[GRAPHIC OMITTED][GRAPHIC OMITTED]
News Release
FOR IMMEDIATE RELEASE
Contact: Corporate Communications, (626) 302-2255
www.edisonnews.com
Edison International Reports
Financial Results for Third Quarter 2005
ROSEMEAD, Calif., Nov. 4, 2005--
o Edison International (EIX) recorded in the third quarter of 2005 consolidated earnings per common share
of $1.41, compared to $2.49 for the same period last year. In both years, reported earnings include
discontinued operations that primarily reflect gains related to the sale of Mission Energy Holding
Company's (MEHC) international assets.
o Core earnings per share were $1.24 in the third quarter of 2005 compared to 87 cents in the same period
last year. Core earnings exclude earnings from discontinued operations and other non-core items.
o EIX is increasing its 2005 core earnings guidance to $2.80 - $2.90 per share from $2.53 - $2.63 per share.
Third Quarter 2005 Financial Highlights:
o Core earnings per common share - $1.24
o Net Income - $462 million
o Revenue - $3.8 billion
o Assets - $35.5 billion
THIRD-QUARTER EARNINGS SUMMARY
For the third quarter of 2005, EIX recorded consolidated earnings of $462 million compared
to earnings of $813 million in the same period last year. The decrease is primarily due to the impacts
from the sales of the international assets in 2004 reported as discontinued operations, partially offset
by improved operating results at MEHC from higher wholesale energy prices, higher energy
trading income, and lower net interest expense.
"Our core earnings for the third quarter were up 43% over the same period last year, driven by
strong results at our independent power business," reported Chairman and CEO, John Bryson. "SCE continued
to increase its core earnings, in part, on its large capital investment to strengthen and modernize the
utility power grid. Based on our current outlook, we are increasing our prior earnings guidance for
2005 by slightly more than 10% to a range of $2.80 to $2.90 per share."
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EDISON INTERNATIONAL THIRD-QUARTER FINANCIAL RESULTS
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THIRD-QUARTER EARNINGS DETAIL
Earnings from Continuing Operations
SCE's earnings from continuing operations were $280 million in the third quarter of 2005, compared
with $259 million in the third quarter of 2004. SCE's 2005 third-quarter earnings included a positive item
of $61 million related to a favorable tax settlement. Third quarter 2004 earnings included $50 million of
positive regulatory items, primarily from implementation of the 2003 general rate case (GRC) decision.
Excluding these non-core items, core earnings were up $10 million on a quarter-to-quarter comparison basis.
Higher net revenue and a tax benefit from a new IRS regulation more than offset the expected timing difference
related to the implementation of the 2003 GRC decision in July of last year.
MEHC's income from continuing operations was $154 million in the third quarter of 2005 compared to
$60 million in the third quarter of 2004. MEHC's third-quarter 2005 results include an impairment charge of
$34 million related to MEHC's March Point project as the rise in forecast fuel costs lowered projected cash
flows. MEHC's 2004 third-quarter results included charges of $22 million, primarily from an impairment
related to Midwest Generation's (MWG) small peaking plants and the termination of the Collins Station
lease. Excluding these charges, MEHC's core earnings increased by $106 million over the third quarter of 2004.
This increase is primarily due to higher wholesale energy prices, higher energy trading income, and lower net
corporate interest expense.
Earnings in the third quarter of 2005 for Edison Capital were $3 million compared to $12 million
in the same period last year. The decrease primarily reflects lower income from Edison Capital's investment
in the Emerging Europe Infrastructure Fund. The loss for "EIX parent company and other" decreased by $15
million primarily due to lower net interest expense.
Earnings from Discontinued Operations
The third-quarter 2005 earnings from discontinued operations primarily reflect positive tax
adjustments of $28 million resulting from the sales of international projects. Beginning in the third
quarter of 2004, MEHC reclassified the results of its international projects to discontinued operations
for all periods presented due to completion of the sale of its interest in Contact Energy and its
agreement to sell the remaining international projects. Earnings from discontinued operations
during the third quarter of 2004, including a gain and recognition of a tax benefit, were $499 million.
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EDISON INTERNATIONAL THIRD-QUARTER FINANCIAL RESULTS
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Quarter Ended September 30,
Earnings (Loss) Per Common Share (Unaudited) 2005 2004 Change
----------------------------------------------------
Southern California Edison $0.86 $0.79 $0.07
Mission Energy Holding Company 0.48 0.18 0.30
Edison Capital 0.01 0.04 (0.03)
EIX parent company and other (0.02) (0.05) 0.03
- ---------------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 1.33 0.96 0.37
- ---------------------------------------------------------------------------------------------------------
Earnings from Discontinued Operations - MEHC 0.08 1.53 (1.45)
- ---------------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $1.41 $2.49 $(1.08)
=========================================================================================================
Quarter Ended September 30,
Earnings (Loss) (in millions) (Unaudited) 2005 2004 Change
----------------------------------------------------
Southern California Edison $280 $259 $21
Mission Energy Holding Company 154 60 94
Edison Capital 3 12 (9)
EIX parent company and other (2) (17) 15
- ----------------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 435 314 121
- ----------------------------------------------------------------------------------------------------------
Earnings from Discontinued Operations - MEHC 27 499 (472)
- ----------------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $462 $813 $(351)
==========================================================================================================
Quarter Ended September 30,
Core Earnings (Loss) (in millions) (Unaudited)
2005 2004 Change
------------------------------------------------------
Southern California Edison Company $219 $209 $10
Mission Energy Holding Company 188 82 106
Edison Capital 3 12 (9)
EIX parent company and other (2) (17) 15
- ----------------------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 408 286 122
- ----------------------------------------------------------------------------------------------------------
Non-core items
SCE - Regulatory and tax items 61 50 11
MEHC - March Point impairment (34) -- (34)
MEHC - Peaker impairment -- (18) 18
MEHC - Collins lease termination -- (4) 4
MEHC - Discontinued operations 27 499 (472)
- ----------------------------------------------------------------------------------------------------------
54 527 (473)
- ----------------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $462 $813 $(351)
==========================================================================================================
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EDISON INTERNATIONAL THIRD-QUARTER FINANCIAL RESULTS
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YEAR-TO-DATE EARNINGS SUMMARY
EIX recorded earnings of $2.64 per share for the nine-month period ending September 30, 2005,
compared to $1.65 per share for the same period last year. The results included several non-core
adjustments detailed in the tables below. EIX's core earnings were $2.43 per share for the nine-month
period ending September 30, 2005, compared to $1.15 per share for the same period last year.
This increase reflects higher wholesale energy prices and higher energy trading income at MEHC, lower
net interest expense, higher net revenue and tax items at SCE, and gains from Edison Capital's Emerging
Europe Infrastructure Fund.
YEAR-TO-DATE EARNINGS DETAIL
Earnings (Loss) from Continuing Operations
SCE's earnings from continuing operations for the nine-month period ending September 30, 2005,
of $572 million decreased by $28 million, compared to the same period last year. SCE's results for 2005
included a positive item of $61 million from a favorable IRS settlement. SCE's results in 2004 included
net positive regulatory items of $172 million primarily related to the implementation of SCE's 2003 GRC
decision. Excluding these items, SCE's core earnings were $511 million, an increase of $83 million
compared to the same period last year. SCE's increased earnings were primarily from higher net revenue
for 2005, favorable resolution of tax issues, and the impact of a new tax regulation.
MEHC had earnings from continuing operations of $179 million for the nine months ended
September 30, 2005, compared to a loss of $614 million in the same period last year. MEHC's earnings
in 2005 included a $34 million charge related to the March Point plant impairment, and a $15 million
charge related to early debt retirements. MEHC's 2004 results included a $590 million charge for
the termination of the Collins Station lease, a net gain of $27 million on the sale of its interest
in Four Star Oil and Gas and the Brooklyn Navy Yard projects and a charge of $18 million related to
a peaker impairment. Excluding these items, MEHC's core earnings were $228 million, an increase of
$261 million. This increase primarily reflects higher wholesale energy prices, higher energy
trading income, and lower net corporate interest expense.
Edison Capital's earnings for the nine months ended September 30, 2005, were $80 million,
up $46 million from the same period last year. This increase is primarily due to gains from its
Emerging Europe Infrastructure Fund.
The loss for the nine months ended September 30, 2005, for "EIX parent company and other"
decreased by $30 million compared to the same period last year, mainly due to lower net interest expense.
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EDISON INTERNATIONAL THIRD-QUARTER FINANCIAL RESULTS
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Earnings from Discontinued Operations
Earnings from discontinued operations for the nine months ended September 30, 2005, were $55 million,
including positive tax adjustments of $28 million related to the international asset sales and distributions
from the Lakeland project of $24 million.Earnings from discontinued operations for the nine months ended
September 30, 2004, were $570 million representing the operating results, gain on sale and recognition of
tax benefits related to MEHC's international projects.
Year-To-Date Ended Sept. 30,
Earnings (Loss) Per Common Share (Unaudited) 2005 2004 Change
------------------------------------------------
Southern California Edison $1.75 $1.84 $(0.09)
Mission Energy Holding Company 0.55 (1.88) 2.43
Edison Capital 0.25 0.11 0.14
EIX parent company and other (0.08) (0.17) 0.09
- -----------------------------------------------------------------------------------------------------------
EIX Consol. Earnings (Loss) from Continuing Ops. 2.47 (0.10) 2.57
- -----------------------------------------------------------------------------------------------------------
Earnings from Discontinued Ops. - MEHC 0.17 1.75 (1.58)
- -----------------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $2.64 $1.65 $0.99
===========================================================================================================
Year-To-Date Ended Sept. 30,
Earnings (Loss) (in millions) (Unaudited) 2005 2004 Change
------------------------------------------------
Southern California Edison $572 $600 $(28)
Mission Energy Holding Company 179 (614) 793
Edison Capital 80 34 46
EIX parent company and other (22) (52) 30
- ---------------------------------------------------------------------------------------------------------
EIX Consol. Earnings (Loss) from Continuing Ops. 809 (32) 841
- ---------------------------------------------------------------------------------------------------------
Earnings from Discontinued Ops. - MEHC 55 570 (515)
Cumulative Effect of Accounting Change - EC -- (1) 1
- ---------------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $864 $537 $327
=========================================================================================================
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EDISON INTERNATIONAL THIRD-QUARTER FINANCIAL RESULTS
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Year-to-Date Ended Sept. 30,
Core Earnings (Loss) (in millions) (Unaudited) 2005 2004 Change
-------------------------------------------
Southern California Edison Company $511 $428 $83
Mission Energy Holding Company 228 (33) 261
Edison Capital 80 34 46
EIX parent company and other (22) (52) 30
- ---------------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 797 3 420
- ---------------------------------------------------------------------------------------------------
Non-core items
SCE - Regulatory and tax items 61 172 (111)
MEHC - Collins lease termination -- (590) 590
MEHC - March Point impairment (34) -- (34)
MEHC - Gain on sale re: Four Star Oil & Gas -- 29 (29)
MEHC - Peaker impairment -- (18) 18
MEHC - Early debt retirements (15) -- (15)
MEHC - Loss on sale re: Brooklyn Navy Yard -- (2) 2
MEHC - Discontinued Operations 55 570 (515)
- ---------------------------------------------------------------------------------------------------
67 161 (94)
Cumulative Effect of Accounting Change - (1) 1
- ---------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $864 $537 $327
===================================================================================================
Reminder: EIX Will Hold a Conference Call Today
Today, EIX will hold a conference call to discuss its 2005 third-quarter financial results
at 8 a.m. PST. 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 10500.
Charts that will be referenced in the conference call follow.
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EDISON INTERNATIONAL THIRD-QUARTER FINANCIAL RESULTS
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CHART 1
Quarter Ended September 30,
Core Earnings (Loss) Per Common Share (Unaudited)
2005 2004 Change
---------------------------------------------------------
Southern California Edison Company $0.67 $0.64 $0.03
Mission Energy Holding Company 0.58 0.24 0.34
Edison Capital 0.01 0.04 (0.03)
EIX parent company and other (0.02) (0.05) 0.03
- --------------------------------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 1.24 0.87 0.37
- --------------------------------------------------------------------------------------------------------------------
Non-core items
SCE - Regulatory and tax items 0.19 0.15 0.04
MEHC - March Point impairment (0.10) -- (0.10)
MEHC - Peaker impairment -- (0.05) 0.05
MEHC - Collins lease termination -- (0.01) 0.01
MEHC - Discontinued operations and other 0.08 1.53 (1.45)
- --------------------------------------------------------------------------------------------------------------------
0.17 1.62 (1.45)
- --------------------------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $1.41 $2.49 $(1.08)
====================================================================================================================
CHART 2
Year-to-Date Ended Sept. 30,
Core Earnings (Loss) Per Common Share (Unaudited)
2005 2004 Change
------------------------------------------------------
Southern California Edison Company $1.56 $1.31 $0.25
Mission Energy Holding Company 0.70 (0.10) 0.80
Edison Capital 0.25 0.11 0.14
EIX parent company and other (0.08) (0.17) 0.09
- -------------------------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 2.43 1.15 1.28
- -------------------------------------------------------------------------------------------------------------
Non-core items
SCE - Regulatory and tax items 0.19 0.53 (0.34)
MEHC - Collins lease termination -- (1.81) 1.81
MEHC - March Point impairment (0.10) -- (0.10)
MEHC - Gain on sale re: Four Star Oil & Gas -- 0.09 (0.09)
MEHC - Peaker impairment -- (0.05) 0.05
MEHC - Early debt retirements (0.05) -- (0.05)
MEHC - Loss on sale re: Brooklyn Navy Yard -- (0.01) 0.01
MEHC - Discontinued operations 0.17 1.75 (1.58)
- -------------------------------------------------------------------------------------------------------------
0.21 0.50 (0.29)
- -------------------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $2.64 $1.65 $0.99
=============================================================================================================
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Edison International Third-Quarter Financial Results
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CHART 3
Edison International
Supplemental Table - Coal-Fired Generation
Midwest Generation and Homer City
Three Months Ended September 30, Nine Months Ended September 30
2005 2004 Change % 2005 2004 Change %
- ----------------------------------------------------------------------------------------------------------------------
Midwest Generation
Generation (in TWhr)
Merchant 8.1 4.4 3.7 84.6% 22.4 12.4 10.0 80.9%
Power Purchase Agreement 3.9 (3.9) -100.0% 9.8 (9.8) -100.0%
--------------------------------------------------------------------------
Total coal-fired generation 8.1 8.3 (0.2) -2.0% 22.4 22.2 0.2 0.8%
--------------------------------------------------------------------------
Equivalent Availability 87.9% 91.9% -4.0% 76.8% 81.8% -5.0%
Forced Outage Rate (EFOR) 9.4% 5.0% 4.4% 9.0% 6.5% 2.5%
Flat Energy Price -Nihub($/MWh) 54.75 28.40 26.35 92.8% 44.26 29.36 14.90 50.7%
Average Energy Price ($/MWh)
Merchant 53.85 32.96 20.89 63.4% 45.12 30.98 14.14 45.6%
Power Purchase Agreement 16.56 (16.56) -100.0% 17.18 (17.18) -100.0%
--------------------------------------------------------------------------
53.85 25.27 28.58 113.1% 45.12 24.90 20.22 81.2%
--------------------------------------------------------------------------
Homer City
Generation (in TWhr) 4.1 3.6 0.5 14.0% 10.7 9.9 0.8 7.6%
Equivalent Availability 98.7% 91.7% 7.0% 88.0% 82.9% 5.1%
Forced Outage Rate 0.2% 1.4% -1.2% 3.6% 5.6% -2.0%
Flat Energy Price -PJM West Hub($/MWh) 75.33 41.40 33.93 82.0% 56.61 43.50 13.11 30.1%
Flat Energy Price -HC Hub($/MWh) 62.56 38.49 24.07 62.5% 50.54 41.97 8.57 20.4%
Average Energy Price ($/MWh) 45.45 35.99 9.46 26.3% 44.17 36.36 7.81 21.5%
Hedge Program status at September 30, 2005
Remainder of
2005 2006 2007
---- ---- ----
Midwest Generation
Megawatt hours (in TWh) 4.8 14.2 6.8
Average Energy Price ($/MWh) 35.34 43.02 42.24
Percent of Coal Requirements Under Contract 100% 100% 91%
Homer City
Megawatt hours (in TWh) 2.2 8.5 3.6
Average Energy Price ($/MWh) 43.14 53.24 60.68
Percent of Coal Requirements Under Contract 100% 78% 78%
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EDISON INTERNATIONAL THIRD-QUARTER FINANCIAL RESULTS
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CHART 4
Edison International 2005 Outlook
Original Revised Current
2005 Outlook 2005 Outlook 2005 Outlook
Oct. 2004 Aug. 2005 Nov. 2005
---------------------------------------------------------
Southern California Edison Company $1.75 $1.80 $1.80
Mission Energy Holding Company Consolidated 0.34 0.55 - 0.65 0.85 - 0.95
Edison Capital 0.08 0.28 0.27
EIX parent company and other (0.03) (0.10) (0.12)
- --------------------------------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 2.14 2.53 - 2.63 2.80 - 2.90
- --------------------------------------------------------------------------------------------------------------------
Non-core items
Southern California Edison Company (a) 0.11 0.11 0.19
Mission Energy Holding Company Consolidated (b)(0.05) (c)0.23 (d)0.02
-------------------------------------------------------------------------------------------------------------------
0.06 0.34 0.21
- --------------------------------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $2.20 $2.87-$2.97 $3.01-$3.11
====================================================================================================================
a) Favorable tax settlement
b) Early debt retirements
c) Discontinued operations $0.28 and early debt retirements $(0.05)
d) Discontinued operations $0.17, March Point $(0.10) and early debt retirements $(0.05)
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 California Public Utilities Commission and other regulatory
authorities and delays in regulatory actions;
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EDISON INTERNATIONAL THIRD-QUARTER FINANCIAL RESULTS
Page 10 of 10
o market risks affecting SCE's energy procurement activities;
o access to capital markets and the cost of capital;
o changes in interest rates and rates of inflation;
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, equipment failure, availability, heat rate and output;
o the availability of labor, equipment, and materials;
o the ability to obtain sufficient insurance;
o effects of legal proceedings, changes in 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 Edison Mission Energy's (EME) generating units have access;
o the cost of and availability of coal, natural gas, and fuel oil, and associated transportation costs;
o the cost of and availability of emission credits or allowances for emission credits for EME and its
subsidiaries;
o transmission congestion in and to each market area and the resulting differences in prices between
delivery points in which EME and its subsidiaries operate;
o the ability to provide sufficient collateral in support of hedging activities and purchases of fuel
and electric energy;
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, including new plants
and technologies that may be developed in the future;
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 accounted for using fair value accounting.
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.
# # #
Based in Rosemead, Calif., Edison International (NYSE:EIX) is the parent company of Southern
California Edison, Edison Mission Energy, and Edison Capital.
EDISON INTERNATIONAL
SUMMARY OF CONSOLIDATED EARNINGS
(UNAUDITED)
IN MILLIONS, EXCEPT PER-SHARE AMOUNTS QUARTER ENDED SEPT. 30, YEAR TO DATE SEPT. 30,
- -----------------------------------------------------------------------------------------------------------------------
2005 2004 2005 2004
- -----------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITY $ 3,084 $ 2,655 $ 7,194 $ 6,527
NONUTILITY POWER GENERATION 677 509 1,605 1,257
FINANCIAL SERVICES AND OTHER 22 24 79 85
- -----------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUE 3,783 3,188 8,878 7,869
- -----------------------------------------------------------------------------------------------------------------------
FUEL 489 415 1,309 1,027
PURCHASED POWER 502 915 1,633 2,022
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET 766 (34) 790 (85)
OTHER OPERATION AND MAINTENANCE 862 787 2,485 2,367
ASSET IMPAIRMENT AND LOSS ON LEASE TERMINATION - 35 12 989
DEPRECIATION, DECOMMISSIONING AND AMORTIZATION 270 232 796 755
PROPERTY AND OTHER TAXES 51 50 153 148
- -----------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 2,940 2,400 7,178 7,223
- -----------------------------------------------------------------------------------------------------------------------
OPERATING INCOME 843 788 1,700 646
INTEREST AND DIVIDEND INCOME 31 3 78 26
EQUITY IN INCOME FROM PARTNERSHIPS AND
UNCONSOLIDATED SUBSIDIARIES - NET 27 32 136 61
OTHER NONOPERATING INCOME 34 8 70 96
INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED (198) (251) (615) (741)
IMPAIRMENT LOSS ON EQUITY METHOD INVESTMENT (55) - (55) -
LOSS ON EARLY EXTINGUISHMENT OF DEBT - - (24) -
OTHER NONOPERATING DEDUCTIONS (35) (8) (58) (36)
- -----------------------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS
BEFORE TAX AND MINORITY INTEREST 647 572 1,232 52
INCOME TAX (BENEFIT) 129 181 267 (40)
DIVIDENDS ON UTILITY PREFERRED AND PREFERENCE STOCK
NOT SUBJECT TO MANDATORY REDEMPTION 7 1 14 4
MINORITY INTEREST 76 76 142 120
- -----------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM CONTINUING OPERATIONS 435 314 809 (32)
INCOME FROM DISCONTINUED OPERATIONS - NET OF TAX 27 499 55 570
- -----------------------------------------------------------------------------------------------------------------------
INCOME BEFORE ACCOUNTING CHANGE 462 813 864 538
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - NET OF TAX - - - (1)
- -----------------------------------------------------------------------------------------------------------------------
NET INCOME $ 462 $ 813 $ 864 $ 537
=======================================================================================================================
WEIGHTED-AVERAGE SHARES
OF COMMON STOCK OUTSTANDING 326 326 326 326
BASIC EARNINGS (LOSS) PER COMMON SHARE:
CONTINUING OPERATIONS $ 1.33 $ 0.96 $ 2.47 $ (0.10)
DISCONTINUED OPERATIONS 0.08 1.53 0.17 1.75
----------- ------------- ------------ --------------
TOTAL $ 1.41 $ 2.49 $ 2.64 $ 1.65
=========== ============= ============ ==============
WEIGHTED-AVERAGE SHARES, INCLUDING
EFFECT OF DILUTIVE SECURITIES 332 330 331 330
DILUTED EARNINGS (LOSS) PER COMMON SHARE:
CONTINUING OPERATIONS $ 1.31 $ 0.95 $ 2.45 $ (0.10)
DISCONTINUED OPERATIONS 0.08 1.51 0.16 1.73
----------- ------------- ------------ --------------
TOTAL $ 1.39 $ 2.46 $ 2.61 $ 1.63
=========== ============= ============ ==============
DIVIDENDS DECLARED PER COMMON SHARE $ 0.25 $ 0.20 $ 0.75 $ 0.60
EDISON INTERNATIONAL
Financial Overview
September 30, 2005
EDISON INTERNATIONAL (Consolidated Totals)
Third Quarter Year-to-Date
-------------------- ---------------------
2005 2004 2005 2004
---- ---- ---- ----
Assets $35,508 $33,738 $35,508 $33,738
Common Equity $6,366 $5,648 $6,366 $5,648
Revenue $3,783 $3,188 $8,878 $7,869
Earnings* $462 $813 $864 $537
Earnings Per Common Share* $1.41 $2.49 $2.64 $1.65
Book Value Per Common Share $19.54 $17.34 $19.54 $17.34
*includes parent company
SOUTHERN CALIFORNIA EDISON (Electric Utility)
Third Quarter Year-to-Date
-------------------- ---------------------
2005 2004 2005 2004
---- ---- ---- ----
Assets $25,450 $19,799 $25,450 $19,799
Common Equity $4,859 $4,363 $4,859 $4,363
Revenue $3,084 $2,655 $7,195 $6,527
Earnings $280 $259 $572 $600
Earnings Per EIX Common Share $0.86 $0.79 $1.75 $1.84
MISSION ENERGY HOLDING COMPANY-CONSOLIDATED (Nonutility Power Generation)
Third Quarter Year-to-Date
--------------------- --------------------
2005 2004 2005 2004
---- ---- ---- ----
Assets $6,675 $10,168 $6,675 $10,168
Common Equity $847 $713 $847 $713
Revenue $677 $509 $1,605 $1,257
Earnings (Loss) $181 $559 $234 $(44)
Earnings (Loss) Per EIX Common Share $0.56 $1.71 $0.72 $(0.13)
EDISON CAPITAL (Capital and Financial Services Provider)
Third Quarter Year-to-Date
-----------------------------------------------
2005 2004 2005 2004
---- ---- ---- ----
Assets $3,667 $3,630 $3,667 $3,630
Common Equity $686 $660 $686 $660
Revenue $21 $22 $72 $78
Earnings $3 $12 $80 $34
Earnings Per EIX Common Share $0.01 $0.04 $0.25 $0.11
SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
September 30, 2005
QUARTER ENDED SEPTEMBER 30, 2005
INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
-----------------------------------------------
RESIDENTIAL 8,908,962 477,631 5.66
AGRICULTURAL 415,721 (24,920) (5.66)
COMMERCIAL 11,044,615 473,387 4.48
INDUSTRIAL 2,768,421 (82,464) (2.89)
PUBLIC AUTHORITIES 1,683,590 12,339 0.74
RAILROADS & RAILWAYS 15,866 358 2.31
INTERDEPARTMENTAL 417 237 131.67
----------------------------------
SALES TO ULTIMATE CONSUMERS 24,837,592 856,568 3.57
RESALE SALES 3,828,475 814,350 27.02
----------------------------------
TOTAL KWH SALES 28,666,067 1,670,918 6.19
==================================
NINE MONTHS ENDED SEPTEMBER 30, 2005
INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
-----------------------------------------------
RESIDENTIAL 22,243,616 912,033 4.28
AGRICULTURAL 834,449 (143,811) (14.70)
COMMERCIAL 29,710,816 915,698 3.18
INDUSTRIAL 8,093,511 (148,992) (1.81)
PUBLIC AUTHORITIES 4,523,348 (89,863) (1.95)
RAILROADS & RAILWAYS 46,458 250 0.54
INTERDEPARTMENTAL 691 213 44.56
----------------------------------
SALES TO ULTIMATE CONSUMERS 65,452,889 1,445,528 2.26
RESALE SALES 11,400,651 1,067,131 10.33
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TOTAL KWH SALES 76,853,540 2,512,659 3.38
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