This document summarizes the financial highlights of a company for 2002 and 2001. Earnings from continuing operations decreased 17.7% from 2001 to 2002. Basic and diluted earnings per share also decreased around 15% year-over-year. Dividends per share increased slightly by 1.1% while the dividend yield decreased 9.4%. Total assets increased 6.4% while total kilowatt-hour sales increased 4.7% driven by a 4.5% increase in retail sales.

1. Financial Highlights
2002 2001 Change
Operating revenues (in millions) $10,155 3.9)%
$10,549
Earnings from continuing operations (in millions) $1,120 17.7)%
$1,318
Basic earnings per share from continuing operations $1.62 14.8)%
$1.86
Diluted earnings per share from continuing operations $1.61 14.9)%
$1.85
Dividends per share* $1.34 1.1)%
$1.35 1/2
Dividend yield (percent) 5.3 (9.4)%
4.8
Average shares outstanding (in millions) 689 2.7)%
708
Return on average common equity (percent) 13.51 16.9)%
15.79
Book value per share $11.43 6.4 %
$12.16
Market price (year-end, closing) $25.35 12.0 %
$28.39
Total market value of common stock (year-end, in millions) $17,703 14.9 %
$20,339
Total assets (in millions) $29,897 6.4 %
$31,799
Total kilowatt-hour sales (in millions) 176,113 4.7 %
184,436
Retail 145,345 4.5 %
151,885
Sales for resale 30,768 5.8)%
32,551
Total number of customers (year-end, in thousands) 3,998 1.7)%
4,068
* Annual dividend rate was increased mid-year 2002 by 2.2 percent, or 3 cents per share.
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