NIAGARA MOHAWK HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
In thousands of dollars
Three Months Ended Twelve Months Ended
March 31, March 31,
2000 1999 2000 1999*
---- ---- ---- ----
OPERATING REVENUES:
Electric $ 924,895 $ 864,678 $3,525,118 $3,341,658
Gas 263,599 254,407 620,418 605,526
Other 977 49 8,987 473
- --------------------------------------- ----------- ----------- ----------- -----------
1,189,471 1,119,134 4,154,523 3,947,657
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OPERATING EXPENSES:
Electricity purchased 375,055 175,292 1,212,574 938,826
Fuel for electric generation 13,330 57,094 145,893 249,878
Gas purchased 156,986 115,258 339,369 292,426
Other operation and maintenance expenses 219,901 206,343 924,429 890,321
Power Choice charge - - - 263,227
Amortization of MRA regulatory asset 96,625 96,625 386,499 225,458
Depreciation and amortization 77,950 94,816 328,607 362,676
Other taxes 78,268 121,858 371,492 455,638
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1,018,115 867,286 3,708,863 3,678,450
----------- ----------- ----------- -----------
OPERATING INCOME 171,356 251,848 445,660 269,207
Other income (deductions) (4,918) (1,403) 280 52,341
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INCOME BEFORE INTEREST CHARGES 166,438 250,445 445,940 321,548
Interest charges 111,332 130,275 466,297 461,863
Preferred dividend requirement of subsidiary 7,904 9,024 35,688 36,356
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INCOME (LOSS) BEFORE FEDERAL & FOREIGN
INCOME TAXES 47,202 111,146 (56,045) (176,671)
Federal and foreign income taxes 32,728 60,314 (8,406) (58,983)
- --------------------------------------- ----------- ----------- ----------- -----------
INCOME (LOSS) BEFORE EXTRAORDINARY ITEM 14,474 50,832 (47,639) (117,688)
Extraordinary item - Loss from the
extinguishment of debt, net of income
taxes of $12,819 - - (23,807) -
- --------------------------------------- ----------- ----------- ----------- -----------
NET INCOME (LOSS) $ 14,474 $ 50,832 $ (71,446) $ (117,688)
- --------------------------------------- =========== =========== =========== ===========
AVERAGE NUMBER OF SHARES OF COMMON
STOCK OUTSTANDING (IN THOUSANDS) 177,352 187,365 184,201 176,776
BASIC AND DILUTED EARNINGS (LOSS)
PER AVERAGE SHARE OF COMMON STOCK BEFORE
EXTRAORDINARY ITEM $ 0.08 $ 0.27 $ (0.26) $ (0.67)
EXTRAORDINARY ITEM PER AVERAGE SHARE OF
COMMON STOCK - - (0.13) -
- --------------------------------------- ----------- ----------- ----------- -----------
BASIC AND DILUTED EARNINGS (LOSS)
PER AVERAGE SHARE OF COMMON STOCK $ 0.08 $ 0.27 $ (0.39) $ (0.67)
- --------------------------------------- =========== =========== =========== ===========
OTHER OPERATING DATA:
Earnings before interest charges, interest
income, income taxes, depreciation and
amortization, and other regulatory
adjustments (EBITDA) $1,159,000 $1,173,000
Net cash interest $ 377,000 $ 388,000
Ratio of EBITDA to net cash interest 3.1 3.0
NOTES:
* Prior period consolidated financial statements have been prepared from
Niagara Mohawk Power Corporation's period consolidated financial statements,
except that accounts have been reclassified to reflect the Niagara Mohawk
Holdings' structure.
** EBITDA for the twelve months ended March 31, 1999, which had been reported
as of $1,245,500, has been restated reflecting a change in the Company's
EBITDA calculation methodology.
- - 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.