|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE> 1
Exhibit FS-2
CONECTIV AND SUBSIDIARIES
ACTUAL AND PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2000
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
PRO FORMA
ACTUAL ADJUSTMENTS PRO FORMA
------ ----------- ---------
<S> <C> <C> <C>
OPERATING REVENUES
Electric $2,777,571 $2,777,571
Gas 1,303,501 1,303,501
Other services 583,625 583,625
----------- ----------- ------------
4,664,697 - 4,664,697
----------- ----------- ------------
OPERATING EXPENSES
Electric fuel and purchased energy and capacity 1,494,353 1,494,353
Gas purchased 1,232,668 1,232,668
Other services' cost of sales 488,301 488,301
Special charges 25,162 25,162
Operation and maintenance 654,528 654,528
Depreciation and amortization 260,982 260,982
Taxes other than income taxes 89,340 89,340
----------- ----------- ------------
4,245,334 - 4,245,334
----------- ----------- ------------
OPERATING INCOME 419,363 - 419,363
----------- ----------- ------------
OTHER INCOME 90,181 90,181
----------- ----------- ------------
INTEREST EXPENSE
Interest charges 219,040 94,600(2) 313,640
Allowance for borrowed funds used during
construction and capitalized interest (8,498) (8,498)
----------- ----------- ------------
210,542 94,600 305,142
----------- ----------- ------------
PREFERRED STOCK DIVIDEND
REQUIREMENTS OF SUBSIDIARIES 20,319 20,319
----------- ----------- ------------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM 278,683 (94,600) 184,083
INCOME TAXES, EXCLUDING INCOME TAXES
APPLICABLE TO EXTRAORDINARY ITEM 124,884 (33,110)(3) 91,774
----------- ----------- ------------
INCOME BEFORE EXTRAORDINARY ITEM 153,799 (61,490) 92,309
EXTRAORDINARY ITEM (NET OF $28,061 OF INCOME TAXES) (40,612) (40,612)
----------- ----------- ------------
NET INCOME (LOSS) $113,187 $(61,490) $51,697
=========== =========== ============
</TABLE>
(Continued on page 2)
<PAGE> 2
Exhibit FS-2
CONECTIV AND SUBSIDIARIES
ACTUAL AND PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2000
(DOLLARS IN THOUSANDS)
(UNAUDITED)
(Continued from page 1)
<TABLE>
<CAPTION>
PRO FORMA
ACTUAL ADJUSTMENTS PRO FORMA
------ ----------- ---------
<S> <C> <C> <C>
EARNINGS (LOSS) APPLICABLE TO:
Common stock
Income before extraordinary item $152,240 $(61,490) $90,750
Extraordinary item, net of income taxes (29,108) (29,108)
--------------- ------------ -----------
Total $123,132 $(61,490) $61,642
=============== ============ ===========
Class A common stock
Income before extraordinary item $1,559 $1,559
Extraordinary item, net of income taxes (11,504) (11,504)
--------------- ------------ -----------
Total $(9,945) $(9,945)
=============== ============ ===========
AVERAGE SHARES OUTSTANDING (000)
Common stock 84,741 84,741
Class A common stock 5,742 5,742
EARNINGS (LOSS) PER AVERAGE SHARE--BASIC AND DILUTED
Common stock
Before extraordinary item $1.79 $1.07
Extraordinary item (0.34) (0.34)
--------------- -----------
Total $1.45 $0.73
=============== ===========
Class A common stock
Before extraordinary item $0.27 $0.27
Extraordinary item (2.00) (2.00)
--------------- -----------
Total $(1.73) $(1.73)
=============== ===========
DIVIDENDS DECLARED PER SHARE
Common stock $0.880 $0.880
Class A common stock $3.200 $3.200
PRO FORMA NOTES Exhibit FS-2
($000's)
------------
(1) Represents the issuance of short-term debt in the amount necessary to
increase the short-term debt of Conectiv, the holding company, to the
$2.0 billion requested authorization. The short-term debt balance
also includes $66.5 million for Haymoor, LLC and $0.3 million for a
subsidiary of Conectiv Solutions. As discussed in Conectiv's Form U-1
dated March 31, 2000, Haymoor LLC is a third party intermediary which
was formed to facilitate a like-kind exchange. In accordance with
generally accepted accounting principles, Haymoor LLC and its
subsidiary Conectiv Energy Inc. are included in Conectiv's
consolidated financial statements.
The proceeds from the issuance of the short-term debt were assumed to
be used to purchase $1.0 billion of utility property and $351.426
million of highly liquid investments with maturities of less than
three months.
(2) Represents the yearly interest expense on the additional short-term
debt at 7%. $1,351,426
7%
-----------
$94,600
===========
(3) Represents the federal tax benefit, at 35%, of the additional interest
expense. $94,600
35%
-----------
$33,110
===========
</TABLE>
|
|