ILLINOVA
Condensed Consolidated Statements of Income
Three Months Ended * Twelve Months Ended
December 31, December 31,
As % Change As % Change
Restated Fay/ Restated Fay/
1998 1997** (Unfav) 1998 1997** (Unfav)
(Millions) (Millions)
Operating Revenues
Electric $251.1 $266.5 (6) % $1,224.2 $1,244.4 (2) %
Electric interchange 63.1 34.2 85 557.2 175.6 -
Gas 83.2 88.0 (5) 287.8 353.9 (19)
Diversified enterprises 87.2 165.7 (47) 361.4 735.6 (51)
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Total 484.6 554.4 (13) 2,430.6 2,509.5 (3)
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Operating Expenses
Fuel for electric plants 67.2 68.5 2 250.2 232.4 (8)
Power purchased 91.0 62.3 (46) 735.2 217.9 -
Gas purchased for resale 45.9 67.1 32 149.6 207.7 28
Diversified enterprises 96.8 179.7 46 392.0 792.3 51
Other operating and maintenance 173.2 127.7 (36) 537.9 402.2 (34)
Depreciation and amortization 51.4 50.4 (2) 203.6 198.8 (2)
General Taxes 22.9 28.0 18 123.2 133.8 8
Clinton plant impairment loss 2,666.9 - (100) 2,666.9 - (100)
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Total 3,215.3 583.7 - 5,058.6 2,185.1 (132)
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Operating Income (Loss) (2,730.7) (29.3) - (2,628.0) 324.4 -
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Other Income
Miscellaneous - net 0.3 0.2 50 3.1 3.5 (11)
Equity earnings in affiliates 10.8 6.4 69 22.5 17.5 29
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Total 11.1 6.6 68 25.6 21.0 22
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Income (Loss) Before Interest Charges and Income Taxes (2,719.6) (22.7) - (2,602.4) 345.4 -
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Interest Charges
Interest expense 36.7 35.5 (3) 146.0 144.2 (1)
Allowance for borrowed funds
used during construction 0.6 (1.6) (138) (3.2) (5.0) (36)
Preferred dividend requirements
of subsidiary 4.9 5.1 4 19.8 21.5 8
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Total 42.2 39.0 (8) 162.6 160.7 (1)
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Income (Loss) Before Income Taxes (2,761.8) (61.7) - (2,765.0) 184.7 -
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Income Taxes
Income tax - impairment loss (982.8) - 100 (982.8) - 100
ITC - Clinton impairment (160.4) - 100 (160.4) - 100
Other income taxes (36.5) (27.4) 33 (42.3) 80.3 153
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Total (1,179.7) (27.4) - (1,185.5) 80.3 -
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Net Income (Loss) Before Extraordinary Item (1,582.1) (34.3) - (1,579.5) 104.4 -
Extraordinary Item Net of Income Tax Benefit
of $118.0 Million - (195.0) - - (195.0) -
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Net Income (Loss) (1,582.1) (229.3) - (1,579.5) (90.6) -
Carrying amount over (under)
consideration paid for redeemed
preferred stock of subsidiary - (0.9) - - 0.2 -
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Net Income (Loss) Applicable to Common Stock ($1,582.1) ($230.2) - ($1,579.5) ($90.4) -
========= ======= ========= ======
Weighted average common shares 71.5 71.7 71.7 74.0
Earnings (loss) per common share before
extraordinary item (basic and diluted) ($22.13) ($0.49) ($22.04) $1.41
Extraordinary item per common share (basic and diluted) - ($2.72) - ($2.63)
Earnings (loss) per common share (basic and diluted) ($22.13) ($3.21) ($22.04) ($1.22)
Cash dividends declared
per common share $0.31 $0.31 $1.24 $1.24
Cash dividends paid
per common share $0.31 $0.31 $1.24 $1.24
* Unaudited
** Restated to conform to new financial format
These statements are submitted as a matter of general information and are not
intended to induce, or to be used in connection with, any sale or purchase of
securities. These statements should be read in conjunction with Illinova's and
Illinois Power Company's 1998 Quarterly Reports on Form 10-Q and Form 8-K
filings to the Securities and Exchange Commission, and Illinova and Illinois
Power Company's 1998 Form 10-K/A filings to the Securities and Exchange
Commission.
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