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/FIRST AND FINAL ADD -- LATH032 -- Edison International Earnings -- Part II/
Edison International Reports 2003 Financial Results -- Part II
EDISON INTERNATIONAL
SUMMARY OF CONSOLIDATED EARNINGS
(UNAUDITED)
IN MILLIONS, EXCEPT PER-SHARE AMOUNTS
QUARTER ENDED YEAR TO DATE
DECEMBER 31, DECEMBER 31,
-----------------------------------------------------------------------
2003 2002 2003 2002
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ELECTRIC UTILITY $1,859 $1,951 $8,853 $8,705
NONUTILITY POWER GENERATION 768 586 3,181 2,750
FINANCIAL SERVICES AND OTHER 28 (69) 101 33
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TOTAL OPERATINGREVENUE 2,655 2,468 12,135 11,488
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FUEL 326 296 1,338 1,186
PURCHASED POWER 599 401 2,786 2,016
PROVISIONS FOR REGULATORY
ADJUSTMENT CLAUSES - NET (4) 450 1,138 1,502
OTHER OPERATION AND MAINTENANCE 938 858 3,389 3,156
ASSET IMPAIRMENT 53 -- 304 86
DEPRECIATION, DECOMMISSIONING
AND AMORTIZATION 358 270 1,184 1,030
PROPERTY AND OTHER TAXES 54 35 210 145
NET (GAIN)/LOSS ON SALE OF
UTILITY PLANT -- 2 (5) (5)
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TOTAL OPERATING EXPENSES 2,324 2,312 10,344 9,116
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OPERATING INCOME 331 156 1,791 2,372
INTEREST AND DIVIDEND INCOME 13 61 127 287
EQUITY IN INCOME FROM
PARTNERSHIPS AND
UNCONSOLIDATED SUBSIDIARIES
- NET 75 42 353 249
OTHER NONOPERATING INCOME 52 64 124 97
INTEREST EXPENSE - NET OF
AMOUNTS CAPITALIZED (319) (301) (1,194) (1,283)
OTHER NONOPERATING DEDUCTIONS (44) (28) (116) (81)
DIVIDENDS ON PREFERRED
SECURITIES
SUBJECT TO MANDATORY
REDEMPTION (3) (28) (87) (109)
DIVIDENDS ON UTILITY PREFERRED
STOCK
NOT SUBJECT TO MANDATORY
REDEMPTION (1) (1) (6) (6)
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INCOME FROM CONTINUING
OPERATIONS BEFORE TAX 104 (35) 992 1,526
INCOME TAX (BENEFIT) (90) (91) 213 391
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INCOME FROM CONTINUING
OPERATIONS 194 56 779 1,135
INCOME FROM DISCONTINUED
OPERATIONS - NET OF TAX 3 (80) 51 (58)
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INCOME BEFORE ACCOUNTING CHANGE 197 (24) 830 1,077
CUMULATIVE EFFECT OF ACCOUNTING
CHANGE - NET OF TAX -- -- (9) --
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NET INCOME $197 $(24) $821 $1,077
=======================================================================
WEIGHTED-AVERAGE SHARES OF
COMMON STOCK OUTSTANDING 326 326 326 326
BASIC EARNINGS (LOSS) PER
SHARE:
CONTINUING OPERATIONS $0.59 $0.18 $2.39 $3.49
DISCONTINUED OPERATIONS 0.01 (0.25) 0.16 (0.18)
CUMULATIVE EFFECT OF ACCOUNTING
CHANGE -- -- (0.03) --
----- ----- ----- -----
TOTAL $0.60 $(0.07) $2.52 $3.31
===== ===== ===== =====
WEIGHTED-AVERAGE SHARES,
INCLUDING
EFFECT OF DILUTIVE
SECURITIES 329 328 329 328
DILUTED EARNINGS (LOSS) PER
SHARE:
CONTINUING OPERATIONS $0.59 $0.17 $2.37 $3.46
DISCONTINUED OPERATIONS 0.01 (0.24) 0.16 (0.18)
CUMULATIVE EFFECT OF ACCOUNTING
CHANGE -- -- (0.03) --
----- ----- ----- -----
TOTAL $0.60 $(0.07) $2.50 $3.28
===== ===== ===== =====
DIVIDENDS DECLARED PER COMMON
SHARE $0.20 $-- $0.20 $--
EDISON INTERNATIONAL
Financial Overview
December 31, 2003
UNAUDITED
---------
Dollars in Millions, Except Per-Share Amounts
EDISON INTERNATIONAL (Consolidated Totals)
-----------------------------------------
Fourth Quarter Year Ended
-------------- ----------
2003 2002 2003 2002
---- ---- ---- ----
Assets $34,615 $32,936 $34,615 $32,936
Common Equity $5,383 $4,437 $5,383 $4,437
Revenue $2,655 $2,468 $12,135 $11,488
Earnings (Loss)* $197 $(24) $821 $1,077
Earnings (Loss) Per Share* $0.60 $(0.07) $2.52 $3.31
Book Value Per Share $16.52 $13.62 $16.52 $13.62
*includes parent company and
discontinued operations
SOUTHERN CALIFORNIA EDISON (Electric Utility)
--------------------------------------------
Fourth Quarter Year Ended
-------------- ----------
2003 2002 2003 2002
---- ---- ---- ----
Assets $18,119 $17,966 $18,119 $17,966
Common Equity $4,355 $4,384 $4,355 $4,384
Revenue $1,859 $1,951 $8,853 $8,705
Earnings $222 $153 $922 $1,228
Earnings Per Share $0.68 $0.47 $2.83 $3.77
EDISON MISSION ENERGY (Nonutility Power Generation)
--------------------------------------------------
Fourth Quarter Year Ended
-------------- ----------
2003 2002 2003 2002
---- ---- ---- ----
Assets $12,078 $11,092 $12,078 $11,092
Common Equity* $1,903 $1,693 $1,903 $1,693
Revenue $769 $586 $3,181 $2,750
Earnings (Loss) $3 $(91) $20 $25
Earnings (Loss) Per Share $0.01 $(0.28) $0.06 $0.08
*includes discontinued operations in
2002 only
EDISON CAPITAL (Capital and Financial Services Provider)
-------------------------------------------------------
Fourth Quarter Year Ended
-------------- ----------
2003 2002 2003 2002
---- ---- ---- ----
Assets $3,418$3,479 $3,418 $3,479
Common Equity $615 $781 $615 $781
Revenue $23 $(74) $88 $7
Earnings (Loss) $16 $(25) $57 $33
Earnings (Loss) Per Share $0.05 $(0.08) $0.17 $0.10
SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
December 31, 2003
QUARTER ENDED DECEMBER 31, 2003
-------------------------------
INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
----------------------------------
RESIDENTIAL 6,708,243 647,822 10.69
AGRICULTURAL 257,372 26,989 11.71
COMMERCIAL 9,305,441 380,250 4.26
INDUSTRIAL 2,691,907 (165,717) (5.80)
PUBLIC AUTHORITIES 1,554,770 21,693 1.41
RAILROADS & RAILWAYS 11,821 (3,872) (24.67)
INTERDEPARTMENTAL 132 58 78.38
------------------------
SALES TO ULTIMATE CONSUMERS 20,529,686 907,223 4.62
RESALE SALES 3,811,714 3,807,324 *
------------------------
TOTAL KWH SALES 24,341,400 4,714,547 24.02
========================
*over 200%
YEAR ENDED DECEMBER 31, 2003
----------------------------
INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
---------------------------------
RESIDENTIAL 27,194,330 2,110,761 8.41
AGRICULTURAL 1,102,662 (85,482) (7.19)
COMMERCIAL 36,978,411 1,379,111 3.87
INDUSTRIAL 10,770,036 (820,107) (7.08)
PUBLIC AUTHORITIES 6,083,677 (54,683) (0.89)
RAILROADS & RAILWAYS 57,949 (3,509) (5.71)
INTERDEPARTMENTAL 436 131 42.95
------------------------
SALES TO ULTIMATE CONSUMERS 82,187,501 2,526,222 3.17
RESALE SALES 11,638,409 11,606,935 *
------------------------
TOTAL KWH SALES 93,825,910 14,133,157 17.73
========================
*over 200%
END FIRST AND FINAL ADD
DATASOURCE: Edison International
CONTACT: Edison International, +1-626-302-1033
Web site: http://www.edison.com/