Edison International Reports Financial Results for the First Quarter of 2003 - Part II
EDISON INTERNATIONAL
SUMMARY OF CONSOLIDATED EARNINGS
(UNAUDITED)
IN MILLIONS, EXCEPT PER-SHARE DATA QUARTER ENDED MARCH 31,
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2003 2002
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ELECTRIC UTILITY $1,823 $1,906
NONUTILITY POWER GENERATION 684 537
FINANCIAL SERVICES AND OTHER 25 45
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TOTAL OPERATING REVENUE 2,532 2,488
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FUEL 334 256
PURCHASED POWER 583 255
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET 174 671
OTHER OPERATION AND MAINTENANCE 785 716
DEPRECIATION, DECOMMISSIONING AND AMORTIZATION 289 242
PROPERTY AND OTHER TAXES 51 39
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TOTAL OPERATING EXPENSES 2,216 2,179
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OPERATING INCOME 316 309
INTEREST AND DIVIDEND INCOME 46 116
OTHER NONOPERATING INCOME 34 17
EQUITY IN INCOME FROM PARTNERSHIPS AND UNCONSOLIDATED SUBS - NET 60 51
INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED (299) (359)
OTHER NONOPERATING DEDUCTIONS (30) (10)
DIVIDENDS ON PREFERRED SECURITIES (25) (23)
DIVIDENDS ON UTILITY PREFERRED STOCK (4) (6)
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INCOME FROM CONTINUING OPERATIONS BEFORE TAX 98 95
INCOME TAX 32 16
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INCOME FROM CONTINUING OPERATIONS 66 79
INCOME FROM DISCONTINUED OPERATIONS - NET OF TAX - 5
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INCOME BEFORE ACCOUNTING CHANGE 66 84
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - NET OF TAX (9) -
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NET INCOME $57 $84
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WEIGHTED-AVERAGE NUMBER OF COMMON SHARES 326 326
BASIC EARNINGS (LOSS) PER SHARE:
CONTINUING OPERATIONS $0.20 $0.24
DISCONTINUED OPERATIONS - 0.02
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (0.03) -
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TOTAL $0.17 $0.26
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WEIGHTED-AVERAGE SHARES, INCLUDING EFFECT OF DILUTIVE SECURITIES 328 329
DILUTED EARNINGS (LOSS) PER SHARE:
CONTINUING OPERATIONS $0.20 $0.24
DISCONTINUED OPERATIONS - 0.02
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (0.03) -
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TOTAL $0.17 $0.26
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DIVIDENDS DECLARED PER COMMON SHARE $ - $ -
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EDISON INTERNATIONAL
Financial Overview
March 31, 2003
UNAUDITED
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Dollars in Millions, Except Per-Share Amounts
EDISON INTERNATIONAL (Consolidated Totals)
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First Quarter
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2003 2002
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Assets $35,184 $33,717
Common Equity $4,512 $3,418
Revenue* $2,532 $2,488
Earnings** $57 $84
Earnings Per Share** $0.17 $0.26
Book Value Per Share $13.85 $10.49
*excludes discontinued operations
**includes parent company and discontinued operations
SOUTHERN CALIFORNIA EDISON (Electric Utility)
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First Quarter
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2003 2002
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Assets $20,037 $19,354
Common Equity $4,487 $3,295
Revenue $1,823 $1,907
Earnings $102 $146
Earnings Per Share $0.31 $0.45
EDISON MISSION ENERGY (Nonutility Power Generation)
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First Quarter
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2003 2002
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Assets $11,623 $10,612
Common Equity* $1,693 $1,596
Revenue** $683 $537
Earnings (Loss) $(17) $(36)
Earnings (Loss) Per Share $(0.05) $(0.11)
*includes discontinued operations in 2002 only
**excludes discontinued operations
EDISON CAPITAL (Capital and Financial Services Provider)
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First Quarter
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2003 2002
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Assets $3,509 $3,689
Common Equity $796 $774
Revenue $22 $31
Earnings $15 $19
Earnings Per Share $0.04 $0.06
SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
March 31, 2003
QUARTER ENDED MARCH 31, 2003
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INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
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RESIDENTIAL 6,020,376 48,719 0.82
AGRICULTURAL 167,247 (19,444) (10.42)
COMMERCIAL 8,355,037 197,447 2.42
INDUSTRIAL 2,644,231 (234,044) (8.13)
PUBLIC AUTHORITIES 1,363,577 (42,230) (3.00)
RAILROADS & RAILWAYS 15,373 660 4.49
INTERDEPARTMENTAL 77 8 11.59
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SALES TO ULTIMATE CONSUMERS 18,565,918 (48,884) (0.26)
RESALE SALES 621,032 620,876 *
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TOTAL KWH SALES 19,186,950 571,992 3.07
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*over 200%
SOUTHERN CALIFORNIA EDISON (SCE-PN)
Filed: 7 May 03, 12:00am