News Release
FOR IMMEDIATE RELEASE
Contact: Corporate Communications, (626) 302-2255
www.edisonnews.com
Edison International Reports
Third-Quarter 2006 Financial Results
ROSEMEAD, Calif., November 3, 2006--
o Edison International (NYSE:EIX) announced earnings per common share of $1.38 in the third quarter of
2006 compared to $1.41 in the third quarter of 2005, a decline of 3 cents per share, or approximately 2
percent, primarily due to the net effect of:
>> An 8-cents-per-share increase in core, or operating, earnings due to improved results at both Southern
California Edison Company (SCE) and Edison Mission Group (EMG); offset by
>> An 11-cents-per-share decrease in non-core earnings.
o Excluding discontinued operations and other non-core items, core earnings per share increased more
than 6 percent to $1.32 in the third quarter of 2006 from $1.24 in the same period a year ago.
o Edison International is confirming its 2006 core earnings guidance of $2.91 per share and increasing
total earnings guidance to $3.19 per share. For 2007, Edison International is updating total earnings
guidance to a range of $3.05 - $3.45 per share.
Third Quarter 2006 Financial Highlights:
o Earnings per common share - $1.38
o Net Income - $458 million
o Revenue - $3.8 billion
o Assets - $36.3 billion
o Equity - $7.5 billion
THIRD-QUARTER EARNINGS SUMMARY
"During the quarter, we continued to take large steps to meet the future energy needs of our utility
customers and to contract the forward generation of our EMG competitive generation power plants," commented
John E. Bryson, chairman and CEO, Edison International. "Southern California Edison began work on up to 225
megawatts of peaker projects to be operational by next summer and Edison Mission Group substantially
increased forward power sales through 2009."
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Page 1
THIRD-QUARTER EARNINGS DETAIL
Earnings (Loss) from Continuing Operations
SCE's earnings from continuing operations were $263 million in the third quarter of 2006, compared to
$280 million in the third quarter of 2005. SCE's 2006 third-quarter results include a $24 million, or
7-cents-per-share, benefit from a generator settlement. Third quarter 2005 earnings include a positive item
of $61 million, or 19 cents per share, related to an IRS tax settlement. Excluding these non-core items,
SCE's third-quarter 2006 core earnings were $239 million, up $20 million over the same period last year. This
increase reflects the impact of higher net revenue at SCE associated with the 2006 General Rate Case (GRC)
and earnings from the Mountainview plant, offset by higher income tax expense.
EMG's third-quarter earnings from continuing operations in 2006 were $204 million compared to $159
million in 2005. Mission Energy Holding Company (MEHC), a subsidiary of EMG, had earnings of $155 million in
the third quarter of 2005 that included an after-tax impairment charge of $34 million, or 10 cents per share,
related to the March Point project. Excluding non-core items, MEHC's third quarter core earnings in 2006
were $180 million, compared to $189 million in the third quarter of 2005. The decrease is primarily the
result of lower income from energy trading, and lower project income primarily due to the Big Four and Doga.
The decrease in MEHC's core earnings is partially offset by favorable quarter-over-quarter results at Homer
City from a SFAS No. 133 net impact and lower net corporate interest expense. Earnings in the third quarter
of 2006 for Edison Capital, also part of EMG, were $24 million, an increase of $20 million over the third
quarter of 2005. This increase is primarily due to Edison Capital's share of gains from its investment in
the Emerging Europe Infrastructure Fund.
Earnings (Loss) from Discontinued Operations
Edison International's loss from discontinued operations was $2 million in the third quarter of 2006
compared to earnings of $27 million in the same period last year. The 2005 earnings primarily reflect
positive tax adjustments resulting from the sale of international projects.
Quarter Ended September 30,
Earnings (Loss) Per Common Share (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $0.81 $0.86 $(0.05)
Edison Mission Group
Mission Energy Holding Company 0.55 0.48 0.07
Edison Capital 0.07 0.02 0.05
----------------------------------------------
Edison Mission Group Total 0.62 0.50 0.12
EIX (Parent) and Other (0.04) (0.03) (0.01)
- ------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 1.39 1.33 0.06
===============================================================================================
Earnings (Loss) from Discontinued Operations (0.01) 0.08 (0.09)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $1.38 $1.41 $(0.03)
===============================================================================================
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Page 2
Quarter Ended September 30,
Earnings (Loss) (in millions) (Unaudited) 2006 2005 Change
- ----------------------------------------- ----------------------------------------------
Southern California Edison Company $263 $280 $(17)
Edison Mission Group
Mission Energy Holding Company 180 155 25
Edison Capital 24 4 20
----------------------------------------------
Edison Mission Group Total 204 159 45
EIX (Parent) and Other (7) (4) (3)
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 460 435 25
- -----------------------------------------------------------------------------------------------
Earnings (Loss) from Discontinued Operations (2) 27 (29)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $458 $462 $(4)
===============================================================================================
YEAR-TO-DATE EARNINGS SUMMARY
Edison International recorded consolidated earnings per share of $2.71 for the nine-month period ending
September 30, 2006, compared to $2.64 for the same period last year. Excluding earnings from discontinued
operations and other non-core items, Edison International's core earnings for the nine-month period were $2.43
per share in 2006, compared to $2.42 per share in the same period in 2005.
YEAR-TO-DATE EARNINGS DETAIL
Earnings (Loss) from Continuing Operations
SCE's earnings from continuing operations for the nine-month period ending September 30, 2006, were $618
million, an increase of $46 million compared to the same period last year. SCE's results include several
non-core items: an $81 million benefit from the resolution of an outstanding state income tax issue in 2006, a
$24 million generator settlement in 2006 and a $61 million benefit from an IRS tax settlement and a $4 million
generator refund incentive in 2005. Excluding these non-core items, SCE's year-to-date core earnings in 2006
were $513 million, up $6 million from the same period last year. Higher net revenue authorized in the 2006 GRC
decision, along with earnings from SCE's Mountainview project were partially offset by higher income tax
expense.
EMG's earnings from continuing operations for the first nine months of 2006 were $221 million, down $40
million from the same period last year. MEHC's year-to-date earnings include several non-core items: an
after-tax charge of $88 million, or 27 cents per share, reflecting the early extinguishment of debt related to
Edison Mission Energy's debt refinancing in 2006, and the March Point plant impairment of $34 million and a
charge of $15 million also related to extinguishment of debt in 2005. Excluding these non-core items, MEHC's
year-to-date 2006 core earnings were $265 million compared to $233 million in the same period last year. This
increase primarily reflects lower net interest expense, higher wholesale energy margins mainly driven by higher
prices at the Illinois Plants, partially offset by tax benefits recognized in 2005 and lower trading and project
income primarily due to the Big Four and Doga. Edison Capital's earnings for the nine months ended September
30, 2006, were $44 million, down $33 million from the same period last year reflecting the impact of higher
gains in 2005 from its Emerging Europe Infrastructure Fund investment partially offset by lower net corporate
interest expense in 2006.
Earnings from Discontinued Operations
Earnings from discontinued operations for the nine-month period ending September 30, 2006, were $75
million resulting primarily from distributions from MEHC's Lakeland project. Earnings from
discontinued operations for the nine-month period ending September 30, 2005, were $55 million, including
positive tax adjustments of $28 million related to the international sales and distributions from the Lakeland
project of $24 million.
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Page 3
Year-to-Date September 30,
Earnings (Loss) Per Common Share (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $1.90 $1.75 $0.15
Edison Mission Group
Mission Energy Holding Company 0.54 0.57 (0.03)
Edison Capital 0.14 0.23 (0.09)
----------------------------------------------
Edison Mission Group Total 0.68 0.80 (0.12)
EIX (Parent) and Other (0.10) (0.08) (0.02)
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 2.48 2.47 0.01
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Operations 0.23 0.17 0.06
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $2.71 $2.64 $0.07
===============================================================================================
Year-to-Date September 30,
Earnings (Loss) (in millions) (Unaudited) 2006 2005 Change
- ----------------------------------------- --------------------------------------------
Southern California Edison Company $618 $572 $46
Edison Mission Group
Mission Energy Holding Company 177 184 (7)
Edison Capital 44 77 (33)
----------------------------------------------
Edison Mission Group Total 221 261 (40)
EIX (Parent) and Other (22) (24) 2
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 817 809 8
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Operations 75 55 20
Cumulative Effect of Change in Accounting Principle 1 -- 1
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $893 $864 $29
===============================================================================================
Edison International's earnings are prepared in accordance with generally accepted accounting
principles used in the United States of America and represent the company's earnings as reported to the
Securities and Exchange Commission. Edison International's management uses core earnings, which exclude
earnings from discontinued operations and other non-core items, internally for financial planning and for
analysis of performance. Edison International also uses core earnings as the primary performance measurement
when communicating with analysts and investors regarding its earnings results and outlook as it allows them
to more accurately compare the company's ongoing performance across periods.
Reminder: Edison International Will Hold a Conference Call Today
Today, Edison International will hold a conference call to discuss its third-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 11000.
Page 4
Chart 1
Quarter Ended September 30,
Core Earnings (Loss) Per Common Share (Unaudited) 2006 2005 Change
- ------------------------------------------------ -------------------------------------
Southern California Edison Company $0.74 $0.67 $0.07
Edison Mission Group
Mission Energy Holding Company 0.55 0.58 (0.03)
Edison Capital 0.07 0.02 0.05
----------------------------------------------
Edison Mission Group Total 0.62 0.60 0.02
EIX (Parent) and Other (0.04) (0.03) (0.01)
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 1.32 1.24 0.08
- -----------------------------------------------------------------------------------------------
Non-core Items
SCE - Generator settlement 0.07 -- 0.07
SCE - Resolution of an outstanding tax item -- 0.19 (0.19)
MEHC - March Point impairment -- (0.10) 0.10
MEHC - Earnings from discontinued operations (0.01) 0.08 (0.09)
- -----------------------------------------------------------------------------------------------
Total Non-core Items 0.06 0.17 (0.11)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $1.38 $1.41 $(0.03)
===============================================================================================
Quarter Ended September 30,
Core Earnings (Loss) (in millions) (Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $239 $219 $20
Edison Mission Group
Mission Energy Holding Company 180 189 (9)
Edison Capital 24 4 20
----------------------------------------------
Edison Mission Group Total 204 193 11
EIX (Parent) and Other (7) (4) (3)
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 436 408 28
- -----------------------------------------------------------------------------------------------
Non-core Items
SCE - Generator settlement 24 -- 24
SCE - Resolution of an outstanding tax item -- 61 (61)
MEHC - March Point impairment -- (34) 34
MEHC - Earnings from discontinued operations (2) 27 (29)
- -----------------------------------------------------------------------------------------------
Total Non-core Items 22 54 (32)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $458 $462 $(4)
===============================================================================================
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Page 5
Chart 2
Year-to-Date September 30,
Core Earnings (Loss) Per Common Share
(Unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $1.58 $1.55 $0.03
Edison Mission Group
Mission Energy Holding Company 0.81 0.72 0.09
Edison Capital 0.14 0.23 (0.09)
----------------------------------------------
Edison Mission Group Total 0.95 0.95 --
EIX (Parent) and Other (0.10) (0.08) (0.02)
- ----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 2.43 2.42 0.01
- -----------------------------------------------------------------------------------------------
Non-core Items
SCE - Generator settlement / refund 0.07 0.01 0.06
SCE - Resolution of an outstanding tax item 0.25 0.19 0.06
MEHC - Extinguishment of debt (0.27) (0.05) (0.22)
MEHC - March Point impairment -- (0.10) 0.10
MEHC - Earnings from discontinued operations 0.23 0.17 0.06
- -----------------------------------------------------------------------------------------------
Total Non-core Items 0.28 0.22 0.06
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $2.71 $2.64 $0.07
===============================================================================================
Year-to-Date September 30,
Core Earnings (Loss) (in millions)(unaudited) 2006 2005 Change
----------------------------------------------
Southern California Edison Company $513 $507 $6
Edison Mission Group
Mission Energy Holding Company 265 233 32
Edison Capital 44 77 (33)
----------------------------------------------
Edison Mission Group Total 309 310 (1)
EIX (Parent) and Other (22) (24) 2
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 800 793 7
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Generator settlement / refund 24 4 20
SCE - Resolution of an outstanding tax item 81 61 20
MEHC - Extinguishment of debt (88) (15) (73)
MEHC - March Point impairment -- (34) 34
MEHC - Earnings from discontinued operations 75 55 20
Cumulative Effect of Change in Acctg. Principle 1 -- 1
- -----------------------------------------------------------------------------------------------
Total Non-core Items 93 71 22
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $893 $864 $29
===============================================================================================
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CHART 3
Edison International
Supplemental Table - Coal-Fired Generation
Midwest Generation and Homer City
Operating Performance
Three months ended Sep 30, Nine months ended Sep 30,
2006 2005 Change % 2006 2005 Change %
------------------------------------------------------------------
Midwest Generation
Generation (in TWhs) 8.4 8.1 0.3 3.7% 21.2 22.4 (1.2) -5.4%
Equivalent Availability 89.6% 87.9% 1.7% 80.9% 76.8% 4.1%
Forced Outage Rate (EFOR) 7.0% 9.4% -2.4% 5.7% 9.0% -3.3%
Average Cost of Fuel ($/MWh) 14.12 13.16 0.96 7.3% 13.53 12.50 1.03 8.2%
Flat Energy Price -Nihub($/MWh) 46.15 54.75 (8.60) -15.7% 42.64 44.26 (1.62) -3.7%
Average Midwest Gen Energy Price ($/MWh) 50.72 53.85 (3.13) -5.8% 48.54 45.12 3.42 7.6%
Homer City
Generation (in TWhs) 3.7 4.1 (0.4) -9.8% 9.1 10.7 (1.6) -15.0%
Equivalent Availability 91.9% 98.7% -6.8% 79.4% 88.0% -8.6%
Forced Outage Rate 5.8% 0.2% 5.6% 16.9% 3.6% 13.3%
Average Cost of Fuel ($/MWh) 22.92 20.70 2.22 10.7% 23.58 19.43 4.15 21.4%
Flat Energy Price -PJM West Hub($/MWh) 58.15 75.33 (17.18) -22.8% 54.22 56.61 (2.39) -4.2%
Flat Energy Price -HC Busbar($/MWh) 48.51 62.56 (14.05) -22.5% 47.67 50.54 (2.87) -5.7%
Flat Energy Price - PJM West Hub minus
HC Busbar ($/MWHr) - Basis 9.64 12.77 (3.13) -24.5% 6.55 6.07 0.48 7.9%
Average Homer City Energy Price ($/MWh) 47.37 45.45 1.92 4.2% 49.78 44.17 5.61 12.7%
- ----------------------------------------------------------------------------------------------------------------
CHART 4
Edison International
Supplemental Table - Coal-Fired Generation
Midwest Generation and Homer City
Hedge Program Status at September 30, 2006
Remainder of
2006 2007 2008 2009
---------------------------------------
Midwest Generation
Electricity Hedge Contracts (in TWhs)
Energy Only Contracts 5.1 16.6 10.6 2.0
Load requirements service contracts (estimated) - 8.5 6.2 1.8
Total estimated megawatts hours under contract 5.1 25.1 16.8 3.8
Average Energy Price ($/MWh)
Energy Only Contracts $45.56 $48.37 $61.32 $60.00
Load requirements service contracts (estimated) - $63.98 $63.99 $64.00
Coal Requirements Under Contract (in millions of tons) 3.9 16.6 5.8 5.8
Homer City
Electricity Hedge Contracts (in TWhs)
Energy Only Contracts 2.2 7.6 6.8 -
Average Energy Price ($/MWh) $53.47 $64.35 $61.86 -
Coal Requirements Under Contract (in millions of tons) 1.2 5.1 2.1 0.8
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CHART 5
Edison International
Earnings Guidance
Guidance
Effective as of Nov 3, 2006
- ----------------------------------------------------------------------------
Core EPS: 2006 2007
-------- ----- ------------
o SCE $1.88 $1.97 - 2.07
o EMG 1.14 1.21 - 1.51
o EIX Holding Co. (0.11) (0.13)
- ----------------------------------------------------------------------------
Core $2.91 $3.05 - 3.45
Non-Core Items(1):
------------------
o SCE 0.32 -
o EMG (0.04) -
- ---------------------------------------------------------------------------
Total $3.19 $3.05 - 3.45
(1) Recorded year-to-date; see Chart (2.)
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;
- more -
o risks associated with operating nuclear and other power generating facilities,
including operating risks, nuclear fuel storage, equipment failure, availability, heat
rate, output, and availability and cost of spare parts and repairs;
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 the outcome of disputes with the Internal Revenue Service (IRS) and other tax
authorities regarding tax positions taken by Edison International;
o supply and demand for electric capacity and energy, and the resulting prices and
dispatch volumes, in the wholesale markets to which EMG's 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 risk of counter-party default in hedging transactions or fuel contracts;
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 EMG 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.
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 more than $36 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
EDISON INTERNATIONAL
SUMMARY OF CONSOLIDATED EARNINGS
(UNAUDITED)
QUARTER ENDED YEAR TO DATE
IN MILLIONS, EXCEPT PER-SHARE AMOUNTS SEPT. 30, SEPT. 30,
- -------------------------------------------------------------------------------------------------------
2006 2005 2006 2005
- -------------------------------------------------------------------------------------------------------
ELECTRIC UTILITY $ 3,079 $ 3,084 $ 7,818 $ 7,194
NONUTILITY POWER GENERATION 704 677 1,674 1,605
FINANCIAL SERVICES AND OTHER 19 22 63 79
- -------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUE 3,802 3,783 9,555 8,878
- -------------------------------------------------------------------------------------------------------
FUEL 486 489 1,326 1,309
PURCHASED POWER 1,036 502 2,819 1,633
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET 115 766 (256) 790
OTHER OPERATION AND MAINTENANCE 853 862 2,561 2,497
DEPRECIATION, DECOMMISSIONING AND AMORTIZATION 293 270 924 796
PROPERTY AND OTHER TAXES 56 51 166 153
NET GAIN ON SALE OF UTILITY PROPERTY AND PLANT - - (1) -
- -------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 2,839 2,940 7,539 7,178
- -------------------------------------------------------------------------------------------------------
OPERATING INCOME 963 843 2,016 1,700
INTEREST AND DIVIDEND INCOME 41 31 120 78
EQUITY IN INCOME FROM PARTNERSHIPS AND
UNCONSOLIDATED SUBSIDIARIES - NET 39 27 53 136
OTHER NONOPERATING INCOME 16 34 91 70
INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED (199) (198) (608) (615)
IMPAIRMENT LOSS ON EQUITY METHOD INVESTMENT - (55) - (55)
LOSS ON EARLY EXTINGUISHMENT OF DEBT - - (143) (24)
OTHER NONOPERATING DEDUCTIONS (13) (35) (35) (58)
- -------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAX AND MINORITY INTEREST 847 647 1,494 1,232
INCOME TAX 310 129 516 267
DIVIDENDS ON UTILITY PREFERRED AND PREFERENCE STOCK
NOT SUBJECT TO MANDATORY REDEMPTION 13 7 38 14
MINORITY INTEREST 64 76 123 142
- -------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 460 435 817 809
INCOME (LOSS) FROM DISCONTINUED OPERATIONS - NET OF TAX (2) 27 75 55
- -------------------------------------------------------------------------------------------------------
INCOME BEFORE ACCOUNTING CHANGE 458 462 892 864
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - NET OF TAX - - 1 -
- -------------------------------------------------------------------------------------------------------
NET INCOME $ 458 $ 462 $ 893 $ 864
=======================================================================================================
WEIGHTED-AVERAGE SHARES
OF COMMON STOCK OUTSTANDING 326 326 326 326
BASIC EARNINGS (LOSS) PER COMMON SHARE:
CONTINUING OPERATIONS $ 1.39 $ 1.33 $ 2.48 $ 2.47
DISCONTINUED OPERATIONS (0.01) 0.08 0.23 0.17
--------- --------- --------- --------
TOTAL $ 1.38 $ 1.41 $ 2.71 $ 2.64
========= ========= ========= ========
WEIGHTED-AVERAGE SHARES, INCLUDING
EFFECT OF DILUTIVE SECURITIES 330 332 331 331
DILUTED EARNINGS (LOSS) PER COMMON SHARE:
CONTINUING OPERATIONS $ 1.39 $ 1.31 $ 2.48 $ 2.45
DISCONTINUED OPERATIONS (0.01) 0.08 0.23 0.16
--------- --------- --------- --------
TOTAL $ 1.38 $ 1.39 $ 2.71 $ 2.61
========= ========= ========= ========
DIVIDENDS DECLARED PER COMMON SHARE $ 0.27 $ 0.25 $ 0.81 $ 0.75
Page
SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
September 30, 2006
Quarter Ended September 30,
---------------------------------------------------------------
Increase/
2006 2005 (Decrease) %
- -----------------------------------------------------------------------------------------------------
Residential 9,863,002 8,908,962 954,040 10.71
Agricultural 420,231 415,721 4,510 1.08
Commercial 11,507,978 11,044,615 463,363 4.20
Industrial 2,619,870 2,768,421 (148,551) (5.37)
Public Authorities 1,704,987 1,683,590 21,397 1.27
Railroads & Railways 16,223 15,866 357 2.25
Interdepartmental 922 417 505 121.10
- ----------------------------------------------------------------------------------------
Sales to Ultimate Consumers 26,133,213 24,837,592 1,295,621 5.22
Resale Sales 1,931,472 3,828,475 (1,897,003) (49.55)
- ----------------------------------------------------------------------------------------
Total kWh Sales 28,064,685 28,666,067 (601,382) (2.10)
========================================================================================
Year-to-Date September 30,
---------------------------------------------------------------
Increase/
2006 2005 (Decrease) %
- -----------------------------------------------------------------------------------------------------
Residential 23,463,254 22,243,616 1,219,638 5.48
Agricultural 872,775 834,449 38,326 4.59
Commercial 30,809,471 29,710,816 1,098,655 3.70
Industrial 7,900,113 8,093,511 (193,398) (2.39)
Public Authorities 4,549,809 4,523,348 26,461 0.58
Railroads & Railways 46,857 46,458 399 0.86
Interdepartmental 1,985 691 1,294 187.26
- ----------------------------------------------------------------------------------------
Sales to Ultimate Consumers 67,644,264 65,452,889 2,191,375 3.35
Resale Sales 5,376,642 11,400,651 (6,024,009) (52.84)
- ----------------------------------------------------------------------------------------
Total kWh Sales 73,020,906 76,853,540 (3,832,634) (4.99)
========================================================================================
