Exhibit 99-2
VECTREN UTILITY HOLDINGS
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
Other 199 51 397 101
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Total operating revenues 255,465 299,114 884,570 784,017
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OPERATING EXPENSES:
Cost of gas sold 104,269 82,127 469,385 312,595
Fuel for electric generation 20,597 19,068 41,366 36,859
Purchased electric energy 18,788 86,796 59,186 146,545
Other operating 53,895 48,799 110,498 100,055
Merger and integration costs - - - -
Restructuring costs - - - -
Depreciation and amortization 29,681 26,349 58,443 53,120
Taxes other than income taxes 10,864 10,016 32,582 28,076
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Total operating expenses 238,094 273,155 771,460 677,250
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OPERATING INCOME 17,371 25,959 113,110 106,767
OTHER INCOME (EXPENSE):
Equity in earnings (losses)
of unconsolidated affiliates 86 (404) (418) (516)
Other - net 225 3,753 (1,282) 5,838
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Total other income (expense) 311 3,349 (1,700) 5,322
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INTEREST EXPENSE 15,864 17,292 32,380 34,840
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INCOME BEFORE INCOME TAXES 1,818 12,016 79,030 77,249
INCOME TAXES 378 3,337 30,273 26,526
PREFERRED DIVIDEND REQUIREMENT OF SUBSIDIARY 5 3 14 10
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NET INCOME $ 1,435 $ 8,676 $ 48,743 $50,713
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