News Release
FOR IMMEDIATE RELEASE
Contact: Corporate Communications, (626) 302-2255
www.edisonnews.com
Edison International Reports
Second-Quarter Financial Results
ROSEMEAD, Calif., August 8, 2006-
o Edison International (NYSE:EIX) recorded earnings per common share of 54 cents in the second quarter
of 2006 compared to 61 cents in 2005, down 7 cents primarily due to non-core items.
o Excluding earnings from discontinued operations and other non-core items, core earnings per share were
55 cents in the second quarter of 2006, up one cent over the same period last year. This increase was
primarily driven by improved results from the independent power business, partially offset by gains
recorded in 2005 from an Edison Capital infrastructure fund investment.
Second Quarter 2006 Highlights:
o Earnings per common share - $0.54
o Net Income - $177 million
o Revenue - $3.0 billion
o Assets - $35.2 billion
o Equity - $7.1 billion
SECOND-QUARTER EARNINGS SUMMARY
For the quarter ended June 30, 2006, Edison International recorded consolidated earnings of 54 cents per
share, compared to 61 cents per share for the same period last year. Excluding earnings from discontinued
operations and other non-core items, Edison International's second-quarter core earnings were 55 cents per share
in 2006, compared to 54 cents per share in the same period in 2005.
"Second quarter core earnings which include results from the 2006 General Rate Case decision were
solid," commented John E. Bryson, chairman and CEO, Edison International. "The experience of the heat storm
just two weeks ago demonstrated the importance of that decision in supporting our planned continued record
levels of capital investment in the utility's distribution and transmission system."
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EDISON REPORTS SECOND-QUARTER RESULTS
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SECOND-QUARTER EARNINGS DETAIL
Earnings (Loss) from Continuing Operations
Southern California Edison Company's (SCE) earnings from continuing operations were $234 million in
the second quarter of 2006, an increase of $73 million compared to the second quarter of 2005. SCE's results
include an $81 million, or 25-cents-per-share, one-time benefit from resolution of an outstanding state
income tax issue. Excluding non-core items, SCE's second-quarter 2006 core earnings were $153 million
compared to $157 million in the second quarter of 2005. This change reflects the net impact of higher
revenue at SCE associated with the implementation of the 2006 General Rate Case (GRC) decision and the return
on investment earned by SCE's Mountainview plant, more than offset by higher operating and income tax
expenses. SCE received the 2006 GRC decision in May, allowing the company to recover its net revenue back to
early January, which was recorded in the second quarter. Also, as a result of the seasonality of the
company's sales, along with the rate design approved in the GRC decision, SCE's base rate revenue will be
higher in the third quarter compared to the other three quarters of 2006.
Edison Mission Group's (EMG) 2006 second-quarter loss from continuing operations was $56 million,
down $81 million from results in the same period last year. As a part of EMG, Mission Energy Holding
Company's (MEHC) second-quarter 2006 loss of $60 million includes an after-tax charge of $88 million, or 27
cents per share, reflecting the early extinguishment of debt related to Edison Mission Energy's bond
refinancing. Excluding this charge, MEHC's core earnings were $28 million, an improvement of $26 million
over the second quarter of 2005. The increase is primarily due to higher wholesale energy margins mainly
driven by higher prices at the Illinois Plants and Homer City, an estimated insurance recovery at Homer City
related to the Unit 3 outage, and higher net interest income, partially offset by higher taxes. Earnings in
the second quarter of 2006 for Edison Capital, also part of EMG, were $4 million compared to $23 million in
the second quarter of 2005. This decrease is primarily due to Edison Capital's share of income from its
investment in the Emerging Europe Infrastructure Fund which recorded a gain in the second quarter of 2005.
Earnings from Discontinued Operations
Edison International's earnings from discontinued operations were $4 million in the second quarter of
2006 compared to $21 million in the same period last year. The 2006 and 2005 earnings resulted primarily
from distributions received related to the Lakeland project.
Quarter Ended June 30,
Earnings (Loss) Per Common Share (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $0.72 $0.49 $0.23
Edison Mission Group
Mission Energy Holding Company (0.18) 0.01 (0.19)
Edison Capital 0.01 0.07 (0.06)
----------------------------------------------
Edison Mission Group Total (0.17) 0.08 (0.25)
EIX (parent) and other (0.02) (0.02) --
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 0.53 0.55 (0.02)
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Operations 0.01 0.06 (0.05)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $0.54 $0.61 $(0.07)
===============================================================================================
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EDISON REPORTS SECOND-QUARTER RESULTS
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Quarter Ended June 30,
Earnings (Loss) (in millions) (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $234 $161 $73
Edison Mission Group
Mission Energy Holding Company (60) 2 (62)
Edison Capital 4 23 (19)
----------------------------------------------
Edison Mission Group Total (56) 25 (81)
EIX (parent) and other (5) (6) 1
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 173 180 (7)
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Operations 4 21 (17)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $177 $201 $(24)
===============================================================================================
YEAR-TO-DATE EARNINGS SUMMARY
Edison International recorded consolidated earnings per share of $1.32 for the six-month period ending
June 30, 2006, compared to $1.23 for the same period last year. Edison International had earnings from
continuing operations of $1.08 per share for the six-month period ended June 30, 2006, compared with $1.15 per
share for the same period last year. Excluding earnings from discontinued operations and other non-core items,
Edison International's core earnings for the six-month period were $1.10 per share in 2006, compared to $1.19 per
share in the same period in 2005.
YEAR-TO-DATE EARNINGS DETAIL
Earnings (Loss) from Continuing Operations
SCE's earnings from continuing operations in the first half of 2006 were $355 million, an increase of
$63 million compared to the same period last year. SCE's results include an $81 million one-time benefit
from the resolution of an outstanding state income tax issue. Excluding non-core items, SCE's core earnings
were $274 million compared to $288 million in the same period last year as the higher base rate revenue
authorized by the 2006 GRC, and the earnings from SCE's Mountainview project, were more than offset by higher
operating and income tax expenses. Also, as a result of the seasonality of the company's sales, along with
the rate design approved in the GRC decision, SCE's base rate revenue will be higher in the third quarter
compared to the other three quarters of 2006.
EMG's earnings from continuing operations for the first six months of 2006 were $17 million, down $85
million from the same period last year. Excluding non-core items, MEHC's core earnings were $86 million, an
increase of $42 million. This increase primarily reflects higher wholesale energy margins mainly driven by
higher prices at the Illinois Plants, higher net interest income, and higher energy trading income, partially
offset by higher taxes. Edison Capital's earnings for the six months ended June 30, 2006, were $19 million,
down $54 million from the same period last year when results included gains from its Emerging Europe
Infrastructure Fund investment.
MEHC's equity in income from its energy projects is seasonal and therefore materially higher in the third
quarter compared to other quarters of the year, due to warmer weather during the summer months and because a
number of MEHC's energy projects located on the West Coast have power sales contracts that provide for higher
payments during the summer months.
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EDISON REPORTS SECOND-QUARTER RESULTS
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Earnings from Discontinued Operations
Edison International's earnings from discontinued operations were $77 million for the six-month
period ending June 30, 2006, compared to $28 million for the same period last year, with both years' earnings
resulting primarily from distributions from MEHC's Lakeland project.
Year-to-Date June 30,
Earnings (Loss) Per Common Share (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $1.09 $0.89 $0.20
Edison Mission Group
Mission Energy Holding Company (0.01) 0.10 (0.11)
Edison Capital 0.06 0.22 (0.16)
----------------------------------------------
Edison Mission Group Total 0.05 0.32 (0.27)
EIX (parent) and other (0.06) (0.06) --
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 1.08 1.15 (0.07)
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Operations 0.24 0.08 0.16
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $1.32 $1.23 $0.09
===============================================================================================
Year-to-Date June 30,
Earnings (Loss) (in millions) (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $355 $292 $63
Edison Mission Group
Mission Energy Holding Company (2) 29 (31)
Edison Capital 19 73 (54)
----------------------------------------------
Edison Mission Group Total 17 102 (85)
EIX (parent) and other (15) (19) 4
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 357 375 (18)
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Operations 77 28 49
Cumulative Effect of Change in Accounting
Principle 1 -- 1
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $435 $403 $32
===============================================================================================
Since the first quarter of 2006, the results of MEHC, Edison Capital and other smaller subsidiaries
have been presented on a consolidated basis as EMG. This change was made to reflect the integrated
management of MEHC and Edison Capital. In addition, effective April 2006, the wind assets and biomass power
project previously owned by Edison Capital were transferred to MEHC. The transfer was applied
retrospectively, in accordance with accounting rules.
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EDISON REPORTS SECOND-QUARTER RESULTS
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Reminder: Edison International Will Hold a Conference Call Today
Today, Edison International will hold a conference call to discuss its second-quarter 2006
financial results at 8 a.m. (Pacific time). Although two-way participation in the telephone call is limited
to financial analysts and investors, all other interested parties are invited to participate in a
"listen-only" mode through a simultaneous webcast on the company's web site at www.edisoninvestor.com.
Additional financial and other statistical information, if any, presented during the call will be available
on the web site. The domestic call-in number is (800) 356-8584 and the ID# is 10900.
Chart 1
Quarter Ended June 30,
Core Earnings (Loss) Per Common Share
(Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $0.47 $0.48 $(0.01)
Edison Mission Group
Mission Energy Holding Company 0.09 0.01 0.08
Edison Capital 0.01 0.07 (0.06)
----------------------------------------------
Edison Mission Group Total 0.10 0.08 0.02
EIX (parent) and other (0.02) (0.02) --
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 0.55 0.54 0.01
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Generator refund incentive -- 0.01 (0.01)
SCE - Resolution of an outstanding state tax item 0.25 -- 0.25
MEHC - Extinguishment of debt (0.27) -- (0.27)
MEHC - Earnings from discontinued operations 0.01 0.06 (0.05)
- -----------------------------------------------------------------------------------------------
Total non-core items (0.01) 0.07 (0.08)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $0.54 $0.61 $(0.07)
===============================================================================================
Quarter Ended June 30,
Core Earnings (Loss) (in millions) (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $153 $157 $ (4)
Edison Mission Group
Mission Energy Holding Company 28 2 26
Edison Capital 4 23 (19)
----------------------------------------------
Edison Mission Group Total 32 25 7
EIX (parent) and other (5) (6) 1
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 180 176 4
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Generator refund incentive -- 4 (4)
SCE - Resolution of an outstanding state tax item 81 -- 81
MEHC - Extinguishment of debt (88) -- (88)
MEHC - Earnings from discontinued operations 4 21 (17)
- -----------------------------------------------------------------------------------------------
Total non-core items (3) 25 (28)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $177 $201 $(24)
===============================================================================================
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EDISON REPORTS SECOND-QUARTER RESULTS
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Chart 2
Year-to-Date June 30,
Core Earnings (Loss) Per Common Share
(Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $0.84 $0.88 $(0.04)
Edison Mission Group
Mission Energy Holding Company 0.26 0.15 0.11
Edison Capital 0.06 0.22 (0.16)
----------------------------------------------
Edison Mission Group Total 0.32 0.37 (0.05)
EIX (parent) and other (0.06) (0.06) --
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 1.10 1.19 (0.09)
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Generator refund incentive -- 0.01 (0.01)
SCE - Resolution of an outstanding state tax item 0.25 -- 0.25
MEHC - Extinguishment of debt (0.27) (0.05) (0.22)
MEHC - Earnings from discontinued operations 0.24 0.08 0.16
- -----------------------------------------------------------------------------------------------
Total non-core items 0.22 0.04 0.18
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $1.32 $1.23 $0.09
===============================================================================================
Year-to-Date June 30,
Core Earnings (Loss) (in millions) (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $274 $288 $(14)
Edison Mission Group
Mission Energy Holding Company 86 44 42
Edison Capital 19 73 (54)
----------------------------------------------
Edison Mission Group Total 105 117 (12)
EIX (parent) and other (15) (19) 4
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 364 386 (22)
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Generator refund incentive -- 4 (4)
SCE - Resolution of an outstanding state tax item 81 -- 81
MEHC - Extinguishment of debt (88) (15) (73)
MEHC - Earnings from discontinued operations 77 28 49
Cumulative Effect of Change in Acctg. Principle 1 -- 1
- -----------------------------------------------------------------------------------------------
Total non-core items 71 17 54
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $435 $403 $32
===============================================================================================
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EDISON REPORTS SECOND-QUARTER RESULTS
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Chart 3
Edison International
Supplemental Table - Coal-Fired Generation
Midwest Generation and Homer City
Three months ended June 30, Six months ended June 30,
2006 2005 Change % 2006 2005 Change %
------------------------------- -------------------------------
Midwest Generation
Generation (in TWhr) 5.5 5.8 (0.3) -5.2% 12.7 14.2 (1.5) -10.6%
Equivalent Availability 66.0% 62.1% 3.9% 76.4% 71.1% 5.3%
Forced Outage Rate (EFOR) 7.7% 9.6% -1.9% 5.0% 8.7% -3.7%
Average Cost of Fuel ($/MWh) 13.42 12.51 0.91 7.3% 13.14 12.12 1.02 8.4%
Flat Energy Price - Nihub ($/MWh) 39.31 38.34 0.96 2.5% 40.89 39.01 1.88 4.8%
Average Midwest Gen Energy Price ($/MWh) 47.63 41.83 5.80 13.9% 47.09 40.12 6.97 17.4%
Homer City
Generation (in TWhr) 2.9 3.1 (0.2) -6.5% 5.4 6.6 (1.2) -18.2%
Equivalent Availability 74.3% 77.1% -2.8% 73.1% 82.6% -9.5%
Forced Outage Rate 19.9% 3.6% 16.3% 22.8% 5.6% 17.2%
Average Cost of Fuel ($/MWh) 24.13 19.36 4.77 24.6% 24.03 18.65 5.38 28.8%
Flat Energy Price - PJM West Hub ($/MWh) 48.08 47.30 0.78 1.6% 52.25 47.24 5.01 10.6%
Flat Energy Price - HC Busbar ($/MWh) 44.00 44.86 (0.86) -1.9% 47.24 44.54 2.70 6.1%
Flat Energy Price - PJM West Hub minus
HC Busbar ($/MWHr) - Basis 4.08 2.44 1.64 5.01 2.70 2.31
Average Homer City Energy Price ($/MWh) 50.02 42.93 7.09 16.5% 51.43 43.38 8.05 18.6%
- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Hedge Program status at June 30, 2006
Remainder of
2006 2007 2008
------------ ------- --------
Midwest Generation
Megawatt hours (in TWh) 10.0 16.2 3.1
Average Energy Price ($/MWh) $47.61 $48.25 $66.13 (1)
Percent of Coal Requirements Under Contract 108% 95% 33%
Homer City
Megawatt hours (in TWh) 4.4 7.6 2.4
Average Energy Price ($/MWh) $54.07 $64.35 $66.01
Percent of Coal Requirements Under Contract 99% 97% 39%
(1) Represents on-peak hedges.
Note: Subsequent to June 30, 2006, an agreement was executed to hedge an additional 500 MW of on-peak power
from the Midwest Gen facilities for 2007, 2008 and 2009.
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EDISON REPORTS SECOND-QUARTER RESULTS
Page 8 of 9
Risk Disclosure Statement
This release contains "forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements reflect Edison International's current
expectations and projections about future events based on Edison International's knowledge of present facts
and circumstances and assumptions about future events and include any statement that does not directly relate
to a historical or current fact. In this report and elsewhere, the words "expects," "believes,"
"anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will," "could," "would,"
"should," and variations of such words and similar expressions, or discussions of strategy or of plans, are
intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties
that could cause actual results to differ materially from those anticipated. Some of the risks,
uncertainties and other important factors that could cause results to differ, or that otherwise could impact
Edison International or its subsidiaries, include but are not limited to:
o the ability of Edison International to meet its financial obligations and to pay dividends on its
common stock if its subsidiaries are unable to pay dividends;
o the ability of SCE to recover its costs in a timely manner from its customers through regulated rates;
o decisions and other actions by the CPUC and other regulatory authorities and delays in regulatory
actions;
o market risks affecting SCE's energy procurement activities;
o access to capital markets and the cost of capital;
o changes in interest rates, rates of inflation and foreign exchange rates;
o governmental, statutory, regulatory or administrative changes or initiatives affecting the electricity
industry, including the market structure rules applicable to each market and environmental regulations
that could require additional expenditures or otherwise affect the cost and manner of doing business;
o risks associated with operating nuclear and other power generating facilities, including operating
risks, nuclear fuel storage, equipment failure, availability, heat rate and output;
o the availability of labor, equipment and materials;
o the ability to obtain sufficient insurance, including insurance relating to SCE's nuclear facilities;
o effects of legal proceedings, changes in or interpretations of tax laws, rates or policies, and
changes in accounting standards;
o supply and demand for electric capacity and energy, and the resulting prices and dispatch volumes, in
the wholesale markets to which MEHC generating units have access;
o the cost and availability of coal, natural gas, fuel oil, nuclear fuel, and associated transportation;
o the cost and availability of emission credits or allowances for emission credits;
o transmission congestion in and to each market area and the resulting differences in prices between
delivery points;
o the ability to provide sufficient collateral in support of hedging activities and purchased power and
fuel;
o the extent of additional supplies of capacity, energy and ancillary services from current competitors
or new market entrants, including the development of new generation facilities and technologies;
o the difficulty of predicting wholesale prices, transmission congestion, energy demand and other
activities in the complex and volatile markets in which MEHC and its subsidiaries participate;
o general political, economic and business conditions;
o weather conditions, natural disasters and other unforeseen events; and
o changes in the fair value of investments and other assets.
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EDISON REPORTS SECOND-QUARTER RESULTS
Page 9 of 9
Additional information about risks and uncertainties, including more detail about the factors described
above, is contained in Edison International's reports filed with the Securities and Exchange Commission.
Readers are urged to read such reports and carefully consider the risks, uncertainties and other factors that
affect Edison International's business. Readers also should review future reports filed by Edison
International with the Securities and Exchange Commission. The information contained in this release is
subject to change without notice. Forward-looking statements speak only as of the date they are made and
Edison International is not obligated to publicly update or revise forward-looking statements.
# # #
Rosemead, Calif.-based Edison International (NYSE:EIX) is an electric power generator and distributor,
and an investor in infrastructure and renewable energy projects with assets totaling almost $35 billion. The
company is comprised of a regulated utility, Southern California Edison (SCE) and an unregulated group of
business units, Edison Mission Group (EMG). The California Public Utilities Commission does not regulate the
terms of EMG's products and services.
Page 9
EDISON INTERNATIONAL
SUMMARY OF CONSOLIDATED EARNINGS
(UNAUDITED)
IN MILLIONS, EXCEPT PER-SHARE AMOUNTS QUARTER ENDED JUNE 30, YEAR TO DATE JUNE 30,
- ------------------------------------------------------------------------------------------------------------
2006 2005 2006 2005
- ------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITY $ 2,521 $ 2,203 $ 4,739 $ 4,109
NONUTILITY POWER GENERATION 460 417 970 928
FINANCIAL SERVICES AND OTHER 20 29 44 56
- ------------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUE 3,001 2,649 5,753 5,093
- ------------------------------------------------------------------------------------------------------------
FUEL 380 399 840 818
PURCHASED POWER 769 743 1,783 1,131
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET (10) (41) (371) 24
OTHER OPERATION AND MAINTENANCE 879 822 1,707 1,635
DEPRECIATION, DECOMMISSIONING AND AMORTIZATION 339 267 631 527
PROPERTY AND OTHER TAXES 54 50 111 102
NET GAIN ON SALE OF UTILITY PROPERTY AND PLANT (1) - (1) -
- ------------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 2,410 2,240 4,700 4,237
- ------------------------------------------------------------------------------------------------------------
OPERATING INCOME 591 409 1,053 856
INTEREST AND DIVIDEND INCOME 43 25 80 47
EQUITY IN INCOME FROM PARTNERSHIPS AND
UNCONSOLIDATED SUBSIDIARIES - NET 10 24 14 108
OTHER NONOPERATING INCOME 33 20 74 37
INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED (209) (204) (409) (417)
LOSS ON EARLY EXTINGUISHMENT OF DEBT (143) - (143) (24)
OTHER NONOPERATING DEDUCTIONS (10) (13) (22) (22)
- ------------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS
BEFORE TAX AND MINORITY INTEREST 315 261 647 585
INCOME TAX 95 34 206 138
DIVIDENDS ON UTILITY PREFERRED AND PREFERENCE STOCK
NOT SUBJECT TO MANDATORY REDEMPTION 13 5 25 7
MINORITY INTEREST 34 42 59 65
- ------------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 173 180 357 375
INCOME FROM DISCONTINUED OPERATIONS - NET OF TAX 4 21 77 28
- ------------------------------------------------------------------------------------------------------------
INCOME BEFORE ACCOUNTING CHANGE 177 201 434 403
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - NET OF TAX - - 1 -
- ------------------------------------------------------------------------------------------------------------
NET INCOME $ 177 $ 201 $ 435 $ 403
============================================================================================================
WEIGHTED-AVERAGE SHARES
OF COMMON STOCK OUTSTANDING 326 326 326 326
BASIC EARNINGS PER COMMON SHARE:
CONTINUING OPERATIONS $ 0.53 $ 0.55 $ 1.08 $ 1.15
DISCONTINUED OPERATIONS 0.01 0.06 0.24 0.08
-------------- ---------- --------- ----------
TOTAL $ 0.54 $ 0.61 $ 1.32 $ 1.23
============== ========== ========= ==========
WEIGHTED-AVERAGE SHARES, INCLUDING
EFFECT OF DILUTIVE SECURITIES 331 331 331 331
DILUTED EARNINGS PER COMMON SHARE:
CONTINUING OPERATIONS $ 0.53 $ 0.55 $ 1.09 $ 1.14
DISCONTINUED OPERATIONS 0.01 0.06 0.23 0.08
-------------- ---------- --------- ----------
TOTAL $ 0.54 $ 0.61 $ 1.32 $ 1.22
============== ========== ========= ==========
DIVIDENDS DECLARED PER COMMON SHARE $ 0.27 $ 0.25 $ 0.54 $ 0.50
Page
SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
June 30, 2006
Quarter Ended June 30,
--------------------------------------------------------------
Increase/
2006 2005 (Decrease) %
- -------------------------------------------------------------------------------------------------------
Residential 6,729,181 6,243,809 485,372 7.77
Agricultural 265,477 271,075 (5,598) (2.07)
Commercial 9,934,721 9,633,436 301,285 3.13
Industrial 2,656,680 2,756,943 (100,263) (3.64)
Public Authorities 1,480,115 1,481,807 (1,692) (0.11)
Railroads & Railways 15,276 15,128 148 0.98
Interdepartmental 721 265 456 172.08
- ---------------------------------------------------------------------------------------------
Sales to Ultimate Consumers 21,082,171 20,402,463 679,708 3.33
Resale Sales 1,584,326 3,844,630 (2,260,304) (58.79)
- ---------------------------------------------------------------------------------------------
Total kWh Sales 22,666,497 24,247,093 (1,580,596) (6.52)
- ---------------------------------------------------------------------------------------------
Year-to-Date June 30,
-------------------------------------------------------------
Increase/
2006 2005 (Decrease) %
- ------------------------------------------------------------------------------------------------------
Residential 13,600,252 13,334,654 265,598 1.99
Agricultural 452,544 418,728 33,816 8.08
Commercial 19,301,493 18,666,201 635,292 3.40
Industrial 5,280,243 5,325,090 (44,847) (0.84)
Public Authorities 2,844,822 2,839,758 5,064 0.18
Railroads & Railways 30,634 30,592 42 0.14
Interdepartmental 1,063 274 789 *
- --------------------------------------------------------------------------------------------
Sales to Ultimate Consumers 41,511,051 40,615,297 895,754 2.21
Resale Sales 3,445,170 7,572,176 (4,127,006) (54.50)
- --------------------------------------------------------------------------------------------
Total kWh Sales 44,956,221 48,187,473 (3,231,252) (6.71)
======================================================================================================
*over 200%
