Dominion Power 2003 Annual Report Download - page 57
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55.Dominion 2003
Consolidated Statements of Income
Year Ended December 31, 2003 2002 2001
(millions, except per share amounts)
Operating Revenue $12,078 $10,218 $10,558
Operating Expenses
Electric fuel and energy purchases, net 1,667 1,447 1,369
Purchased electric capacity 607 691 680
Purchased gas, net 2,175 1,159 1,822
Liquids, pipeline capacity and other purchases 468 159 219
Restructuring and other acquisition-related costs
—
(8) 105
Other operations and maintenance 2,908 2,198 2,938
Depreciation, depletion and amortization 1,216 1,258 1,245
Other taxes 476 429 395
Total operating expenses 9,517 7,333 8,773
Income from operations 2,561 2,885 1,785
Other income (loss) (40) 103 126
Interest and related charges:
Interest expense 849 826 899
Distributions
—
mandatorily redeemable trust preferred securities 111 103 75
Subsidiary preferred dividends 15 16 23
Total interest and related charges 975 945 997
Income before income taxes 1,546 2,043 914
Income tax expense 597 681 370
Income from continuing operations before cumulative effect of changes
in accounting principles 949 1,362 544
Loss from discontinued operations (net of income taxes of $15) (642)
——
Cumulative effect of changes in accounting principles (net of income taxes of $7) 11
——
Net Income $318 $ 1,362 $ 544
Earnings Per Common Share
—
Basic:
Income from continuing operations before cumulative effect of changes
in accounting principles $ 2.99 $ 4.85 $ 2.17
Loss from discontinued operations (2.02)
——
Cumulative effect of changes in accounting principles .03
——
Net income $ 1.00 $ 4.85 $ 2.17
Earnings Per Common Share
—
Diluted:
Income from continuing operations before cumulative effect of changes
in accounting principles $ 2.98 $ 4.82 $ 2.15
Loss from discontinued operations (2.01)
——
Cumulative effect of changes in accounting principles .03
——
Net income $ 1.00 $ 4.82 $ 2.15
Dividends paid per common share $ 2.58 $ 2.58 $ 2.58
The accompanying notes are an integral part of the Consolidated Financial Statements.