SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section l3 or l5(d) of
the Securities Exchange Act of l934
Date of Report (Date of
earliest event reported): June 24, 1994
Commonwealth Edison Company
(Exact name of registrant as specified in its charter)
Illinois 1-1839 36-0938600
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
37th Floor, 10 South Dearborn Street,
Post Office Box 767, Chicago, Illinois 60690-0767
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (312) 394-4321
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The purpose of this Current Report is to file a press
release regarding the Registrant's (Commonwealth Edison Company)
results of operations for the five months and twelve months ended
May 31, 1994.
Item 7. Financial Statements, Pro Forma Financial
------- Information and Exhibits
-----------------------------------------
(c) Exhibits
--------
(99) Press Release dated June 24, 1994 entitled
"Commonwealth Edison Company Consolidated Earnings
(Unaudited)"
-2-
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SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of l934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
COMMONWEALTH EDISON COMPANY
(Registrant)
By: /s/ John C. Bukovski
__________________________
John C. Bukovski
Vice President
Date: June 24, 1994
-3-
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
------ ----------------------
99 Press Release dated June 24, 1994 entitled
"Commonwealth Edison Company Consolidated Earnings
(Unaudited)"
Exhibit (99)
Commonwealth Edison Company
Form 8-K File No. 1-1839
News Release
From: Communications Services
Commonwealth Edison Company
One First National Plaza
Chicago, IL 60690
(ComEd Logo)
Sam Falcona - (312) 394-3004 FOR IMMEDIATE RELEASE
FRIDAY, JUNE 24, 1994
<TABLE>
<CAPTION>
COMMONWEALTH EDISON COMPANY CONSOLIDATED EARNINGS (UNAUDITED)
-------------------------------------------------------------
<S> <C> <C>
TWELVE MONTHS ENDED MAY 31 1994 (1)(2)(3) 1993
-------------------------- --------------- ---------------
Electric Operating Revenues $ 5,278,206,000 $ 6,095,492,000
Net Income Before Cumulative Effect of Change in Accounting
for Income Taxes $ 20,203,000 $ 475,052,000
Cumulative Effect of Change in Accounting for Income Taxes $ 0 $ 9,738,000
Net Income $ 20,203,000 $ 484,790,000
Net Income (Loss) on Common Stock $ (43,878,000) $ 416,291,000
Earnings (Loss) Per Common Share Before Cumulative Effect of
Change in Accounting for Income Taxes $ (0.21) $ 1.90
Cumulative Effect of Change in Accounting for Income Taxes $ 0.00 $ 0.05
Earnings (Loss) Per Common Share $ (0.21) $ 1.95
Average Number of Common Shares Outstanding 213,691,000 213,187,000
Total Kilowatthour Sales (thousands) 86,857,638 79,052,232
YEAR TO DATE - MAY 31
---------------------
Electric Operating Revenues $ 2,413,416,000 $ 2,395,651,000
Net Income Before Cumulative Effect of Change in Accounting
for Income Taxes $ 4,354,000 $ 86,853,000
Cumulative Effect of Change in Accounting for Income Taxes $ 0 $ 9,738,000
Net Income $ 4,354,000 $ 96,591,000
Net Income (Loss) on Common Stock $ (21,533,000) $ 68,733,000
Earnings (Loss) Per Common Share Before Cumulative Effect of
Change in Accounting for Income Taxes $ (0.10) $ 0.27
Cumulative Effect of Change in Accounting for Income Taxes $ 0.00 $ 0.05
Earnings (Loss) Per Common Share $ (0.10) $ 0.32
Average Number of Common Shares Outstanding 213,816,000 213,377,000
Total Kilowatthour Sales (thousands) 33,672,235 34,575,509
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See next page for Notes.
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Notes to Financial Statements
May 31, 1994
(1) A settlement related to various proceedings and matters affecting the
Company's rates became final on November 4, 1993. As a result, effective
as of November 4, 1993, the Company reduced its rates by approximately
$339 million annually and commenced refunding approximately $1.26 billion
(including revenue taxes), plus interest at five percent on the unpaid
balance, through temporarily reduced rates over an initial refund period
scheduled to be twelve months (to be followed by a reconciliation period
of no more than five months). The Company had previously deferred the
recognition of revenues during 1993 as a result of developments in one of
the rate proceedings, which resulted in a reduction to 1993 net income
of approximately $160 million. The recording of the effects of the
settlement in October 1993 reduced the Company's 1993 net income and
retained earnings by approximately $292 million or $1.37 per common
share, in addition to the effect of the deferred recognition of revenues
and after the partially offsetting effect of recording approximately $269
million (or $1.26 per common share) in deferred carrying charges, net of
income taxes, previously authorized by the Illinois Commerce Commission
(ICC). The deferred recognition of revenues was eliminated in October
1993 at the time the provisions for revenue refunds related to the
settlement, which reflected those deferred revenues, were recorded.
Consistent with such treatment of the deferred recognition of revenues
in 1993, the financial statements reflect the reclassification of the
deferred recognition of revenues from operating revenues to provisions
for revenue refunds. This reclassification had no effect on net
electric operating revenues.
A second settlement related to proceedings concerning the Company's fuel
adjustment clause became final on November 15, 1993. As a result,
effective as of December 2, 1993, the Company commenced paying
approximately $108 million (including revenue taxes) to its customers
through temporarily reduced collections under its fuel adjustment clause
over a twelve-month period. The Company recorded the effects of that
settlement in October 1993, which effects reduced the Company's 1993 net
income and retained earnings by approximately $62 million or $0.29 per
common share.
(2) As of May 31, 1994, the Company had recorded $31.3 million related to an
early retirement program announced in February 1994, reflecting the
employees who elected during March through May of 1994 to take early
retirement. The effects of that recording reduced the Company's net
income and retained earnings by approximately $19 million or $0.09 per
common share.
(3) In May 1994, the Company recorded a reduction in the carrying value of
its investments in uranium-related properties after completing a review
of various alternatives and reassessing the long-term recoverability of
those investments. The effects of the reduction lowered the Company's
net income and retained earnings by approximately $33.8 million or $0.16
per common share.
