Exhibit 99.2
CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
For the Periods Ended December 31, 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 |
| $ | 855,571 |
| $ | 853,556 |
| $ | 3,536,649 |
| $ | 3,320,256 |
|
Gas |
| 259,090 |
| 197,129 |
| 783,316 |
| 835,507 |
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Other |
| 102,311 |
| 71,335 |
| 367,985 |
| 260,114 |
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Total Operating Revenues |
| 1,216,972 |
| 1,122,020 |
| 4,687,950 |
| 4,415,877 |
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Operating Expenses |
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Fuel, emission allowances, and purchased power |
| 310,163 |
| 316,332 |
| 1,244,027 |
| 1,136,950 |
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Gas purchased |
| 137,359 |
| 134,938 |
| 428,087 |
| 503,834 |
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Costs of fuel resold |
| 77,450 |
| 51,691 |
| 280,891 |
| 196,974 |
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Operation and maintenance |
| 313,297 |
| 258,721 |
| 1,282,278 |
| 1,118,680 |
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Depreciation |
| 126,533 |
| 98,726 |
| 460,389 |
| 398,871 |
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Taxes other than income taxes |
| 49,625 |
| 49,211 |
| 253,945 |
| 249,746 |
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Total Operating Expenses |
| 1,014,427 |
| 909,619 |
| 3,949,617 |
| 3,605,055 |
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Operating Income |
| 202,545 |
| 212,401 |
| 738,333 |
| 810,822 |
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Equity in Earnings of Unconsolidated Subsidiaries |
| 30,154 |
| 3,549 |
| 48,249 |
| 15,201 |
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Miscellaneous Income (Expense) - Net |
| 8,206 |
| 10,478 |
| (3,213 | ) | 38,156 |
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Interest Expense |
| 65,792 |
| 77,140 |
| 275,238 |
| 270,874 |
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Preferred Dividend Requirement of Subsidiary Trust |
| — |
| — |
| — |
| 11,940 |
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Preferred Dividend Requirements of Subsidiaries |
| 858 |
| 859 |
| 3,432 |
| 3,433 |
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Income Before Taxes |
| 174,255 |
| 148,429 |
| 504,699 |
| 577,932 |
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Income Taxes |
| 27,829 |
| 41,387 |
| 103,831 |
| 143,508 |
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Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles |
| $ | 146,426 |
| $ | 107,042 |
| $ | 400,868 |
| $ | 434,424 |
|
Discontinued operations, net of tax |
| — |
| 11 |
| — |
| 8,886 |
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Cumulative Effect of a change in accounting principles, net of tax |
| — |
| — |
| — |
| 26,462 |
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Net Income |
| $ | 146,426 |
| $ | 107,053 |
| $ | 400,868 |
| $ | 469,772 |
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Average Common Shares Outstanding |
| 183,455 |
| 178,288 |
| 180,965 |
| 176,535 |
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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 |
| $ | 0.81 |
| $ | 0.60 |
| $ | 2.22 |
| $ | 2.46 |
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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 |
| $ | 0.81 |
| $ | 0.60 |
| $ | 2.22 |
| $ | 2.66 |
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Earnings Per Common Share - Diluted |
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Income before discontinued operations and cumulative effect of changes in accounting principles |
| $ | 0.79 |
| $ | 0.59 |
| $ | 2.18 |
| $ | 2.43 |
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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 |
| $ | 0.79 |
| $ | 0.59 |
| $ | 2.18 |
| $ | 2.63 |
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Cash Dividends Declared Per Common Share |
| $ | 0.47 |
| $ | 0.46 |
| $ | 1.88 |
| $ | 1.84 |
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Note: Prior year data has been reclassified to conform with current year presentation.