Illinova
Condensed Consolidated Statements of Income
Three Months Ended Nine Months Ended Twelve Months Ended
September 30, September 30, September 30,
------------------------- ---------------------------- ---------------------------
% Change % Change As % Change
Fav/ Fav/ Restated Fav/
1999 1998 (Unfav) 1999 1998 (Unfav) 1999 1998 (Unfav)
----- ----- ------- ----- ----- ------- ----- ----- ------
(Millions) (Millions) (Millions)
Operating Revenues
Electric $385.9 $392.0 (2)% $ 917.8 $ 973.1 (6)% $1,168.9 $1,239.6 (6)%
Electric interchange 247.7 285.1 (13) 397.9 494.1 (19) 461.0 528.3 (13)
Gas 42.7 38.2 (12) 211.0 204.6 3 294.2 292.6 (1)
Diversified enterprises 224.5 108.0 108 401.8 274.2 47 489.0 439.9 (11)
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Total 900.8 823.3 (9) 1,928.5 1,946.0 (1) 2,413.1 2,500.4 (3)
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Operating Expenses
Fuel for electric plants 77.8 73.4 (6) 189.2 183.0 (3) 256.4 251.5 (2)
Power purchased 199.1 317.7 37 297.5 644.2 54 388.5 706.5 45
Gas purchased for resale 20.4 15.3 (33) 109.9 103.7 (6) 155.8 170.8 9
Diversified enterprises 232.0 115.5 (101) 428.0 295.2 (45) 524.8 474.9 (11)
Other operating and maintenance 169.6 133.0 (28) 428.4 364.7 (17) 601.6 492.4 (22)
Depreciation and amortization 43.3 51.0 15 132.7 152.2 13 184.1 202.6 9
Amortization of regulatory asset 1.5 - (100) 9.2 - (100) 9.2 - (100)
General taxes 25.7 27.3 6 78.5 100.3 22 101.4 128.3 21
Clinton plant impairment loss - - - - - - 2,666.9 - (100)
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Total 769.4 733.2 (5) 1,673.4 1,843.3 9 4,888.7 2,427.0 (88)
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Operating Income (Loss) 131.4 90.1 46 255.1 102.7 148 (2,475.6) 73.4 -
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Other Income
Miscellaneous - net 5.2 1.5 - 22.4 2.8 - 22.7 3.0 -
Equity earnings in affiliates 3.5 2.8 25 6.9 11.7 (41) 17.7 18.1 (2)
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Total 8.7 4.3 102 29.3 14.5 102 40.4 21.1 91
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Income (Loss) Before Interest Charges
and Income Taxes 140.1 94.4 48 284.4 117.2 143 (2,435.2) 94.5 -
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Interest Charges
Interest expense 51.6 36.8 (40) 141.5 109.3 (29) 178.2 144.8 (23)
Allowance for borrowed funds
used during construction (0.8) (1.5) (47) (4.0) (3.8) 5 (3.4) (5.4) (37)
Preferred dividend requirements
of subsidiary 4.7 5.0 6 14.4 14.9 3 19.3 20.0 4
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Total 55.5 40.3 (38) 151.9 120.4 (26) 194.1 159.4 (22)
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Income (Loss) Before Income Taxes 84.6 54.1 56 132.5 (3.2) - (2,629.3) (64.9) -
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Income Taxes
Income tax - impairment loss - - - - - - (982.8) - 100
ITC - Clinton impairment - - - - - - (160.4) - 100
Other income taxes 33.9 27.5 (23) 55.9 (5.8) - 19.4 (33.2) (158)
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Total 33.9 27.5 (23) 55.9 (5.8) - (1,123.8) (33.2) -
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Net Income (Loss) Before
Extraordinary Item 50.7 26.6 91 76.6 2.6 - (1,505.5) (31.7) -
Extraordinary Item Net of Income Tax
Benefit of $118.0 Million - - - - - - - (195.0) (100)
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Net Income (Loss) 50.7 26.6 91 76.6 2.6 - (1,505.5) (226.7) -
Carrying amount over (under)
consideration paid for redeemed
preferred stock of subsidiary 1.0 - 100 1.5 - 100 1.5 (0.9) -
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Net Income (Loss) Applicable
to Common Stock $ 51.7 $ 26.6 94 $ 78.1 $ 2.6 - $(1,504.0) $ (227.6) -
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Weighted average common shares 69.9 71.7 69.9 71.7 70.3 71.7
Earnings (loss) per common share before
extraordinary item (basic
and diluted) $0.74 $0.37 $1.12 $0.04 ($21.39) ($0.45)
Extraordinary item per common share
(basic and diluted) - - - - - ($2.72)
Earnings (loss) per common share
(basic and diluted) $0.74 $0.37 $1.12 $0.04 ($21.39) ($3.17)
Cash dividends declared
per common share $0.31 $0.31 $0.93 $0.93 $1.24 $1.24
Cash dividends paid
per common share $0.31 $0.31 $0.93 $0.93 $1.24 $1.24
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 unaudited 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.