Xcel Energy (XEL) 10-Q 2004 Q3 Quarterly report

Exhibit 99.02

Xcel Energy Inc. and Subsidiaries Consolidated Statements of Operations, as restated for discontinued operations, for the quarters ended March 31, 2003, June 30, 2003, Sept. 30, 2003 and Dec. 31, 2003.

The following Consolidated Statements of Operations reflect reclassifications of 2003 quarterly results from their previous presentation in Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2003 to reflect the operations discontinued during 2004.  The operating results of CLF&P and Seren are reflected as a component of Income (loss) from discontinued operations – net of tax.  The reclassifications had no impact on net income or earnings per share.

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended
	March 31, 2003				June 30, 2003				Sept. 30, 2003			Dec. 31, 2003
Operating revenues:
Electric utility	$	1,365,378			$	1,374,327			$	1,754,514		$	1,440,468
Natural gas utility	654,272				266,741				178,731			585,602
Electric trading margin	(1,034			)	5,648				10,837			1,714
Nonregulated and other	48,879				57,023				57,518			58,387
Total operating revenues	2,067,495				1,703,739				2,001,600			2,086,171
Operating expenses:
Electric fuel and purchased power - utility	592,151				639,342				814,446			659,900
Cost of natural gas sold and transported - utility	474,211				170,994				100,763			445,028
Cost of sales - nonregulated and other	28,232				34,195				46,470			33,643
Other operating and maintenance expenses - utility	377,502				378,520				383,252			431,218
Other operating and maintenance expenses - nonregulated	18,866				17,897				16,571			16,882
Depreciation and amortization	185,626				200,542				186,979			155,845
Taxes (other than income taxes)	80,700				81,355				84,251			71,572
Special charges	—				10,436				2,980			5,623
Total operating expenses	1,757,288				1,533,281				1,635,712			1,819,711
Operating income	310,207				170,458				365,888			266,460
Interest and other income, net of other expenses	(801			)	10,042				20,623			5,574
Interest charges and financing costs:
Interest charges - net of amounts capitalized	105,079				109,474				104,318			109,609
Distributions on redeemable preferred securities of subsidiary trusts	9,586				9,566				2,621			958
Total interest charges and financing costs	114,665				119,040				106,939			110,567
Income from continuing operations before income taxes	194,741				61,460				279,572			161,467
Income taxes	66,106				1,833				94,924			8,538
Income from continuing operations	128,635				59,627				184,648			152,929
Income (loss) from discontinued operations - net of tax	11,377				(342,189			)	102,847			324,517
Net income (loss)	140,012				(282,562			)	287,495			477,446
Dividend requirements on preferred stock	1,060				1,060				1,060			1,060
Earnings (loss) available to common shareholders	$		138,952		$		(283,622	)	$		286,435	$	476,386
Weighted average common shares outstanding (thousands):
Diluted	417,368				418,063				418,128			422,086
Earnings per share:
Income from continuing operations	$		0.31		$		0.15		$		0.44	$	0.37
Income (loss) from discontinued operations	0.03				(0.82			)	0.25			0.77
Earnings (loss) per share – diluted	$		0.34		$		(0.67	)	$		0.69	$	1.14

1