Dominion Power 2004 Annual Report Download - page 99

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29. Quarterly Financial and Common Stock Data (unaudited)
A summary of the quarterly results of operations for the years ended December 31, 2004 and 2003 follows. Amounts reflect all adjustments, consisting of only
normal recurring accruals, necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may
fluctuate as a result of weather conditions, changes in rates and other factors.
First Second Third Fourth Full
Quarter Quarter Quarter Quarter Year
(millions, except per share amounts)
2004
Operating revenue $3,879 $3,040 $3,292 $3,761 $13,972
Income from operations 890 580 744 503 2,717
Income from continuing operations before cumulative effect of
changes in accounting principles 445 258 337 224 1,264
Net income 437 251 337 224 1,249
Basic EPS:
Income from continuing operations before cumulative effect of
changes in accounting principles 1.37 0.79 1.02 0.67 3.84
Net income 1.35 0.76 1.02 0.67 3.80
Diluted EPS:
Income from continuing operations before cumulative effect of
changes in accounting principles 1.36 0.79 1.02 0.67 3.82
Net income 1.34 0.76 1.02 0.67 3.78
Dividends paid per share 0.645 0.645 0.645 0.665 2.60
Common stock prices (high-low) $65.85-61.20 $64.75-60.78 $65.87-62.07 $68.85-62.97 $68.85-60.78
2003
Operating revenue $3,579 $2,630 $2,853 $3,016 $12,078
Income from operations 1,014 577 698 272 2,561
Income (loss) from continuing operations before cumulative effect of
changes in accounting principles 409 246 326 (32) 949
Net income (loss) 508 240 (256) (174) 318
Basic EPS:
Income (loss) from continuing operations before cumulative effect of
changes in accounting principles 1.33 0.78 1.01 (0.10) 2.99
Net income (loss) 1.64 0.76 (0.79) (0.54) 1.00
Diluted EPS:
Income (loss) from continuing operations before cumulative effect of
changes in accounting principles 1.32 0.78 1.01 (0.10) 2.98
Net income (loss) 1.64 0.76 (0.79) (0.54) 1.00
Dividends paid per share 0.645 0.645 0.645 0.645 2.58
Common stock prices (high-low) $58.62-51.74 $65.95-54.75 $64.28-58.05 $64.45-59.27 $65.95-51.74
D 2004/Page 97
Dominion’s 2004 results include the impact of the following
significant items:
•Third quarter results include $61 million of after-tax losses related to
the discontinuance of hedge accounting for certain oil hedges, result-
ing from an interruption of oil production in the Gulf of Mexico caused
by Hurricane Ivan, and subsequent changes in the fair value of those
hedges; and
•Fourth quarter results include a $112 million after-tax charge reflecting
Dominion’s valuation of its interest in a long-term power tolling con-
tract that is subject to a planned divestiture in the first quarter of 2005
and a $61 million after-tax benefit due to the recognition of business
interruption insurance revenue associated with the recovery of delayed
gas and oil production due to Hurricane Ivan.
Dominion’s 2003 results include the impact of the following
significant items:
•First quarter results include a $113 million after-tax gain representing
the cumulative effect of adopting SFAS No. 143 and EITF 02-3 described
in Note 3 and $63 million of losses related to Dominion’s discontinued
telecommunications operations described in Note 9.
•Third quarter results include $80 million of after-tax incremental
restoration expenses associated with Hurricane Isabel and $582 million
of losses related to Dominion’s discontinued telecommunications oper-
ations described in Note 9; and
•Fourth quarter results include $42 million of after-tax incremental
restoration expenses associated with Hurricane Isabel, $100 million of
losses related to Dominion’s discontinued telecommunications opera-
tions described in Note 9 and a $102 million after-tax loss representing
the cumulative effect of adopting Issue C20 and FIN 46R described in
Note 3.