Exhibit 99.2
CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
For the Periods Ended June 30, 2005 and 2004
(unaudited)
(dollars in thousands, except per share amounts)
|
| Quarter Ended |
| Year To Date |
| |||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Operating Revenues |
|
|
|
|
|
|
|
|
| |||||
Electric |
| $ | 914,338 |
| $ | 870,236 |
| $ | 1,840,635 |
| $ | 1,728,672 |
| |
Gas |
| 79,598 |
| 108,082 |
| 392,694 |
| 458,928 |
| |||||
Other |
| 120,327 |
| 75,419 |
| 225,183 |
| 154,795 |
| |||||
Total Operating Revenues |
| 1,114,263 |
| 1,053,737 |
| 2,458,512 |
| 2,342,395 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Operating Expenses |
|
|
|
|
|
|
|
|
| |||||
Fuel, emission allowances and purchased power |
| 312,714 |
| 298,756 |
| 617,677 |
| 592,646 |
| |||||
Gas purchased |
| 56,089 |
| 47,420 |
| 264,689 |
| 270,936 |
| |||||
Costs of fuel resold |
| 93,087 |
| 59,062 |
| 178,849 |
| 116,524 |
| |||||
Operation and maintenance |
| 351,121 |
| 332,358 |
| 682,910 |
| 643,194 |
| |||||
Depreciation |
| 130,455 |
| 114,331 |
| 256,941 |
| 219,188 |
| |||||
Taxes other than income taxes |
| 65,083 |
| 65,072 |
| 144,015 |
| 147,319 |
| |||||
Total Operating Expenses |
| 1,008,549 |
| 916,999 |
| 2,145,081 |
| 1,989,807 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
| 105,714 |
| 136,738 |
| 313,431 |
| 352,588 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Equity in Earnings of Unconsolidated Subsidiaries |
| 13,576 |
| 7,331 |
| 18,411 |
| 10,079 |
| |||||
Miscellaneous Income (Expense) — Net |
| 14,535 |
| 5,033 |
| 16,875 |
| (10,475 | ) | |||||
Interest Expense |
| 68,649 |
| 70,276 |
| 132,712 |
| 137,671 |
| |||||
Preferred Dividend Requirements of Subsidiaries |
| 858 |
| 858 |
| 1,716 |
| 1,716 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Income Before Taxes |
| 64,318 |
| 77,968 |
| 214,289 |
| 212,805 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Income Taxes |
| 13,610 |
| 19,464 |
| 46,225 |
| 51,286 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Net Income |
| $ | 50,708 |
| $ | 58,504 |
| $ | 168,064 |
| $ | 161,519 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Average Common Shares Outstanding — Basic |
| 198,492 |
| 180,236 |
| 197,066 |
| 179,749 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Earnings Per Common Share — Basic |
| $ | 0.25 |
| $ | 0.33 |
| $ | 0.85 |
| $ | 0.90 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Average Common Shares Outstanding — Diluted |
| 199,441 |
| 182,277 |
| 198,075 |
| 182,106 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Earnings Per Common Share — Diluted |
| $ | 0.25 |
| $ | 0.32 |
| $ | 0.85 |
| $ | 0.89 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Cash Dividends Declared Per Common Share |
| $ | 0.48 |
| $ | 0.47 |
| $ | 0.96 |
| $ | 0.94 |
| |
Note: Prior year data has been reclassified to conform with current year presentation.