DTE Energy reported a 20% increase in net income for the first quarter of 2004 compared to the same period in 2003. Operating expenses decreased 8% due to lower fuel and operation and maintenance costs. Operating income increased 68% while income from continuing operations rose 79%. Earnings per share from continuing operations were $1.14 for Q1 2004 compared to $0.65 for Q1 2003, an increase of 75%. Significant special items impacting comparability between the periods included a $0.28 per share benefit from a pipeline contract termination in 2004.
The document is DTE Energy Company's condensed consolidated statement of income and balance sheet for the first quarter of 1999 compared to the same period in 1998. Some key points:
- Operating revenues increased 8.4% to $1,024 million, while operating expenses rose 13.6% to $809 million, resulting in a 7.7% decrease in operating income to $215 million.
- Net income increased 10.6% to $115 million due to higher regulated revenues and lower expenses, as well as improved performance from non-regulated subsidiaries.
- As of March 31, 1999, current assets decreased primarily due to lower cash and cash equivalents, while accounts receivable and inventories
This document provides preliminary financial highlights and operating metrics for ConocoPhillips for the first quarter of 2004 compared to the first quarter of 2003. Some key figures include:
- Total revenues of $30.2 billion for the first quarter of 2004, up from $27.1 billion in the same period of 2003.
- Net income of $1.6 billion for the first quarter of 2004, up from $1.2 billion in the first quarter of 2003.
- Oil and gas production of 941 thousand barrels per day for the first quarter of 2004, up slightly from 935 thousand barrels per day in the same period of 2003.
The document provides operating statistics for El Paso Corporation for the first quarter of 2008. It includes:
1) Consolidated statements of income showing revenues of $1.269 billion for Q1 2008, operating income of $550 million, and net income of $219 million.
2) Segment information on earnings before interest and taxes for the company's four business segments: Pipelines at $405 million, Exploration and Production at $208 million, Marketing at $39 million, and Power at $52 million.
3) Additional data on throughput, volumes, prices and costs for the Pipelines and Exploration and Production segments.
DTE Energy reported financial results for the second quarter and first six months of 1999. Operating revenues increased 8.1% and 8.2% respectively compared to the same periods in 1998. However, higher operating expenses led to a decrease in operating income of 14.9% and 11.4%. Net income increased by 8.9% and 9.8% due to lower income tax expenses. Cash used for investing activities increased as the company spent more on plant and equipment expenditures.
DTE Energy Company reported financial results for the first quarter of 2000. Operating revenues increased 15.4% to $1.182 billion due to a 48.9% rise in fuel and purchased power costs. Net income rose 1.7% to $117 million. Earnings per share increased 2.6% to $0.81, or $0.84 excluding merger costs. Detroit Edison, DTE Energy's regulated utility, saw operating revenues increase 4.1% but net income fell 7.2% due to higher fuel expenses. Non-regulated subsidiaries contributed significantly to earnings growth through new projects and trading gains.
The document provides operating statistics for El Paso Corporation for the second quarter of 2008. It includes consolidated statements of income, consolidated operating results, and business segment results for Pipelines, Exploration and Production, Marketing, and Power. The Pipelines segment saw a decrease in throughput compared to the first quarter but an increase compared to the same period last year. The Exploration and Production segment saw higher earnings before interest and taxes compared to both periods last year. Overall, the company saw higher earnings from continuing operations compared to the same period last year.
- El Paso Corporation reported operating revenues of $1.598 billion and net income of $445 million for the third quarter of 2008.
- The Pipelines segment earned $278 million in earnings before interest and taxes, with throughput volumes averaging 4.605 trillion British thermal units per day on the Tennessee Gas Pipeline and 4.649 trillion British thermal units per day on the El Paso Natural Gas Pipeline.
- The Exploration and Production segment earned $528 million in operating income on average daily production volumes of 881 million cubic feet equivalent per day.
DTE Energy Company reported financial results for the third quarter of 1999. Operating revenues increased 20.1% to $1.44 billion due to higher net system sales and a performance reserve from Fermi 2. Total operating expenses rose 24.3% to $1.16 billion primarily from increased fuel and purchased power costs. As a result, operating income grew 5.4% while net income increased 21.8% and earnings per share rose 21.8% to $1.11.
The document is DTE Energy Company's condensed consolidated statement of income and balance sheet for the first quarter of 1999 compared to the same period in 1998. Some key points:
- Operating revenues increased 8.4% to $1,024 million, while operating expenses rose 13.6% to $809 million, resulting in a 7.7% decrease in operating income to $215 million.
- Net income increased 10.6% to $115 million due to higher regulated revenues and lower expenses, as well as improved performance from non-regulated subsidiaries.
- As of March 31, 1999, current assets decreased primarily due to lower cash and cash equivalents, while accounts receivable and inventories
This document provides preliminary financial highlights and operating metrics for ConocoPhillips for the first quarter of 2004 compared to the first quarter of 2003. Some key figures include:
- Total revenues of $30.2 billion for the first quarter of 2004, up from $27.1 billion in the same period of 2003.
- Net income of $1.6 billion for the first quarter of 2004, up from $1.2 billion in the first quarter of 2003.
- Oil and gas production of 941 thousand barrels per day for the first quarter of 2004, up slightly from 935 thousand barrels per day in the same period of 2003.
The document provides operating statistics for El Paso Corporation for the first quarter of 2008. It includes:
1) Consolidated statements of income showing revenues of $1.269 billion for Q1 2008, operating income of $550 million, and net income of $219 million.
2) Segment information on earnings before interest and taxes for the company's four business segments: Pipelines at $405 million, Exploration and Production at $208 million, Marketing at $39 million, and Power at $52 million.
3) Additional data on throughput, volumes, prices and costs for the Pipelines and Exploration and Production segments.
DTE Energy reported financial results for the second quarter and first six months of 1999. Operating revenues increased 8.1% and 8.2% respectively compared to the same periods in 1998. However, higher operating expenses led to a decrease in operating income of 14.9% and 11.4%. Net income increased by 8.9% and 9.8% due to lower income tax expenses. Cash used for investing activities increased as the company spent more on plant and equipment expenditures.
DTE Energy Company reported financial results for the first quarter of 2000. Operating revenues increased 15.4% to $1.182 billion due to a 48.9% rise in fuel and purchased power costs. Net income rose 1.7% to $117 million. Earnings per share increased 2.6% to $0.81, or $0.84 excluding merger costs. Detroit Edison, DTE Energy's regulated utility, saw operating revenues increase 4.1% but net income fell 7.2% due to higher fuel expenses. Non-regulated subsidiaries contributed significantly to earnings growth through new projects and trading gains.
The document provides operating statistics for El Paso Corporation for the second quarter of 2008. It includes consolidated statements of income, consolidated operating results, and business segment results for Pipelines, Exploration and Production, Marketing, and Power. The Pipelines segment saw a decrease in throughput compared to the first quarter but an increase compared to the same period last year. The Exploration and Production segment saw higher earnings before interest and taxes compared to both periods last year. Overall, the company saw higher earnings from continuing operations compared to the same period last year.
- El Paso Corporation reported operating revenues of $1.598 billion and net income of $445 million for the third quarter of 2008.
- The Pipelines segment earned $278 million in earnings before interest and taxes, with throughput volumes averaging 4.605 trillion British thermal units per day on the Tennessee Gas Pipeline and 4.649 trillion British thermal units per day on the El Paso Natural Gas Pipeline.
- The Exploration and Production segment earned $528 million in operating income on average daily production volumes of 881 million cubic feet equivalent per day.
DTE Energy Company reported financial results for the third quarter of 1999. Operating revenues increased 20.1% to $1.44 billion due to higher net system sales and a performance reserve from Fermi 2. Total operating expenses rose 24.3% to $1.16 billion primarily from increased fuel and purchased power costs. As a result, operating income grew 5.4% while net income increased 21.8% and earnings per share rose 21.8% to $1.11.
This document provides financial highlights and selected financial data for Starbucks Corporation from fiscal years 1995 to 1999. It shows that over this period, Starbucks' net revenues increased from $465 million in 1995 to $1.68 billion in 1999. Net earnings also increased substantially over this period, from $26 million in 1995 to $101.7 million in 1999. The number of Starbucks stores grew significantly over these years as well, from 677 total stores in 1995 to 2,498 total stores by 1999, as the company rapidly expanded its retail operations. Comparable store sales increased between 5-9% each year over this period.
The letter summarizes Starbucks' financial performance in fiscal year 2000. It saw record revenues of $2.2 billion, with 9% comparable store sales growth. It exceeded its store opening targets, opening 1,035 new stores globally including 778 in North America. It expanded internationally, entering new markets in Europe, Asia, and the Middle East. It grew its Tazo tea and Hear Music brands. Looking ahead, Starbucks believes it can have over 20,000 stores worldwide, seeing significant untapped potential for future growth.
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
CenterPoint Energy's annual report summarizes its performance in 2006. The company reported $432 million in net income and delivered strong returns for shareholders. It operates electric transmission and distribution utilities serving millions, as well as natural gas distribution, interstate pipelines, field services, and competitive gas sales businesses across several states. In 2006 it invested in infrastructure and pursued rate agreements to support future growth and regulatory certainty across its diverse energy delivery operations.
This document outlines Starbucks' policy on nominating directors. It describes the nomination process, including identifying potential candidates internally and from shareholders. Candidates must meet minimum qualifications like integrity and experience. Desirable qualities include diversity and relevant professional experience. The Nominating Committee evaluates all candidates based on these criteria. The timeline for the nomination process is outlined, with the Committee meeting in September/November and directors nominated in November for the following March's annual shareholder meeting.
The document provides a net income summary and earnings variance analysis for DTE Energy Company and its subsidiaries for Q3 2004. Key highlights include:
- Total net income for Q3 2004 was $69 million, down $45 million from Q3 2003, with diluted EPS of $0.40, down $0.27 from the prior year.
- Lower earnings in regulated electric and gas segments contributed most to the decline, partially offset by higher earnings in non-regulated energy resources and synfuels.
- Key drivers behind segment earnings changes include weather, regulatory assets, generation costs, taxes, and synfuels/coke batteries performance.
YRC Worldwide Inc. announced its second quarter 2007 earnings. Reported EPS was $0.95 compared to $1.58 in 2006. Revenue was $2.5 billion compared to $2.6 billion last year. National Transportation performed strongly with an operating ratio of 94.6%. However, overall results were impacted by a weak shipping market. For the full year, the company expects interest expense of $90 million, a tax rate of 36.9%, and free cash flow over $200 million.
DTE Energy reported a 20% increase in net income for the first quarter of 2004 compared to the same period in 2003. Total operating revenues were relatively flat at $2.093 billion for the quarter. Operating expenses declined 8% due to lower fuel and purchased power costs. Operating income increased 68% due to cost reductions. After adjustments including a pipeline contract termination benefit, net income increased 19% and diluted earnings per share rose from $0.92 to $1.09.
DTE Energy Company's preliminary unaudited net income for the three months ended December 31, 2004 was $162 million, compared to $138 million for the same period in 2003. The results include various adjustments including a $28 million stranded cost adjustment, $1 million in DTE2 project costs, and a $14 million tax credit driven normalization adjustment. For the full year 2004, reported net income was $229 million compared to $138 million in 2003, reflecting various operating and non-operating adjustments between the periods.
This document provides operating statistics for three transportation companies - Yellow Transportation, Roadway Express, and New Penn Motor Express - for the first quarter of 2004 and 2003. It includes key metrics such as revenue, tonnage, shipments, and operating income for each company's less-than-truckload (LTL) and truckload (TL) segments. Revenue increased for Yellow Transportation and New Penn Motor Express in the first quarter of 2004 compared to the same period in 2003 for both LTL and TL. For Roadway Express, revenue decreased slightly for LTL but increased for TL in the first quarter of 2004 versus 2003.
This document provides an overview of Starbucks' business operations, including:
- Starbucks operates retail stores and specialty operations that leverage the Starbucks brand through other channels. Specialty operations accounted for 15% of revenue in fiscal 2002.
- Retail stores sell coffee, food, and accessories. Stores vary in product selection by size and location. Beverages make up 77% of retail sales.
- Specialty operations include business alliances, international retail licensing, grocery licensing, interactive operations, and equity partnerships. These generated 15% of fiscal 2002 revenue.
- Selected financial data from 1998-2002 show revenue and net earnings growth over time as well as increasing numbers of systemwide retail stores.
This document provides an overview of PHI's 41st EEI Financial Conference held from November 5-8, 2006. It includes sections on PHI's financial performance for Q3 and year-to-date 2006, drivers of performance, sales and customer trends, regulated distribution summaries, upcoming regulatory activities including transmission formula rate filings and rate cases, and PHI's proposed MAPP transmission project. Key highlights are lower sales due to mild weather, lower transmission revenue, and plans to file rate cases in late 2006/early 2007.
DTE Energy Company reported financial results for the first quarter of 1999. Operating revenues increased 8.4% to $1.024 billion compared to $945 million in the first quarter of 1998. However, operating expenses rose 13.6% to $809 million, resulting in a 7.7% decline in operating income to $215 million. Net income increased 10.6% to $115 million due to a lower effective tax rate, though earnings per share grew at a slower rate of 9.7% to $0.79 per share. Total sales volumes increased across all customer classes for the first quarter of 1999 compared to the prior year.
The document discusses Pepco Holdings' strategic focus on infrastructure investments and customer programs to position the company for continued success. It outlines plans to invest $1.2 billion in the Mid-Atlantic Power Pathway transmission project through 2014 and $646 million in advanced metering infrastructure and other programs through the company's Blueprint for the Future initiative between 2008-2014. Regulatory support is essential for cost recovery for these investments, which aim to enhance reliability, manage costs and protect the environment for customers.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. DTE Energy expects higher earnings from its synfuels business and increased its 2004 earnings guidance for non-regulated businesses.
Starbucks is committed to sourcing high quality, sustainably grown coffee to ensure the long term viability of the industry. It has developed guidelines for a new purchasing philosophy focused on quality, economics, environment and social responsibility. The guidelines will be piloted over 2002-2003 and provide financial incentives to promote a healthier industry. Starbucks saw a 22% increase in net revenues for fiscal 2001 to $2.6 billion, driven by new store openings and a 5% increase in comparable store sales.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
DTE Energy reported financial results for the third quarter of 1999. Operating revenues increased 20.1% to $1.44 billion due to higher net system sales and a performance reserve from Fermi 2. However, operating expenses also increased 24.3% to $1.16 billion primarily because of higher fuel and purchased power costs. As a result, operating income rose modestly to $281 million. Net income increased 21.8% to $161 million compared to $132 million in 1998, contributing to a rise in earnings per share to $1.11 from $0.91 in the previous year. The financial results reflected growth in both the company's regulated and non-regulated operations.
DTE Energy reported financial results for the second quarter and first six months of 1999. Operating revenues increased 8.1% and 8.2% respectively compared to the same periods in 1998. However, operating expenses grew at a faster rate, leading to declines in operating income and net income. Higher fuel and purchased power costs and increased operation and maintenance expenses, particularly related to year 2000 remediation, drove overall expense growth.
DTE Energy reported financial results for the fourth quarter and full year 1999. For the quarter, operating revenues increased 10.1% to $1.1 billion but net income decreased 9.3% to $97 million due to higher fuel and operating costs. For the full year, operating revenues rose 12.0% to $4.7 billion and net income increased 9.0% to $483 million. Cash from operations was $1.1 billion for the year.
DTE Energy reported financial results for the fourth quarter and full year 1999. For the quarter, operating revenues increased 10.1% to $1.1 billion but net income decreased 9.3% to $97 million due to higher fuel and operating costs. For the full year, operating revenues rose 12.0% to $4.7 billion while net income grew 9.0% to $483 million due to increased industrial sales and non-regulated business income, partially offset by higher fuel expenses. Cash from operating activities totaled $1.1 billion for 1999.
This document provides financial highlights and selected financial data for Starbucks Corporation from fiscal years 1995 to 1999. It shows that over this period, Starbucks' net revenues increased from $465 million in 1995 to $1.68 billion in 1999. Net earnings also increased substantially over this period, from $26 million in 1995 to $101.7 million in 1999. The number of Starbucks stores grew significantly over these years as well, from 677 total stores in 1995 to 2,498 total stores by 1999, as the company rapidly expanded its retail operations. Comparable store sales increased between 5-9% each year over this period.
The letter summarizes Starbucks' financial performance in fiscal year 2000. It saw record revenues of $2.2 billion, with 9% comparable store sales growth. It exceeded its store opening targets, opening 1,035 new stores globally including 778 in North America. It expanded internationally, entering new markets in Europe, Asia, and the Middle East. It grew its Tazo tea and Hear Music brands. Looking ahead, Starbucks believes it can have over 20,000 stores worldwide, seeing significant untapped potential for future growth.
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
CenterPoint Energy's annual report summarizes its performance in 2006. The company reported $432 million in net income and delivered strong returns for shareholders. It operates electric transmission and distribution utilities serving millions, as well as natural gas distribution, interstate pipelines, field services, and competitive gas sales businesses across several states. In 2006 it invested in infrastructure and pursued rate agreements to support future growth and regulatory certainty across its diverse energy delivery operations.
This document outlines Starbucks' policy on nominating directors. It describes the nomination process, including identifying potential candidates internally and from shareholders. Candidates must meet minimum qualifications like integrity and experience. Desirable qualities include diversity and relevant professional experience. The Nominating Committee evaluates all candidates based on these criteria. The timeline for the nomination process is outlined, with the Committee meeting in September/November and directors nominated in November for the following March's annual shareholder meeting.
The document provides a net income summary and earnings variance analysis for DTE Energy Company and its subsidiaries for Q3 2004. Key highlights include:
- Total net income for Q3 2004 was $69 million, down $45 million from Q3 2003, with diluted EPS of $0.40, down $0.27 from the prior year.
- Lower earnings in regulated electric and gas segments contributed most to the decline, partially offset by higher earnings in non-regulated energy resources and synfuels.
- Key drivers behind segment earnings changes include weather, regulatory assets, generation costs, taxes, and synfuels/coke batteries performance.
YRC Worldwide Inc. announced its second quarter 2007 earnings. Reported EPS was $0.95 compared to $1.58 in 2006. Revenue was $2.5 billion compared to $2.6 billion last year. National Transportation performed strongly with an operating ratio of 94.6%. However, overall results were impacted by a weak shipping market. For the full year, the company expects interest expense of $90 million, a tax rate of 36.9%, and free cash flow over $200 million.
DTE Energy reported a 20% increase in net income for the first quarter of 2004 compared to the same period in 2003. Total operating revenues were relatively flat at $2.093 billion for the quarter. Operating expenses declined 8% due to lower fuel and purchased power costs. Operating income increased 68% due to cost reductions. After adjustments including a pipeline contract termination benefit, net income increased 19% and diluted earnings per share rose from $0.92 to $1.09.
DTE Energy Company's preliminary unaudited net income for the three months ended December 31, 2004 was $162 million, compared to $138 million for the same period in 2003. The results include various adjustments including a $28 million stranded cost adjustment, $1 million in DTE2 project costs, and a $14 million tax credit driven normalization adjustment. For the full year 2004, reported net income was $229 million compared to $138 million in 2003, reflecting various operating and non-operating adjustments between the periods.
This document provides operating statistics for three transportation companies - Yellow Transportation, Roadway Express, and New Penn Motor Express - for the first quarter of 2004 and 2003. It includes key metrics such as revenue, tonnage, shipments, and operating income for each company's less-than-truckload (LTL) and truckload (TL) segments. Revenue increased for Yellow Transportation and New Penn Motor Express in the first quarter of 2004 compared to the same period in 2003 for both LTL and TL. For Roadway Express, revenue decreased slightly for LTL but increased for TL in the first quarter of 2004 versus 2003.
This document provides an overview of Starbucks' business operations, including:
- Starbucks operates retail stores and specialty operations that leverage the Starbucks brand through other channels. Specialty operations accounted for 15% of revenue in fiscal 2002.
- Retail stores sell coffee, food, and accessories. Stores vary in product selection by size and location. Beverages make up 77% of retail sales.
- Specialty operations include business alliances, international retail licensing, grocery licensing, interactive operations, and equity partnerships. These generated 15% of fiscal 2002 revenue.
- Selected financial data from 1998-2002 show revenue and net earnings growth over time as well as increasing numbers of systemwide retail stores.
This document provides an overview of PHI's 41st EEI Financial Conference held from November 5-8, 2006. It includes sections on PHI's financial performance for Q3 and year-to-date 2006, drivers of performance, sales and customer trends, regulated distribution summaries, upcoming regulatory activities including transmission formula rate filings and rate cases, and PHI's proposed MAPP transmission project. Key highlights are lower sales due to mild weather, lower transmission revenue, and plans to file rate cases in late 2006/early 2007.
DTE Energy Company reported financial results for the first quarter of 1999. Operating revenues increased 8.4% to $1.024 billion compared to $945 million in the first quarter of 1998. However, operating expenses rose 13.6% to $809 million, resulting in a 7.7% decline in operating income to $215 million. Net income increased 10.6% to $115 million due to a lower effective tax rate, though earnings per share grew at a slower rate of 9.7% to $0.79 per share. Total sales volumes increased across all customer classes for the first quarter of 1999 compared to the prior year.
The document discusses Pepco Holdings' strategic focus on infrastructure investments and customer programs to position the company for continued success. It outlines plans to invest $1.2 billion in the Mid-Atlantic Power Pathway transmission project through 2014 and $646 million in advanced metering infrastructure and other programs through the company's Blueprint for the Future initiative between 2008-2014. Regulatory support is essential for cost recovery for these investments, which aim to enhance reliability, manage costs and protect the environment for customers.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. DTE Energy expects higher earnings from its synfuels business and increased its 2004 earnings guidance for non-regulated businesses.
Starbucks is committed to sourcing high quality, sustainably grown coffee to ensure the long term viability of the industry. It has developed guidelines for a new purchasing philosophy focused on quality, economics, environment and social responsibility. The guidelines will be piloted over 2002-2003 and provide financial incentives to promote a healthier industry. Starbucks saw a 22% increase in net revenues for fiscal 2001 to $2.6 billion, driven by new store openings and a 5% increase in comparable store sales.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
DTE Energy reported financial results for the third quarter of 1999. Operating revenues increased 20.1% to $1.44 billion due to higher net system sales and a performance reserve from Fermi 2. However, operating expenses also increased 24.3% to $1.16 billion primarily because of higher fuel and purchased power costs. As a result, operating income rose modestly to $281 million. Net income increased 21.8% to $161 million compared to $132 million in 1998, contributing to a rise in earnings per share to $1.11 from $0.91 in the previous year. The financial results reflected growth in both the company's regulated and non-regulated operations.
DTE Energy reported financial results for the second quarter and first six months of 1999. Operating revenues increased 8.1% and 8.2% respectively compared to the same periods in 1998. However, operating expenses grew at a faster rate, leading to declines in operating income and net income. Higher fuel and purchased power costs and increased operation and maintenance expenses, particularly related to year 2000 remediation, drove overall expense growth.
DTE Energy reported financial results for the fourth quarter and full year 1999. For the quarter, operating revenues increased 10.1% to $1.1 billion but net income decreased 9.3% to $97 million due to higher fuel and operating costs. For the full year, operating revenues rose 12.0% to $4.7 billion and net income increased 9.0% to $483 million. Cash from operations was $1.1 billion for the year.
DTE Energy reported financial results for the fourth quarter and full year 1999. For the quarter, operating revenues increased 10.1% to $1.1 billion but net income decreased 9.3% to $97 million due to higher fuel and operating costs. For the full year, operating revenues rose 12.0% to $4.7 billion while net income grew 9.0% to $483 million due to increased industrial sales and non-regulated business income, partially offset by higher fuel expenses. Cash from operating activities totaled $1.1 billion for 1999.
DTE Energy Company reported financial results for the second quarter of 2000. Operating revenues increased 24.2% to $1.428 billion due to higher fuel and purchased power costs. Net income was $108 million, down slightly from $110 million in the previous year. Earnings per share were $0.76, unchanged from the prior year when excluding one-time items. For the six months ended June 30, 2000, operating revenues increased 20.1% to $2.610 billion while net income was $224 million, relatively unchanged from the previous year.
DTE Energy Company reported financial results for the second quarter of 2000. Operating revenues increased 24.2% to $1.428 billion due to higher fuel and purchased power costs. Net income was $108 million, down slightly from $110 million in the previous year. Earnings per share were $0.76, unchanged from the prior year when excluding one-time items. For the six months ended June 30, 2000, operating revenues increased 20.1% to $2.610 billion, while net income was $224 million, relatively unchanged from the previous year.
- Revenue increased 15% in the second quarter and earnings per share increased 15% to $1.13, driven by growth across all business segments.
- Fleet Management Solutions revenue grew 8% and earnings grew 7% due to improved lease and rental results in North America.
- Supply Chain Solutions revenue grew 34% and earnings more than doubled due to higher volumes and new business.
- Dedicated Contract Carriage revenue grew 7% and earnings grew 16% from expanded business.
- The company reported earnings per share of $1.13 for the second quarter of 2006, up 15% from the previous year, with operating revenue increasing 6%.
- All business segments saw revenue growth, with Supply Chain Solutions seeing the largest increase at 34% and Fleet Management Solutions revenue up 8%.
- The earnings outlook and capital expenditure expectations for the remainder of 2006 were positive with strong new lease sales expected.
DTE Energy Company reported financial results for the first quarter of 2000. Operating revenues increased 15.4% to $1.182 billion due to higher fuel and purchased power expenses. Net income rose 1.7% to $117 million. Earnings per share increased 2.6% to $0.81. Excluding merger costs, EPS rose 6.1% to $0.84. Detroit Edison, DTE Energy's regulated utility, saw revenues increase 4.1% but net income fell 7.2% due to higher fuel expenses. Non-regulated subsidiaries contributed significantly higher earnings from new projects and trading gains.
- In the second quarter of 2011, the company reported earnings per share from continuing operations of $0.79 compared to $0.58 in the second quarter of 2010. Revenue increased 18% year-over-year.
- Fleet Management Solutions saw a 46% increase in net before tax earnings due to better commercial rental performance, improved used vehicle results, and acquisitions. Supply Chain Solutions and Dedicated Contract Carriage also saw earnings growth.
- For the first half of 2011, earnings per share from continuing operations were $1.29 compared to $0.82 for the same period last year, with revenue up 17% year-over-year.
- The company reported second quarter earnings per share of $0.98, up from $0.97 in the second quarter of 2004. Revenue increased 10% compared to the second quarter of 2004.
- Fleet Management Solutions revenue increased 9% and earnings increased 8% compared to the second quarter of 2004, driven by improved used vehicle sales and rental results.
- The company reaffirmed its full year 2005 earnings forecast of $3.42-$3.52 per share, which includes a $0.12 state tax benefit.
- Revenue for the second quarter was up 10% year-over-year, with increases across all business segments. Fleet Management Solutions revenue was up 9% and earnings up 8%.
- Earnings per diluted share were $0.98 compared to $0.97 in the prior year second quarter. Excluding special items, earnings per share were $0.86, up 13% from $0.76.
- For the year-to-date period, earnings per diluted share were $1.61 compared to $1.50 in the prior year. Excluding special items, earnings per share were $1.50, up 17% from $1.28.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
- The company reported higher earnings per share compared to the previous year's quarter, driven by revenue growth from acquisitions and higher commercial rental and supply chain solutions volumes.
- Fleet Management Solutions saw revenue growth from commercial rentals and fuel services, but earnings were impacted by higher maintenance costs and investments in initiatives.
- Supply Chain Solutions significantly grew revenue and earnings through the TLC acquisition and increased freight volumes.
- Total revenue and earnings per share increased compared to previous year, though some segments faced cost pressures.
- The company reported third quarter 2006 earnings per share of $1.06, up 8% from the prior year. Excluding a pension accounting charge, EPS was $1.12, up 14%.
- All business segments saw revenue growth. Fleet Management Solutions revenue was up 5% and Supply Chain Solutions revenue increased 19%.
- The debt to equity ratio increased to 160% at the end of the third quarter of 2006, compared to the long term target midpoint of 125-150%.
- The company reported third quarter 2006 earnings per share of $1.06, up 8% from the prior year. Excluding a pension accounting charge, EPS was $1.12, up 14%.
- All business segments saw revenue growth. Fleet Management Solutions revenue was up 5% and Supply Chain Solutions revenue increased 19%.
- The company's debt to equity ratio was 160% at the end of the third quarter 2006, an increase from 143% at the end of 2005 but still below the long-term target range.
This document provides an earnings summary and forecast for a company. Some key points:
- 4th quarter 2005 earnings per share were $0.93 compared to $0.96 in 2004. Full year 2005 earnings per share were $3.52 compared to $3.28 in 2004.
- Revenue increased across business segments, with Supply Chain Solutions up 31% and Dedicated Contract Carriage up 11% in the 4th quarter.
- Net earnings for 2005 were $226.9 million, up 5% from 2004. However, free cash flow declined to negative $209.8 million from $146.7 million positive in 2004.
- The debt to equity ratio increased to over
This document provides an earnings summary and forecast for a company. Some key points:
- 4th quarter 2005 earnings per share were $0.92, up from $0.96 in 2004. Earnings from continuing operations were $0.93, up 13% year-over-year.
- Revenue increased across business segments, with Supply Chain Solutions up 31% and Dedicated Contract Carriage up 11% year-over-year.
- The forecast calls for continued revenue growth and margin expansion across segments in 2006. Financial objectives include growing earnings 15-20% and maintaining a debt to equity ratio below 150%.
- Second quarter 2008 earnings per share were $1.10 compared to $1.07 in second quarter 2007. Excluding charges related to prior years in Brazil, comparable earnings per share were $1.22.
- Fleet Management Solutions revenue grew 16% due to contractual revenue growth including acquisitions. Supply Chain Solutions revenue declined 25% due to a change in revenue reporting.
- Total revenue was unchanged at $1.66 billion. Operating revenue, which excludes fuel and subcontracted transportation, increased 5% to $1.215 billion.
- The company generated $698 million in total cash in the first half of 2008, spending $496 million on capital expenditures including $207 million on acquisitions
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
This document provides an overview of PHI and its strategy for positioning itself for success in a dynamic industry. PHI's strategy is to remain a diversified regional energy delivery and competitive services company focused on value creation and operational excellence. For its power delivery utility operations, PHI's goals are to operate with excellence, achieve constructive regulatory outcomes, invest in infrastructure, and deliver at least 4% annual average earnings growth. PHI's service territory has a robust economy that is less susceptible to downturns and includes diverse government and private sectors.
This document provides an overview and summary of Power Holdings Inc.'s (PHI) various business segments. It discusses PHI's regulated electric and gas delivery business, which accounts for 67% of operating income. It also summarizes Conectiv Energy's competitive merchant generation and load service business, which accounts for 33% of operating income. Key highlights from rate cases and recent regulatory activities involving PHI's delivery businesses are also provided. The document contains forward-looking statements and non-GAAP financial measures.
The document provides an overview of Pepco Holdings Inc.'s (PHI) power delivery business and regulatory environment. It summarizes PHI's sales and customer growth projections, infrastructure investment strategy including the proposed Mid-Atlantic Power Pathway transmission project and Blueprint for the Future initiative. Recent distribution rate case outcomes for PHI's utilities are also summarized. The document is intended as a presentation for investors on PHI's positioned for success through its regulated electric and gas delivery business.
The document provides an overview of Pepco Holdings Inc.'s (PHI) various businesses including its regulated electric and gas delivery business, competitive energy generation business, and energy services business. It discusses PHI's infrastructure investment strategies, the status of major projects like the Mid-Atlantic Power Pathway, and the company's regulatory environment. Financial projections show expectations for continued investment and growth across PHI's businesses.
This document provides an overview of Pepco Holdings' transmission and distribution business. It discusses plans to invest over $5 billion from 2007-2012 to upgrade aging infrastructure and improve reliability. A key project is the $1.05 billion Mid-Atlantic Power Pathway, a 230-mile 500kV transmission line from Northern Virginia to Southern New Jersey to be completed by 2013. The presentation outlines the project timeline, environmental stewardship efforts, and cost recovery approach through PJM and FERC. It also reviews the company's focus on replacing aging transmission equipment to further enhance reliability.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
This document provides an overview of Pepco Holdings, Inc.'s power delivery business. It discusses planned infrastructure investments totaling $4.99 billion from 2008-2012 to improve reliability, support load growth, and implement new technology. A key project is the $1.05 billion Mid-Atlantic Power Pathway transmission line. The document also reviews regulatory highlights, including recent rate cases, and outlines operational and financial summaries for the company's distribution and transmission businesses.
- Pepco Holdings held its annual meeting and provided its annual report to shareholders.
- In 2002, Pepco Holdings earned $210.5 million in consolidated earnings, or $1.61 per share. Earnings were driven by strong performance from regulated utility businesses and some competitive energy businesses.
- The letter discusses the company's strategy, leadership, and financial and operational performance across its various business segments in 2002. It also encourages shareholders to vote and continue supporting the company.
- Pepco Holdings provided its first annual report after merging Pepco and Conectiv in August 2002.
- In 2002, PHI earned $210.5 million, or $1.61 per share, on $4.3 billion in revenue. Excluding merger costs, earnings were $1.74 per share.
- The letter discusses the company's regulated utility and competitive energy businesses, noting stable earnings from utilities and growth potential from competitive businesses. It encourages shareholders to vote and thanks them for their confidence and investment.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 and achieved a total shareholder return of over 22% for 2003-2004.
3) The regulated power delivery business continues as the primary focus and driver of steady cash flow. Earnings from this segment improved to $233.4 million in 2004.
4) Competitive energy businesses also posted
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 as part of its balance sheet improvement goals.
3) The regulated power delivery business continues as the primary focus due to its stability and cash generation. Earnings from this segment grew to $233.4 million in 2004.
4) Competitive energy businesses also posted profits in 2004 despite challenging markets
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
- Pepco Holdings, Inc. reported on its 2006 financial and operational performance in its annual report and proxy statement. It noted lower earnings compared to 2005 due to mild weather but continued growth in shareholder value.
- Key accomplishments in 2006 included implementing balanced rate mitigation plans, filing rate cases to cover increased delivery costs, proposing a major transmission line project, agreeing to sell remaining regulated generation assets, and achieving strong performance in wholesale energy and retail energy businesses.
- Looking ahead, the company plans to focus on growth through regulatory outcomes, infrastructure investments, environmental leadership programs, and improving wholesale energy market conditions.
- Pepco Holdings, Inc. reported on its 2006 financial and operational performance in its annual report and proxy statement. It noted lower earnings compared to 2005 due to mild weather but continued growth in shareholder value.
- Key accomplishments in 2006 included implementing balanced rate mitigation plans, filing rate cases to cover increased delivery costs, proposing a major transmission line project, agreeing to sell remaining regulated generation assets, and achieving strong performance in wholesale energy and retail energy businesses.
- Looking ahead, the company plans to focus on growth through regulatory outcomes, infrastructure investments, environmental leadership programs, and improving wholesale energy market conditions.
The document lists the current Starbucks Board of Directors as of March 19, 2008, including Chairman Howard Schultz. It also lists the members of the three board committees: the Audit and Compliance Committee chaired by Javier G. Teruel; the Compensation and Management Development Committee chaired by Barbara Bass; and the Nominating and Corporate Governance Committee chaired by Craig E. Weatherup.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF OPERATIONS (PRELIMINARY/UNAUDITED)
(in Millions, Except per Share Amounts)
3 Months - March
2003
2004 % Change
Operating Revenues $ 2,093 $ 2,095 -
Operating Expenses
Fuel, purchased power and gas 741 813 -9%
Operation and maintenance 736 771 -5%
Depreciation, depletion and amortization 167 197 -15%
Taxes other than income 85 97 -12%
1,729 1,878 -8%
Operating Income 364 217 68%
Other (Income) and Deductions
Interest expense 131 139 -6%
Interest income (10) (8) -25%
Minority interest (30) (16) -88%
Other income (17) (13) -31%
Other expenses 22 33 -33%
96 135 -29%
Income Before Income Taxes 268 82 n/m
Income Tax Provision (Benefit) 75 (26) n/m
Income from Continuing Operations 193 108 79%
Income (Loss) from Discontinued Operations (7) 74 n/m
Cumulative Effect of Accounting Changes - (27) -
Reported Net Income $ 186 $ 155 20%
Basic Earnings per Common Share
Income from Continuing Operations $ 1.14 $ 0.65
Discontinued Operations $ (0.04) $ 0.44
Cumulative Effect of Accounting Changes $ - $ (0.17)
$ 1.10 $ 0.92 20%
Total
Diluted Earnings per Common Share
Income from Continuing Operations $ 1.13 $ 0.64
Discontinued Operations $ (0.04) $ 0.44
Cumulative Effect of Accounting Changes - $ (0.16)
$ 1.09 $ 0.92 19%
Total
Significant Items Impacting Comparability
Unusual Items
Pipeline Contract Modification/Termination (0.28) - -
Tax credit driven normalization 0.04 0.27
Loss on Sale of Steam Heating Business - 0.08 -
Contribution to DTE Energy Foundation - 0.06 -
Disallowance of Gas Costs - 0.10 -
Energy Trading Activities (EITF 98-10 flowback) - (0.09) -
Discontinued Operations
Southern Missouri Gas Company 0.04 - -
International Transmission Company - (0.44) -
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143) - 0.07 -
Energy Trading Activities (EITF 98-10 implementation) - 0.09 -
Operating Earnings per Diluted Share $ 0.89 $ 1.06 -16%
Average Common Shares
Basic 170 167 2%
Diluted 170 168 1%
Dividends Declared per Common Share $ 0.515 $ 0.515 -
The Consolidated Statement of Operations (Preliminary/Unaudited) should be read in conjunction with the Notes to
Consolidated Financial Statements appearing in the Annual Report to Shareholders, 10K and 10Q.
n/m - not meaningful
DTE Income Statement p.4
2. DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)
Q1 2003 Reported Earnings per Share $0.92
Unusual Items 0.15
0.27
Adjust for Q4 2002 Quarterly Effective Tax Rate Adjustment
Adjust for discontinued operations (ITC) (0.44)
Cumulative Effect of Accounting Changes 0.16
Q1 2003 Operating Earnings per Share $1.06
Regulated Electric 0.03
Regulatory Assets 0.04
Bundled Sales Growth 0.03
Choice Margin Loss (0.11)
PSCR Rate Reduction (0.11)
Interim Relief 0.05
Power Supply (2003 price spike) 0.07
Pension/Health Care (0.05)
Interest/Taxes/Other 0.07
O&M Timing 0.04
Regulated Gas ($0.03)
Weather (0.03)
Uncollectables (0.05)
Taxes & Other 0.05
Non-Regulated (0.20)
Synfuels (0.08)
Energy Trading/CoEnergy (0.11)
Coke Batteries 0.03
Other - Primarily Overheads (0.04)
Holding Company & Share Dilution 0.03
$0.89
Q1 2004 Operating Earnings per Share
Pipeline contract termination 0.28
Effective tax rate adjustment (0.04)
Impairment loss (0.04)
Q1 2004 Reported Earnings per Share $1.09
Q4 Variance p.5
3. Net Income Summary
(Preliminary/Unaudited)
(in millions, except per share amounts) Reported Operating Operating
Adjustments Variance
Q1 2004 Q1 2004 Q1 2003
Energy Resources
$ 15 $ - $ 15 $ 25 $ (10)
Regulated - Power Generation
Non-Regulated
Energy Services
Coal Based Fuels
40 - 40 54 $ (14)
Synfuels
4 - 4 (1) 5
Coke Batteries
3 - 3 2 1
On Site Energy Projects
(4) - (4) (4) -
Merchant Generation
1 - 1 3 (2)
Coal Services
1 - 1 2 (1)
Biomass Energy
57 (48) A 9 28 (19)
Energy Trading & CoEnergy Portfolio
(9) - (9) (5) (4)
Energy Resources Overheads
$ 93 $ (48) $ 45 $ 79 $ (34)
Total Energy Resources Non-Regulated
$ 108 $ (48) $ 60 $ 104 $ (44)
Total Energy Resources
Energy Distribution
$ 26 $ - 26 $ 10 $ 16
Regulated - Power Distribution
(3) - (3) (4) 1
Non Regulated (Energy Technologies)
$ 23 $ - $ 23 $ 6 $ 17
Total Energy Distribution
Energy Gas
$ 70 $ - 70 $ 76 $ (6)
Regulated
4 - 4 8 (4)
Non-Regulated
$ 74 $ - $ 74 $ 84 $ (10)
Total Energy Gas
Holding Company & Other
$ - - $ (3) $ 3
Energy Technology Investments
(12) 6B (6) (13) 7
Other
$ (12) $ 6 $ (6) $ (16) $ 10
Total Holding Company & Other
Total
Regulated
$ 41 $ - $ 41 $ 35 $ 6
Electric
70 - 70 76 (6)
Gas
94 (48) 46 80 (34)
Non-Regulated
(12) 6 (6) (13) 7
Holding Company/Other
$ 193 $ (42) $ 151 $ 178 $ (27)
Total
Discontinued Operations $ (7) $ 7C $ -
Total Net Income $ 186 $ (35) $ 151 $ 178 $ (27)
Total Diluted EPS $ 1.09 $ (0.20) $ 0.89 $ 1.06 $ (0.17)
Average Diluted Shares Outstanding 170 170 170 168
Key:
A Adjustment for contract termination/modification Terminated a long-term gas storage agreement and modified a related transportation
agreement with a pipeline company
B Tax credit driven normalization Quarterly adjustment at DTE Energy to normailize its effective tax rate. Annual results not impacted.
C Impairment Loss / Discontinued Operations Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company.
Q4 Net Income Summary p.6
4. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (PRELIMINARY/UNAUDITED)
(in Millions)
Mar. 31 Dec. 31 Percent LIABILITIES AND Mar. 31 Dec.31 Percent
ASSETS 2004 2003 Change SHAREHOLDERS' EQUITY 2004 2003 Change
Current Assets Current Liabilities
Cash and cash equivalents $ 64 $ 54 19% Accounts payable $ 652 $ 625 4%
Restricted cash 77 131 -41% Accrued interest 113 110 3%
Accounts receivable Dividends payable 89 87 2%
Customer (less allow. for doubtful accounts of $116 and $99) 1,052 877 20% Accrued payroll 31 51 -39%
Accrued unbilled revenues 266 316 -16% Income taxes - 185 -
Other 426 338 26% Short-term borrowings 504 370 36%
Inventories Current portion long-term debt, including capital leases 592 477 24%
Fuel and gas 208 467 -55% Liabilities from risk management and trading activities 387 326 19%
Materials and supplies 161 162 -1% Gas inventory equalization 167 - -
Assets from risk management and trading activities 216 186 16% Other 539 648 -17%
Other 238 181 31% 3,074 2,879 7%
2,708 2,712 - Other Liabilities
Deferred income taxes 1,103 988 12%
Investments Regulatory liabilities 818 817 -
Nuclear decommissioning trust funds 537 518 4% Asset retirement obligations 879 866 2%
Other 575 601 -4% Unamortized investment tax credit 153 156 -2%
1,112 1,119 -1% Liab. from risk mgmt. and trading activities 218 173 26%
418 495 -16%
Liab. from transportation and storage contracts
Property Accrued pension liability 199 345 -42%
Property, plant and equipment 17,806 17,679 1% Deferred gains from asset sales 373 311 20%
Less accumulated depreciation and depletion (7,474) (7,355) - Minority interest 159 156 2%
10,332 10,324 - Nuclear decommissioning 69 67 3%
Other 523 544 -4%
4,912 4,918 -
Other Assets Long-Term Debt (net of current portion)
Goodwill 2,064 2,067 - Mortgage bonds, notes and other 5,437 5,624 -3%
Regulatory assets 2,085 2,063 1% Securitization bonds 1,446 1,496 -3%
Securitized regulatory assets 1,505 1,527 -1% Equity-linked securities 183 185 -1%
Notes receivable 527 469 12% Trust preferred-linked securities 186 289 -36%
Assets from risk management and trading activities 156 88 77% Capital lease obligations 73 75 -3%
Prepaid pension assets 182 181 1% 7,325 7,669 -4%
Other 203 203 - Contingencies
6,722 6,598 2%
Shareholders' Equity
3,288 3,109 6%
Common stock
Retained earnings 2,406 2,308 4%
Accumulated other comprehensive loss (131) (130) -1%
5,563 5,287 5%
Total Liabilities and Shareholders' Equity
Total Assets $ 20,874 $ 20,753 1% $ 20,874 $ 20,753 1%
The Consolidated Statement of Financial Position (Preliminary/Unaudited) should be read in conjunction with the
Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.
DTE Balance Sheet p.7
5. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (PRELIMINARY/UNAUDITED)
3 Months - March
2003
2004
(in Millions)
Operating Activities
Net Income $ 186 $ 155
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation, depletion, and amortization 167 201
Deferred income taxes 113 18
Gain on sale of assets, net (3) (118)
Partners' share of synfuel project losses (36) (16)
Contributions from synfuel partners 17 14
Cumulative effect of accounting changes - 27
Changes in assets and liabilities, exclusive of changes
shown separately (164) (140)
Net cash from operating activities $ 280 $ 141
Investing Activities
Plant and equipment expenditures - regulated (161) (191)
Plant and equipment expenditures - non-regulated (18) (20)
Proceeds from sale of interests in synfuel projects 26 16
Proceeds from sale of ITC and other assets 31 612
Restricted cash for debt redemptions 54 147
Other investments (26) (21)
Net cash from (used for ) investing activities $ (94) $ 543
Financing Activities
Issuance of long-term debt - 199
Redemption of long-term debt (232) (417)
Short-term borrowings, net 134 (384)
Issuance of common stock 11 10
Dividends on common stock (87) (86)
Other (2) (3)
Net cash used for financing activities $ (176) $ (681)
Net Increase in Cash and Cash Equivalents 10 3
Cash and Cash Equivalents at Beginning of the Period 54 133
Cash and Cash Equivalents at End of the Period $ 64 $ 136
DTE Cash Flow p.8
6. The Detroit Edison Company
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)
3 Months - March
2003
2004 % Change
$ 886 $ 937 -5%
Operating Revenues
Operating Expenses
216 247 -13%
Fuel and purchased power
346 366 -5%
Operation and maintenance
114 135 -16%
Depreciation, depletion and amortization
68 73 -7%
Taxes other than income
744 821 -9%
142 116 22%
Operating Income
Other (Income) and Deductions
72 75 -4%
Interest expense
(15) (11) -36%
Other income
22 19 16%
Other expense
79 83 -5%
63 33 91%
Income Before Income Taxes
22 12 83%
Income Tax Provision
41 21 95%
Income Before Accounting Change
- (6)
Cumulative Effect of Accounting Change -
Reported Earnings $ 41 $ 15 173%
Cumulative Effect of Accounting Changes
- 6 -
Asset Retirement Obligations (FAS 143)
Unusual Items
- 14 -
Loss on Sale of Steam Heating Business
Operating Earnings $ 41 $ 35 17%
The Consolidated Statement of Operations
(Preliminary/Unaudited) should be read in conjunction
with the Notes to Consolidated Financial Statements
appearing in the Annual Report to Shareholders, Form
10K and Form 10Q.
n/m - not meaningful
Deco Inc. Statement p.9
7. Michigan Consolidated Gas Company
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)
3 Months - March
2004 2003 % Change
Operating Revenues $ 715 $ 625 14%
Operating Expenses
Cost of gas 488 421 16%
Operation and maintenance 96 78 23%
Depreciation, depletion and amortization 27 25 8%
Taxes other than income 12 17 -29%
623 541 15%
Operating Income 92 84 10%
Other (Income) and Deductions
Interest expense 14 15 -7%
Interest income (2) (3) -
Other 1 (2) -
13 10 30%
Income Before Income Taxes 79 74 7%
Income Tax Provision 10 15 -33%
69 59
Reported Earnings 17%
Unusual Item
- 17 -
Disallowance of gas costs
Operating Earnings (A) $ 69 $ 76 -9%
The Consolidated Statement of Operations
(Preliminary/Unaudited) should be read in conjunction
with the Notes to Consolidated Financial Statements
appearing in the Annual Report to Shareholders,
Form 10K and Form 10Q.
(A) Represents MichCon's results included in the
DTE Energy Consolidated Statement of Operations.
n/m - not meaningful
MichCon Inc Statement p.10
8. DTE Energy Debt/Equity Calculation
As of March 31, 2004
($ millions)
short-term borrowings $504
current portion LTD + cap leases 592
long-term debt 5,623
securitization bonds 1,446
capital leases 73
less QUIDS (385)
less trust pref linked debt (186)
less MichCon short-term debt -
less securitization debt (1,539)
Deco invested
Total debt $6,129
Trust preferred $186
QUIDS 385
Mandatory convertible 183
Total preferred/ other $753
Equity $5,563
Total cap $12,446
Debt 49.2%
Preferred stock 6.1%
Common shareholders' equity 44.7%
Total 100.0%
Leverage Calc p.11
9. Sales Analysis
Electric Sales - Detroit Edison Service Area (000's of GWh) Electric Revenue - Detroit Edison Service Area ($000s)
Q1 2004 Q1 2003 % Change Q1 2004 Q1 2003 % Change
Residential 4,068 3,856 5.5% Residential 360,250 344,525 4.6%
Commercial 3,491 4,126 -15.4% Commercial 334,952 335,368 -0.1%
Industrial 2,754 3,085 -10.7% Industrial 133,413 159,858 -16.5%
Other 666 683 -2.5% Other 29,182 29,761 -1.9%
TOTAL SYSTEM 10,979 11,750 -6.6% TOTAL SYSTEM 857,797 869,512 -1.3%
Choice Sales* 1,943 1,172 65.8% Choice Sales* 27,556 6,884 300.3%
TOTAL SALES 12,922 12,922 0.0% TOTAL SALES 885,353 876,396 1.0%
* Includes Dearborn Industrial Group sales * Includes Dearborn Industrial Group sales
Gas Sales - MichCon Service Area (Mcf) Gas Revenue - MichCon Service Area (Mcf)
Q1 2004 Q1 2003 % Change Q1 2004 Q1 2003 % Change
Residential 60,701,689 60,229,684 0.8% Residential 437,059,933 380,648,119 14.8%
Commercial 20,315,556 19,292,592 5.3% Commercial 149,147,387 125,572,503 18.8%
Industrial 1,761,162 506,582 247.7% Industrial 12,696,249 3,194,207 297.5%
82,778,407 80,028,858 3.4% 598,903,569 509,414,829 17.6%
End User Transportation* 49,878,340 60,772,150 -17.9% End User Transportation* 42,316,720 57,185,584 -26.0%
TOTAL SALES -5.8%
132,656,747 140,801,008 TOTAL SALES 641,220,289 566,600,414 13.2%
* includes choice customers * includes choice customers
Weather
Heating Degree Days
Cooling Degree Days
Q1 2004 Q1 2003 % Change Q1 2004 Q1 2003 % Change
Actuals 0 0 n/m Actuals 3,358 3,551 -5%
Normal 0 0 n/m Normal 3,220 3,383
Deviation from normal n/m n/m Deviation from normal 4.3% 5.0%
Sales & Revenue p. 12