Condensed Consolidated Statements of Income
Three Months Ended * Twelve Months Ended*
March 31, March 31,
----------------------------- -----------------------------
% Change As % Change
Fav/ Restated Fav/
1999 1998 (Unfav) 1999 1998 (Unfav)
---- ---- ------- ---- ---- -------
(Millions) (Millions)
Operating Revenues
Electric $ 255.2 $ 276.6 (8)% $1,202.8 $1,238.8 (3)%
Electric interchange 94.0 96.3 (2) 554.9 245.3 126
Gas 123.1 116.6 6 294.3 306.5 (4)
Diversified enterprises 76.1 85.9 (11) 351.6 723.9 (51)
----- ----- ------- -------
Total 548.4 575.4 (5) 2,403.6 2,514.5 (4)
----- ----- ------- -------
Operating Expenses
Fuel for electric plants 51.4 55.7 8 245.9 242.8 (1)
Power purchased 51.7 97.1 47 689.8 279.2 (147)
Gas purchased for resale 72.5 66.0 (10) 156.1 174.0 10
Diversified enterprises 81.5 94.7 14 378.8 778.6 51
Other operating and maintenance 151.7 108.8 (39) 580.8 431.9 (34)
Depreciation and amortization 44.5 50.7 12 197.4 200.5 2
Amortization of regulatory asset 1.5 - (100) 1.5 - (100)
General taxes 29.9 38.7 23 114.4 133.8 14
Clinton plant impairment loss - - - 2,666.9 - -
----- ----- ------- -------
Total 484.7 511.7 5 5,031.6 2,240.8 (125)
----- ----- ------- -------
Operating Income (Loss) 63.7 63.7 0 (2,628.0) 273.7 -
----- ----- ------- -------
Other Income
Miscellaneous - net 10.9 (1.5) - 15.5 1.2 -
Equity earnings in affiliates 0.5 5.5 (91) 17.5 19.0 (8)
----- ----- ------- -------
Total 11.4 4.0 185 33.0 20.2 63
----- ----- ------- -------
Income (Loss) Before Interest Charges and Income Taxes 75.1 67.7 11 (2,595.0) 293.9 -
----- ----- ------- -------
Interest Charges
Interest expense 43.1 36.6 (18) 152.5 142.6 (7)
Allowance for borrowed funds
used during construction (1.2) (1.1) 9 (3.3) (4.7) (30)
Preferred dividend requirements
of subsidiary 5.0 4.9 (2) 19.9 20.9 5
----- ----- ------- -------
Total 46.9 40.4 (16) 169.1 158.8 (6)
----- ----- ------- -------
Income (Loss) Before Income Taxes 28.2 27.3 3 (2,764.1) 135.1 -
----- ----- ------- -------
Income Taxes
Income tax - impairment loss - - - (982.8) - 100
ITC - Clinton impairment - - - (160.4) - 100
Other income taxes 11.3 4.3 (163) (35.3) 51.7 168
----- ----- ------- -------
Total 11.3 4.3 (163) (1,178.5) 51.7 -
----- ----- ------- -------
Net Income (Loss) Before Extraordinary Item 16.9 23.0 (27) (1,585.6) 83.4 -
Extraordinary Item Net of Income Tax Benefit
of $118.0 Million - - - - (195.0) 100
----- ----- ------- -------
Net Income (Loss) 16.9 23.0 (27) (1,585.6) (111.6) -
Carrying amount over consideration
paid for redeemed preferred
stock of subsidiary 0.8 - 100 0.8 0.2 -
----- ----- ------- -------
Net Income (Loss) Applicable to Common Stock $ 17.7 $ 23.0 (23) $(1,584.8) $(111.4) -
===== ===== ======= =======
Weighted average common shares 69.9 71.7 71.2 73.0
Earnings (loss) per common share before
extraordinary item (basic and diluted) $ 0.25 $ `0.32 ($22.26) 1.14
Extraordinary item per common share (basic and diluted) - - - ($2.67)
Earnings (loss) per common share (basic and diluted) $ 0.25 $ 0.32 ($22.26) ($1.53)
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
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 1999 Quarterly Reports on Form 10-Q/A and Form 8-K and
8-K/A 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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