EXHIBIT 99
Statement of Cash Flows FirstEnergy Corp.
for the quarters ended (Unaudited)
(In thousands)
2001 2002 2003
31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun
Cash Flows from Operating Activities:
Net Income (loss) $ 168,633 $ 118,268 $ 207,898 $ 284,845 $(58,027) $ 218,502 $ (57,888)
Adjustments to reconcile net income
(loss) to net
cash from operating activities -
Provision for depreciation and
amortization 244,966 309,374 300,405 310,417 385,647 324,862 309,022
Nuclear fuel and lease amortization 26,730 20,965 19,598 20,191 19,753 14,918 15,578
Other amortization, net (1,144) (3,537) (4,386) (5,381) (3,289) (4,613) (409)
Deferred costs recoverable as
regulatory assets (31,893) (90,934) (55,136) (145,336) (71,550) (38,748) 81,558
Avon asset impairment - - - - 50,000 - -
Deferred income taxes, net 96,682 (21,017) 33,517 20,891 23,341 31,352 (52,906)
Investment tax credits, net (7,579) (6,746) (6,967) (6,767) (7,845) (6,259) (6,247)
Disallowed regulatory assets - - - - - - 158,500
Discontinued operations - - - - 87,476 - 67,372
Cumulative effect of accounting
change - - - - - (174,663) -
Receivables 99,023 60,095 (150,157) (67,608) 72,363 (1,898) (58,659)
Materials and supplies 10,278 18,163 (21,742) (18,388) (7,590) 11,413 (45,397)
Accounts payable (56,875) (3,004) 47,766 47,888 128,112 (7,115) (27,928)
Accrued taxes (140,291) 82,297 4,422 16,687 (66,840) 97,553 (75,699)
Accrued interest (4,810) 86,579 (106,136) 79,063 (85,787) 89,599 (105,277)
Deferred rents and sale/leaseback (49,058) 44,400 (142,892) 58,731 (45,039) (17,592) (62,370)
Prepayments & other (62,225) 109,551 (128,937) 113,841 38,525 (69,673) (50,885)
"BREAKDOWN OF OTHER"
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| Pension & retirement obligation |
| change 58,204 17,649 44,111 49,995 189,665 78,571 74,918 |
| JCP&L retail rate refund - - - (17,434) (25,582) (27,512) (24,889) |
| GPU Capital/GPU Power |
| nonoperational items 24,065 (69,127) 106,372 (25,078) 12,959 3,388 22,105 |
| GPU Capital tax refund - - - - - 51,073 - |
| Net compensation accrual (payment) 41,011 (126,521) 56,584 27,171 (11,500) (62,685) 3,758 |
| Energy derivative transactions (6,961) (33,936) (4,838) (12,602) (55,954) (41,214) (36,988) |
| Interest rate hedge (related to |
| merger debt) (132,376) - - - - - - |
| Offset of disallowed regulatory assets - - - - - - (158,500) |
| All Other 23,985 (48,435) 62,641 (62,709) (47,995) (6,997) 52,962 |
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Total -Other 7,928 (260,370) 264,870 (40,657) 61,593 (5,376) (66,634)
--------- --------- --------- --------- -------- --------- ---------
Net cash provided from operating
activities $ 300,365 $ 464,084 $ 262,123 $ 668,417 $520,843 $ 462,262 $ 21,731
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