Allegheny Power 2014 Annual Report Download - page 156

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141
20. SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)
The following summarizes certain consolidated operating results by quarter for 2014 and 2013.
FirstEnergy
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts) 2014 2013
Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Revenues $ 3,483 $3,888 $ 3,496 $ 4,182 $ 3,633 $ 4,032 $ 3,507 $ 3,720
Other operating expense 901 858 1,021 1,182 948 877 886 882
Pension and OPEB mark-to-market 835 — — — (256) — — —
Provision for depreciation 316 308 302 294 293 316 300 293
Impairment of long-lived assets — — — — 322 — 473 —
Operating Income (Loss) (337) 716 292 391 387 508 42 645
Income (loss) from continuing operations
before income taxes (benefits) (574) 485 90 170 208 286 (230) 306
Income taxes (benefits) (1) (268) 152 26 48 66 77 (62) 114
Income (loss) from continuing operations (306) 333 64 122 142 209 (168) 192
Discontinued operations (net of income taxes) — — — 86 — 9 4 4
Net Income (Loss) (306) 333 64 208 142 218 (164) 196
Earnings (loss) per share of common stock-(2)
Basic - Continuing Operations (0.73) 0.79 0.16 0.29 0.34 0.50 (0.40) 0.46
Basic - Discontinued Operations (Note 19) — — — 0.21 — 0.02 0.01 0.01
Basic - Earnings Available to FirstEnergy
Corp. (0.73) 0.79 0.16 0.50 0.34 0.52 (0.39) 0.47
Diluted - Continuing Operations (0.73) 0.79 0.15 0.29 0.34 0.50 (0.40) 0.46
Diluted - Discontinued Operations (Note 19) — — — 0.20 — 0.02 0.01 0.01
Diluted - Earnings Available to FirstEnergy
Corp. (0.73) 0.79 0.15 0.49 0.34 0.52 (0.39) 0.47
(1) - During the fourth quarter of 2014, income tax benefits of $16 million were recorded that related to prior periods. The out-of-period
adjustment primarily related to the correction of amounts included in the Company’s tax basis balance sheet. Management has determined that
this adjustment is not material to the current or any prior period.
(2) - Total quarterly earnings per share information may not equal annual earnings per share due to the issuance of shares throughout the year.
See FirstEnergy's Consolidated Statements of Stockholders' Equity and Note 4. Stock-Based Compensation for additional information.
FES
CONSOLIDATED STATEMENTS OF INCOME
(In millions) 2014 2013
Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Revenues $ 1,342 $1,521 $ 1,452 $ 1,829 $ 1,518 $ 1,679 $ 1,452 $ 1,524
Other operating expense 359 356 468 452 382 339 387 379
Pension and OPEB mark-to-market 297 — — — (81) — — —
Provision for depreciation 83 83 79 74 75 80 76 75
Operating Income (Loss) (321)90 (151) (148) 121 65 (39) 95
Income (loss) from continuing operations
before income taxes (benefits) (347)72 (154) (159) 114 56 (117) (1)
Income taxes (benefits) (133)28 (67) (56) 25 23 (42) —
Income (loss) from continuing operations (214)44 (87) (103) 89 33 (75) (1)
Discontinued operations (net of income taxes) — — — 116 — 7 4 3
Net Income (Loss) (214)44 (87) 13 89 40 (71) 2