Cinergy Reports Second Quarter Earnings.CINCINNATI--(BUSINESS WIRE)--July 22, 1999-- Cinergy Cinergy Corp. was an energy company based in Cincinnati, Ohio. Cinergy was created on October 24, 1994, from the merger of the Cincinnati Gas & Electric Company (CG&E) with PSI Energy and later included Union Light, Heat & Power (ULH&P) as well. Corp. (NYSE NYSE See: New York Stock Exchange :CIN CIN cervical intraepithelial neoplasia. Cervical intraepithelial neoplasia (CIN) A term used to categorize degrees of dysplasia arising in the epithelium, or outer layer, of the cervix. ) announced today that earnings for the second quarter of 1999 were $0.37 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis compared with $0.42 per share in the second quarter of 1998, prior to previously reported charges. For the second quarter of 1999, net income was $59 million compared with $66 million in the second quarter a year ago, prior to the charges. For the six months ended June June: see month. 30, 1999, net income was $186 million, or $1.17 per share, compared with net income of $172 million, or $1.09 per share, before previously reported charges, for the comparable period in 1998. "The passage of electric competition legislation in Ohio is a major milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. , and we are excited about the opportunity to participate in the more competitive marketplace," said James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. E. Rogers, Cinergy vice chairman, president and chief executive officer. "As we make the transition to the competitive environment, we will focus on creating value for our customers and shareholders in both the traditional markets we have served and in new markets." Earnings from regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. operations decreased $0.06 per share in the second quarter 1999 compared with a year earlier. The decrease is the result primarily of milder weather, more normal operations Generally and collectively, the broad functions that a combatant commander undertakes when assigned responsibility for a given geographic or functional area. Except as otherwise qualified in certain unified command plan paragraphs that relate to particular commands, "normal operations" of and maintenance expenses following significant cost reductions in 1998, and results of energy marketing and trading, which were partially offset by growth in the service territory. Second quarter results for the energy marketing and trading business were down $0.03 per share from the same period in 1998 and include a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. adjustment relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc certain transactions that were previously included in the trading portfolio at December December: see month. 31, 1998 and marked to market under the company's accounting method adopted at that time. The company's domestic non-regulated businesses were up $0.01 per share over a year ago, while international results werrgy Global Resources negotiated the sale of the company's share of Midlands Electricity The Midlands Electricity Board was formed in 1947, under the Electricity Act of that year. The counterpart of the East Midlands board, it served southern, and western parts of Warwickshire, as well as the counties of Worcestershire, Herefordshire, Shropshire, and Staffordshire, as plc to its joint venture partner, GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. , Inc., which will result in a net increase in earnings of $0.43 per share in the third quarter. -- In the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , CGR CGR Campo Grande, Mato Grosso Do Sul, Brazil (Airport Code) CGR Crop Growth Rate CGR Compound Growth Rate CGR Center for Glass Research (NY State College of Ceramics) CGR Condensate Gas Ratio also acquired an interest in a 349 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt district heating District heating (less commonly called teleheating) is a system for distributing heat generated in a centralized location for residential and commercial heating requirements. plant, Teplarna Otrokovice Otrokovice (IPA: [ˈotrokovɪtsɛ]; German: Otrokowitz) is a town in the Zlín Region, Czech Republic. , and fullownership of a 48 megawatt pr in the year. -- The ECBU ECBU Examen Cytobactériologique des Urines also reached agrll provide cost savings for customers while major national chains to its web-based utility innati on April 9. Within hours of the early morwer were back in service in less than 48 hLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Periods Ended June 30, 1999 (unaudited) (in thousands, except per share amounts) ---------------------------------------------------------------------- Quarter Ended Year To Date --------------------------------------- 1999 1998 1999 1998 ---------- ---------- --------- ---------- Operating Revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. Electric $942,093 $1,021,922 $1,910,625 $2,180,646 Gas 328,667 142,247 749,975 327,093 Other 4,639 3,540 17,078 8,431 ---------- ---------- --------- ---------- 1,275,399 1,167,709 2,677,678 2,516,170 Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. Fuel used in electric production 185,639 155,547 383,867 336,066 Gas purchased 293,513 112,757 627,915 220,343 Purchased and exchanged power 265,427 439,920 500,368 911,805 Other operation 171,528 251,771 366,105 425,398 Maintenance 64,904 55,613 114,875 94,679 Depreciation 80,563 74,121 159,402 147,426 Amortization of phase-in phase-in n. A gradual introduction: a phase-in of new personal policies. deferrals 6,548 5,540 13,095 11,079 Amortization of post-in-service deferred operating expenses 1,090 1,090 2,181 2,181 Taxes other than income taxes 69,077 68,644 138,611 138,779 ---------- ---------- --------- ---------- 1,138,289 1,165,003 2,306,419 2,287,756 Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. 137,110 2,706 371,259 228,414 Other Income and (Expenses) - Net Allowance for equity funds used during construction 504 111 1,279 132 Phase-in deferred return 1,464 1,811 2,928 3,622 Equity in earnings of unconsolidated subsidiaries 13,022 9,717 57,704 21,571 Other - net (1,776) (1,842) (15,901) (15,489) ---------- ---------- --------- ---------- 13,214 9,797 46,010 9,836 Interest and Other Charges Interest on 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. 51,771 43,835 101,848 87,593 Other interest 10,419 18,845 23,067 36,839 Allowance for borrowed funds used during construction (1,409) (1,925) (3,362) (3,872) Preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) requirements of subsidiaries 1,365 1,366 2,729 3,788 ---------- ---------- --------- ---------- 62,146 62,121 124,282 124,348 Income Before Taxes 88,178 (49,618) 292,987 113,902 Income Taxes 29,120 (23,685) 106,684 33,764 ---------- ---------- --------- ---------- Net Income $59,058 ($25,933) $186,303 $80,138 Other comprehensive income, net of tax (1,086) (51) (9,552) (469) ---------- ---------- --------- ---------- Comprehensive Income $57,972 ($25,984) $176,751 $79,669 Average Common Shares Outstanding 158,877 158,018 158,812 157,892 Earnings Per Common Share Net Income $0.37 ($0.16) $1.17 $0.51 Earnings Per Common Share - Assuming Dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. Net Income $0.37 ($0.16) $1.17 $0.51 Dividends Declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. Per Common Share $0.45 $0.45 $0.90 $0.90 CINERGY CORP. CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: SELECTED OPERATING STATISTICS For the Periods Ended June 30, 1999 (In thousands, except where noted) ---------------------------------------------------------------------- Quarter Ended --------------------------- % Increase 1999 1998 /(Decrease) ------------- ---------- ---------- Operating Revenues Residential $ 266,331 $ 255,517 4.2 Commercial 191,115 187,598 1.9 Industrial 179,673 178,636 0.6 Other retail 27,561 26,836 2.7 Firm power sales 39,251 29,485 33.1 Non-firm power sales 245,958 373,611 (34.2) All other 25,764 20,321 26.8 ----------- ---------- --------- Total regulated revenues 975,653 1,072,004 (9.0) Non-regulated revenues 299,746 95,705 213.2 ----------- ---------- --------- Total revenues $ 1,275,399 $ 1,167,709 9.2 KWH kWh or kW-hr abbr. kilowatt-hour kWh kilowatt-hour Sales Residential 3,236,799 3,144,320 2.9 Commercial 3,132,652 3,026,330 3.5 Industrial 4,700,943 4,595,656 2.3 Other retail 450,483 440,615 2.2 Firm power sales 1,480,935 946,585 56.5 Non-firm power sales 9,171,035 15,426,851 (40.6) ----------- ---------- --------- Total regulated sales 22,172,847 27,580,357 (19.6) Non-regulated sales 185,362 - - ----------- ---------- --------- Total sales 22,358,209 27,580,357 (18.9) MCF MCF malignant catarrhal fever. Sales Residential 3,797 3,386 12.1 Commercial 1,656 1,753 (5.5) Industrial 478 466 2.6 Other retail 273 321 (15.0) All other 39 41 (4.9) ----------- ---------- --------- Total regulated sales 6,243 5,967 4.6 Gas transportation 9,164 13,868 (33.9) ----------- ---------- --------- Total regulated sales and transportation 15,407 19,835 (22.3) Non-regulated sales 122,226 42,503 187.6 ----------- ---------- --------- Total sales 137,633 62,338 120.8 Customers (end of period) Electric Gas KWH Generated - net 14,481,705 13,627,049 6.3 Purchased and exchanged power 8,316,891 15,107,294 (44.9) ----------- ---------- --------- Total 22,798,596 28,734,343 (20.7) Losses and company use 625,749 1,153,986 (45.8) ----------- ---------- --------- Total regulated sales 22,172,847 27,580,357 (19.6) Fuel Cost Per Million Btu $1.22 $1.11 9.9 MCF Natural gas purchased 5,404 5,831 (7.3) Transportation received 7,462 14,446 (48.3) Produced (1) - - ----------- ---------- --------- Total 12,865 20,277 (36.6) Gas transportation 9,164 13,868 (33.9) Losses and company use (2,542) 442 (675.1) ----------- ---------- --------- Total regulated sales 6,243 5,967 4.6 Cost per MCF Purchased (cents) 378.02 371.41 1.8 Year to Date --------------------------- % Increase 1999 1998 /(Decrease) ------------- ---------- ---------- Operating Revenues Residential $ 653,929 $ 620,127 5.5 Commercial 408,747 406,720 0.5 Industrial 356,590 355,623 0.3 Other retail 63,838 59,422 7.4 Firm power sales 81,031 52,330 54.8 Non-firm power sales 470,257 866,514 (45.7) All other 55,816 43,052 29.6 ----------- ---------- --------- Total regulated revenues 2,090,208 2,403,788 (13.0) Non-regulated revenues 587,470 112,382 422.7 ----------- ---------- --------- Total revenues $ 2,677,678 $ 2,516,170 6.4 KWH Sales Residential 7,723,704 7,066,444 9.3 Commercial 6,147,980 5,978,883 2.8 Industrial 9,029,569 8,970,574 0.7 Other retail 894,993 868,728 3.0 Firm power sales 2,923,967 1,716,652 70.3 Non-firm power sales 18,421,878 36,389,687 (49.4) ----------- ---------- --------- Total regulated sales 45,142,091 60,990,968 (26.0) Non-regulated sales 357,721 - - ----------- ---------- --------- Total sales 45,499,812 60,990,968 (25.4) MCF Sales Residential 19,715 19,054 3.5 Commercial 9,217 9,189 0.3 Industrial 1,687 1,925 (12.4) Other retail 1,141 1,317 (13.4) All other 194 172 12.8 ----------- ---------- --------- Total regulated sales 31,954 31,657 0.9 Gas transportation 22,633 30,350 (25.4) ----------- ---------- --------- Total regulated sales and transportation 54,587 62,007 (12.0) Non-regulated sales 264,806 42,503 523.0 ----------- ---------- --------- Total sales 19,393 104,510 205.6 Customers (end of period) Electric 1,445,725 1,421,666 1.7 Gas 470,903 461,333 2.1 KWH Generated - net 29,106,388 27,500,077 5.8 Purchased and exchanged power 17,353,543 35,508,517 (51.1) ----------- ---------- --------- Total 46,459,931 63,008,594 (26.3) Losses and company use 1,317,840 2,017,626 (34.7) ----------- ---------- --------- Total regulated sales 45,142,091 60,990,968 (26.0) Fuel Cost Per Million Btu $1.27 $1.20 5.8 MCF Natural gas purchased 35,304 33,176 6.4 Transportation received 19,965 30,242 (34.0) Produced 41 5 720.0 ----------- ---------- --------- Total 55,310 63,423 (12.8) Gas transportation 22,633 30,350 (25.4) Losses and company use 723 1,416 (48.9) ----------- ---------- --------- Total regulated sales 31,954 31,657 0.9 Cost per MCF Purchased (cents) 281.29 356.42 (21.1) |
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