Exelon 2006 Annual Report Download - page 36

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Discussion of Financial Results – ComEd
Results of Operations – ComEd
.2006 2005
Favorable
(Unfavorable)
Variance
Operating revenues $6,101 $6,264 $(163)
Operating expenses
Purchased power 3,292 3,520 228
Operating and maintenance 745 833 88
Impairment of goodwill 776 1,207 431
Depreciation and amortization 430 413 (17)
Taxes other than income 303 303 –
Total operating expense 5,546 6,276 730
Operating income (loss) 555 (12) 567
Other income and deductions
Interest expense, net (308) (291) (17)
Equity in losses of unconsolidated affiliates (10) (14) 4
Other, net 96 4 92
Total other income and deductions (222) (301) 79
Income (loss) before income taxes and cumulative effect of a change in accounting
principle 333 (313) 646
Income taxes 445 363 (82)
Loss before cumulative effect of a change in accounting principles (112) (676) 564
Cumulative effect of change in accounting principle – (9) 9
Net loss $ (112) $ (685) $ 573
ComEd’s decreased net loss in 2006 compared to 2005 was driven by a smaller impairment of goodwill in 2006, lower
purchased power expense and one-time benefits associated with reversing previously incurred expenses as a result of the July
2006 and December 2006 ICC rate orders, partially offset by lower operating revenues.
34 EXELON CORPORATION AND SUBSIDIARY COMPANIES