Conectiv Announces 2001 Earnings; Focused Energy Strategy Delivering Solid Financial Performance.

Publication: PR Newswire

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COPYRIGHT 2002 PR Newswire Association LLC

WILMINGTON, Del. -- Conectiv today reported consolidated earnings for the three and twelve months periods ended December 31, 2001.

Earnings per Common Share for 2001 were $4.43, compared with $2.36 per Common Share for calendar year 2000. Earnings per Common Share for 2001 reflect the effects of higher regulated energy throughput, one-time gains on nonstrategic plant sales and lower capital costs, offset by generally mild weather, lower energy gross margins and adjustments to the company's investment portfolio.

The components of earnings per Common Share for the three and twelve months periods ended December 31, 2001 and 2000, respectively, are shown in the table below.

Three Months Ended Twelve Months Ended December 31 December 31 2001 2000 2001 2000 Energy/Power Delivery/Other $0.28 $0.43 $2.04 $2.36 Gain on Sale of Power Plants -- 0.15 2.12 0.15 Gain on contract termination -- -- 0.50 -- Investment (losses)/gains (0.14) (0.12) (0.10) 0.13 Loss on Sale of HVAC/Other businesses -- -- -- (0.28) Merger Costs (0.02) -- (0.13) -- Total from continuing operations $0.12 $0.46 $4.43 $2.36

"2001 was a year of significant accomplishments for our company," said Howard E. Cosgrove, Chairman and CEO of Conectiv. "The sale of base load units and nuclear interests, the growth of our mid-merit merchant energy business, and our improved customer satisfaction ratings in our regulated business all serve to reinforce our strategic decision to focus on our core energy business." Cosgrove stated that, "2001 earnings from our core energy businesses were essentially on target, but below last year, due to the effects of the sale of our base load plants in late June. We continue to focus, grow and build on our strengths, which are our asset-backed merchant energy business integrated with our regulated transmission and distribution...

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