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