CINergy (CIN) 8-K Current report

Exhibit 99.2

CINERGY CORP.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Periods Ended September 30, 2003

(unaudited)

(in thousands, except per share amounts)

	Quarter Ended						Year To Date
	2003			2002			2003			2002
Operating Revenues
Electric	$	920,638		$	965,435		$	2,512,954		$	2,531,283
Gas	124,533			104,073			638,378			374,345
Other	46,806			49,730			142,525			89,291
	1,091,977			1,119,238			3,293,857			2,994,919
Operating Expenses
Fuel used in electric production	286,673			270,161			746,109			679,654
Gas purchased	79,582			49,283			368,896			188,725
Purchased and exchanged power	43,324			32,205			94,223			82,204
Other operation	269,010			316,059			800,446			800,584
Maintenance	48,887			47,303			172,619			161,696
Depreciation	104,856			100,050			313,719			294,345
Taxes other than income taxes	55,828			64,890			200,535			201,559
	888,160			879,951			2,696,547			2,408,767
Operating Income	203,817			239,287			597,310			586,152
Other Income and (Expenses) - Net
Allowance for equity funds used during construction	920			1,635			7,111			8,802
Equity in earnings of unconsolidated subsidiaries	4,956			3,248			11,652			7,356
Other - net	11,376			5,330			20,567			(6,285		)
	17,252			10,213			39,330			9,873
Interest and Other Charges
Interest on long-term debt	77,195			59,284			207,786			174,776
Other interest	2,029			6,507			4,108			19,359
Allowance for borrowed funds used during construction	(6,149		)	(3,273		)	(19,271		)	(14,013		)
	73,075			62,518			192,623			180,122
Preferred Trust
Preferred dividend requirement of subsidiary trust	—			5,966			11,940			17,847
Income Before Taxes	147,994			181,016			432,077			398,056
Income Taxes	35,155			47,799			102,121			123,641
Preferred dividend requirements of subsidiaries	858			859			2,574			2,575
Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles	$	111,981		$	132,358		$	327,382		$	271,840
Discontinued Operations, net of tax	—			(1,790		)	8,875			(561		)
Cumulative Effect of a Change in Accounting Principles, net of tax	—			—			26,462			(10,899		)
Net Income	$	111,981		$	130,568		$	362,719		$	260,380
Other comprehensive income, net of tax	(5,257		)	(16,937		)	120			(4,795		)
Comprehensive Income	$	106,724		$	113,631		$	362,839		$	255,585
Average Common Shares Outstanding	177,751			167,967			175,944			166,544
Earnings Per Common Share
Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles	$	0.63		$	0.79		$	1.86		$	1.63
Discontinued Operations, net of tax	—			(0.01		)	0.05			—
Cumulative Effect of a Change in Accounting Principles, net of tax	—			—			0.15			(0.06		)
Net Income	$	0.63		$	0.78		$	2.06		$	1.57
Earnings Per Common Share - Assuming Dilution
Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles	$	0.62		$	0.78		$	1.84		$	1.61
Discontinued Operations, net of tax	—			(0.01		)	0.05		��	—
Cumulative Effect of a Change in Accounting Principles, net of tax	—			—			0.15			(0.06		)
Net Income	$	0.62		$	0.77		$	2.04		$	1.55
Dividends Declared Per Common Share	$	0.46		$	0.45		$	1.38		$	1.35

Note:  Prior year’s data has been reclassified to conform with current year’s presentation.