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<TABLE>
<CAPTION>
Exhibit FS-5 CON
CONECTIV AND SUBSIDIARIES
ACTUAL CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2000
(Dollars in Thousands)
(Unaudited)
Actual
-----------------
OPERATING REVENUES
<S> <C>
Electric $ 2,777,571
Gas 1,303,501
Other services 583,625
-----------------
4,664,697
-----------------
OPERATING EXPENSES
Electric fuel and purchased energy and capacity 1,494,353
Gas purchased 1,232,668
Other services' cost of sales 488,301
Special charges 25,162
Operation and maintenance 654,528
Depreciation and amortization 260,982
Taxes other than income taxes 89,340
-----------------
4,245,334
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OPERATING INCOME 419,363
-----------------
OTHER INCOME 90,181
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INTEREST EXPENSE
Interest charges 219,040
Allowance for borrowed funds used during
construction and capitalized interest (8,498)
-----------------
210,542
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PREFERRED STOCK DIVIDEND
REQUIREMENTS OF SUBSIDIARIES 20,319
-----------------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM 278,683
INCOME TAXES, EXCLUDING INCOME TAXES
APPLICABLE TO EXTRAORDINARY ITEM 124,884
-----------------
INCOME BEFORE EXTRAORDINARY ITEM 153,799
EXTRAORDINARY ITEM (Net of $28,061 of income taxes) (40,612)
-----------------
NET INCOME $ 113,187
=================
(Continued on next page)
<PAGE>
Exhibit FS-5 CON
CONECTIV AND SUBSIDIARIES
ACTUAL CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2000
(Dollars in Thousands)
(Unaudited)
(Continued from previous page)
Actual
-----------------
EARNINGS (LOSS) APPLICABLE TO:
Common stock
Income before extraordinary item $ 152,240
Extraordinary item, net of income taxes (29,108)
-----------------
Total $ 123,132
=================
Class A common stock
Income before extraordinary item $ 1,559
Extraordinary item, net of income taxes (11,504)
-----------------
Total $ (9,945)
=================
AVERAGE SHARES OUTSTANDING (000)
Common stock 84,741
Class A common stock 5,742
EARNINGS (LOSS) PER AVERAGE SHARE--basic and diluted
Common stock
Before extraordinary item $ 1.79
Extraordinary item (0.34)
-----------------
Total $ 1.45
=================
Class A common stock
Before extraordinary item $ 0.27
Extraordinary item (2.00)
-----------------
Total $ (1.73)
=================
DIVIDENDS DECLARED PER SHARE
Common stock $ 0.880
Class A common stock $ 3.200
See accompanying Notes to Consolidated Financial Statements on FS-8.
</TABLE>
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