Dominion Power 2005 Annual Report Download - page 97

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Note 30. Quarterly Financial and Common Stock Data (unaudited)
A summary of our quarterly results of operations for the years ended December 31, 2005 and 2004 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 peri-
ods. 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)
2005
Operating revenue $4,736 $3,646 $4,564 $5,095 $18,041
Income from operations 873 705 185 676 2,439
Income from continuing operations before cumulative effect of
change in accounting principle 429 332 10 263 1,034
Net income 429 332 15 257 1,033
Basic EPS:
Income from continuing operations before cumulative effect of
change in accounting principle 1.26 0.98 0.03 0.76 3.02
Net income 1.26 0.98 0.04 0.74 3.02
Diluted EPS:
Income from continuing operations before cumulative effect of
change in accounting principle 1.25 0.97 0.03 0.76 3.00
Net income 1.25 0.97 0.04 0.74 3.00
Dividends paid per share 0.67 0.67 0.67 0.67 2.68
Common stock prices (high-low) $76.01-66.51 $76.87-67.75 $86.87-72.15 $86.97-73.50 $86.97-66.51
2004
Operating revenue $3,884 $3,045 $3,296 $3,766 $13,991
Income from operations 893 586 755 502 2,736
Income from continuing operations 445 258 337 224 1,264
Net income 437 251 337 224 1,249
Basic EPS:
Income from continuing operations 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 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
Dominion 2005 95
Our 2005 results include the impact of the following
significant items:
•First quarter results include a $47 million after-tax charge
resulting from the termination of a long-term power purchase
agreement, $31 million of after-tax losses related to the discon-
tinuance of hedge accounting for certain oil hedges, resulting
from a delay in reaching anticipated production levels in the
Gulf of Mexico, and subsequent changes in the fair value
of those hedges and a $28 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.
•Second quarter results include an $86 million after-tax benefit
due to the final settlement of business interruption insurance
claims associated with Hurricane Ivan.
•Third quarter results include a $357 million after-tax loss related
to the discontinuance of hedge accounting for certain gas and oil
hedges, resulting from an interruption of gas and oil production
in the Gulf of Mexico caused by Hurricanes Katrina and Rita, and
subsequent changes in the fair value of those hedges.
•Fourth quarter results include a $51 million after-tax charge to
establish an allowance related to credit exposure associated with
the bankruptcy of Calpine Corporation and a $77 million after-tax
benefit reflecting the impact of a decrease in gas and oil prices
on hedges that were de-designated following Hurricanes Katrina
and Rita.
Our 2004 results include the impact of the following
significant items:
•Third quarter results include a $61 million after-tax loss related
to the discontinuance of hedge accounting for certain oil
hedges, resulting 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.
•Fourth quarter results include a $112 million after-tax charge
related to the sale of our interest in a long-term power tolling
contract that was divested in 2005, a $64 million after-tax
charge resulting from the termination of two long-term power
purchase agreements, and a $61 million after-tax benefit due to
the recognition of business interruption insurance revenue asso-
ciated with delayed gas and oil production due to Hurricane Ivan.