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8-K Filing
Pepco 8-KOther Events
Filed: 17 Sep 10, 12:00am
Exhibit 99.1
Selected Financial Data
The following table sets forth selected historical consolidated data for PHI as of December 31, 2009, 2008, 2007, 2006, and 2005, derived from PHI’s audited financial statements. The data set forth below should be read in conjunction with, and is qualified in its entirety by reference to, PHI’s financial statements and notes set forth in Exhibit 99.3 of this Form 8-K, and PHI’s “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” set forth in Exhibit 99.2 of this Form 8-K.
PEPCO HOLDINGS CONSOLIDATED FINANCIAL HIGHLIGHTS
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||
Consolidated Operating Results | ||||||||||||||||||||
Total Operating Revenue | $ | 7,402 | $ | 8,059 | (c) | $ | 7,613 | $ | 6,877 | $ | 6,275 | |||||||||
Total Operating Expenses | 6,754 | (a) | 7,510 | 6,953 | (e) | 6,281 | (g) | 5,470 | (i)(j)(k) | |||||||||||
Operating Income | 648 | 549 | 660 | 596 | 805 | |||||||||||||||
Other Expenses | 321 | 276 | 255 | 252 | 253 | |||||||||||||||
Preferred Stock Dividend Requirements of Subsidiaries | — | — | — | 1 | 3 | |||||||||||||||
Income from Continuing Operations Before Income Tax Expense and Extraordinary Item | 327 | 273 | 405 | 343 | 549 | |||||||||||||||
Income Tax Expense on Continuing Operations | 104 | (b) | 90 | (c)(d) | 141 | (f) | 133 | 227 | (l) | |||||||||||
Income from Continuing Operations Before Extraordinary Item | 223 | 183 | 264 | 210 | 322 | |||||||||||||||
Extraordinary Item, net of Income Taxes | — | — | — | — | 9 | |||||||||||||||
Income from Continuing Operations | 223 | 183 | 264 | 210 | 331 | |||||||||||||||
Income from Discontinued Operations, net of Income Taxes | 12 | 117 | 70 | 38 | (h) | 40 | ||||||||||||||
Net Income | 235 | 300 | 334 | 248 | 371 | |||||||||||||||
Earnings Available for Common Stock | 235 | 300 | 334 | 248 | 371 | |||||||||||||||
Common Stock Information | ||||||||||||||||||||
Basic Earnings Per Share of Common Stock from Continuing Operations | $ | 1.01 | $ | 0.90 | $ | 1.36 | $ | 1.10 | $ | 1.70 | ||||||||||
Basic Earnings per Share of Common Stock from Extraordinary Item | — | — | — | — | .05 | |||||||||||||||
Basic Earnings per Share from Discontinued Operations | .05 | 0.57 | 0.36 | 0.20 | 0.21 | |||||||||||||||
Basic Earnings Per Share of Common Stock | 1.06 | 1.47 | 1.72 | 1.30 | 1.96 | |||||||||||||||
Diluted Earnings Per Share of Common Stock from Continuing Operations | 1.01 | 0.90 | 1.36 | 1.10 | 1.70 | |||||||||||||||
Diluted Earnings per Share of Common Stock from Extraordinary Item | — | — | — | — | .05 | |||||||||||||||
Diluted Earnings per Share from Discontinued Operations | .05 | 0.57 | 0.36 | 0.20 | .21 | |||||||||||||||
Diluted Earnings Per Share of Common Stock | 1.06 | 1.47 | 1.72 | 1.30 | 1.96 | |||||||||||||||
Cash Dividends Per Share of Common Stock | 1.08 | 1.08 | 1.04 | 1.04 | 1.00 | |||||||||||||||
Year-End Stock Price | 16.85 | 17.76 | 29.33 | 26.01 | 22.37 | |||||||||||||||
Net Book Value per Common Share | 19.15 | 19.14 | 20.04 | 18.82 | 18.88 | |||||||||||||||
Weighted Average Shares Outstanding | 221 | 204 | 194 | 191 | 189 | |||||||||||||||
Other Information | ||||||||||||||||||||
Investment in Property, Plant and Equipment | $ | 11,431 | $ | 10,860 | $ | 10,392 | $ | 10,003 | $ | 9,634 | ||||||||||
Net Investment in Property, Plant and Equipment | 7,241 | 6,874 | 6,552 | 6,317 | 6,085 | |||||||||||||||
Total Assets | 15,779 | 16,133 | 15,111 | 14,244 | 14,039 | |||||||||||||||
Capitalization | ||||||||||||||||||||
Short-term Debt | $ | 530 | $ | 465 | $ | 289 | $ | 350 | $ | 156 | ||||||||||
Long-term Debt | 4,470 | 4,859 | 4,175 | 3,769 | 4,203 | |||||||||||||||
Current Maturities of Long-Term Debt and Project Funding | 536 | 85 | 332 | 858 | 470 | |||||||||||||||
Transition Bonds issued by ACE Funding | 368 | 401 | 434 | 464 | 494 | |||||||||||||||
Capital Lease Obligations due within one year | 7 | 6 | 6 | 6 | 5 | |||||||||||||||
Capital Lease Obligations | 92 | 99 | 105 | 111 | 117 | |||||||||||||||
Long-Term Project Funding | 17 | 19 | 21 | 23 | 26 | |||||||||||||||
Non-controlling Interest | 6 | 6 | 6 | 24 | 46 | |||||||||||||||
Common Shareholders’ Equity | 4,256 | 4,190 | 4,018 | 3,612 | 3,584 | |||||||||||||||
Total Capitalization | $ | 10,282 | $ | 10,130 | $ | 9,386 | $ | 9,217 | $ | 9,101 | ||||||||||
1
(a) | Includes $40 million ($24 million after-tax) gain related to settlement of Mirant bankruptcy claims. |
(b) | Includes a $13 million state income tax benefit (after Federal tax) related to a change in the state income tax reporting for the disposition of certain assets in prior years and a benefit of $6 million related to additional analysis of current and deferred tax balances completed in 2009. |
(c) | Includes a pre-tax charge of $124 million ($86 million after-tax) related to the adjustment to the equity value of cross-border energy lease investments, and included in Income Taxes is a $7 million after-tax charge for the additional interest accrued on the related tax obligation. |
(d) | Includes $18 million of after-tax net interest income on uncertain and effectively settled tax positions (primarily associated with the reversal of previously accrued interest payable resulting from the tentative settlement with the IRS on the mixed service cost issue and a claim made with the IRS related to the tax reporting for fuel over- and under-recoveries) and a benefit of $8 million (including a $3 million correction of prior period errors) related to additional analysis of deferred tax balances completed in 2008. |
(e) | Includes $33 million ($20 million after-tax) from settlement of Mirant bankruptcy claims. |
(f) | Includes $20 million ($18 million net of fees) benefit related to Maryland income tax settlement. |
(g) | Includes $19 million of impairment losses ($14 million after-tax) related to certain energy services business assets. |
(h) | Includes $12 million gain ($8 million after-tax) on the sale of Conectiv Energy’s equity interest in a joint venture which owns a wood burning cogeneration facility. |
(i) | Includes $68 million ($41 million after-tax) gain from sale of non-utility land owned by Pepco at Buzzard Point. |
(j) | Includes $71 million ($42 million after-tax) gain (net of customer sharing) from settlement of Mirant bankruptcy claims. |
(k) | Includes $13 million ($9 million after-tax) related to PCI’s liquidation of a financial investment that was written off in 2001. |
(l) | Includes $11 million in income tax expense related to the mixed service cost issue under IRS Revenue Ruling 2005-53. |
2