SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: January 22, 2004
| Commission File Number | Exact name of registrant as specified in its charter and principal office address and telephone number | State of Incorporation | I.R.S. Employer ID. Number | |||
|---|---|---|---|---|---|---|
| 1-14514 | Consolidated Edison, Inc. 4 Irving Place, New York, New York 10003 (212) 460-4600 | New York | 13-3965100 | |||
| 1-1217 | Consolidated Edison Company of New York, Inc. 4 Irving Place, New York, New York 10003 (212) 460-4600 | New York | 13-5009340 | |||
| 1-4315 | Orange and Rockland Utilities, Inc. One Blue Hill Plaza, Pearl River New York 10965 (845) 352-6000 | New York | 13-1727729 |
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
2003 Financial Results
Unaudited net revenues (operating revenues less purchased power, fuel and gas purchased for resale), operating income and net income for common stock for the years 2003 and 2002 for Consolidated Edison, Inc. (Con Edison) and its consolidated subsidiaries Consolidated Edison Company of New York, Inc. (Con Edison of New York) and Orange and Rockland Utilities, Inc. (O&R) were as follows:
| | Con Edison | Con Edison of New York | O&R | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Millions of Dollars) | ||||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | 2003 | 2002 | |||||||||||||
| Net revenues | $ | 4,550 | $ | 4,416 | $ | 3,970 | $ | 3,898 | $ | 356 | $ | 325 | ||||||
| Operating income | 934 | 1,060 | 942 | 954 | 68 | 72 | ||||||||||||
| Net income for common stock | 528 | 646 | 591 | 605 | 45 | 45 | ||||||||||||
For Con Edison and Con Edison of New York, results for 2003, as compared to 2002 period, were negatively affected by a reduction in net credits for pension and other post-retirement benefits, higher depreciation and property tax expense and the settlement, subject to regulatory approval, regarding the nuclear generating unit sold in 2001, offset in part by higher net revenues and lower operating and maintenance expense. For Con Edison and O&R, results reflect the disallowance of certain purchased power costs of O&R's New Jersey utility subsidiary. For Con Edison, results for 2003, as compared to 2002, were also negatively affected by impairment charges for certain unregulated telecommunications and generating assets, lower merchant generation margins, and additional costs relating to unregulated generating units placed in service.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 22, 2004, Con Edison issued a press release reporting, among other things, its results of operations for 2003. Con Edison's condensed consolidated balance sheets at December 31, 2003 and 2002 and consolidated income statements for 2003 and 2002 were attached to the press release. The press release (including its attachments), which is "furnished" as an exhibit to this report pursuant to Item 12 of Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section and shall not be incorporated by reference into any filing under the Securities Act of 1933.
2
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | |
|---|---|---|---|
| CONSOLIDATED EDISON, INC. | |||
CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. | |||
By | /s/ EDWARD J. RASMUSSEN Edward J. Rasmussen Vice President and Controller | ||
ORANGE AND ROCKLAND UTILITIES, INC. | |||
By | /s/ LOUIS M. BEVILACQUA Louis M. Bevilacqua Chief Financial Officer and Controller | ||
DATE: January 22, 2004
