

 

Accrued interest

 

132.1

 

95.5

 

Accrued taxes

 

125.9

 

15.0

 

Dividends declared

 

46.7

 

42.8

 

Other

 

337.9

 

322.1

 

Total current liabilities

 

3,056.8

 

2,688.0

 

Deferred Credits And Other Liabilities

 

 

 

 

 

Deferred income taxes

 

1,244.9

 

1,330.7

 

Mark-to-market energy liabilities

 

254.8

 

460.0

 

Risk management liabilities

 

98.1

 

149.5

 

Asset retirement obligations

 

583.2

 

—

 

Net pension liability

 

246.1

 

334.6

 

Postretirement and postemployment benefits

 

362.9

 

352.8

 

Deferred investment tax credits

 

80.3

 

85.7

 

Other

 

139.6

 

150.1

 

Total deferred credits and other liabilities

 

3,009.9

 

2,863.4

 

Long-Term Debt

 

 

 

 

 

Long-term debt of nonregulated businesses

 

3,695.4

 

3,149.8

 

Long-term debt of BGE

 

1,395.6

 

1,650.0

 

Company obligated mandatorily redeemable trust preferred securities of subsidiary trust holding solely 7.16% debentures of BGE due June 30, 2038

 

250.0

 

250.0

 

Unamortized discount and premium

 

(10.7

)

(9.7

)

Current portion of long-term debt

 

(314.0

)

(426.2

)

Total long-term debt

 

5,016.3

 

4,613.9

 

Minority Interests

 

111.1

 

105.3

 

BGE Preference Stock Not Subject To Mandatory Redemption

 

190.0

 

190.0

 

Common Shareholders’ Equity

 

 

 

 

 

Common stock

 

2,153.0

 

2,078.9

 

Retained earnings

 

2,006.4

 

1,977.6

 

Accumulated other comprehensive loss

 

(237.7

)

(194.2

)

Total common shareholders’ equity

 

3,921.7

 

3,862.3

 

Total Liabilities And Equity

 

$

15,305.8

 

$

14,322.9

 

 

Certain prior-period amounts have been reclassified to conform with the current period’s presentation.

 

 

Constellation Energy Group and Subsidiaries

 

Merchant Energy Operating Statistics (Unaudited)

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

 

 

 

 

2003

 

2002

 

2003

 

2002

 

Revenues (In Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM Platform

 

 

 

 

 

$

530.2

 

$

463.9

 

$

1,371.2

 

$

1,073.9

 

Plants with Power Purchase Agreements

 

 

 

 

 

206.6

 

179.6

 

472.6

 

379.5

 

Competitive Supply - Accrual Revenues

 

 

 

 

 

1,410.5

 

180.8

 

3,787.2

 

288.8

 

- MTM Energy Revenues

 

 

 

 

 

8.7

 

7.8

 

11.5

 

161.9

 

Other

 

 

 

 

 

21.3

 

20.9

 

38.9

 

45.5

 

Total Revenues

 

 

 

 

 

$

2,177.3

 

$

853.0

 

$

5,681.4

 

$

1,949.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

Nuclear

 

Coal

 

Oil

 

Hydro &
Gas

 

Other

 

Total

 

Generation by Fuel Type  (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

2003

 

48.7

 

36.2

 

1.8

 

10.9

 

2.4

 

100.0

 

2002

 

52.6

 

36.1

 

2.2

 

6.3

 

2.8

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility Operating Statistics (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

 

 

 

 

2003

 

2002

 

2003

 

2002

 

ELECTRIC

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues (In Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

—with househeating

 

 

 

 

 

$

89.1

 

$

95.9

 

$

300.0

 

$

277.4

 

 

—other

 

 

 

 

 

190.7

 

200.9

 

448.1

 

453.6

 

 

—total

 

 

 

 

 

279.8

 

296.8

 

748.1

 

731.0

 

Commercial

—excluding delivery service

 

 

 

 

 

225.9

 

224.7

 

553.2

 

621.4

 

 

—delivery service

 

 

 

 

 

20.1

 

13.9

 

46.9

 

20.1

 

Industrial

—excluding delivery service

 

 

 

 

 

39.2

 

43.6

 

107.9

 

130.0

 

 

—delivery service

 

 

 

 

 

4.9

 

4.9

 

13.3

 

6.9

 

System Sales

 

 

 

 

 

569.9

 

583.9

 

1,469.4

 

1,509.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

12.4

 

12.4

 

36.2

 

27.7

 

Total

 

 

 

 

 

$

582.3

 

$

596.3

 

$

1,505.6

 

$

1,537.1

 

Sales (In Thousands) - MWH

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

—with househeating

 

 

 

 

 

1,109

 

1,209

 

4,200

 

3,830

 

 

—other

 

 

 

 

 

2,255

 

2,442

 

5,598

 

5,735

 

 

—total

 

 

 

 

 

3,364

 

3,651

 

9,798

 

9,565

 

Commercial

—excluding delivery service

 

 

 

 

 

2,814

 

2,820

 

7,691

 

9,385

 

 

—delivery service

 

 

 

 

 

1,454

 

1,281

 

3,666

 

1,636

 

Industrial

—excluding delivery service

 

 

 

 

 

651

 

758

 

1,905

 

2,815

 

 

—delivery service

 

 

 

 

 

492

 

472

 

1,332

 

587

 

Total System Sales

 

 

 

 

 

8,775

 

8,982

 

24,392

 

23,988

 

GAS

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues (In Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

—excluding delivery service

 

 

 

 

 

$

46.4

 

$

39.3

 

$

320.0

 

$

225.2

 

 

—delivery service

 

 

 

 

 

0.8

 

1.1

 

9.9

 

11.2

 

 

—total

 

 

 

 

 

47.2

 

40.4

 

329.9

 

236.4

 

Commercial

—excluding delivery service

 

 

 

 

 

14.3

 

11.6

 

95.7

 

59.1

 

 

—delivery service

 

 

 

 

 

3.4

 

4.1

 

17.0

 

20.0

 

Industrial

—excluding delivery service

 

 

 

 

 

1.2

 

0.9

 

8.3

 

7.1

 

 

—delivery service

 

 

 

 

 

2.2

 

3.1

 

8.0

 

10.2

 

System Sales

 

 

 

 

 

68.3

 

60.1

 

458.9

 

332.8

 

Off-System Sales

 

 

 

 

 

11.4

 

11.1

 

60.1

 

50.9

 

Other

 

 

 

 

 

1.3

 

1.0

 

5.5

 

4.4

 

Total

 

 

 

 

 

$

81.0

 

$

72.2

 

$

524.5

 

$

388.1

 

Sales (In Thousands) - DTH

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

—excluding delivery service

 

 

 

 

 

2,909

 

2,563

 

29,144

 

21,879

 

 

—delivery service

 

 

 

 

 

422

 

404

 

4,812

 

4,169

 

 

—total

 

 

 

 

 

3,331

 

2,967

 

33,956

 

26,048

 

Commercial

—excluding delivery service

 

 

 

 

 

1,170

 

1,239

 

10,074

 

7,231

 

 

—delivery service

 

 

 

 

 

5,019

 

5,157

 

20,932

 

19,873

 

Industrial

—excluding delivery service

 

 

 

 

 

75

 

117

 

765

 

870

 

 

—delivery service

 

 

 

 

 

3,662

 

5,780

 

13,610

 

17,221

 

System Sales

 

 

 

 

 

13,257

 

15,260

 

79,337

 

71,243

 

Off-System Sales

 

 

 

 

 

1,965

 

2,871

 

8,701

 

13,858

 

Total

 

 

 

 

 

15,222

 

18,131

 

88,038

 

85,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant Energy and Utility operating statistics do not reflect the elimination of intercompany transactions.

 

Heating/Cooling Degree Days (Calendar-Month Basis)

 

Heating Degree Days

- Actual

 

 

 

 

 

57

 

59

 

3,482

 

2,675

 

 

- Normal

 

 

 

 

 

87

 

84

 

3,034

 

3,045

 

Cooling Degree Days

- Actual

 

 

 

 

 

580

 

667

 

733

 

965

 

 

- Normal

 

 

 

 

 

577

 

579

 

816

 

812

 

 

 

Constellation Energy Group and Subsidiaries

 

Supplemental Financial Statistics (Unaudited)

 

 

 

 

 

 

 

Nine Months Ended
September 30,

 

 

 

 

 

 

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

 

 

 

3.03

 

3.79

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

 

 

 

 

35.9

%

36.8

%

 

 

 

 

 

 

 

 

 

 

Equity Investment In Nonregulated Businesses — End of Period

 

 

 

 

 

$

2,448.3

 

$

2,568.3

 

 

 

 

 

 

 

 

 

 

 

Equity Investment In Utility Business — End of Period

 

 

 

 

 

$

1,473.4

 

$

1,400.2

 

 

 

 

 

 

 

 

 

 

 

Common Stock Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

Common Stock Dividends - Per Share

 

 

 

 

 

 

 

 

 

—Declared

 

$

0.26

 

$

0.24

 

$

0.78

 

$

0.72

 

—Paid

 

$

0.26

 

$

0.24

 

$

0.76

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

Market Value Per Share

 

 

 

 

 

 

 

 

 

—High

 

$

37.65

 

$

29.85

 

$

37.65

 

$

32.38

 

—Low

 

$

31.75

 

$

21.51

 

$

25.17

 

$

21.51

 

—Close

 

$

35.78

 

$

24.79

 

$

35.78

 

$

24.79

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding—End of Period (In Millions)

 

167.1

 

164.5

 

167.1

 

164.5

 

 

 

 

 

 

 

 

 

 

 

Book Value per Share—End of Period

 

$

23.47

 

$

24.13

 

$

23.47

 

$

24.13