NIAGARA MOHAWK HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
In thousands of dollars
Three Months Ended Nine Months Ended Twelve Months Ended
September 30, September 30, September 30,
1999 1998* 1999 1998* 1999* 1998*
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OPERATING REVENUES:
Electric. . . . . . . . . . . . . . . . . . . . . . . . $ 853,588 $859,597 $2,451,220 $2,506,048 $3,206,316 $3,305,886
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . 73,708 71,034 442,558 433,893 573,894 594,359
Non-utility . . . . . . . . . . . . . . . . . . . . . . 106,931 49,143 173,904 148,413 191,568 199,698
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1,034,227 979,774 3,067,682 3,088,354 3,971,778 4,099,943
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OPERATING EXPENSES:
Fuel for electric generation. . . . . . . . . . . . . . 53,079 80,045 157,183 178,433 218,732 230,557
Electricity purchased . . . . . . . . . . . . . . . . . 319,417 279,148 714,496 992,068 848,613 1,323,262
Gas purchased . . . . . . . . . . . . . . . . . . . . . 48,803 45,869 220,587 245,945 282,483 356,752
Other operation and maintenance expenses. . . . . . . . 230,265 226,245 656,555 704,692 900,777 937,964
POWERCHOICE charge. . . . . . . . . . . . . . . . . . . - - - 263,227 - 263,227
Amortization of MRA regulatory asset. . . . . . . . . . 96,625 32,184 289,874 32,184 386,523 32,184
Depreciation and amortization . . . . . . . . . . . . . 79,752 88,867 268,677 264,877 359,719 350,681
Other taxes . . . . . . . . . . . . . . . . . . . . . . 107,965 116,185 328,988 357,666 431,834 474,917
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935,906 868,543 2,636,360 3,039,092 3,428,681 3,969,544
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OPERATING INCOME. . . . . . . . . . . . . . . . . . . . 98,321 111,231 431,322 49,262 543,097 130,399
Other income (deductions) . . . . . . . . . . . . . . . 7,479 44,080 4,065 62,118 (9,465) 71,149
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INCOME BEFORE INTEREST CHARGES. . . . . . . . . . . . . 105,800 155,311 435,387 111,380 533,632 201,548
Interest charges. . . . . . . . . . . . . . . . . . . . 117,661 133,658 377,896 265,109 509,965 333,755
Preferred dividend requirement of subsidiary. . . . . . 8,991 9,137 27,039 27,531 36,063 36,767
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INCOME (LOSS) BEFORE FEDERAL
& FOREIGN INCOME TAXES. . . . . . . . . . . . . . . . . (20,852) 12,516 30,452 (181,260) (12,396) (168,974)
Federal & foreign income taxes. . . . . . . . . . . . . (2,199) 4,000 23,570 (50,337) 7,179 (36,696)
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEM . . . . . . . . (18,653) 8,516 6,882 (130,923) (19,575) (132,278)
Extraordinary item - Loss from the
extinguishment of debt,
net of income taxes. . . . . . . . . . . . . . . . (13,054) - (23,804) - (23,804) -
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NET INCOME (LOSS) . . . . . . . . . . . . . . . . . . . $ (31,707) $ 8,516 $ (16,922) $ (130,923) $ (43,379) $ (132,278)
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Average number of shares of common
stock outstanding (in thousands). . . . . . . . . 187,365 187,365 187,365 159,049 187,365 155,362
Basic and diluted earnings (loss) per average
share of common stock before extraordinary item . . . $ (0.10) $ 0.05 $ 0.04 $ (0.82) $ (0.10) $ (0.85)
Extraordinary item per average
share of common stock. . . . . . . . . . . . . . . . . (0.07) - (0.13) - (0.13) -
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Basic and diluted earnings (loss) per average
share of common stock . . . . . . . . . . . . . . $ (0.17) $ 0.05 $ (0.09) $ (0.82) $ (0.23) $ (0.85)
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OTHER OPERATING DATA:
Earnings before interest charges, interest income,
income taxes, depreciation and amortization, and other
regulatory adjustments (EBITDA) . . . . . . . . . . . . - - - - $1,278,337 $ 885,154
Net cash interest . . . . . . . . . . . . . . . . . . . - - - - $ 423,371 $ 287,469
Ratio of EBITDA to net cash interest+A22. . . . . . . . - - - - 3.0 3.1
NOTES:
Prior period consolidated financial statements have been prepared from Niagara
Mohawk Power Corporation's prior period consolidated financial statements,
except that accounts have been reclassified to reflect the Niagara Mohawk
Holdings structure.
- - 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.