Dominion Power 2000 Annual Report Download - page 69

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67
Quarterly Financial and Common Stock Data
—
Unaudited
(continued)
2000 1999
Dividends per share
First Quarter $0.645 $0.645
Second Quarter 0.645 0.645
Third Quarter 0.645 0.645
Fourth Quarter 0.645 0.645
Year $ 2.58 $ 2.58
Stock price range
First Quarter 431⁄8-3413⁄16 471⁄16 -367⁄8
Second Quarter 471⁄2-381⁄16 4413⁄16-369⁄16
Third Quarter 5913⁄16-4213⁄16 473⁄16 -43
Fourth Quarter 6715⁄16-503⁄4493⁄8-391⁄4
Year 6715⁄16-3413⁄16 493⁄8-369⁄16
Certain amounts recorded in 2000 and 1999 were not ordinary,
recurring adjustments.
For the year ended December 31, 2000, Dominion recognized
$460 million of restructuring and other acquisition-related costs.
See Note 6.
During the second quarter of 2000, management adopted a
strategy to exit certain businesses of DCI and to de-emphasize
the remaining components of the businesses that are expected
to be retained or possibly held only as long as necessary to wind
up affairs. Under this strategy, DCI reevaluated certain assets
and businesses and impairment losses were recognized. During
2000, Dominion has recognized impairment losses of $291 million,
of which $172 million was determined to be attributable to
Dominion’s exit strategy rather than other factors and are included
in Restructuring and other acquisition-related costs.
During the quarter ended September 30, 2000, Dominion
adopted a company-wide method of calculating the market related
value of plan assets used to determine the expected return on
pension plan assets, a component of net periodic pension cost.
Dominion recorded $21 million, net of income taxes of $11 million,
as a cumulative effect of the change on prior years’ income. The
effect of the change for the year 2000 was to increase income
before extraordinary item and cumulative effect of a change in
accounting principle by $11 million, or $0.05 per share, and net
income by $32 million, or $0.14 per share.
Extraordinary Item
In the first quarter of 1999, Dominion recorded an after-tax charge
of $255 million, or $1.33 per share, to reflect the write-off of assets
and liabilities that will not be recovered through base rates capped
by Virginia legislation enacted into law on March 25, 1999. This leg-
islation establishes a detailed plan to restructure the electric utility
industry in Virginia. The after-tax charge was recorded as an extra-
ordinary item on Dominion’s Consolidated Statements of Income.