NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
In thousands of dollars
THREE MONTHS ENDED TWELVE MONTHS ENDED
MARCH 31, MARCH 31,
2000 1999 2000 1999
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OPERATING REVENUES:
Electric $ 823,672 $ 849,746 $3,221,683 $3,247,721
Gas 245,107 246,275 578,415 576,269
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1,068,779 1,096,021 3,800,098 3,823,990
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OPERATING EXPENSES:
Electricity purchased:
Independent power producers 78,869 109,611 308,005 548,781
Hydro/Fossil power purchase agreements 29,485 - 154,813 -
NYISO 118,806 - 151,425 -
Swap payments 17,539 21,874 93,841 73,042
Other 35,191 29,480 217,879 216,783
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279,890 160,965 925,963 838,606
Fuel for electric generation 13,330 57,094 145,893 249,878
Gas purchased 138,432 107,346 297,809 264,035
Other operation and maintenance expenses 214,689 203,292 900,497 878,728
Power Choice charge - - - 263,227
Amortization of MRA regulatory asset 96,625 96,625 386,499 225,458
Depreciation and amortization 77,832 94,692 328,070 362,159
Other taxes 77,263 121,723 367,382 454,889
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898,061 841,737 3,352,113 3,536,980
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OPERATING INCOME 170,718 254,284 447,985 287,010
Other income (deductions) (7,365) (3,839) (9,208) 34,538
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INCOME BEFORE INTEREST CHARGES 163,353 250,445 438,777 321,548
Interest charges 111,332 130,275 466,297 461,863
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INCOME (LOSS) BEFORE FEDERAL & FOREIGN
INCOME TAXES 52,021 120,170 (27,520) (140,315)
Federal and foreign income taxes 31,188 60,314 (10,243) (58,983)
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEM 20,833 59,856 (17,277) (81,332)
Extraordinary item - Loss from the
extinguishment of debt, net of income
taxes of $12,819 - - (23,807) -
- --------------------------------------- ----------- ----------- ----------- -----------
NET INCOME (LOSS) 20,833 59,856 (41,084) (81,332)
Dividends on preferred stock 7,904 9,024 35,688 36,356
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BALANCE AVAILABLE FOR COMMON STOCK $ 12,929 $ 50,832 $ (76,772) $ (117,688)
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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.