NIAGARA MOHAWK HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
In thousands of dollars
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
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OPERATING REVENUES:
Electric . . . . . . . . . . . . . . . . . . . . . . . . . $ 867,158 $ 765,971 $3,464,901 $3,390,501
Gas. . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,006 137,816 611,226 601,276
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,340 279 8,059 643
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1,016,504 904,066 4,084,186 3,992,420
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OPERATING EXPENSES:
Electricity purchased. . . . . . . . . . . . . . . . . . . 298,315 146,385 1,012,811 1,138,453
Fuel for electric generation . . . . . . . . . . . . . . . 32,474 61,549 189,657 239,982
Gas purchased. . . . . . . . . . . . . . . . . . . . . . . 77,054 61,896 297,641 307,841
Other operation and maintenance expenses . . . . . . . . . 254,316 243,605 910,871 948,297
PowerChoice charge . . . . . . . . . . . . . . . . . . . . - - - 263,227
Amortization of MRA regulatory asset . . . . . . . . . . . 96,625 96,649 386,499 128,833
Depreciation and amortization. . . . . . . . . . . . . . . 76,796 91,042 345,473 355,919
Other taxes. . . . . . . . . . . . . . . . . . . . . . . . 86,094 103,274 415,082 460,940
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921,674 804,400 3,558,034 3,843,492
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OPERATING INCOME . . . . . . . . . . . . . . . . . . . . . 94,830 99,666 526,152 148,928
Other income (deductions). . . . . . . . . . . . . . . . . (1,389) (3,758) (1,571) 52,071
Allowance for other funds used during construction . . . . 1,116 2,337 5,366 8,626
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INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . . . 94,557 98,245 529,947 209,625
Interest charges . . . . . . . . . . . . . . . . . . . . . 108,953 134,911 492,492 407,406
Allowance for borrowed funds used during construction. . . (1,609) (2,842) (7,252) (10,228)
Preferred dividend requirement of subsidiary . . . . . . . 9,769 9,024 36,808 36,555
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INCOME (LOSS) BEFORE FEDERAL
& FOREIGN INCOME TAXES. . . . . . . . . . . . . . . . . . (22,556) (42,848) 7,899 (224,108)
Federal & foreign income taxes . . . . . . . . . . . . . . (4,390) (16,391) 19,180 (66,728)
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LOSS BEFORE EXTRAORDINARY ITEM . . . . . . . . . . . . . . (18,166) (26,457) (11,281) (157,380)
Extraordinary item - loss from the
extinguishment of debt,
net of income taxes of $12,819. . . . . . . . . . . . - - (23,807) -
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NET LOSS . . . . . . . . . . . . . . . . . . . . . . . . . $ (18,166) $ (26,457) $ (35,088) $ (157,380)
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AVERAGE NUMBER OF SHARES OF COMMON
STOCK OUTSTANDING (IN THOUSANDS) . . . . . . . . . . . . 184,684 187,365 186,689 166,186
BASIC AND DILUTED LOSS PER AVERAGE
SHARE OF COMMON STOCK BEFORE EXTRAORDINARY ITEM . . . . . $ (0.10) $ (0.14) $ (0.06) $ (0.95)
Extraordinary item per average share
of common stock. . . . . . . . . . . . . . . . . . . . . - - (0.13) -
- ---------------------------------------------------------- ------------- -------------- ----------- -----------
BASIC AND DILUTED LOSS PER AVERAGE
SHARE OF COMMON STOCK. . . . . . . . . . . . . . . . $ (0.10) $ (0.14) $ (0.19) $ (0.95)
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OTHER OPERATING DATA:
Earnings before interest charges, interest income,
income taxes, depreciation and amortization, and . . . . . $1,259,500 $ 990,500
other regulatory requirements (EBITDA)
Net cash interest. . . . . . . . . . . . . . . . . . . . . $ 397,100 $ 345,500
Ratio of EBITDA to net cash interest . . . . . . . . . . . 3.2 2.9
Cash flow before debt service (EBITDA less
capital expenditures, less cash interest, less cash taxes) $ 488,000 $ 311,000
NOTES:
- - Prior period consolidated financial statements have been prepared from
Niagara Mohawk Power Corporation's prior period consolidated financial
statements, except that accounts have been reclassified to reflect the
Niagara Mohawk Holdings' structure.
- - The above information is not given in connection with any sale or offer
to sell or buy any stock or security.
- - The Company files periodic reports pursuant to the Securities Exchange
Act of 1934. Accordingly, with respect to the financial information set
forth above, you are requested to refer to such filings for more detailed
information.