ComEd 2004 Annual Report Download - page 34

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Exelon Corporation
Consolidated Statements of Income
For the Years Ended December 31,
in millions, except per share data 2004 2003 2002
Operating revenues $14,515 $15,812 $14,955
Operating expenses
Purchased power 2,727 3,459 3,262
Purchased power from AmerGen Energy Company, LLC – 382 273
Fuel 2,355 2,534 1,727
Impairment of Boston Generating, LLC long-lived assets – 945 –
Operating and maintenance 3,976 4,508 4,345
Depreciation and amortization 1,305 1,126 1,340
Taxes other than income 719 581 709
Total operating expenses 11,082 13,535 11,656
Operating income 3,433 2,277 3,299
Other income and deductions
Interest expense (548) (869) (964)
Interest expense to affiliates (357) (12) (2)
Distributions on preferred securities of subsidiaries (3) (39) (45)
Equity in earnings (losses) of unconsolidated affiliates (153) 33 80
Other, net 140 (261) 304
Total other income and deductions (921) (1,148) (627)
Income before income taxes, minority interest and cumulative effect
of changes in accounting principles 2,512 1,129 2,672
Income taxes 692 331 998
Income before minority interest and cumulative effect of changes
in accounting principles 1,820 798 1,674
Minority interest 21 (5) (4)
Income before cumulative effect of changes in accounting principles 1,841 793 1,670
Cumulative effect of changes in accounting principles (net of income taxes of
$17, $69 and $(90) in 2004, 2003 and 2002, respectively) 23 112 (230)
Net income $ 1,864 $ 905 $ 1,440
Average shares of common stock outstanding
Basic 661 651 645
Diluted 669 657 649
Earnings per average common share – basic:
Income before cumulative effect of changes in accounting principles $ 2.79 $ 1.22 $ 2.59
Cumulative effect of changes in accounting principles 0.03 0.17 (0.36)
Net income $ 2.82 $ 1.39 $ 2.23
Earnings per average common share – diluted:
Income before cumulative effect of changes in accounting principles $ 2.75 $ 1.21 $ 2.57
Cumulative effect of changes in accounting principles 0.03 0.17 (0.35)
Net income $ 2.78 $ 1.38 $ 2.22
Dividends per common share $ 1.26 $ 0.96 $ 0.88
The information in the Consolidated Statements of Income shown above is a replication of the information in the Consolidated Statements of Income in Exelon’s 2004 Form
10-K. For complete consolidated financial statements, including notes, please refer to pages 134 through 224 of Exelon’s 2004 Form 10-K filed with the Securities and
Exchange Commission (SEC). See also management’s discussion and analysis of financial condition and results of operation, which includes a discussion of critical
accounting policies and estimates, on pages 46 through 130 of Exelon’s 2004 Form 10-K filed with the SEC.
32 EXELON CORPORATION AND SUBSIDIARY COMPANIES