Exhibit 99.2
CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
For the Periods Ended June 30, 2004
(unaudited)
(in thousands, except per share amounts)
|
| Quarter Ended |
| Year To Date |
| ||||||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
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|
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Operating Revenues |
|
|
|
|
|
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|
|
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Electric |
| $ | 892,266 |
| $ | 769,258 |
| $ | 1,770,394 |
| $ | 1,592,316 |
|
Gas |
| 108,082 |
| 114,932 |
| 458,928 |
| 513,845 |
| ||||
Other |
| 53,389 |
| 49,733 |
| 113,073 |
| 95,719 |
| ||||
Total Operating Revenues |
| 1,053,737 |
| 933,923 |
| 2,342,395 |
| 2,201,880 |
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|
|
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Operating Expenses |
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|
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|
|
|
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Fuel and purchased power |
| 293,719 |
| 240,470 |
| 580,633 |
| 510,335 |
| ||||
Gas purchased |
| 47,420 |
| 53,319 |
| 270,936 |
| 289,314 |
| ||||
Operation and maintenance |
| 396,457 |
| 334,073 |
| 771,731 |
| 662,127 |
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Depreciation |
| 114,331 |
| 101,018 |
| 219,188 |
| 201,623 |
| ||||
Taxes other than income taxes |
| 65,072 |
| 66,958 |
| 147,319 |
| 144,707 |
| ||||
Total Operating Expenses |
| 916,999 |
| 795,838 |
| 1,989,807 |
| 1,808,106 |
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|
|
|
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|
|
|
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Operating Income |
| 136,738 |
| 138,085 |
| 352,588 |
| 393,774 |
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Equity in Earnings of Unconsolidated Subsidiaries |
| 7,331 |
| 6,104 |
| 10,079 |
| 6,696 |
| ||||
Miscellaneous Income (Expense) - Net |
| 5,033 |
| 7,767 |
| (10,475 | ) | 15,382 |
| ||||
Interest Expense |
| 70,276 |
| 60,537 |
| 137,671 |
| 119,829 |
| ||||
Preferred Dividend Requirement of Subsidiary Trust |
| — |
| 5,970 |
| — |
| 11,940 |
| ||||
Preferred Dividend Requirements of Subsidiaries |
| 858 |
| 858 |
| 1,716 |
| 1,716 |
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|
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Income Before Taxes |
| 77,968 |
| 84,591 |
| 212,805 |
| 282,367 |
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Income Taxes |
| 19,464 |
| 8,983 |
| 51,286 |
| 66,966 |
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|
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|
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|
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Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles |
| $ | 58,504 |
| $ | 75,608 |
| $ | 161,519 |
| $ | 215,401 |
|
Discontinued operations, net of tax |
| — |
| 9,045 |
| — |
| 8,875 |
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Cumulative effect of changes in accounting principles, net of tax |
| — |
| — |
| — |
| 26,462 |
| ||||
Net Income |
| $ | 58,504 |
| $ | 84,653 |
| $ | 161,519 |
| $ | 250,738 |
|
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Average Common Shares Outstanding |
| 180,236 |
| 176,645 |
| 179,749 |
| 175,025 |
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Earnings Per Common Share |
|
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Income before discontinued operations and cumulative effect of changes in accounting principles |
| $ | 0.33 |
| $ | 0.42 |
| $ | 0.90 |
| $ | 1.23 |
|
Discontinued operations, net of tax |
| — |
| 0.05 |
| — |
| 0.05 |
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Cumulative effect of changes in accounting principles, net of tax |
| — |
| — |
| — |
| 0.15 |
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Net Income |
| $ | 0.33 |
| $ | 0.47 |
| $ | 0.90 |
| $ | 1.43 |
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Earnings Per Common Share - Assuming Dilution |
|
|
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Income before discontinued operations and cumulative effect of changes in accounting principles |
| $ | 0.32 |
| $ | 0.42 |
| $ | 0.89 |
| $ | 1.22 |
|
Discontinued operations, net of tax |
| — |
| 0.05 |
| — |
| 0.05 |
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Cumulative effect of changes in accounting principles, net of tax |
| — |
| — |
| — |
| 0.15 |
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Net Income |
| $ | 0.32 |
| $ | 0.47 |
| $ | 0.89 |
| $ | 1.42 |
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Dividends Declared Per Common Share |
| $ | 0.47 |
| $ | 0.46 |
| $ | 0.94 |
| $ | 0.92 |
|
Note: Prior year data has been reclassified to conform with current year presentation.
