AES Reports Third Quarter Earnings of 28 Cents Per Share, Before Extraordinary Items; 33% Increase Over Previous Year.ARLINGTON Arlington, county, United States Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington. , Va.--(BUSINESS WIRE)--Oct. 21, 1997--The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. (NYSE NYSE See: New York Stock Exchange :AES) announced Tuesday Tuesday: see week. that net income, before extraordinary items, was $50 million for the quarter ended Sept. 30, 1997, an increase of 56% compared to $32 million for the third quarter of 1996. Earnings per share, before extraordinary items, were 28 cents for the quarter, compared to 21 cents for the same quarter in 1996. During the quarter, the company incurred a $3 million after tax (2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) extraordinary charge related to the early pre-payment of certain long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Revenues for the quarter were $358 million, up 75% compared to $205 million reported in the same period last year. For the first nine months of 1997, net income, before extraordinary items, was $132 million, a 48% increase compared to the first nine months of 1996. Earnings per share, before extraordinary items, for the first nine months of 1997 were 78 cents, compared to 58 cents for the same period in 1996. Revenues for the first nine months of 1997 were $880 million, up 60% from the $551 million reported a year earlier. Total assets at the end of the quarter were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $6.6 billion, as compared to $3.6 billion at the end of 1996. During the third quarter, AES raised approximately $325 million in Senior Subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. Notes and approximately $350 million in a common stock offering. Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the W. Bakke Bakke may refer to:
Roger W. Sant SANT South African Native Trust , chairman, stated, "The new business environment in many parts of the world could not be better for a global power company. Governments continue to open the electric market, allowing for greenfield Greenfield, town (1990 pop. 18,666), seat of Franklin co., NW Mass., at the confluence of the Deerfield and Green rivers, near their junction with the Connecticut; settled 1686, set off from Deerfield and inc. 1753. plants and privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned opportunities. "Given the significant competition we face in the industry, we will probably lose more opportunities than we win. However, we try hard to demonstrate our discipline in the quality of projects we pursue and the prices we are willing to offer." AES is a leading global power company that currently owns or has an interest in eighty-two power facilities totaling over 23,000 megawatts in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. , Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. , Pakistan Pakistan (păk`ĭstăn', päkĭstän`), officially Islamic Republic of Pakistan, republic (2005 est. pop. 162,420,000), 310,403 sq mi (803,944 sq km), S Asia. , the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , Hungary Hungary, Hung. Magyarország, officially Republic of Hungary, republic (2005 est. pop. 10,007,000), 35,919 sq mi (93,030 sq km), central Europe. , Kazakhstan Kazakhstan or Kazakstan (kä'zäkstän`), officially Republic of Kazakhstan, republic (2005 est. pop. 15,186,000), c.1,050,000 sq mi (2,719,500 sq km), central Asia. , China and the United Kingdom. In addition to having assets in excess of $6 billion, the company has more than $5 billion of projects in construction or late stages of development. AES is dedicated to providing electricity worldwide in a socially responsible way. -0- For more general information visit our web site at www.aesc.com or contact investor relations Investor relations The process by which the corporation communicates with its investors. at investing@aesc.com . The list aes-pr-announce is an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. mailing list An automated e-mail system on the Internet, which is maintained by subject matter. There are thousands of such lists that reach millions of individuals and businesses. New users generally subscribe by sending an e-mail with the word "subscribe" in it and subsequently receive all new and can be found on the investing page of our web site. Those who subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; this list will receive updates when AES issues a press release. -0-
THE AES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED SEPT. 30, 1997 AND 1996
--------------------------------------------------------------------
Unaudited Three Three
Months % Months
Ended of Ended
09/30/97 Sales 09/30/96
---------------------------------------------------------------------------
($ in millions, except per share amounts)
REVENUES:
Sales and services $ 358 100% $ 205
OPERATING COSTS AND EXPENSES:
Cost of sales and services 246 69% 122
Selling, general and
administrative expenses 10 3% 8
Provision to reduce
contract receivable 9 2% --
----- -----
Total operating costs
and expenses 265 74% 130
----- -----
OPERATING INCOME 93 26% 75
OTHER INCOME AND (EXPENSE):
Interest expense (62) -18% (38)
Interest income 10 3% 6
Equity in net
earnings of affiliates 28 8% 9
----- -----
INCOME BEFORE INCOME TAXES, MINORITY
INTEREST, AND EXTRAORDINARY ITEM 69 19% 52
Income taxes 15 4% 16
Minority interest 4 1% 4
----- -----
INCOME BEFORE EXTRAORDINARY ITEM 50 14% 32
Extraordinary item - Net
loss on extinguishment
of debt (Less applicable income
taxes of $2 million) (3) -1% --
----- -----
NET INCOME $ 47 13% $ 32
===== =====
NET INCOME PER SHARE:
Before extraordinary loss $ 0.28 $ 0.21
Extraordinary loss (0.02) --
----- -----
NET INCOME PER SHARE $ 0.26 $ 0.21
===== =====
--------------------------------------------------------------------
Change
Unaudited % From
of Previous %
Sales Year Change
---------------------------------------------------------------------------
($ in millions, except per share amounts)
REVENUES:
Sales and services 100% $ 153 75%
OPERATING COSTS AND EXPENSES:
Cost of sales and services 59% (124) -102%
Selling, general and
administrative expenses 4% (2) -25%
Provision to reduce
contract receivable -- (9) -100%
-----
Total operating costs
and expenses 63% (135) -104%
-----
OPERATING INCOME 37% 18 24%
OTHER INCOME AND (EXPENSE):
Interest expense -19% (24) 63%
Interest income 3% 4 67%
Equity in net
earnings of affiliates 4% 19 211%
-----
INCOME BEFORE INCOME TAXES, MINORITY
INTEREST, AND EXTRAORDINARY ITEM 25% 17 33%
Income taxes 8% 1 6%
Minority interest 2% -- --
-----
INCOME BEFORE EXTRAORDINARY ITEM 15% 18 56%
Extraordinary item - Net
loss on extinguishment
of debt (Less applicable income
taxes of $2 million) -- (3) -100%
-----
NET INCOME 15% $ 15 47%
=====
NET INCOME PER SHARE:
Before extraordinary loss $0.07
Extraordinary loss (0.02)
-----
NET INCOME PER SHARE $0.05
=====
THE AES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED SEPT. 30, 1997 AND 1996
----------------------------------------------------------------------
Unaudited Nine Nine
Months % Months
Ended of Ended
09/30/97 Sales 09/30/96
-----------------------------------------------------------------------
($ in millions, except per share amounts)
REVENUES:
Sales and services $ 880 100% $ 551
OPERATING COSTS AND EXPENSES:
Cost of sales and services 576 65% 321
Selling, general and
administrative expenses 25 3% 23
Provision to reduce
contract receivable 19 2% --
----- -----
Total operating costs and expenses 620 70% 344
----- -----
OPERATING INCOME 260 30% 207
OTHER INCOME AND (EXPENSE):
Interest expense (154) -18% (97)
Interest income 28 3% 16
Equity in net earnings of affiliates 58 7% 16
----- -----
INCOME BEFORE INCOME TAXES, MINORITY
INTEREST, AND EXTRAORDINARY ITEM 192 22% 142
Income taxes 50 6% 47
Minority interest 10 1% 6
----- -----
INCOME BEFORE EXTRAORDINARY ITEM 132 15% 89
Extraordinary item - Net loss
on extinguishment of debt
(Less applicable income
taxes of $2 million) (3) 0% --
----- -----
NET INCOME $ 129 15% $ 89
===== ===== =====
NET INCOME PER SHARE:
Before extraordinary loss $0.78 $0.58
Extraordinary loss (0.02) --
----- -----
NET INCOME PER SHARE
$0.76 $0.58
===== =====
------------------------------------------------------------------------
Unaudited Change
% from
of Previous %
Sales Year Change
------------------------------------------------------------------------
($ in millions, except per share amounts)
REVENUES:
Sales and services 100% $ 329 60%
OPERATING COSTS AND EXPENSES:
Cost of sales and services 58% (255) -79%
Selling, general and
administrative expenses 4% (2) -9%
Provision to reduce
contract receivable -- (19) -100%
-----
Total operating costs and expenses 62% (276) -80%
-----
OPERATING INCOME 38% 53 26%
OTHER INCOME AND (EXPENSE):
Interest expense -18% (57) 59%
Interest income 3% 12 75%
Equity in net earnings of affiliates 3% 42 263%
-----
INCOME BEFORE INCOME TAXES, MINORITY
INTEREST, AND EXTRAORDINARY ITEM 26% 50 35%
Income taxes 9% (3) -6%
Minority interest 1% (4) -67%
-----
INCOME BEFORE EXTRAORDINARY ITEM 16% 43 48%
Extraordinary item - Net
loss on extinguishment of debt
(Less applicable
income taxes of $2 million) 0% (3) -100%
-----
NET INCOME 16% $ 40 45%
=====
NET INCOME PER SHARE:
Before extraordinary loss $0.20
Extraordinary loss (0.02)
-----
NET INCOME PER SHARE $0.18
=====
CONTACT: The AES Corporation Kenneth R. Woodcock woodcock: see snipe. woodcock Any of five species (family Scolopacidae) of plump, sharp-billed migratory birds of damp, dense woodlands in North America, Europe, and Asia. , 703/522-1315 |
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