Exhibit 99.1
VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except for share amounts)
(Unaudited)
Three Months Six Months
Ended June 30 Ended June 30
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2003 2002 2003 2002
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As Restated As Restated
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OPERATING REVENUE:
Gas utility $ 165,023 $ 140,139 $ 674,554 $ 498,192
Electric utility 90,243 158,924 209,619 285,724
Energy services and other 28,110 81,141 61,711 226,660
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Total operating revenues 283,376 380,204 945,884 1,010,576
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OPERATING EXPENSES:
Cost of gas sold 104,269 81,824 469,385 311,977
Fuel for electric generation 20,597 19,068 41,366 36,859
Purchased electric energy 18,788 86,796 59,186 146,545
Cost of energy services and other 19,060 72,058 44,595 206,841
Other operating 59,630 55,979 122,202 113,556
Merger and integration costs - - - -
Restructuring costs - - - -
Depreciation and amortization 32,410 28,728 63,812 57,754
Taxes other than income taxes 11,083 10,241 33,118 28,573
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Total operating expenses 265,837 354,694 833,664 902,105
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OPERATING INCOME 17,539 25,510 112,220 108,471
OTHER INCOME (EXPENSE):
Equity in earnings (losses) of
unconsolidated investmen (129) 3,729 8,677 6,793
Other - net (1,007) 3,057 (2,155) 5,247
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Total other income (expense) (1,136) 6,786 6,522 12,040
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INTEREST EXPENSE 18,261 19,501 37,137 39,345
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INCOME (LOSS) BEFORE INCOME TAXES (1,858) 12,795 81,605 81,166
INCOME TAXES (5,939) 361 21,788 23,359
MINORITY INTEREST IN SUBSIDIARY 6 (38) 33 (247)
PREFERRED DIVIDEND REQUIREMENT OF SUBSIDIARY 5 3 14 10
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NET INCOME $ 4,070 $ 12,469 $ 59,770 $ 58,044
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AVERAGE COMMON SHARES OUTSTANDING 67,768 67,578 67,731 67,557
DILUTED COMMON SHARES OUTSTANDING 68,083 67,866 67,976 67,849
EARNINGS PER SHARE OF COMMON STOCK
BASIC:
EARNINGS PER SHARE OF COMMON STOCK $ 0.06 $ 0.18 $ 0.88 $ 0.86
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DILUTED:
EARNINGS PER SHARE OF COMMON STOCK $ 0.06 $ 0.18 $ 0.88 $ 0.86
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