CINergy (CIN) 8-K Results of Operations and Financial Condition

Exhibit 99.2

CINERGY CORP.

CONSOLIDATED STATEMENTS OF INCOME

For the Periods Ended September 30, 2004 and 2003

(unaudited)

(dollars in thousands, except per share amounts)

	Quarter Ended							Year To Date
	2004			2003				2004			2003
Operating Revenues
Electric	$	994,074		$			920,638	$	2,764,468		$		2,512,954
Gas	65,298			124,533				524,226			638,378
Other	69,211			46,806				182,284			142,525
Total Operating Revenues	1,128,583			1,091,977				3,470,978			3,293,857
Operating Expenses
Fuel and purchased power	333,771			329,997				914,404			840,332
Gas purchased	19,792			79,582				290,728			368,896
Operation and maintenance	412,720			323,401				1,184,451			985,528
Depreciation	122,099			98,522				341,287			300,145
Taxes other than income taxes	57,001			55,828				204,320			200,535
Total Operating Expenses	945,383			887,330				2,935,190			2,695,436
Operating Income	183,200			204,647				535,788			598,421
Equity in Earnings of Unconsolidated Subsidiaries	8,016			4,956				18,095			11,652
Miscellaneous Income (Expense) - Net	(944		)	12,296				(11,419		)	27,678
Interest Expense	71,775			73,905				209,446			193,734
Preferred Dividend Requirement of Subsidiary Trust	—			—				—			11,940
Preferred Dividend Requirements of Subsidiaries	858			858				2,574			2,574
Income Before Taxes	117,639			147,136				330,444			429,503
Income Taxes	24,716			35,155				76,002			102,121
Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles	$	92,923		$	111,981			$	254,442		$	327,382
Discontinued operations, net of tax	—			—				—			8,875
Cumulative effect of changes in accounting principles, net of tax	—			—				—			26,462
Net Income	$	92,923		$			111,981	$	254,442		$	362,719
Average Common Shares Outstanding	180,881			177,751				180,129			175,944
Earnings Per Common Share - Basic
Income before discontinued operations and cumulative effect of changes in accounting principles	$	0.51		$		0.63		$	1.41		$	1.86
Discontinued operations, net of tax	—			—				—			0.05
Cumulative effect of changes in accounting principles, net of tax	—			—				—			0.15
Net Income	$	0.51		$		0.63		$	1.41		$	2.06
Earnings Per Common Share - Assuming Dilution
Income before discontinued operations and cumulative effect of changes in accounting principles	$	0.50		$		0.62		$	1.39		$	1.84
Discontinued operations, net of tax	—			—				—			0.05
Cumulative effect of changes in accounting principles, net of tax	—			—				—			0.15
Net Income	$	0.50		$		0.62		$	1.39		$	2.04
Dividends Declared Per Common Share	$	0.47		$		0.46		$	1.41		$	1.38

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