SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: April 22, 2004
Commission Exact name of registrant as specified in its charter State of I.R.S. Employer
File Number and principal office address and telephone number Incorporation I.D. Number
1-14514 Consolidated Edison, Inc. New York 13-3965100
4 Irving Place, New York, New York 10003
(212) 460-4600
1-1217 Consolidated Edison Company of New York, Inc. New York 13-5009340
4 Irving Place, New York, New York 10003
(212) 460-4600
1-4315 Orange and Rockland Utilities, Inc. New York 13-1727729
One Blue Hill Plaza, Pearl River, New York 10965
(845) 352-6000
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
First Quarter Financial Results
Unaudited net revenues (operating revenues less purchased power, fuel and gas
purchased for resale), operating income and net income for common stock for the
three months ended March 31, 2004 and 2003 for Consolidated Edison, Inc. (Con
Edison) and its consolidated subsidiaries Consolidated Edison Company of New
York, Inc. (Con Edison of New York) and Orange and Rockland Utilities, Inc.
(O&R, together with Con Edison and Con Edison of New York, the Companies) were
as follows:
Con Edison Con Edison of New York O&R
(Millions of Dollars) 2004 2003 2004 2003 2004 2003
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Net revenues $1,169 $1,157 $1,029 $1,012 $92 $89
Operating income $255 $257 $230 $229 $19 $21
Net income for common stock $155 $154 $152 $138 $15 $16
The major factors affecting Con Edison and Con Edison of New York's results for
the three months ended March 31, 2004, as compared to the 2003 period, were
higher depreciation and property tax expense and a reduction in the net credits
for pensions and other post-retirement benefits; offset by the effects of sales
growth and the recognition in the 2003 period, but not the 2004 period, of a
provision for refund to customers of electric earnings in excess of a targeted
return. Con Edison's results in the 2004 period reflect lower gross margins on
electric sales by its unregulated subsidiaries and higher interest expense.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
99 Press release, dated April 22, 2004, furnished pursuant to Item 12
of Form 8-K.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 22, 2004, Con Edison issued a press release reporting, among other
things, results of operations for first quarter of 2004. Con Edison's condensed
consolidated balance sheets at March 31, 2004 and December 31, 2003 and
consolidated income statements for the three months ended March 31, 2004 and
2003 were attached to the press release. The press release (including its
attachments), which is "furnished" as an exhibit to this report pursuant to Item
12 of Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934 or otherwise subject to the liability of that
section and shall not be incorporated by reference into any filing under the
Securities Act of 1933.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
each registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONSOLIDATED EDISON, INC.
CONSOLIDATED EDISON COMPANY
OF NEW YORK, INC.
By /s/ EDWARD J. RASMUSSEN
Edward J. Rasmussen
Vice President and Controller
ORANGE AND ROCKLAND UTILITIES, INC.
By /s/ LOUIS M. BEVILACQUA
Louis M. Bevilacqua
Chief Financial Officer and Controller
DATE: April 22, 2004