Exhibit 99(a)
Item 6. Selected Financial Data.
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In millions, except per share amounts 2001 2000 1999/a/ 1998 1997/b/
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Income Statement
Operating revenues/d/ $ 18,566 17,305 $ 10,379 $ 8,763 $ 7,928
Operating expenses 14,466 13,492 8,560 6,278 5,958
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Operating income 4,100 3,813 1,819 2,485 1,970
Other income and expenses 156 201 224 162 138
Interest expense 785 911 601 514 472
Minority interest expense 327 307 142 96 23
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Earnings before income taxes 3,144 2,796 1,300 2,037 1,613
Income taxes 1,150 1,020 453 777 639
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Income before extraordinary item and
cumulative effect of change in
accounting principle 1,994 1,776 847 1,260 974
Extraordinary gain (loss), net of tax - - 660 (8) -
Cumulative effect of change in accounting
principle, net of tax (96) - - - -
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Net income 1,898 1,776 1,507 1,252 974
Preferred and preference stock dividends 14 19 20 21 72
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Earnings available for common stockholders $ 1,884 $ 1,757 $ 1,487 $ 1,231 $ 902
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Common Stock Data/c/
Shares of common stock outstanding
Year-end 777 739 733 726 720
Weighted average 767 736 729 722 720
Earnings per share (before extraordinary
item and cumulative effect of change
in accounting principle)
Basic $ 2.58 $ 2.39 $ 1.13 $ 1.72 $ 1.26
Diluted 2.56 2.38 1.13 1.71 1.25
Earnings per share
Basic $ 2.45 $ 2.39 $ 2.04 $ 1.70 $ 1.26
Diluted 2.44 2.38 2.03 1.70 1.25
Dividends per share 1.10 1.10 1.10 1.10 0.95
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Balance Sheet
Total assets $ 48,375 $ 58,232 $ 33,409 $ 26,806 $ 24,029
Long-term debt, less current maturities 12,321 10,717 8,683 6,272 6,530
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/a/ Financial information reflects a pre-tax $800 million charge for estimated
injuries and damages claims. The earnings-per-share effect of this charge
was $0.67 per share. /b/ Financial information reflects accounting for the
1997 merger with PanEnergy as a pooling of interests. As a result, the
financial information gives effect to the merger as if it had occurred
January 1, 1997. /c/ Amounts prior to 2001 were restated to reflect the
two-for-one common stock split effective January 26, 2001. /d/ Revenues
have been updated to the extent required to show the impact of the
implementation of the gross versus net presentation of revenues under the
partial consensus reached in June 2002 on EITF Issue No. 02-03, "Issues
Involved in Accounting for Derivative Contracts Held for Trading and Risk
Management Activities". In the derivation of net revenues, Duke Energy
has continued to enhance its methodologies around the application of this
complex accounting literature since the third quarter of 2002, when these
trading revenues were first reported on a net basis. See footnote 1 to the
attached consolidated financial statements for further discussion.
1