Exhibit 99.2
CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts)
|
| Quarter Ended |
| ||||
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Operating Revenues |
|
|
|
|
| ||
Electric |
| $ | 878,128 |
| $ | 823,059 |
|
Gas |
| 350,846 |
| 398,913 |
| ||
Other |
| 59,684 |
| 45,986 |
| ||
Total Operating Revenues |
| 1,288,658 |
| 1,267,958 |
| ||
|
|
|
|
|
| ||
Operating Expenses |
|
|
|
|
| ||
Fuel and purchased and exchanged power |
| 286,914 |
| 269,866 |
| ||
Gas purchased |
| 223,516 |
| 235,995 |
| ||
Operation and maintenance |
| 375,274 |
| 328,055 |
| ||
Depreciation |
| 104,857 |
| 100,605 |
| ||
Taxes other than income taxes |
| 82,247 |
| 77,749 |
| ||
Total Operating Expenses |
| 1,072,808 |
| 1,012,270 |
| ||
|
|
|
|
|
| ||
Operating Income |
| 215,850 |
| 255,688 |
| ||
|
|
|
|
|
| ||
Equity in Earnings of Unconsolidated Subsidiaries |
| 2,748 |
| 592 |
| ||
Miscellaneous Income - Net |
| 11,553 |
| 7,492 |
| ||
Interest Expense |
| 67,395 |
| 59,169 |
| ||
Preferred Dividend Requirement of Subsidiary Trust |
| — |
| 5,970 |
| ||
Preferred Dividend Requirements of Subsidiaries |
| 858 |
| 858 |
| ||
|
|
|
|
|
| ||
Income Before Taxes |
| 161,898 |
| 197,775 |
| ||
|
|
|
|
|
| ||
Income Taxes |
| 38,046 |
| 57,982 |
| ||
|
|
|
|
|
| ||
Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles |
| $ | 123,852 |
| $ | 139,793 |
|
Discontinued operations, net of tax |
| — |
| (170 | ) | ||
Cumulative effect of changes in accounting principles, net of tax |
| — |
| 26,462 |
| ||
Net Income |
| $ | 123,852 |
| $ | 166,085 |
|
|
|
|
|
|
| ||
Average Common Shares Outstanding |
| 179,261 |
| 173,387 |
| ||
|
|
|
|
|
| ||
Earnings Per Common Share |
|
|
|
|
| ||
Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles |
| $ | 0.69 |
| $ | 0.81 |
|
Discontinued operations, net of tax |
| — |
| — |
| ||
Cumulative effect of changes in accounting principles, net of tax |
| — |
| 0.15 |
| ||
Net Income |
| $ | 0.69 |
| $ | 0.96 |
|
|
|
|
|
|
| ||
Earnings Per Common Share - Assuming Dilution |
|
|
|
|
| ||
Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles |
| $ | 0.68 |
| $ | 0.80 |
|
Discontinued operations, net of tax |
| — |
| — |
| ||
Cumulative effect of changes in accounting principles, net of tax |
| — |
| 0.15 |
| ||
Net Income |
| $ | 0.68 |
| $ | 0.95 |
|
|
|
|
|
|
| ||
Dividends Declared Per Common Share |
| $ | 0.47 |
| $ | 0.46 |
|
Note: Prior year’s data has been reclassified to conform with current year’s presentation.
