PG&E 2008 Annual Report Download - page 35

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33
(in millions, except per share amounts) 2008 2007 2006 2005 2004(1)
PG&E Corporation(2)
For the Year
Operating revenues $14,628 $13,237 $12,539 $11,703 $11,080
Operating income 2,261 2,114 2,108 1,970 7,118
Income from continuing operations 1,184
1,006 991 904 3,820
Earnings per common share from continuing operations, basic 3.23 2.79 2.78 2.37 9.16
Earnings per common share from continuing operations, diluted 3.22 2.78 2.76 2.34 8.97
Dividends declared per common share(3) 1.56 1.44 1.32 1.23 —
At Year-End
Book value per common share(4) $ 24.64 $ 22.91 $ 21.24 $ 19.94 $ 20.90
Common stock price per share 38.71 43.09 47.33 37.12 33.28
Total assets 40,860 36,632 34,803 34,074 34,540
Long-term debt (excluding current portion) 9,321 8,171 6,697 6,976 7,323
Rate reduction bonds (excluding current portion) — — — 290 580
Energy recovery bonds (excluding current portion) 1,213 1,582 1,936 2,276 —
Preferred stock of subsidiary with mandatory redemption provisions — — — — 122
Pacifi c Gas and Electric Company
For the Year
Operating revenues $14,628 $13,238 $12,539 $11,704 $11,080
Operating income 2,266 2,125 2,115 1,970 7,144
Income available for common stock 1,185 1,010 971 918 3,961
At Year-End
Total assets $40,537 $36,310 $34,371 $33,783 $34,302
Long-term debt (excluding current portion) 9,041 7,891 6,697 6,696 7,043
Rate reduction bonds (excluding current portion) — — — 290 580
Energy recovery bonds (excluding current portion) 1,213 1,582 1,936 2,276 —
Preferred stock with mandatory redemption provisions — — — — 122
(1) Financial data refl ects the recognition of regulatory assets provided under the December 19, 2003 settlement agreement entered into among PG&E
Corporation, Pacifi c Gas and Electric Company, and the California Public Utilities Commission to resolve Pacifi c Gas and Electric Company’s
proceeding under Chapter 11 of the U.S. Bankruptcy Code. Pacifi c Gas and Electric Company’s reorganization under Chapter 11 became effective
on April 12, 2004.
(2) Matters relating to discontinued operations are discussed in the section entitled “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and in Note 6 of the Notes to the Consolidated Financial Statements.
(3) The Board of Directors of PG&E Corporation declared a cash dividend of $0.30 per share for the fi rst three quarters of 2005. In the fourth quarter
of 2005, the Board of Directors increased the quarterly cash dividend to $0.33 per share. Beginning in the fi rst quarter of 2007, the Board of Directors
increased the quarterly cash dividend to $0.36 per share. Beginning in the fi rst quarter of 2008, the Board of Directors increased the quarterly cash
dividend to $0.39 per share. The Utility paid quarterly dividends on common stock held by PG&E Corporation and a wholly owned subsidiary
aggregating to $589 million in 2008 and $547 million in 2007. See Note 7 of the Notes to the Consolidated Financial Statements.
(4) Book value per common share includes the effect of participating securities. The dilutive effect of outstanding stock options and restricted stock is
further disclosed in Note 9 of the Notes to the Consolidated Financial Statements.
SELECTED FINANCIAL DATA