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86 XCEL ENERGY 2003 ANNUAL REPORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
21. SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly unaudited financial data is as follows:
Quarter ended
March 31, 2003 June 30, 2003 Sept. 30, 2003 Dec. 31, 2003
(Thousands of dollars, except per share amounts) (a) (a) (a) (a)
Revenue $2,086,107 $1,721,754 $2,019,853 $2,109,802
Operating income (loss) 304,022 162,624 358,658 259,943
Income (loss) from continuing operations 126,778 54,982 180,039 148,221
Discontinued operations – income (loss) 13,234 (337,544) 107,456 329,226
Net income (loss) 140,012 (282,562) 287,495 477,447
Earnings (loss) available for common shareholders 138,952 (283,622) 286,435 476,386
Earnings (loss) per share from continuing operations – basic $ 0.32 $ 0.14 $ 0.45 $ 0.37
Earnings (loss) per share from continuing operations – diluted $0.31 $ 0.14 $ 0.43 $ 0.36
Earnings (loss) per share from discontinued operations – basic $0.03 $ (0.85) $ 0.27 $ 0.83
Earnings (loss) per share from discontinued operations – diluted $0.03 $ (0.85) $ 0.26 $ 0.78
Earnings (loss) per share total – basic $0.35 $ (0.71) $ 0.72 $ 1.20
Earnings (loss) per share total – diluted $0.34 $ (0.71) $ 0.69 $ 1.14
Quarter ended
March 31, 2002 June 30, 2002 Sept. 30, 2002 Dec. 31, 2002
(Thousands of dollars, except per share amounts) (b) (b) (b) (b)
Revenue $1,834,811 $1,598,832 $1,726,436 $1,875,049
Operating income (loss) 253,498 262,513 373,188 251,838
Income (loss) from continuing operations 121,578 117,242 178,002 110,871
Discontinued operations – income (loss) (18,074) (29,940) (2,382,042) (315,628)
Net income (loss) 103,504 87,302 (2,204,040) (204,757)
Earnings (loss) available for common shareholders 102,444 86,242 (2,205,100) (205,818)
Earnings (loss) per share from continuing operations – basic $ 0.34 $ 0.31 $ 0.44 $ 0.27
Earnings (loss) per share from continuing operations – diluted $ 0.34 $ 0.31 $ 0.44 $ 0.27
Earnings (loss) per share from discontinued operations – basic $ (0.05) $ (0.08) $ (5.99) $ (0.79)
Earnings (loss) per share from discontinued operations – diluted $ (0.05) $ (0.08) $ (5.99) $ (0.77)
Earnings (loss) per share total – basic $ 0.29 $ 0.23 $ (5.55) $ (0.52)
Earnings (loss) per share total – diluted $ 0.29 $ 0.23 $ (5.55) $ (0.50)
(a) 2003 results include special charges in certain quarters, as discussed in Note 2 to the Consolidated Financial Statements, and unusual items as follows:
–Results from continuing operations were decreased for NRG-related restructuring costs incurred by the holding company in the amount of $1.4 million in the first quarter,
$7.3 million in the second quarter, and $3.0 million in the third quarter.
–Fourth-quarter results from continuing operations were increased by $22 million, or 3 cents per share, for adjustments made to depreciation accruals for the year, due to a
regulatory decision approving the extension of NSP-Minnesota’s Prairie Island nuclear plant to operate over the license term.
–Fourth-quarter results from continuing operations were increased by $30 million, or 7 cents per share, for adjustments made to income tax accruals to reflect the successful
resolution of various outstanding tax issues.
–Fourth-quarter results from continuing operations were decreased by $7 million pretax, or 1 cent per share, for charges recorded related to the TRANSLink project due to
regulatory and operating uncertainties.
–Fourth-quarter results from discontinued operations were increased by $111 million, or 26 cents per share, for reversal of equity in prior NRG losses due to the divestiture of
NRG in December 2003, and increased by $288 million, or 68 cents per share, due to revisions to the estimated tax benefits related to Xcel Energy’s investment in NRG. See
Note 3 to the Consolidated Financial Statements for further discussion of these items.
–Fourth-quarter results from discontinued operations were decreased by $59 million, or 14 cents per share, due to the estimated impairment expected to result from the disposal
of Xcel Energy International’s Argentina assets, as discussed in Note 3 to the Consolidated Financial Statements, and by $16 million, or 4 cents per share, due to the accrual
of e prime’s cost to settle an investigation by the Commodity Futures Trading Commission.
(b) 2002 results include special charges in certain quarters, as discussed in Note 2 to the Consolidated Financial Statements, and unusual items as follows:
–First-quarter results from continuing operations were decreased by $9 million, or 1 cent per share, for a special charge related to utility/service company employee restaffing
costs, and by $5 million, or 1 cent per share, for regulatory recovery adjustments at SPS included in special charges.
–Results from continuing operations were decreased in the amount of $1.2 million in the third quarter and $3.6 million in the fourth quarter for NRG-related restructuring
costs incurred by the holding company.
–Fourth-quarter results from discontinued operations were decreased by $95 million, or 23 cents per share, for NRG charges related to asset impairments and financial
restructuring costs, and increased by $30 million, or 7 cents per share, due to revisions to the estimated tax benefits related to Xcel Energy’s investment in NRG.