Edison International Reports Financial Results for the Second Quarter of 2003 - Part II
EDISON INTERNATIONAL
SUMMARY OF CONSOLIDATED EARNINGS
(UNAUDITED)
IN MILLIONS, EXCEPT PER-SHARE DATA QUARTER ENDED JUNE 30, YEAR TO DATE JUNE 30,
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2003 2002 2003 2002
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ELECTRIC UTILITY $ 2,394 $ 2,133 $ 4,217 $ 4,041
NONUTILITY POWER GENERATION 716 673 1,399 1,209
FINANCIAL SERVICES AND OTHER 23 18 48 63
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TOTAL OPERATING REVENUE 3,133 2,824 5,664 5,313
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FUEL 293 279 627 536
PURCHASED POWER 722 581 1,174 835
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET 506 (359) 811 314
OTHER OPERATION AND MAINTENANCE 1,081 823 1,865 1,538
DEPRECIATION, DECOMMISSIONING AND AMORTIZATION 252 261 541 503
PROPERTY AND OTHER TAXES 51 36 102 75
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TOTAL OPERATING EXPENSES 2,905 1,621 5,120 3,801
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OPERATING INCOME 228 1,203 544 1,512
INTEREST AND DIVIDEND INCOME 47 62 93 178
EQUITY IN INCOME FROM PARTNERSHIPS AND
UNCONSOLIDATED SUBSIDIARIES - NET 60 43 120 94
OTHER NONOPERATING INCOME 19 7 53 23
INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED (289) (316) (589) (676)
OTHER NONOPERATING DEDUCTIONS (20) (23) (51) (33)
DIVIDENDS ON PREFERRED SECURITIES (26) (24) (51) (47)
DIVIDENDS ON UTILITY PREFERRED STOCK (4) (6) (8) (11)
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INCOME FROM CONTINUING OPERATIONS BEFORE TAX 15 946 111 1,040
INCOME TAX (BENEFIT) (11) 290 20 306
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INCOME FROM CONTINUING OPERATIONS 26 656 91 734
INCOME (LOSS) FROM DISCONTINUED OPERATIONS - NET OF TAX (2) 9 (2) 15
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INCOME BEFORE ACCOUNTING CHANGE 24 665 89 749
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - NET OF TAX - - (9) -
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NET INCOME $ 24 $ 665 $ 80 $ 749
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WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING 326 326 326 326
BASIC EARNINGS (LOSS) PER SHARE:
CONTINUING OPERATIONS $ 0.08 $ 2.01 $ 0.29 $ 2.25
DISCONTINUED OPERATIONS (0.01) 0.03 (0.01) 0.05
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - - (0.03) -
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TOTAL $ 0.07 $ 2.04 $ 0.25 $ 2.30
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WEIGHTED-AVERAGE SHARES, INCLUDING
EFFECT OF DILUTIVE SECURITIES 329 329 329 329
DILUTED EARNINGS (LOSS) PER SHARE:
CONTINUING OPERATIONS $ 0.08 $ 1.99 $ 0.28 $ 2.23
DISCONTINUED OPERATIONS (0.01) 0.03 (0.01) 0.05
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - - (0.03) -
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TOTAL $ 0.07 $ 2.02 $ 0.24 $ 2.28
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DIVIDENDS DECLARED PER COMMON SHARE $ - $ - $ - $ -
EDISON INTERNATIONAL
Financial Overview
June 30, 2003
UNAUDITED
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Dollars in Millions, Except Per-Share Amounts
EDISON INTERNATIONAL (Consolidated Totals)
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Second Quarter Year-to-Date
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2003 2002 2003 2002
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Assets $35,192 $34,298 $35,192 $34,298
Common Equity $4,600 $4,136 $4,600 $4,136
Revenue* $3,133 $2,824 $5,664 $5,313
Earnings** $24 $665 $80 $749
Earnings Per Share** $0.07 $2.04 $0.25 $2.30
Book Value Per Share $14.12 $12.69 $14.12 $12.69
*excludes discontinued operations
**includes parent company and discontinued operations
SOUTHERN CALIFORNIA EDISON (Electric Utility)
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Second Quarter Year-to-Date
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2003 2002 2003 2002
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Assets $19,721 $19,363 $19,721 $19,363
Common Equity $4,714 $3,999 $4,714 $3,999
Revenue $2,394 $2,133 $4,217 $4,041
Earnings $225 $695 $327 $841
Earnings Per Share $0.69 $2.13 $1.00 $2.58
EDISON MISSION ENERGY (Nonutility Power Generation)
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Second Quarter Year-to-Date
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2003 2002 2003 2002
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Assets $11,910 $10,763 $11,910 $10,763
Common Equity* $1,591 $1,650 $1,591 $1,650
Revenue** $715 $673 $1,399 $1,209
Earnings (Loss) $(167) $3 $(184) $(33)
Earnings (Loss) Per Share $(0.51) $0.01 $(0.56) $(0.10)
*includes discontinued operations in 2002 only
**excludes discontinued operations
EDISON CAPITAL (Capital and Financial Services Provider)
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Second Quarter Year-to-Date
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2003 2002 2003 2002
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Assets $3,517 $3,638 $3,517 $3,638
Common Equity $806 $780 $806 $780
Revenue $22 $14 $44 $45
Earnings $12 $12 $27 $31
Earnings Per Share $0.04 $0.04 $0.08 $0.09
SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
June 30, 2003
QUARTER ENDED JUNE 30, 2003
INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
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RESIDENTIAL 5,811,948 252,614 4.54
AGRICULTURAL 270,030 (63,920) (19.14)
COMMERCIAL 8,813,676 220,544 2.57
INDUSTRIAL 2,654,953 (248,181) (8.55)
PUBLIC AUTHORITIES 1,466,828 (33,482) (2.23)
RAILROADS & RAILWAYS 15,102 (50) (0.33)
INTERDEPARTMENTAL 85 13 18.06
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SALES TO ULTIMATE CONSUMERS 19,032,622 127,538 0.67
RESALE SALES 4,012,487 4,011,667 *
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TOTAL KWH SALES 23,045,109 4,139,205 21.89
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*over 200%
SIX MONTHS ENDED JUNE 30, 2003
INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
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RESIDENTIAL 11,832,324 301,333 2.61
AGRICULTURAL 437,277 (83,364) (16.01)
COMMERCIAL 17,168,713 417,991 2.50
INDUSTRIAL 5,299,184 (482,225) (8.34)
PUBLIC AUTHORITIES 2,830,405 (75,712) (2.61)
RAILROADS & RAILWAYS 30,475 610 2.04
INTERDEPARTMENTAL 162 21 14.89
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SALES TO ULTIMATE CONSUMERS 37,598,540 78,654 0.21
RESALE SALES 4,633,519 4,632,543 *
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TOTAL KWH SALES 42,232,059 4,711,197 12.56
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*over 200%
SOUTHERN CALIFORNIA EDISON (SCE-PN)
Filed: 5 Aug 03, 12:00am