CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the Periods Ended March 31, 2003
(unaudited)
(in thousands, except per share amounts)
Quarter Ended
2003 2002
Operating Revenues
Electric $836,883 $779,376
Gas 398,913 190,064
Other 45,986 16,937
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1,281,782 986,377
Operating Expenses
Fuel used in electric production 240,279 204,122
Gas purchased 235,995 109,880
Purchased and exchanged power 39,204 25,168
Other operation 269,052 206,111
Maintenance 57,609 56,467
Depreciation 106,023 98,566
Taxes other than income taxes 77,749 72,422
---------------- ----------------
1,025,911 772,736
Operating Income 255,871 213,641
Other Income and (Expenses) - Net
Allowance for equity funds used during
construction 3,579 2,850
Equity in earnings of unconsolidated
subsidiaries 592 4,689
Other - net 4,796 (4,159)
---------------- ----------------
8,967 3,380
Interest and Other Charges
Interest on long-term debt 64,776 59,167
Other interest 1,918 6,641
Allowance for borrowed funds used
during construction (6,130) (4,585)
---------------- ----------------
60,564 61,223
Preferred Trust
Preferred dividend requirement
of subsidiary trust 5,970 5,913
Income Before Taxes 198,304 149,885
Income Taxes 57,823 53,777
Preferred dividend requirements
of subsidiaries 858 858
---------------- ----------------
Income Before Discontinued Operations
and Cumulative Effect of a Change
in Accounting Principles $139,623 $95,250
Discontinued Operations,
net of tax - 478
Cumulative Effect of a Change
in Accounting Principles,
net of tax 26,462 (10,899)
---------------- ----------------
Net Income $166,085 $84,829
Other comprehensive income, net of tax 787 (2,259)
---------------- ----------------
Comprehensive Income $166,872 $82,570
Average Common Shares Outstanding 173,387 164,295
Earnings Per Common Share
Income Before Discontinued Operations
and Cumulative Effect of a Change in
Accounting Principles $0.81 $0.58
Discontinued Operations, net of tax - -
Cumulative Effect of a Change in
Accounting Principles, net of tax 0.15 (0.06)
---------------- ----------------
Net Income $0.96 $0.52
Earnings Per Common Share - Assuming Dilution
Income Before Discontinued Operations
and Cumulative Effect of a Change in
Accounting Principles $0.80 $0.58
Discontinued Operations, net of tax - -
Cumulative Effect of a Change in
Accounting Principles, net of tax 0.15 (0.06)
---------------- ----------------
Net Income $0.95 $0.52
Dividends Declared Per Common Share $0.46 $0.45
Note: Prior year's data has been reclassified to conform with current
year's presentation.
CINERGY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited) (in thousands)
March 31 December 31
2003 2002
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ASSETS
Current Assets
Cash and temporary cash investments $259,159 $221,083
Restricted deposits 8,221 8,116
Notes receivable 96,884 135,873
Accounts receivable less accumulated
provision for doubtful accounts of
$12,881 at March 31, 2003, and
$16,374 at December 31, 2002 1,383,244 1,292,410
Materials, supplies and fuel
- at average cost 245,061 319,456
Prepayments and other 108,367 118,208
Energy risk management current assets 439,358 464,028
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Total current assets 2,540,294 2,559,174
Property, Plant, and Equipment - at Cost
Utility plant in service 9,100,552 8,641,351
Construction work in progress 508,021 469,300
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Total utility plant 9,608,573 9,110,651
Non-regulated property, plant,
and equipment 4,355,409 4,704,904
Accumulated depreciation 5,184,319 5,166,881
------------------ -----------------
Net property, plant, and equipment 8,779,663 8,648,674
Other Assets
Regulatory assets 1,016,477 1,022,696
Investments in unconsolidated
subsidiaries 427,378 417,188
Energy risk management
non-current assets 92,631 162,773
Other investments 165,130 163,851
Other 394,645 331,552
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Total other assets 2,096,261 2,098,060
Assets of Discontinued Operations 1,916 1,120
Total Assets $13,418,134 $13,307,028
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $1,455,370 $1,321,968
Accrued taxes 235,646 254,823
Accrued interest 60,328 64,340
Notes payable and other
short-term obligations 327,616 667,973
Long-term debt due within one year 318,949 191,454
Energy risk management current
liabilities 434,111 407,710
Other 91,450 108,056
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Total current liabilities 2,923,470 3,016,324
Non-current Liabilities
Long-term debt 3,977,024 4,080,768
Deferred income taxes 1,507,089 1,471,872
Unamortized investment tax credits 115,792 118,095
Accrued pension and other
post-retirement benefit costs 642,121 626,167
Energy risk management
non-current liabilities 84,805 143,991
Other 213,643 183,613
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Total non-current liabilities 6,540,474 6,624,506
Liabilities of Discontinued Operations 1,831 1,707
Total Liabilities 9,465,775 9,642,537
Preferred Trust Securities
Company obligated mandatorily
redeemable preferred trust securities
of subsidiary holding solely debt
securities of the company 308,702 308,187
Cumulative Preferred Stock of Subsidiaries
Not subject to mandatory redemption 62,828 62,828
Common Stock Equity
Common stock - $0.01 par value;
authorized shares - 600,000,000;
outstanding shares - 175,876,919
at March 31, 2003, and 168,663,115
at December 31, 2002 1,759 1,687
Paid-in capital 2,116,222 1,918,136
Retained earnings 1,491,861 1,403,453
Accumulated other comprehensive income (29,013) (29,800)
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Total common stock equity 3,580,829 3,293,476
Total Liabilities and Equity $13,418,134 $13,307,028