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PSEG Announces Second Quarter 2005 Results: Income From Continuing Operations of 42 Cents Per Share; Operating Earnings of 48 Cents Per Share
Improved Nuclear and Fossil Operations at PSEG Power
NEWARK, N.J., Aug. 1 /PRNewswire-FirstCall/ -- Public Service Enterprise Group (PSEG) announced today (August 1, 2005) second quarter Income from Continuing Operations of $101 million or 42 cents per diluted share of common stock based on 243 million average shares outstanding. Including charges of $183 million or 76 cents per share related to Discontinued Operations at PSEG Power's Waterford facility, PSEG reported a net loss of $82 million or 34 cents per share. Income from Continuing Operations includes merger related costs (net of tax) of $14 million or 6 cents per share for the quarter. Excluding merger related costs, adjusted (non-GAAP) Operating Earnings for the second quarter 2005 were $115 million or 48 cents per share of common stock.
Comparable Income from Continuing Operations for the second quarter of 2004 was $127 million or 53 cents per share, based on 238 million average shares outstanding. Including a net loss of $3 million, or 1 cent per share from Discontinued Operations at PSEG Power and PSEG Global, PSEG reported Net Income of 53 cents per share.
For the six months ended June 30, 2005, PSEG reported Income from Continuing Operations of $393 million, or $1.62 per share based on 243 million average shares outstanding. Including charges of $190 million, or 78 cents per share related to Discontinued Operations at PSEG Power's Waterford facility, PSEG reported Net Income of $203 million or 84 cents per share. Income from Continuing Operations includes merger related costs (net of tax) of $16 million or 7 cents per share for the first six months. Excluding merger related costs, adjusted (non-GAAP) Operating Earnings were $409 million or $1.69 per share of common stock for the first six months.
Comparable Income from Continuing Operations for the first six months of 2004 was $409 million or $1.72 per share, based on 238 million average shares outstanding. Including a net loss of $14 million, or 6 cents per share from Discontinued Operations at PSEG Power and PSEG Global, PSEG reported Net Income of $1.66 per share.
Attachments to this release provide a summary of quarter and year-to-date results for 2005 and 2004 for PSEG's principal subsidiaries - Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Energy Holdings.
Highlights include:
* The nuclear refueling and reactor vessel head replacement at Salem 2
was completed in a record 36 days.
* PSE&G increased the capacity at the Branchburg switching station by
950 MW with the addition of a third transformer bank in April.
* The Bethlehem Energy Center, a 750 MW natural gas fired-combined cycle
plant, went into commercial operation in July.
* PSEG Power reached an agreement with AEP to sell the 821 MW Waterford,
Ohio plant for $220 million. Including tax benefits, this sale will
result in $300 million of cash available to pay down debt. The closing
is expected to occur in the second half of 2005.
* PSEG Resources recorded an after-tax charge of $15 million resulting
from the write-off of an aircraft lease with United Airlines.
* PSE&G refinanced $125 million of 9.125% First and Refunding Mortgage
Bonds with a 5.25%, 30-year issuance in early July.
* PSEG Energy Holdings closed on a 5-year, $150 million credit facility
in late June.
"PSEG remains focused on achieving the operational and safety objectives we set out for the year and are very pleased with the operating results for the second quarter," said Thomas M. O'Flynn, chief financial officer. "Our nuclear units performed at a combined capacity factor of 86% this quarter, including the scheduled Salem 2 refueling outage, and our coal units also had improved performance during the quarter."
At PSE&G, the crews have been very busy keeping up with hot weather to ensure reliability of the system. The extreme heat and humidity pushed demand from PSE&G's customers to a new high of 10,780 megawatts on July 27. The previous peak was recorded on August 14, 2002. O'Flynn indicated the hot weather would bode well for the third quarter earnings, however PSE&G's second quarter Operating Earnings were $14 million or 6 cents per share lower than the prior year.
O'Flynn indicated that half the decline was attributable to lower demand revenues and volume. "With the fairly mild weather in April and May, our demand revenues were down from last year and we've seen reduced volume from a few large industrial users as they have cut back production or shut down plants."
Operating results for PSEG Power for the quarter, which exclude $7 million or 3 cents per share in merger-related costs, were $3 million or 1 cent per share favorable to last year. Improved performance of the nuclear fleet, the absence of congestion costs associated with the Branchburg transformer and the increased availability of the fossil fleet improved margins by about 15 cents for the quarter over the 2004 results. O'Flynn noted that the absence of a 9 cent benefit recorded last year in the Nuclear Decommissioning Trust Fund and 4 cents of other gains masked the strong operational performance at PSEG Power for the quarter.
Improved operations at PSEG Global, notably in Texas and South America, and foreign exchange gains in Poland, helped to offset the write-off of the United Airlines Lease at PSEG Resources. Overall, PSEG Energy Holdings' second quarter results were 2 cents per share better than last year.
PSEG reaffirmed that its 2005 Operating Earnings guidance of $3.15 to $3.35 per share excludes an estimated 10 - 15 cents per share for costs associated with the pending merger with Exelon Corporation. "Merger costs have become significant current year costs that were not anticipated in our original guidance," O'Flynn said.
During the second quarter, PSEG Nuclear initiated a work-force reduction in conjunction with the Nuclear Operating Services Agreement that was signed with Exelon last December. The workforce reductions underway are part of the overall merger plan to reduce staffing at nuclear by about 400 positions.
In July, PSEG shareholders approved the merger with Exelon, an important step in the overall approval process. This approval came on the heels of the June 30th approval by the Federal Energy Regulatory Commission (FERC). The merger is currently under review by various other regulatory agencies including the New Jersey Board of Public Utilities (NJBPU) and the Pennsylvania Public Utility Commission. O'Flynn indicated that the NJPBU has recently selected the consultants that will assist them in their review and that data requests from the NJBPU and consultants to date total almost 2000. "We are very focused on meeting the needs of both the Pennsylvania and New Jersey regulators as they review the merger request," O'Flynn said. The current schedule allows for a second quarter 2006 closing, however successful settlement discussions could result in a first quarter 2006 closing, consistent with the original 12-15 month timeline.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the benefits of the business combination transaction involving Public Service Enterprise Group Incorporated and Exelon Corporation, including future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Such statements are based upon the current beliefs and expectations of Public Service Enterprise Group Incorporated's and Exelon Corporation's management, are subject to significant risks and uncertainties and may differ materially from actual future experience involving any one or more of such matters. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the timing of the contemplated merger and the impact of any conditions imposed by regulators in connection with their approval thereof; the failure of Public Service Enterprise Group Incorporated and Exelon Corporation stockholders to make the requisite approvals for the transaction; the risk that the businesses will not be integrated successfully; failure to quickly realize cost-savings from the transaction as a result of technical, logistical, competitive and other factors; the effects of weather; the performance of generating units and transmission systems; the availability and prices for oil, gas, coal, nuclear fuel, capacity and electricity; changes in the markets for electricity and other energy-related commodities; changes in the number of participants and the risk profile of such participants in the energy marketing and trading business; the effectiveness of our risk management and internal controls systems; the effects of regulatory decisions and changes in law; changes in competition in the markets we serve; the ability to recover regulatory assets and other potential stranded costs; the outcomes of litigation and regulatory proceedings or inquiries; the timing and success of efforts to develop domestic and international power projects; conditions of the capital markets and equity markets; advances in technology; changes in accounting standards; changes in interest rates and in financial and foreign currency markets generally; the economic and political climate and growth in the areas in which we conduct our activities; and changes in corporate strategies. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time first made and we do not undertake to update or revise them as more information becomes available. Additional factors that could cause Public Service Enterprise Group Incorporated's and Exelon Corporation's results to differ materially from those described in the forward-looking statements can be found in the 2004 Annual Reports on Form 10- K, and Quarterly Reports on Form 10-Q for the quarterly period ended March 31, 2005, of Public Service Enterprise Group Incorporated and Exelon Corporation. as well as Exelon's Form S-4 filed on February 4, 2005, as such reports and forms may have been amended, each filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's website, http://www.sec.gov/.
Additional Information
This communication is not a solicitation of a proxy from any security holder of Public Service Enterprise Group Incorporated or Exelon Corporation. Exelon Corporation has filed with the Securities and Exchange Commission a registration statement (File No. 333-122704) that includes the definitive joint proxy statement/prospectus that has been mailed by Public Service Enterprise Group Incorporated and Exelon Corporation to their respective security holders in connection with the proposed merger of Public Service Enterprise Group Incorporated and Exelon Corporation. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED, EXELON CORPORATION AND THE PROPOSED MERGER. Investors and security holders are able to obtain these materials and other documents filed with the Securities and Exchange Commission free of charge at the Securities and Exchange Commission's website, http://www.sec.gov/. In addition, a copy of the definitive joint proxy statement/prospectus may be obtained free of charge from Public Service Enterprise Group Incorporated, Investor Relations, 80 Park Plaza, P.O. Box 1171, Newark, New Jersey 07101-1171, or from Exelon Corporation, Investor Relations, 10 South Dearborn Street, P.O. Box 805398, Chicago, Illinois 60680-5398.
Participants in Solicitation
Public Service Enterprise Group Incorporated, Exelon Corporation, their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Public Service Enterprise Group Incorporated's and Exelon Corporation's directors and executive officers is available in preliminary joint proxy statement/prospectus contained in the above referenced registration statement. OTHER INFORMATION REGARDING THE PARTICIPANTS IN THE PROXY SOLICITATION AND A DESCRIPTION OF THEIR DIRECT AND INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, IS CONTAINED IN THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT MATERIALS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
Attachment 1
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Unaudited)
For the Quarter For the Six Months
Ended Ended
June 30, June 30,
2005 2004 2005 2004
Earnings Results (in Millions)
PSE&G $48 $62 $165 $186
PSEG Power 63 60 178 180
PSEG Energy Holdings
PSEG Global 24 5 79 51
PSEG Resources (1) 13 22 13
PSEG Energy Holdings (2) (2) (3) (5)
Total PSEG Energy Holdings 21 16 98 59
PSEG (17) (11) (32) (16)
Operating Earnings $115 $127 $409 $409
Merger and Merger Related Costs (14) - (16) -
Income from Continuing Operations $101 $127 $393 $409
(Loss) Income from Discontinued
Operations, including (Loss)
Gain on Disposal (183) (3) (190) (14)
PSEG Net (Loss) Income $(82) $124 $203 $395
Fully Diluted Average Shares
Outstanding (in Millions) 243 238 243 238
Per Share Results (Diluted)
PSE&G $0.20 $0.26 $0.68 $0.78
PSEG Power 0.26 0.25 0.73 0.75
PSEG Energy Holdings
PSEG Global 0.10 0.02 0.33 0.21
PSEG Resources - 0.06 0.09 0.05
PSEG Energy Holdings (0.01) (0.01) (0.01) (0.01)
Total PSEG Energy Holdings 0.09 0.07 0.41 0.25
PSEG (0.07) (0.05) (0.13) (0.06)
Operating Earnings $0.48 $0.53 $1.69 $1.72
Merger and Merger Related Costs (0.06) - (0.07) -
Income from Continuing Operations $0.42 $0.53 $1.62 $1.72
(Loss) Income from Discontinued
Operations, including (Loss)
Gain on Disposal (0.76) (0.01) (0.78) (0.06)
PSEG Net (Loss) Income $(0.34) $0.52 $0.84 $1.66
Note 1:
Net Income includes preferred stock dividends / preference units
distributions relating to PSE&G of $1 million and $1 million, PSEG Global
of $1 million and $4 million and PSEG Resources of $0 and $1 million for
the quarters ended June 30, 2005 and 2004, respectively.
Net Income includes preferred stock dividends / preference units
distributions relating to PSE&G of $2 million and $2 million, PSEG Global
of $3 million and $7 million and PSEG Resources of $0 and $3 million for
the six months ended June 30, 2005 and 2004, respectively.
Note 2:
Basic Earnings per Share from Net Income was $(0.34) and $0.52 per share
for the quarters ended June 30, 2005 and 2004, respectively.
Basic Earnings per Share from Net Income was $0.85 and $1.67 per share
for the six months ended June 30, 2005 and 2004, respectively.
Attachment 2
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF OPERATIONS
For the Quarter Ended June 30, 2005
(Unaudited, $ Millions)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 2)
OPERATING REVENUES $2,442 $(386) $1,441 $1,060 $327
OPERATING EXPENSES
Energy Costs 1,340 (386) 853 688 185
Operation and Maintenance 578 3 268 235 72
Depreciation and Amortization 179 5 128 32 14
Taxes Other Than Income Taxes 28 - 28 - -
Total Operating Expenses 2,125 (378) 1,277 955 271
Income from Equity
Method Investments 30 - - - 30
OPERATING INCOME 347 (8) 164 105 86
Other Income 41 1 2 30 8
Other Deductions (21) - - (12) (9)
Interest Expense (206) (32) (86) (26) (62)
Preferred Securities Dividends (1) 1 (1) - (1)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (Note 1) 160 (38) 79 97 22
Income Tax Expense (59) 14 (31) (41) (1)
INCOME FROM CONTINUING OPERATIONS 101 (24) 48 56 21
Loss from Discontinued Operations,
including Loss on Disposal, net
of tax (183) - - (183) -
NET (LOSS) INCOME $(82) $(24) $48 $(127) $21
INCOME FROM CONTINUING OPERATIONS $101 $(24) $48 $56 $21
Merger and Merger-Related Costs 14 7 - 7 -
OPERATING EARNINGS $115 $(17) $48 $63 $21
For the Quarter Ended June 30, 2004
(Unaudited, $ Millions)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 2)
OPERATING REVENUES $2,285 $(300) $1,418 $990 $177
OPERATING EXPENSES
Energy Costs 1,250 (299) 824 677 48
Operation and Maintenance 534 (8) 258 234 50
Depreciation and Amortization 167 3 126 26 12
Taxes Other Than Income Taxes 28 - 28 - -
Total Operating Expenses 1,979 (304) 1,236 937 110
Income from Equity Method
Investments 33 - - - 33
OPERATING INCOME 339 4 182 53 100
Other Income 80 2 3 73 2
Other Deductions (26) - - (17) (9)
Interest Expense (208) (28) (91) (22) (67)
Preferred Securities Dividends (1) 5 (1) - (5)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (Note 1) 184 (17) 93 87 21
Income Tax Expense (57) 6 (31) (27) (5)
INCOME FROM CONTINUING OPERATIONS 127 (11) 62 60 16
(Loss) Income from Discontinued
Operations, including Gain on
Disposal, net of tax (3) - - (8) 5
NET INCOME $124 $(11) $62 $52 $21
Note 1:
Income from Continuing Operations before Income Taxes includes preferred
stock dividends / preference units distributions relating to PSE&G of
$1 million and $1 million, PSEG Global of $1 million and $4 million and
PSEG Resources of $0 and $1 million for the quarters ended June 30, 2005
and 2004, respectively.
Note 2:
Primarily includes financing activities at the parent and intercompany
eliminations.
Attachment 3
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005
(Unaudited, $ Millions)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 2)
OPERATING REVENUES $5,751 $(1,370) $3,625 $2,790 $706
OPERATING EXPENSES
Energy Costs 3,214 (1,370) 2,277 1,958 349
Operation and Maintenance 1,174 - 563 462 149
Depreciation and Amortization 365 9 263 62 31
Taxes Other Than Income Taxes 71 - 71 - -
Total Operating Expenses 4,824 (1,361) 3,174 2,482 529
Income from Equity Method
Investments 67 - - - 67
OPERATING INCOME 994 (9) 451 308 244
Other Income 84 1 4 61 18
Other Deductions (37) - (1) (20) (16)
Interest Expense (415) (63) (170) (54) (128)
Preferred Securities Dividends (2) 3 (2) - (3)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (Note 1) 624 (68) 282 295 115
Income Tax Expense (231) 27 (117) (124) (17)
INCOME FROM CONTINUING OPERATIONS 393 (41) 165 171 98
Loss from Discontinued
Operations, including Loss on
Disposal, net of tax (190) - - (190) -
NET INCOME (LOSS) $203 $(41) $165 $(19) $98
INCOME FROM CONTINUING OPERATIONS $393 $(41) $165 $171 $98
Merger and Merger-Related Costs 16 9 - 7 -
OPERATING EARNINGS $409 $(32) $165 $178 $98
For the Six Months Ended June 30, 2004
(Unaudited, $ Millions)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 2)
OPERATING REVENUES $5,513 $(1,165) $3,600 $2,688 $390
OPERATING EXPENSES
Energy Costs 3,080 (1,165) 2,243 1,908 94
Operation and Maintenance 1,077 (19) 536 461 99
Depreciation and Amortization 335 8 253 49 25
Taxes Other Than Income Taxes 73 - 73 - -
Total Operating Expenses 4,565 (1,176) 3,105 2,418 218
Income from Equity Method
Investments 61 - - - 61
OPERATING INCOME 1,009 11 495 270 233
Other Income 111 (3) 6 104 4
Other Deductions (44) - (1) (31) (12)
Interest Expense (420) (51) (187) (52) (130)
Preferred Securities Dividends (2) 10 (2) - (10)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (Note 1) 654 (33) 311 291 85
Income Tax Expense (245) 17 (125) (111) (26)
INCOME FROM CONTINUING OPERATIONS 409 (16) 186 180 59
Loss from Discontinued Operations,
including Gain on Disposal,
net of tax (14) - - (19) 5
NET INCOME $395 $(16) $186 $161 $64
Note 1:
Income from Continuing Operations before Income Taxes includes preferred
stock dividends / preference units distributions relating to PSE&G of
$2 million and $2 million, PSEG Global of $3 million and $7 million
and PSEG Resources of $0 and $3 million for the six months ended
June 30, 2005 and 2004, respectively.
Note 2:
Primarily includes financing activities at the parent and intercompany
eliminations.
Attachment 4
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CAPITALIZATION SCHEDULE
(Unaudited, $ Millions)
June 30, December 31,
2005 2004
DEBT
Commercial Paper and Loans $731 $638
Long-Term Debt, including amounts
due within one year 8,584 8,588
Securitization Debt, including
amounts due within one year 2,018 2,085
Project Level, Non-Recourse Debt,
including amounts due within one year 1,217 1,437
Debt Supporting Trust Preferred Securities 1,201 1,201
Total Debt 13,751 13,949
SUBSIDIARY'S PREFERRED SECURITIES 80 80
COMMON STOCKHOLDERS' EQUITY
Common Stock 4,575 4,569
Treasury Stock (968) (978)
Retained Earnings 2,361 2,425
Accumulated Other Comprehensive Loss (391) (272)
Total Common Stockholders' Equity 5,577 5,744
Total Capitalization $19,408 $19,773
Attachment 5
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2005
(Unaudited, $ Millions)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Note 2) 203 (46) 167 (19) 101
Adjustments to Reconcile Net
Income to Net Cash Flows
From Operating Activities
Loss on Disposal of Discontinued
Operations, net of tax 177 - - 177 -
Depreciation and Amortization 365 5 263 62 35
Amortization of Nuclear Fuel 45 - - 45 -
Other (218) (20) (374) 163 13
Net Cash Provided by (Used in)
Operating Activities 572 (61) 56 428 149
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property,
Plant and Equipment (480) 4 (239) (227) (18)
Proceeds from Sale of Investments 26 - - - 26
Collection of Note Receivable 132 - - - 132
Other 3 37 2 (93) 57
Net Cash (Used in) Provided
by Investing Activities (319) 41 (237) (320) 197
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in Short Term Debt 93 (74) 265 (98) -
Redemption of LTD and Project
Level/Securitization LTD (78) - (66) - (12)
Return of Capital - 284 - - (284)
Issuance of Common Stock/
Contributed Capital 37 37 - - -
Cash Dividends Paid on Common Stock (267) (267) - - -
Other (21) (17) (2) - (2)
Net Cash (Used in ) Provided
by Financing Activities (236) (37) 197 (98) (298)
Effect of Exchange Rate Change (2) - - - (2)
Net Increase in Cash and
Cash Equivalents 19 (57) 16 10 46
Cash and Cash Equivalents
at Beginning of Period 279 64 6 10 199
Cash and Cash Equivalents
at End of Period 298 7 22 20 245
For the Six Months Ended June 30, 2004
(Unaudited, $ Millions)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Note 2) 395 (28) 188 161 74
Adjustments to Reconcile Net
Income to Net Cash Flows
From Operating Activities
Gain on Disposal of Discontinued
Operations, net of tax (3) - - - (3)
Depreciation and Amortization 335 8 253 49 25
Amortization of Nuclear Fuel 41 - - 41 -
Other 64 (2) (262) 126 202
Net Cash Provided by (Used in)
Operating Activities 832 (22) 179 377 298
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property,
Plant and Equipment (579) (7) (187) (336) (49)
Proceeds from Sale of Investments 292 - - - 292
Other (9) (211) 1 70 131
Net Cash (Used in) Provided
by Investing Activities (296) (218) (186) (266) 374
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in Short Term Debt 474 61 222 191 -
Issuances of Project level/
Securitization Long Term Debt 683 - 175 500 8
Redemption of LTD and Project
Level/Securitization LTD (1,643) - (507) (800) (336)
Return of Capital - 225 - - (225)
Issuance of Common Stock/
Contributed Capital - - - - -
Cash Dividends Paid on Common Stock (260) (260) - - -
Other 12 36 (2) (12) (10)
Net Cash (Used in) Provided
by Financing Activities (734) 62 (112) (121) (563)
Effect of Exchange Rate Change (1) - - - (1)
Net Increase in Cash
and Cash Equivalents (199) (178) (119) (10) 108
Cash and Cash Equivalents
at Beginning of Period 452 181 140 27 104
Cash and Cash Equivalents
at End of Period 253 3 21 17 212
Note 1:
Primarily includes financing activities at the parent and intercompany
eliminations.
Note 2:
Net Income includes preferred stock dividends / preference units
distributions relating to PSEG of $ 2 million and $2 Million. PSE&G
of $2 million and $2 million and Energy Holdings of $3 million
and $10 million for the six months ended June 30, 2005 and 2004,
respectively.
Attachment 6
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Quarter-to-Quarter EPS Reconciliation
June 30, 2005 vs. June 30, 2004
(Unaudited)
PSEG 2nd Quarter 2004 Net Income $0.52
Loss from Discontinued Operations 0.01
PSEG 2nd Quarter 2004 Income from
Continuing Operations $0.53
PSE&G B/(W)
2nd Quarter 2004 $0.26
Weather - Gas 0.02
Electric Demand and Volume (0.03)
O&M (0.02)
Other (0.03)
2nd Quarter 2005 $0.20 $(0.06)
$0.52
PSEG Power
2nd Quarter 2004 $0.25
Improved Nuclear operations 0.06
Improved Fossil operations 0.04
2004 Branchburg congestion 0.05
Margin 0.15
Lower NDT Income (0.09)
Depreciation, Interest and other (0.05)
2nd Quarter 2005 $0.26 $0.01
PSEG Energy Holdings
2nd Quarter 2004 $0.07
Global
Operations - primarily TIE and South America 0.05
Net Foreign Exchange Gains - Primarily Elcho 0.03
Resources
Primarily write-off of UAL Lease (0.06)
Energy Holdings (Parent) -
2nd Quarter 2005 $0.09 $0.02
Public Service Enterprise Group
2nd Quarter 2004 $(0.05)
Interest Expense, excluding Merger and Merger
Related costs of ($0.03) (0.02)
2nd Quarter 2005 $(0.07) $(0.02)
PSEG 2nd Quarter 2005 Operating Earnings $0.48
Merger and Merger Related Costs (0.06)
PSEG 2nd Quarter 2005 Income from Continuing
Operations $0.42
Income from Discontinued Operations,
including Gain (Loss) on Disposal (0.76)
PSEG 2nd Quarter 2005 Net Income $(0.34)
Attachment 7
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
YTD-to-YTD EPS Reconciliation
June 30, 2005 vs. June 30, 2004
(Unaudited)
PSEG Net Income for the Six Months
Ended June 30, 2004 $1.66
Loss from Discontinued Operations,
including Loss on Disposal 0.06
PSEG Income from Continuing Operations
for the Six Months Ended June 30, 2004 $1.72
PSE&G B/(W)
Year to Date June 30, 2004 $0.78
Weather 0.01
Gas and Electric - Demand and Volume (0.05)
O&M and Depreciation (0.04)
Interest Savings 0.03
Other (0.04)
Additional Shares Outstanding (0.01)
Year to Date June 30, 2005 $0.68 $(0.10)
$0.52
PSEG Power
Year to Date June 30, 2004 $0.75
Margin 0.14
Depreciation & Amortization -
Lawrenceburg (0.03)
NDT Income in 2004 (0.07)
Interest and Other (0.05)
Additional Shares Outstanding (0.01)
Year to Date June 30, 2005 $0.73 $(0.02)
PSEG Energy Holdings
Year to Date June 30, 2004 $0.25
Global
Operations (TIE $0.02, South America
$0.04, Eagle Point Gain in 2004 ($0.03),
Other $0.04) 0.07
Net Foreign Exchange Gains - Primarily Elcho 0.06
Additional Shares Outstanding (0.01) 0.12
Resources
Operations (includes EME-Collins
lease termination in 2004, sale of
SEGS in 2005,
lower interest expense in 2005,
partially offset by write off of
UAL lease in 2005) 0.04
Additional Shares Outstanding - 0.04
Energy Holdings (Parent) -
Year to Date June 30, 2005 $0.41 $0.16
Public Service Enterprise Group
Year to Date June 30, 2004 $(0.14)
Interest Expense (0.07)
Year to Date June 30, 2005 $(0.21) $(0.07)
PSEG Operating Earnings for the Six
Months Ended June 30, 2005 $1.69
Merger and Merger Related Costs (0.07)
PSEG Income from Continuing
Operations for the Six Months Ended
June 30, 2005 $1.62
Income (Loss) from Discontinued
Operations, including Gain (Loss)
on Disposal (0.78)
PSEG Net Income for the Six Months
Ended June 30, 2005 $0.84
Attachment 8
PSEG Global L.L.C.
Investment Results
(Unaudited, $ Millions)
For the
Quarter For the Six
Total Capital Ended Months Ended
at Risk (A) June 30, June 30,
As of 2005 2005
June 30 December 31 Non- Non-
Recourse Recourse
EBIT Interest EBIT Interest
2005 2004 (B) (C) (B) (C)
Region
North America $433 $427 $21 $5 $68 $10
South America 1,601 1,581 36 8 74 18
Asia Pacific 6 6 1 - 5 -
Europe 206 209 14 9 36 18
India and Oman 74 94 5 1 10 4
Global G&A -
Unallocated - - (8) - (14) -
Total $2,320 $2,317 $69 $23 $179 $50
For the Quarter For the Six
Ended Months Ended
June 30, 2004 June 30, 2004
Non-Recourse Non-Recourse
EBIT Interest EBIT Interest
(B) (C) (B) (C)
Region
North America $9 $- $64 $-
South America 35 2 70 10
Asia Pacific 4 - 8 -
Europe 7 8 20 16
India and Oman 3 4 10 8
Global G&A -
Unallocated (9) - (16) -
Total $49 $14 $156 $34
Reconciliation of EBIT
to Income from
Continuing Operations
For the Quarters Ended For the Six Months Ended
June 30, June 30,
2005 2004 2005 2004
Total Global EBIT $69 $49 $179 $156
Interest Expense (43) (39) (88) (77)
Income Taxes - (1) (5) (19)
Minority Interest (1) - (4) (2)
Preference Unit
Distributions (1) (4) (3) (7)
Income from Continuing
Operations $24 $5 $79 $51
(A) Total Capital at Risk includes Global's gross investments and equity
commitment guarantees less non-recourse debt at the project level.
(B) For investments accounted for under the equity method of accounting,
includes Global's share of net earnings, including Interest Expense
and Income Tax Expense.
(C) Non-Recourse Interest is Interest Expense on debt that is non-
recourse to Global.
Attachment 9
PUBLIC SERVICE ELECTRIC & GAS
Sales and Revenues to Customers
June 2005
Electric Sales and Revenues
Three Change Six Change Twelve Change
Months vs. Months vs. Months vs.
Sales (millions kwh) Ended 2004 Ended 2004 Ended 2004
Residential 3,027 -0.7% 6,190 -0.1% 13,113 -0.3%
Commercial 5,621 -1.7% 11,394 0.1% 23,343 1.5%
Industrial 1,506 -8.7% 2,952 -7.9% 6,267 -4.9%
Street Lighting 76 4.6% 177 0.4% 365 0.6%
Interdepartmental 4 -19.3% 8 -59.2% 20 -19.1%
Total 10,235 -2.5% 20,720 -1.2% 43,108 -0.1%
Revenue (in millions)
Residential $344 -0.9% $694 -1.4% $1,481 -0.8%
Commercial 489 2.2% 895 1.0% 1,900 1.4%
Industrial 81 -8.6% 151 -5.4% 350 -0.4%
Street Lighting 15 3.7% 30 1.1% 60 0.6%
Other 77 3.3% 142 0.3% 294 17.8%
Total $1,007 0.3% $1,913 -0.5% $4,086 1.4%
Gas Sold and Transported
Three Change Six Change Twelve Change
Months vs. Months vs. Months vs.
Sales (millions therms) Ended 2004 Ended 2004 Ended 2004
Residential Sales 187 1.3% 903 -1.4% 1,460 -1.4%
Commercial - Firm Sales 73 -5.6% 359 -4.7% 573 -2.5%
Commercail - Interr. &
Cogen 12 16.3% 28 20.9% 53 10.1%
Industrial - Firm Sales 5 -29.0% 30 -13.4% 47 -14.8%
Inustrial - Interr. &
Cogen 83 -13.9% 156 -13.8% 352 -19.2%
Other Operating Revenues 0 -85.6% 1 -81.0% (3) -146.1%
Total 362 -4.7% 1,477 -3.9% 2,483 -5.0%
Gas Transported 219 -6.7% 535 5.9% 1,065 -3.3%
Revenue (in millions)
Residential Sales 146 9.8% 697 5.7% 1,114 2.7%
Commercial - Firm Sales 66 8.5% 301 1.1% 494 10.4%
Commercail - Interr. &
Cogen 11 69.3% 26 66.9% 44 40.4%
Industrial - Firm Sales 5 -18.9% 26 -6.5% 41 -2.5%
Inustrial - Interr. &
Cogen 70 -3.2% 129 -1.3% 275 -1.6%
Other Operating Revenues 32 8.8% 64 9.6% 125 59.5%
Total 330 7.1% 1,242 4.5% 2,093 4.6%
Gas Transported 104 -2.5% 470 -4.1% 817 -0.6%
Three Change Three Change Twelve Change
Months vs. Months vs. Months vs.
Weather Data Ended 2004 Ended 2004 Ended 2004
Degree Days - Actual 529 29.7% 3,238 1.7% 4,934 2.0%
Degree Days - Normal 509 3,115 4,839
THI Hours - Actual 4,255 -3.1% 4,256 -3.1% 14,719 -11.5%
THI Hours - Normal 3,542 3,570 14,878
Attachment 10
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
STATISTICAL MEASURES
(Unaudited)
Quarters Ended Six Months Ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Weighted Average Common Shares
Outstanding (000's)
Basic 238,732 236,705 238,524 236,449
Diluted 243,019 238,001 242,632 238,321
Stock Price at End of Period $60.82 $40.03
Dividends Paid per Share of
Common Stock $0.56 $0.55 $1.12 $1.10
Dividend Payout Ratio* 73.0% 65.5%
Dividend Yield 3.7% 5.5%
Price/Earnings Ratio* 19.8 11.9
Rate of Return on Average Common
Equity* 13.3% 15.7%
Ratio of Earnings to Fixed Charges 1.52 1.73 2.16 2.27
Book Value per Common Share $23.33 $22.89
Market Price as a Percent
of Book Value 261% 175%
Total Shareholder Return
- Period Ending 12.9% -13.7% 19.8% -6.3%
Total Shareholder Return
- 12 Months Ending 59.1% 0.0%
Generation by Fuel Type Quarters Six Months
Ended June 30, Ended June 30,
2005 2004 2005 2004
Nuclear - NJ 36% 31% 36% 34%
Nuclear - PA 22% 23% 21% 21%
Total Nuclear 58% 54% 57% 55%
Fossil - Coal - NJ 12% 10% 13% 10%
Fossil - Coal - PA 13% 13% 13% 13%
Fossil - Coal - CT 6% 6% 6% 6%
Total Coal 31% 29% 32% 29%
Fossil - Oil & Natural Gas - NJ 8% 15% 8% 12%
Fossil - Oil & Natural Gas - NY 0% 0% 0% 1%
Fossil - Oil & Natural Gas - CT 2% 1% 2% 2%
Fossil - Oil & Natural Gas - Midwest 1% 0% 1% 0%
Total Oil & Natural Gas 11% 16% 11% 15%
Fossil - Pumped Storage 0% 1% 0% 1%
100% 100% 100% 100%
* Calculation based on earnings from continuing operations for 12-month
period ending
DATASOURCE: PSEG
CONTACT: Sue Carson, Director-Investor Relations, +1-973-430-6565, or
Greg McLaughlin, Sr., investor relations analyst, +1-973-430-6568, both of
PSEG
Web site: http://www.pseg.com/