NIAGARA MOHAWK HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
In thousands of dollars
THREE MONTHS ENDED SIX MONTHS ENDED TWELVE MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30,
2000 1999 2000 1999 2000 1999
------------------------ ------------------------- ---------------------------
OPERATING REVENUES:
Electric. . . . . . . . . . . . . . . . . . . . $ 901,483 $ 786,509 $ 1,826,378 $1,651,187 $ 3,640,092 $ 3,319,658
Gas . . . . . . . . . . . . . . . . . . . . . . 153,809 127,804 417,408 382,211 646,423 597,273
Other . . . . . . . . . . . . . . . . . . . . . 511 8 1,488 57 9,490 363
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1,055,803 914,321 2,245,274 2,033,455 4,296,005 3,917,294
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OPERATING EXPENSES:
Electricity purchased . . . . . . . . . . . . . 407,582 219,787 782,637 395,079 1,400,369 820,612
Fuel for electric generation. . . . . . . . . . 15,644 47,010 28,974 104,104 114,527 245,698
Gas purchased . . . . . . . . . . . . . . . . . 79,994 56,526 236,980 171,784 362,837 279,549
Other operation and maintenance expenses. . . . 224,501 225,623 447,369 438,278 943,087 917,552
Amortization/accretion of MRA/IPP buyout costs. 93,978 90,948 187,636 181,261 369,749 300,670
Depreciation and amortization . . . . . . . . . 78,362 94,109 156,312 188,925 312,860 368,834
Other taxes . . . . . . . . . . . . . . . . . . 78,196 99,165 156,464 221,023 350,523 440,481
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978,257 833,168 1,996,372 1,700,454 3,853,952 3,373,396
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OPERATING INCOME. . . . . . . . . . . . . . . . 77,546 81,153 248,902 333,001 442,053 543,898
Other income (deductions) . . . . . . . . . . . 2,553 (2,011) (2,365) (3,414) 4,844 39,245
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INCOME BEFORE INTEREST CHARGES. . . . . . . . . 80,099 79,142 246,537 329,587 446,897 583,143
Interest charges. . . . . . . . . . . . . . . . 109,565 129,960 220,897 260,235 445,902 525,962
Preferred dividend requirement of subsidiary. . 7,904 9,024 15,808 18,048 34,568 36,209
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INCOME (LOSS) BEFORE FEDERAL
& FOREIGN INCOME TAXES . . . . . . . . . . . . (37,370) (59,842) 9,832 51,304 (33,573) 20,972
Federal & foreign income taxes. . . . . . . . . (18,561) (34,545) 14,167 25,769 7,578 13,378
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INCOME (LOSS) BEFORE
EXTRAORDINARY ITEM. . . . . . . . . . . . . . (18,809) (25,297) (4,335) 25,535 (41,151) 7,594
Extraordinary item - Loss from the
extinguishment of debt, net of income taxes . (909) (10,750) (909) (10,750) (13,966) (10,750)
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NET INCOME (LOSS) . . . . . . . . . . . . . . . $ (19,718) $ (36,047) $ (5,244) $ 14,785 $ (55,117) $ (3,156)
=========== =========== ============ =========== ============ ============
AVERAGE NUMBER OF SHARES OF COMMON
STOCK OUTSTANDING (IN THOUSANDS). . . . . 171,088 187,365 174,220 187,365 180,154 187,365
BASIC AND DILUTED EARNINGS (LOSS) PER
AVERAGE SHARE OF COMMON STOCK BEFORE
EXTRAORDINARY ITEM. . . . . . . . . . . . . . $ (0.11) $ (0.13) $ (0.02) $ 0.14 $ (0.23) $ 0.04
Extraordinary item per average
share of common stock. . . . . . . . . . . . . (0.01) (0.06) (0.01) (0.06) (0.08) (0.06)
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BASIC AND DILUTED EARNINGS (LOSS) PER
AVERAGE SHARE OF COMMON STOCK . . . . . . . . $ (0.12) $ (0.19) $ (0.03) $ 0.08 $ (0.31) $ (0.02)
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OTHER OPERATING DATA:
Earnings before interest charges, interest income, income taxes, depreciation
and amortization, amortization of nuclear fuel, allowance for funds used during
construction, amortization/accretion of MRA/IPP buyout costs, deferral of MRA
interest rate savings, and extraordinary items (EBITDA) . . . . . . . . . . . . . . . . . . . . . . . . .$1,155,078 $1,289,376*
Net cash interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 359,326 $ 447,553
Ratio of EBITDA to net cash interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 2.9
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.
* EBITDA for the 12 months ended June 30, 1999, which had been reported as
$1,296,600, has been restated reflecting a change in the company's EBITDA
calculation methodology.