NIAGARA MOHAWK HOLDINGS, INC.
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(Unaudited)
EARNINGS REPORT
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(IN THOUSANDS OF DOLLARS)
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
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Operating Revenues . . . . . . . . . . . . . . $1,016,504 $904,066 $4,084,186 $3,992,420
Operating Income . . . . . . . . . . . . . . . 94,830 99,666 526,152 148,928
Loss Before Extraordinary Item . . . . . . . . (18,166) (26,457) (11,281) (157,380)
Extraordinary Item for Loss from
Extinguishment of Debt (Net) . . . . . . . . . -- -- (23,807) --
Net Loss . . . . . . . . . . . . . . . . . . . $ (18,166) $(26,457) $ (35,088) $ (157,380)
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)
EBITDA . . . . . . . . . . . . . . . . . . . . -- -- $1,259,500 $ 990,500
Net Cash Interest. . . . . . . . . . . . . . . -- -- $ 397,100 $ 345,500
Ratio of EBITDA to Net Cash Interest . . . . . -- -- 3.2 2.9
Cash Flow Before Debt Service. . . . . . . . . -- -- $ 488,000 $ 311,000
NOTE 1: The above information is not given in connection with any sale or
offer to sell or buy any stock or security.
NOTE 2: 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.