ComEd 2006 Annual Report Download - page 62

The following table sets forth Generation’s quarterly distributions and ComEd’s and PECO’s
quarterly common dividend payments:
2006 2005
(in millions)
4th
Quarter
3rd
Quarter
2nd
Quarter
1st
Quarter
4th
Quarter
3rd
Quarter
2nd
Quarter
1st
Quarter
Generation .................. $165 $122 $157 $165 $108 $430 $ 80 $239
ComEd ..................... ————146107107138
PECO ...................... 134 117 135 116 122 116 116 115
On December 5, 2006, the Exelon Board of Directors declared a regular quarterly dividend of
$0.44 per share on Exelon’s common stock. The dividend is payable on March 10, 2007, to
shareholders of record of Exelon at 5:00 p.m. Eastern Standard Time on February 15, 2007. This
dividend declaration was made by the Exelon Board of Directors in connection with the Board of
Director’s approval of a value return policy that established a base dividend that Exelon expects will
grow modestly over time. The value return policy contemplates the use of share repurchases from time
to time, when authorized by the Board of Directors, to return cash or balance sheet capacity to Exelon
shareholders after funding maintenance capital and other commitments and in the absence of higher
value-added growth opportunities. Previously, Exelon had maintained a dividend payout policy of
between 50-60% of ongoing operating earnings.
During 2006, ComEd did not pay a quarterly dividend. This decision by the ComEd Board of
Directors not to declare a dividend was the result of several factors, including ComEd’s need for a rate
increase to cover existing costs and anticipated levels of future capital expenditures as well as the
continued uncertainty related to ComEd’s regulatory filings as discussed in Note 4 of the Combined
Notes to Consolidated Financial Statements. ComEd’s Board of Directors will continue to assess
ComEd’s ability to pay a dividend on a quarterly basis.
ITEM 6. SELECTED FINANCIAL DATA
Exelon
The selected financial data presented below has been derived from the audited consolidated
financial statements of Exelon. This data is qualified in its entirety by reference to and should be read
in conjunction with Exelon’s Consolidated Financial Statements and Management’s Discussion and
Analysis of Financial Condition and Results of Operation included in ITEM 7 of this Report on
Form 10-K.
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