NIAGARA MOHAWK HOLDINGS, INC.
(Unaudited)
EARNINGS REPORT
(In thousands of dollars)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED TWELVE MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30,
2000 1999 2000 1999 2000 1999
----------- ---------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Operating Revenues . . . . . . . . . . $1,055,803 $ 914,321 $2,245,274 $2,033,455 $4,296,005 $ 3,917,294
Operating Income . . . . . . . . . . . 77,546 81,153 248,902 333,001 442,053 543,898
Income (Loss) Before
Extraordinary Item . . . . . . . . . (18,809) (25,297) (4,335) 25,535 (41,151) 7,594
Extraordinary Item for Loss from
Extinguishment of Debt (Net) . . . . (909) (10,750) (909) (10,750) (13,966) (10,750)
Net Income (Loss). . . . . . . . . . . $ (19,718) $ (36,047) $ (5,244) $ 14,785 $ (55,117) $ (3,156)
Average Number of Shares of
Common Stock Outstanding
(in thousands) . . . . . . . . . . . 171,088 187,365 174,220 187,365 180,154 187,365
Basic and Diluted Earnings (Loss)
per Average Share of Common Stock. . $ (0.11) $ (0.13) $ (0.02) $ 0.14 $ (0.23) $ 0.04
Extraordinary Item per Average Share
of Common Stock. . . . . . . . . . . (0.01) (0.06) (0.01) (0.06) (0.08) (0.06)
Basic and Diluted Earnings (Loss) per
Average Share of Common Stock. . . . $ (0.12) $ (0.19) $ (0.03) $ (0.08) $ (0.31) $ (0.02)
EBITDA . . . . . . . . . . . . . . . . -- -- -- -- $1,155,078 $ 1,289,376*
Net Cash Interest. . . . . . . . . . . -- -- -- -- $ 359,326 $ 447,553
Ratio of EBITDA to Net Cash Interest
-- -- -- -- 3.2 2.9
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NOTE 1: The above information is not given in connection with any sale or offer
to sell or buy any stock or security.
NOTE 2: The Company files periodic reports pursuant to the Securities Exchange
Act of 1934. Accordingly, with respect to the financial information
set forth above, you are requested to refer to such filings for more
detailed information.
* EBITDA for the 12 months ended June 30, 1999, which had been reported as
$1,296,000 has been restated, reflecting a change in the Company's EBITDA
calculation methodology.
