NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
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 . . . . . . . . . . . . . . . . . . . . . . . $ 796,537 $ 755,096 $3,247,757 $3,261,144
Gas. . . . . . . . . . . . . . . . . . . . . . . . . . 137,025 131,336 579,583 565,229
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933,562 886,432 3,827,340 3,826,373
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OPERATING EXPENSES:
Electricity purchased:
Independent power producers . . . . . . . . . . . 96,435 105,082 431,623 880,016
Hydro/Fossil power purchase agreements. . . . . . 55,362 - 125,328 -
Other . . . . . . . . . . . . . . . . . . . . . . 79,455 30,232 250,087 121,975
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231,252 135,314 807,038 1,001,991
Fuel for electric generation . . . . . . . . . . . . . 32,474 61,549 189,657 239,982
Gas purchased. . . . . . . . . . . . . . . . . . . . . 68,291 55,769 266,723 272,141
Other operation and maintenance expenses . . . . . . . 247,176 240,011 889,100 937,798
PowerChoice charge . . . . . . . . . . . . . . . . . . - - - 263,227
Amortization of MRA regulatory asset . . . . . . . . . 96,625 96,649 386,499 128,833
Depreciation and amortization. . . . . . . . . . . . . 76,675 90,877 344,930 355,417
Other taxes. . . . . . . . . . . . . . . . . . . . . . 85,272 103,000 411,842 459,961
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837,765 783,169 3,295,789 3,659,350
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OPERATING INCOME . . . . . . . . . . . . . . . . . . . 95,797 103,263 531,551 167,023
Allowance for other funds used during construction . . 1,116 2,337 5,366 8,626
Other income (deductions). . . . . . . . . . . . . . . (3,834) (7,355) (11,048) 33,976
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INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 93,079 98,245 525,869 209,625
Allowance for borrowed funds used during construction. (1,609) (2,842) (7,252) (10,228)
Interest charges . . . . . . . . . . . . . . . . . . . 108,953 134,911 492,492 407,406
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INCOME (LOSS) BEFORE FEDERAL & FOREIGN
INCOME TAXES. . . . . . . . . . . . . . . . . . . (14,265) (33,824) 40,629 (187,553)
Federal & foreign income taxes . . . . . . . . . . . . (3,454) (16,391) 18,883 (66,728)
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEM. . . . . . . . (10,811) (17,433) 21,746 (120,825)
Extraordinary item - loss from the extinguishment
of debt, net of income taxes of $12,819 . . . . . - - (23,807) -
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NET LOSS . . . . . . . . . . . . . . . . . . . . . . . (10,811) (17,433) (2,061) (120,825)
Dividends on preferred stock . . . . . . . . . . . . . 9,769 9,024 36,808 36,555
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BALANCE AVAILABLE FOR COMMON STOCK . . . . . . . . . . $ (20,580) $ (26,457) $ (38,869) $ (157,380)
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NOTES:
- - 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.