| Dominion
Resources, Inc. Preliminary Earnings Report September 1999 |
|||||||||
($ in millions, except earnings per share) |
|||||||||
3rd Qtr Ended |
9 Months Ended |
12 Months Ended |
|||||||
September 30 |
September 30 |
September 30 |
|||||||
1999 |
1998 |
1999 |
1998 |
1999 |
1998 |
||||
Operating Revenues & Income |
$ 1,662.5 |
$ 1,549.3 |
$ 4,270.8 |
$ 4,908.0 |
$ 5,448.9 |
$ 6,646.3 |
|||
Reported Net Income: |
|||||||||
Virginia Power |
$ 226.5 |
$ 197.0 |
$ 166.9 |
$ 157.8 |
$ 203.2 |
$ 234.2 |
|||
East Midlands Electricity |
- |
200.7 |
- |
227.2 |
0.0 |
240.0 |
|||
Dominion Energy |
4.5 |
18.2 |
33.3 |
48.5 |
41.9 |
57.0 |
|||
Dominion Capital |
7.2 |
10.4 |
43.1 |
56.1 |
45.7 |
62.0 |
|||
Corporate |
(6.1) |
(1.8) |
(10.1) |
(8.2) |
(3.4) |
(12.1) |
|||
Consolidated |
$ 232.1 |
$ 424.5 |
$ 233.2 |
$ 481.4 |
$ 287.4 |
$ 581.1 |
|||
Common Shares Outstanding (Avg) |
191.4 |
196.1 |
192.3 |
194.8 |
193.0 |
193.0 |
|||
Reported Earnings Per Share: |
|||||||||
Virginia Power |
$ 1.18 |
$ 1.00 |
$ 0.87 |
$ 0.81 |
$ 1.05 |
$ 1.21 |
|||
East Midlands Electricity |
- |
1.03 |
- |
1.17 |
- |
1.24 |
|||
Dominion Energy |
0.02 |
0.09 |
0.17 |
0.25 |
0.22 |
0.30 |
|||
Dominion Capital |
0.04 |
0.05 |
0.22 |
0.29 |
0.24 |
0.32 |
|||
Corporate |
(0.03) |
- |
(0.05) |
(0.05) |
(0.02) |
(0.06) |
|||
Consolidated |
$ 1.21 |
$ 2.17 |
$ 1.21 |
$ 2.47 |
$ 1.49 |
$ 3.01 |
|||
Unusual Items (Pre-tax): |
|||||||||
Loss on Sale of Foreign Generation |
$ (14.4) |
$ (14.4) |
$ (14.4) |
||||||
Write-Off of Regulatory Assets & Liabilities |
(451.9) |
(451.9) |
|||||||
Rate Case Settlement - Va Power |
$ (291.5) |
$ (291.5) |
|||||||
Gain on Sale - East Midlands |
$ 332.3 |
332.3 |
332.3 |
||||||
Unusual Items (After-tax): |
|||||||||
Loss on Sale of Foreign Generation |
(18.1) |
(18.1) |
(18.1) |
||||||
Write-Off of Regulatory Assets & Liabilities |
(254.8) |
(254.8) |
|||||||
Rate Case Settlement - Va Power |
(201.0) |
(201.0) |
|||||||
Gain on Sale - East Midlands |
200.7 |
200.7 |
200.7 |
||||||
Unusual Items (EPS impact): |
|||||||||
Loss on Sale of Foreign Generation |
(0.09) |
(0.09) |
(0.09) |
||||||
Write-Off of Regulatory Assets & Liabilities |
(1.32) |
(1.32) |
|||||||
Rate Case Settlement - Va Power |
(1.03) |
(1.03) |
|||||||
Gain on Sale - East Midlands |
1.03 |
1.03 |
1.03 |
||||||
Dominion Resources -
Restructured Operations |
||||||
($ in millions, except earnings per share) |
||||||
3rd Qtr Ended |
9 Months Ended |
|||||
September 30 |
September 30 |
|||||
1999 |
1998 |
1999 |
1998 |
|||
Operating Revenues & Income |
$ 1,662.5 |
$ 1,549.3 |
$ 4,270.8 |
$ 4,908.0 |
||
Reported Net Income: |
||||||
Dominion Generation |
$ 155.6 |
$ 135.3 |
$ 16.6 |
$ 81.0 |
||
Virginia Power |
63.5 |
72.7 |
151.2 |
106.1 |
||
Dominion Energy - Oil & Gas |
11.9 |
7.2 |
32.4 |
19.2 |
||
Dominion Capital |
7.2 |
10.4 |
43.1 |
56.1 |
||
Dominion UK |
- |
200.7 |
- |
227.2 |
||
Corporate |
(6.1) |
(1.8) |
(10.1) |
(8.2) |
||
Consolidated |
$ 232.1 |
$ 424.5 |
$ 233.2 |
$ 481.4 |
||
Common Shares Outstanding (Avg) |
191.4 |
196.1 |
192.3 |
194.8 |
||
Reported Earnings Per Share: |
||||||
Dominion Generation |
$ 0.81 |
$ 0.69 |
$ 0.09 |
$ 0.42 |
||
Virginia Power |
0.33 |
0.37 |
0.79 |
0.54 |
||
Dominion Energy - Oil & Gas |
0.06 |
0.04 |
0.17 |
0.10 |
||
Dominion Capital |
0.04 |
0.05 |
0.22 |
0.29 |
||
Dominion UK |
- |
1.03 |
- |
1.17 |
||
Corporate |
(0.03) |
- |
(0.06) |
(0.05) |
||
Consolidated |
$ 1.21 |
$ 2.17 |
$ 1.21 |
$ 2.47 |
||
Unusual Items (Pre-tax): |
||||||
Loss on Sale of Foreign Generation |
$ (14.4) |
$ (14.4) |
||||
Write-Off of Regulatory Assets & Liabilities |
||||||
- Dominion Generation |
(451.9) |
|||||
Rate Case Settlement -Dominion Generation |
(237.8) |
|||||
Rate Case Settlement - Va Power |
(53.7) |
|||||
Gain on Sale - East Midlands |
$ 332.3 |
$ 332.3 |
||||
Unusual Items (After-tax): |
||||||
Loss on Sale of Foreign Generation |
(18.1) |
(18.1) |
||||
Write-Off of Regulatory Assets & Liabilities |
||||||
- Dominion Generation |
(254.8) |
|||||
Rate Case Settlement -Dominion Generation |
(164.0) |
|||||
Rate Case Settlement -Va Power |
(37.0) |
|||||
Gain on Sale - East Midlands |
200.7 |
200.7 |
||||
Unusual Items (EPS impact): |
||||||
Loss on Sale of Foreign Generation |
(0.09) |
(0.09) |
||||
Write-Off of Regulatory Assets & Liabilities |
||||||
- Dominion Generation |
(1.32) |
|||||
Rate Case Settlement - Dominion Generation |
(0.84) |
|||||
Rate Case Settlement - Va Power |
(0.19) |
|||||
Gain on Sale - East Midlands |
1.03 |
1.03 |
||||
Virginia Power |
||||
Increase |
Percent |
|||
3rd Quarter Ended September 30 |
1999 |
1998 |
(Decrease) |
Change |
Residential |
7,039,403 |
7,009,714 |
29,689 |
0.4% |
Commercial |
6,251,491 |
6,156,937 |
94,554 |
1.5% |
Industrial |
3,031,201 |
2,986,119 |
45,082 |
1.5% |
Public authorities |
2,491,403 |
2,417,073 |
74,330 |
3.1% |
Total retail |
18,813,498 |
18,569,843 |
243,655 |
1.3% |
Wholesale - sales for resale |
1,503,379 |
1,313,950 |
189,429 |
14.4% |
Total sales |
20,316,877 |
19,883,793 |
433,084 |
2.2% |
Cooling Degree Days |
1,095 |
1,148 |
1,072 |
= Normal |
Heating Degree Days |
16 |
6 |
18 |
= Normal |
9 Months Ended September 30 |
||||
Residential |
18,585,025 |
18,081,593 |
503,432 |
2.8% |
Commercial |
16,594,765 |
16,272,602 |
322,163 |
2.0% |
Industrial |
8,264,581 |
8,501,877 |
(237,296) |
-2.8% |
Public authorities |
6,831,729 |
6,571,351 |
260,378 |
4.0% |
Total retail |
50,276,100 |
49,427,423 |
848,677 |
1.7% |
Wholesale - sales for resale |
3,662,676 |
3,375,051 |
287,625 |
8.5% |
Total sales |
53,938,776 |
52,802,474 |
1,136,302 |
2.2% |
Cooling Degree Days |
1,459 |
1,612 |
1,521 |
= Normal |
Heating Degree Days |
2,240 |
2,035 |
2,431 |
= Normal |