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

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)

	Quarter Ended				Year To Date
	2004		2003		2004			2003
Operating Revenues
Electric	$	855,571	$	853,556	$	3,536,649		$	3,320,256
Gas	259,090		197,129		783,316			835,507
Other	102,311		71,335		367,985			260,114
Total Operating Revenues	1,216,972		1,122,020		4,687,950			4,415,877
Operating Expenses
Fuel, emission allowances, and purchased power	310,163		316,332		1,244,027			1,136,950
Gas purchased	137,359		134,938		428,087			503,834
Costs of fuel resold	77,450		51,691		280,891			196,974
Operation and maintenance	313,297		258,721		1,282,278			1,118,680
Depreciation	126,533		98,726		460,389			398,871
Taxes other than income taxes	49,625		49,211		253,945			249,746
Total Operating Expenses	1,014,427		909,619		3,949,617			3,605,055
Operating Income	202,545		212,401		738,333			810,822
Equity in Earnings of Unconsolidated Subsidiaries	30,154		3,549		48,249			15,201
Miscellaneous Income (Expense) - Net	8,206		10,478		(3,213		)	38,156
Interest Expense	65,792		77,140		275,238			270,874
Preferred Dividend Requirement of Subsidiary Trust	—		—		—			11,940
Preferred Dividend Requirements of Subsidiaries	858		859		3,432			3,433
Income Before Taxes	174,255		148,429		504,699			577,932
Income Taxes	27,829		41,387		103,831			143,508
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
Cumulative Effect of a change in accounting principles, net of tax	—		—		—			26,462
Net Income	$	146,426	$	107,053	$	400,868		$	469,772
Average Common Shares Outstanding	183,455		178,288		180,965			176,535
Earnings Per Common Share - Basic
Income before discontinued operations and cumulative effect of changes in accounting principles	$	0.81	$	0.60	$	2.22		$	2.46
Discontinued operations, net of tax	—		—		—			0.05
Cumulative effect of changes in accounting principles, net of tax	—		—		—			0.15
Net Income	$	0.81	$	0.60	$	2.22		$	2.66
Earnings Per Common Share - Diluted
Income before discontinued operations and cumulative effect of changes in accounting principles	$	0.79	$	0.59	$	2.18		$	2.43
Discontinued operations, net of tax	—		—		—			0.05
Cumulative effect of changes in accounting principles, net of tax	—		—		—			0.15
Net Income	$	0.79	$	0.59	$	2.18		$	2.63
Cash Dividends Declared Per Common Share	$	0.47	$	0.46	$	1.88		$	1.84

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