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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: January 27, 1994
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(Date of earliest event reported)
BOSTON EDISON COMPANY
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(Exact name of registrant as specified in its charter)
Massachusetts 1-2301 04-1278810
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
800 Boylston Street, Boston, Massachusetts 02199
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(Address of principal executive offices) (Zip Code)
617-424-2000
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(Registrant's telephone number, including area code)
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Item 5. OTHER EVENTS
On January 27, 1994 Boston Edison Company issued a press release
announcing its earnings for the twelve and three months ended December
31, 1993. The press release follows on pages 3 and 4.
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January 27, 1994
BOSTON EDISON ANNOUNCES 1993 EARNINGS
BOSTON, MA -- Boston Edison Company (BSE-NYSE) today reported earnings
per common share of $2.28 and $0.13 for the twelve and three months
ended December 31, 1993, respectively, versus earnings of $2.10 and
$0.24 for the same periods in 1992, respectively.
Earnings for calendar year 1993 increased primarily due to an annual
rate increase of $42 million which became effective November 1, 1992,
and lower purchased power expenses associated with a $60 million
contract which expired on October 31, 1993. Also affecting the
increase in earnings were lower interest expense and lower
amortization expense which resulted from a regulatory-approved delay
in expensing the remaining costs associated with the cancelled Pilgrim
2 nuclear unit, which will be expensed in 1994/1995. These were
partially offset by increased operations and maintenance expense, and
higher income tax and property tax expenses which resulted from the
discontinuance of regulatory-approved adjustments in prior years.
Retail electricity sales for the year were up 1.2%.
On a quarterly basis, earnings for 1993 reflect a change in the months
for which certain customers were billed at "summer surcharge" rates as
mandated by state regulators. This change in billing had the effect
of increasing second quarter earnings and reducing fourth quarter
earnings by approximately $0.23 per share.
Had the summer surcharge period not been changed, earnings per share
for the fourth quarter would have been $0.36 versus $0.24 from last
year, increasing primarily as a result of an annual rate increase of
$29 million which became effective November 1, 1993, lower purchased
power expenses associated with a $60 million contract which expired on
October 31, 1993 and lower amortization expense as explained above.
These were partially offset by higher operations and maintenance
expense and higher property tax expense as explained above. Retail
electricity sales for the quarter were up 0.5%.
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<TABLE>
Financial Data(in thousands except per share data)
<CAPTION>
3 MONTHS ENDED DECEMBER 31: 1993 1992 % CHANGE
<S> <C> <C> <C>
Operating revenues $345,403 $359,427 -3.9%
Net income $9,922 $14,831 -33.1
Earnings per share $0.13 $0.24 -45.8
Weighted average # of shares 45,095 44,724 +0.8
Dividend declared per share
of common stock $0.44 $0.425 +3.5
12 MONTHS ENDED DECEMBER 31: 1993 1992 % CHANGE
Operating revenues $1,482,253 $1,411,753 +5.0%
Net income $118,218 $107,298 +10.2
Earnings per share $2.28 $2.10 +8.6
Weighted average # of shares 44,959 43,144 +4.2
Dividends declared per share
of common stock $1.715 $1.655 +3.6
</TABLE>
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BOSTON EDISON COMPANY
By: /s/ Robert J. Weafer, Jr.
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Robert J. Weafer, Jr.
Vice President, Controller and
Chief Accounting Officer
Date: January 27, 1994
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