This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings for Q2 2007 were $1.11 per share compared to $0.92 per share in Q2 2006.
- Electric distribution deliveries increased 4% primarily due to higher weather-related usage. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a normalized non-GAAP basis.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a non-GAAP basis excluding special items.
This document is a consolidated report from FirstEnergy Corp for the second quarter of 2008. Some key points:
- Normalized non-GAAP earnings were $0.87 per share for Q2 2008, down from $1.13 per share in Q2 2007, with lower distribution deliveries and higher fuel/purchased power costs reducing earnings.
- GAAP earnings were $0.86 per share for Q2 2008 compared to $1.11 per share in the prior year.
- Earnings guidance for 2008 was revised to $4.25 to $4.35 per share on a non-GAAP basis.
This document is FirstEnergy Corp.'s consolidated report for the first quarter of 2008. It provides highlights of financial results including non-GAAP earnings of $0.88 per share, unchanged from the prior year. Increased electric distribution deliveries and generation revenues were offset by higher fuel and purchased power costs. The report also reaffirms earnings guidance for 2008.
first energy 4Q 06 Consolidated Report to the Financial_Communityfinance21
This document is Consolidated Energy's quarterly report for Q4 2006. It provides an analysis of changes in EPS from Q4 2005 to Q4 2006. Normalized non-GAAP EPS increased from $0.77 to $0.84 primarily due to regulatory changes in Ohio that increased earnings. However, lower distribution deliveries and generation revenues, along with higher fuel and purchase power costs reduced earnings. Guidance for 2007 normalized non-GAAP EPS is $4.05 to $4.25.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose.
- Several other factors positively impacted earnings, including lower pension expenses and financing costs.
- Guidance for 2008 earnings per share was increased to $4.30 to $4.40, up from $4.25 to $4.35.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a non-GAAP basis excluding special items.
This document is a consolidated report from FirstEnergy Corp for the second quarter of 2008. Some key points:
- Normalized non-GAAP earnings were $0.87 per share for Q2 2008, down from $1.13 per share in Q2 2007, with lower distribution deliveries and higher fuel/purchased power costs reducing earnings.
- GAAP earnings were $0.86 per share for Q2 2008 compared to $1.11 per share in the prior year.
- Earnings guidance for 2008 was revised to $4.25 to $4.35 per share on a non-GAAP basis.
This document is FirstEnergy Corp.'s consolidated report for the first quarter of 2008. It provides highlights of financial results including non-GAAP earnings of $0.88 per share, unchanged from the prior year. Increased electric distribution deliveries and generation revenues were offset by higher fuel and purchased power costs. The report also reaffirms earnings guidance for 2008.
first energy 4Q 06 Consolidated Report to the Financial_Communityfinance21
This document is Consolidated Energy's quarterly report for Q4 2006. It provides an analysis of changes in EPS from Q4 2005 to Q4 2006. Normalized non-GAAP EPS increased from $0.77 to $0.84 primarily due to regulatory changes in Ohio that increased earnings. However, lower distribution deliveries and generation revenues, along with higher fuel and purchase power costs reduced earnings. Guidance for 2007 normalized non-GAAP EPS is $4.05 to $4.25.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose.
- Several other factors positively impacted earnings, including lower pension expenses and financing costs.
- Guidance for 2008 earnings per share was increased to $4.30 to $4.40, up from $4.25 to $4.35.
This document provides financial information for Aetna for the second quarter and first half of 2006 compared to the same periods in 2005. Some key details:
- Total revenue increased 13.6% in the second quarter and 14.5% for the first half compared to prior year. Health care premiums and fees revenue saw similar increases.
- Income from continuing operations was $389.5 million in the second quarter, roughly flat with the prior year. Income for the first half was $775.1 million, down 1.2% from 2005.
- Medical membership increased 6.7% in the second quarter to 15.4 million members, with a significant rise in commercial and Medicare Advantage enrollment
Danaher Corporation announced its second quarter 2007 results, with net earnings of $311 million compared to $314 million in the second quarter of 2006. Sales increased 13.5% to $2.67 billion. For the first six months of 2007, net earnings were $566 million on sales of $5.23 billion, increases of 5.5% and 16.5% respectively over the same period in 2006. The company stated that core revenue growth was 4.5% in the quarter despite difficult comparisons, and that performance through the first half gives them confidence in achieving positive results for the full year.
- Revenue for the third quarter of 2008 was $1.965 billion, up slightly from $1.865 billion in the third quarter of 2007.
- Net earnings for the quarter were $187.65 million, up 8% from $174.59 million in the third quarter of 2007.
- Earnings per share for the quarter were $1.01, up from $0.87 in the prior year period.
- Integrys Energy Group reported income from continuing operations of $24.8 million for Q2 2008, compared to a loss of $39.6 million in Q2 2007.
- Key drivers of improved performance included higher margins at natural gas utilities due to rate increases and weather, lower fuel costs for electric utilities, and unrealized gains on energy contracts at Integrys Energy Services.
- For 2008, Integrys expects diluted EPS between $3.33-$3.53, assuming normal weather, plant availability, merger impacts and synergy savings, and recent rate relief.
This document summarizes Ameren's Q1 2008 earnings call. It provides guidance for 2008 core earnings per share of $2.80-$3.20, excluding certain one-time items. It also outlines Ameren's regulatory proceedings and earnings expectations in Illinois and Missouri, with Illinois electric rate redesign estimated to have no annual impact on earnings per share despite quarterly fluctuations. Key dates are provided for regulatory proceedings in both states throughout 2008.
The document provides operating and financial results for 2008 for CEMAR and Light. Key highlights include:
- Billed energy volume grew 1.4% to 9,271 GWh for the year. CEMAR's volume grew 4% while Light's was flat.
- CEMAR's energy losses were 28.2% and Light's were 20.23% in the fourth quarter.
- Consolidated net operating revenues grew 9.6% to R$2,346 million for the year. EBITDA grew 15.8% to R$784.4 million.
- The Board approved a proposed dividend payment of R$190.2 million and capital reduction of R$82.
Dover Corporation reported record results for the first quarter of 2007, with earnings per share increasing 5% over the previous year. Revenue was $1.78 billion, an increase of 18% year-over-year. The company saw strong revenue gains in four of its six segments. Looking forward, Dover expects continued strength in several of its industrial businesses and anticipates full-year revenue and earnings will set new records.
Aetna reported increased revenue and income for the second quarter and first half of 2005 compared to the same periods in 2004. Total revenue for the second quarter rose 12.5% to $5.5 billion, and net income increased 43.3% to $409.7 million. For the first half of the year, total revenue increased 12.7% to $10.9 billion while net income increased 27.6% to $833.7 million. The increases were driven by higher premium revenue and net investment income. Operating earnings, which exclude realized capital gains and other items, also increased for both periods.
This document provides Burlington Northern Santa Fe Corporation's financial results for the 2nd quarter of 2008. It includes:
- Freight revenues increased 16% to $4.35 billion compared to $3.74 billion in 2Q2007, driven by improved yields and higher fuel surcharges.
- Operating income was $714 million compared to $841 million in 2Q2007, with a $474 million increase in fuel expenses and $175 million environmental charge.
- Net income was $350 million compared to $433 million in 2Q2007, with earnings per share of $1.00 compared to $1.20 previously.
- Capital expenditures for 2008 will increase to $2.
1) Ameren reported 2007 earnings per share of $2.98 but expects 2008 EPS to be between $2.68-$3.08 due to various factors including weather, fuel prices, plant maintenance costs and regulatory proceedings.
2) Ameren aims for 4-6% annual EPS growth through 2010 and beyond, targeting over $4 EPS by 2011 and strong long-term shareholder returns.
3) Ameren provided its 2008 EPS guidance breakdown by segment and an overview of its regulatory proceedings calendar.
The document provides details from a Q3 FY08 question and answer session. It lists major brands that saw sales growth and declines in the Consumer Foods segment. Total volume increased 6% for Consumer Foods and 1% for Food and Ingredients. Depreciation was $78M versus $91M the prior year. Capital expenditures were $72M versus $147M the prior year. Net debt was $3.681B versus $2.983B the prior year. The company expects a 34-35% effective tax rate and $475M in capital expenditures for FY2008.
This document summarizes FirstEnergy's financial results for the fourth quarter of 2007. Some key points:
- Normalized non-GAAP earnings were $0.90 per share for Q4 2007, up from $0.84 per share in Q4 2006.
- GAAP earnings for Q4 2007 were $0.88 per share, up from $0.85 per share in Q4 2006.
- For the full year 2007, normalized non-GAAP earnings were $4.23 per share, near the guidance range, and up from $3.88 per share in 2006.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document is the 2007 annual report for ConAgra Foods Inc. It summarizes the company's financial highlights for fiscal year 2007, including a 5% increase in net sales to $12.028 billion and growth in operating profit, income from continuing operations, and net income compared to the previous fiscal year. It discusses the company's strategic priorities or "Must Do's" of rewiring processes to be more efficient, attacking costs to fuel growth, optimizing its product portfolio, innovating new products, exceeding customer expectations, and nurturing employees. The report provides examples of progress made in each area in fiscal 2007, such as selling non-core businesses, implementing new manufacturing and logistics systems, focusing marketing investments on priority
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Overall, normalized earnings increased due to various factors including higher sales volumes and market prices.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
first energy 4Q06 Consolidated Report to the Financial_Communityfinance21
- FirstEnergy reported normalized non-GAAP earnings of $0.84 per share for Q4 2006, up from $0.77 per share in Q4 2005. GAAP earnings were $0.85 per share compared to $0.58 per share in Q4 2005.
- Earnings were positively impacted by Ohio regulatory changes which increased earnings by $0.23 per share. However, lower distribution deliveries and generation revenues reduced earnings. Higher fuel and purchased power costs also decreased earnings.
- For full-year 2006, normalized non-GAAP earnings were $3.88 per share, exceeding guidance of $3.75-$3.85 per share. GAAP earnings were $3.
- FirstEnergy reported normalized non-GAAP earnings of $0.87 per share for Q2 2008, compared to $1.13 per share for Q2 2007. GAAP earnings were $0.86 per share for Q2 2008 and $1.11 per share for Q2 2007.
- Electric distribution deliveries declined 2% due to milder weather, decreasing earnings by $0.05 per share. Generation revenues increased earnings by $0.08 per share due to higher wholesale and retail prices despite a 6% decline in generation sales.
- Higher fuel and purchased power expenses reduced earnings by $0.23 per share due to increased market prices and coal transportation costs.
This document provides a consolidated report for FirstEnergy Corp for the first quarter of 2008. Some key highlights include:
- Normalized non-GAAP earnings were $0.88 per share, unchanged from the first quarter of 2007. GAAP earnings were $0.91 per share compared to $0.92 per share in the prior year.
- Electric distribution deliveries increased 1% overall, increasing earnings by $0.02 per share. Generation revenues increased $0.23 per share due to higher wholesale and retail prices.
- Fuel and purchased power expenses reduced earnings by $0.19 per share due to higher fuel costs and market prices.
- 2008 earnings guidance remains at $4.15
This document provides financial information for Aetna for the second quarter and first half of 2006 compared to the same periods in 2005. Some key details:
- Total revenue increased 13.6% in the second quarter and 14.5% for the first half compared to prior year. Health care premiums and fees revenue saw similar increases.
- Income from continuing operations was $389.5 million in the second quarter, roughly flat with the prior year. Income for the first half was $775.1 million, down 1.2% from 2005.
- Medical membership increased 6.7% in the second quarter to 15.4 million members, with a significant rise in commercial and Medicare Advantage enrollment
Danaher Corporation announced its second quarter 2007 results, with net earnings of $311 million compared to $314 million in the second quarter of 2006. Sales increased 13.5% to $2.67 billion. For the first six months of 2007, net earnings were $566 million on sales of $5.23 billion, increases of 5.5% and 16.5% respectively over the same period in 2006. The company stated that core revenue growth was 4.5% in the quarter despite difficult comparisons, and that performance through the first half gives them confidence in achieving positive results for the full year.
- Revenue for the third quarter of 2008 was $1.965 billion, up slightly from $1.865 billion in the third quarter of 2007.
- Net earnings for the quarter were $187.65 million, up 8% from $174.59 million in the third quarter of 2007.
- Earnings per share for the quarter were $1.01, up from $0.87 in the prior year period.
- Integrys Energy Group reported income from continuing operations of $24.8 million for Q2 2008, compared to a loss of $39.6 million in Q2 2007.
- Key drivers of improved performance included higher margins at natural gas utilities due to rate increases and weather, lower fuel costs for electric utilities, and unrealized gains on energy contracts at Integrys Energy Services.
- For 2008, Integrys expects diluted EPS between $3.33-$3.53, assuming normal weather, plant availability, merger impacts and synergy savings, and recent rate relief.
This document summarizes Ameren's Q1 2008 earnings call. It provides guidance for 2008 core earnings per share of $2.80-$3.20, excluding certain one-time items. It also outlines Ameren's regulatory proceedings and earnings expectations in Illinois and Missouri, with Illinois electric rate redesign estimated to have no annual impact on earnings per share despite quarterly fluctuations. Key dates are provided for regulatory proceedings in both states throughout 2008.
The document provides operating and financial results for 2008 for CEMAR and Light. Key highlights include:
- Billed energy volume grew 1.4% to 9,271 GWh for the year. CEMAR's volume grew 4% while Light's was flat.
- CEMAR's energy losses were 28.2% and Light's were 20.23% in the fourth quarter.
- Consolidated net operating revenues grew 9.6% to R$2,346 million for the year. EBITDA grew 15.8% to R$784.4 million.
- The Board approved a proposed dividend payment of R$190.2 million and capital reduction of R$82.
Dover Corporation reported record results for the first quarter of 2007, with earnings per share increasing 5% over the previous year. Revenue was $1.78 billion, an increase of 18% year-over-year. The company saw strong revenue gains in four of its six segments. Looking forward, Dover expects continued strength in several of its industrial businesses and anticipates full-year revenue and earnings will set new records.
Aetna reported increased revenue and income for the second quarter and first half of 2005 compared to the same periods in 2004. Total revenue for the second quarter rose 12.5% to $5.5 billion, and net income increased 43.3% to $409.7 million. For the first half of the year, total revenue increased 12.7% to $10.9 billion while net income increased 27.6% to $833.7 million. The increases were driven by higher premium revenue and net investment income. Operating earnings, which exclude realized capital gains and other items, also increased for both periods.
This document provides Burlington Northern Santa Fe Corporation's financial results for the 2nd quarter of 2008. It includes:
- Freight revenues increased 16% to $4.35 billion compared to $3.74 billion in 2Q2007, driven by improved yields and higher fuel surcharges.
- Operating income was $714 million compared to $841 million in 2Q2007, with a $474 million increase in fuel expenses and $175 million environmental charge.
- Net income was $350 million compared to $433 million in 2Q2007, with earnings per share of $1.00 compared to $1.20 previously.
- Capital expenditures for 2008 will increase to $2.
1) Ameren reported 2007 earnings per share of $2.98 but expects 2008 EPS to be between $2.68-$3.08 due to various factors including weather, fuel prices, plant maintenance costs and regulatory proceedings.
2) Ameren aims for 4-6% annual EPS growth through 2010 and beyond, targeting over $4 EPS by 2011 and strong long-term shareholder returns.
3) Ameren provided its 2008 EPS guidance breakdown by segment and an overview of its regulatory proceedings calendar.
The document provides details from a Q3 FY08 question and answer session. It lists major brands that saw sales growth and declines in the Consumer Foods segment. Total volume increased 6% for Consumer Foods and 1% for Food and Ingredients. Depreciation was $78M versus $91M the prior year. Capital expenditures were $72M versus $147M the prior year. Net debt was $3.681B versus $2.983B the prior year. The company expects a 34-35% effective tax rate and $475M in capital expenditures for FY2008.
This document summarizes FirstEnergy's financial results for the fourth quarter of 2007. Some key points:
- Normalized non-GAAP earnings were $0.90 per share for Q4 2007, up from $0.84 per share in Q4 2006.
- GAAP earnings for Q4 2007 were $0.88 per share, up from $0.85 per share in Q4 2006.
- For the full year 2007, normalized non-GAAP earnings were $4.23 per share, near the guidance range, and up from $3.88 per share in 2006.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document is the 2007 annual report for ConAgra Foods Inc. It summarizes the company's financial highlights for fiscal year 2007, including a 5% increase in net sales to $12.028 billion and growth in operating profit, income from continuing operations, and net income compared to the previous fiscal year. It discusses the company's strategic priorities or "Must Do's" of rewiring processes to be more efficient, attacking costs to fuel growth, optimizing its product portfolio, innovating new products, exceeding customer expectations, and nurturing employees. The report provides examples of progress made in each area in fiscal 2007, such as selling non-core businesses, implementing new manufacturing and logistics systems, focusing marketing investments on priority
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Overall, normalized earnings increased due to various factors including higher sales volumes and market prices.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
first energy 4Q06 Consolidated Report to the Financial_Communityfinance21
- FirstEnergy reported normalized non-GAAP earnings of $0.84 per share for Q4 2006, up from $0.77 per share in Q4 2005. GAAP earnings were $0.85 per share compared to $0.58 per share in Q4 2005.
- Earnings were positively impacted by Ohio regulatory changes which increased earnings by $0.23 per share. However, lower distribution deliveries and generation revenues reduced earnings. Higher fuel and purchased power costs also decreased earnings.
- For full-year 2006, normalized non-GAAP earnings were $3.88 per share, exceeding guidance of $3.75-$3.85 per share. GAAP earnings were $3.
- FirstEnergy reported normalized non-GAAP earnings of $0.87 per share for Q2 2008, compared to $1.13 per share for Q2 2007. GAAP earnings were $0.86 per share for Q2 2008 and $1.11 per share for Q2 2007.
- Electric distribution deliveries declined 2% due to milder weather, decreasing earnings by $0.05 per share. Generation revenues increased earnings by $0.08 per share due to higher wholesale and retail prices despite a 6% decline in generation sales.
- Higher fuel and purchased power expenses reduced earnings by $0.23 per share due to increased market prices and coal transportation costs.
This document provides a consolidated report for FirstEnergy Corp for the first quarter of 2008. Some key highlights include:
- Normalized non-GAAP earnings were $0.88 per share, unchanged from the first quarter of 2007. GAAP earnings were $0.91 per share compared to $0.92 per share in the prior year.
- Electric distribution deliveries increased 1% overall, increasing earnings by $0.02 per share. Generation revenues increased $0.23 per share due to higher wholesale and retail prices.
- Fuel and purchased power expenses reduced earnings by $0.19 per share due to higher fuel costs and market prices.
- 2008 earnings guidance remains at $4.15
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose due to higher market prices.
- FirstEnergy increased its full-year 2008 earnings guidance due to better-than-expected third quarter results.
Duke Energy reported first quarter 2006 results, with ongoing diluted EPS of 48 cents, up from 43 cents in the prior year. Reported diluted EPS was 37 cents compared to 88 cents last year. Results improved at Franchised Electric, Natural Gas Transmission, and International Energy segments due to factors like customer growth, currency impacts, and improved prices and volumes. Duke Energy is on track to achieve its 2006 target of $1.90 in ongoing diluted EPS and remains comfortable after merging with Cinergy that it can achieve this target for the combined company.
Duke Energy reported higher ongoing diluted EPS of $0.43 per share compared to $0.32 in the prior year's quarter. Revenues were lower at $4.04 billion compared to $5.27 billion due to the deconsolidation of DEFS, but this was partially offset by the addition of Cinergy's operations. Strong performances from Gas Transmission, Field Services and Crescent helped deliver solid results, and the company remains on track to achieve its 2006 EPS target.
first energy 4Q 08 Consolidated Report NEW NEW209finance21
- FirstEnergy reported normalized non-GAAP earnings per share of $1.21 for Q4 2008, up from $0.90 in Q4 2007. Normalized non-GAAP earnings for 2008 were $4.57 per share.
- Key drivers of the increase were lower generation O&M expenses due to fewer outages and emission allowance gains, as well as lower energy delivery and transmission costs from cost control measures. Higher wholesale and retail electricity prices also contributed.
- These increases were partially offset by higher fuel costs due to fuel surcharges and transportation costs, as well as impairment of securities held for nuclear decommissioning trust funds.
- FirstEnergy did not provide 2009 earnings guidance
first energy 4Q 08 Consolidated ReportNEW NEW209finance21
- Fourth quarter 2008 earnings were $1.09 per share on a GAAP basis and $1.21 per share on a non-GAAP basis, excluding special items, compared to $0.88 and $0.90 per share respectively in the fourth quarter of 2007.
- Key drivers of the increased earnings included lower generation O&M expenses, lower energy delivery expenses, and a higher effective income tax rate. These increases were partially offset by higher fuel costs and impairment of securities held in trust.
- For the full year 2008, earnings were $4.41 per share on a GAAP basis and $4.57 per share on a non-GAAP basis, excluding special items, exceeding guidance
This document provides details from Ameren's Q2 2008 earnings call, including a reconciliation of 2007 and 2008 GAAP and core earnings per share, guidance for 2008 core and GAAP EPS, expected segment contributions, and the company's regulatory calendar. Key points include a 2008 core EPS guidance range of $2.80-$3.20 and an estimated $1.20-$1.30 contribution from the Missouri Regulated segment. The document also outlines the schedule for rate cases in Missouri and Illinois.
Spectra Energy reported second quarter 2007 net income of $196 million, down from $320 million in the second quarter of 2006. Ongoing net income, which excludes special items, was $192 million compared to $264 million in the prior year. Earnings were lower due to decreased results in the Western Canada Transmission & Processing and Field Services segments, which faced planned maintenance and power outages. However, the company remains on track to achieve its 2007 financial goals due to strong ongoing operations and continued progress on its $3 billion capital expansion program.
This document provides an overview of AES Corporation's financial results for the second quarter of 2006. Some key highlights include revenues increasing 15% compared to the same period last year, driven by higher electricity prices and new projects. Gross margin improved significantly to 30.3% of sales from 19.9% last year. Income before taxes and minority interest increased 160% and diluted earnings per share from continuing operations grew 138% compared to the prior year. On an adjusted basis, earnings per share rose 142%. Return on invested capital also increased substantially.
The Tribune Company reported financial results for the first quarter of 2006, with operating revenues down 1.3% from the same period in 2005. Operating profit declined 11.6% due to higher operating expenses and non-operating losses. Net income decreased 28.1% while earnings per share fell 25%. Publishing operating profit dropped 12.2% on lower revenues, and Broadcasting/Entertainment operating profit rose 3% despite declines in some segments.
public serviceenterprise group 2Q_2008_Webcast_Slides_FINALfinance20
PSEG reported lower net income for Q2 2008 compared to Q2 2007, primarily due to a $490 million pre-tax charge for lease transaction reserves. However, operating earnings increased from $281 million in Q2 2007 to $324 million in Q2 2008, driven by stronger energy markets and operations at PSEG Power. PSEG maintained its full-year 2008 operating earnings guidance range of $2.80-$3.05 per share. The company also improved its risk profile through the sale of SAESA and establishing substantial reserves to address potential tax risks related to a prior lease transaction.
public serviceenterprise group 2Q_2008_Webcast_Slides_FINALfinance20
PSEG reported lower earnings for Q2 2008 compared to Q2 2007. Operating earnings were $324 million versus $281 million last year. However, the company recorded a $490 million reserve related to a lease transaction, resulting in a reported net loss of $150 million. Key drivers for the lower operating results included higher O&M costs and depreciation expense partially offset by improved performance at PSEG Power due to contract roll-offs and higher energy prices. PSEG maintained its full-year earnings guidance range of $2.80-$3.05 per share.
The document summarizes Duke Energy's financial results for the third quarter of 2005. It reports higher earnings in the company's franchised electric, natural gas transmission, and international energy segments. It also discusses the financial impacts of Duke Energy's decision to exit its North American commercial power business. Finally, it provides expectations for 2005 ongoing earnings per share and 2007 ongoing earnings following the planned merger with Cinergy.
Q4 2008 Earnings Press Release and Financial Tablesfinance7
Motorola reported financial results for the fourth quarter of 2008 with $7.1 billion in sales and a GAAP net loss of $3.6 billion or $1.57 per share. For the full year 2008, Motorola had $30.1 billion in sales and a net loss of $4.2 billion or $1.84 per share. Motorola generated $201 million in positive operating cash flow for the fourth quarter. Motorola also announced cost-reduction actions of $1.5 billion for 2009 in response to economic challenges.
motorola Q4 2008 Earnings Press Release and Financial Tablesfinance7
Motorola reported financial results for the fourth quarter of 2008 with $7.1 billion in sales and a GAAP net loss of $3.6 billion or $1.57 per share. The company implemented cost reduction actions of approximately $1.5 billion for 2009 in response to economic challenges. Mobile Devices sales were $2.35 billion with an operating loss of $595 million, while Home and Networks Mobility operating earnings increased 34% to $257 million on sales of $2.6 billion. The company expects cost savings of more than $1.2 billion from Mobile Devices restructuring in 2009.
- The document provides AES Corporation's third quarter 2006 financial review, including highlights and guidance updates.
- Key highlights include a 14% increase in revenues year-over-year due to higher prices and new projects. Gross margin increased 9% while income before taxes declined 114% due to losses on asset sales related to restructuring.
- Guidance for 2006 was updated, with revenue growth expected at 9-10% and adjusted EPS estimated at $1.09, up from the prior guidance of $1.01.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
Major brands in the Consumer Foods segment that posted sales growth for Q1 FY08 included Banquet, Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, Libby's, Marie Callender's, Manwich, Orville Redenbacher's, Reddi-wip, Rosarita, Ro*Tel, Snack Pack, Van Camp's, and Wesson. Brands that posted sales declines included ACT II, Crunch N Munch, Knott's Berry Farm, PAM, Parkay, Slim Jim, and Swiss Miss. Consumer Foods volume increased 3% excluding divested
The document summarizes Conagra Foods' Q2 FY08 earnings results. Major brands in the Consumer Foods segment that posted sales growth included Blue Bonnet, Chef Boyardee, and Egg Beaters. Brands that posted sales declines included ACT II, Knott's Berry Farm, and Orville Redenbacher's. Consumer Foods volume decreased 1% but excluding items increased 3%, while Food and Ingredients volume was flat. Depreciation and amortization was $77 million, capital expenditures were $111 million, and net interest expense was $64 million. The company's net debt ratio increased to 43% from 37% a year ago.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
1. Consolidated Report to the Financial Community
Second Quarter 2007
(Released August 7, 2007) (Unaudited)
After-Tax EPS Variance Analysis 2nd Qtr.
HIGHLIGHTS
2Q 2006 Basic EPS – GAAP Basis $0.92
Special Items – 2006 0.03
Normalized non-GAAP* earnings, excluding 2Q 2006 Normalized Earnings – Non-GAAP Basis* $0.95
special items, were $1.13 per share for the Distribution Deliveries 0.04
second quarter of 2007, compared with $0.95 Met-Ed and Penelec Distribution Rate Decrease (0.05)
Generation Revenues 0.25
per share for the second quarter of 2006. GAAP
Purchased Power (0.09)
earnings for the second quarter of 2007 were
Deferred Transmission Costs – PA (1Q06) (0.05)
$1.11 per share compared with $0.92 per share Pensions and Other Post-retirement Benefits 0.06
in the prior year. Depreciation (0.03)
General Taxes (0.03)
Investment Income – NDT and COLI 0.05
Financing Costs (0.05)
Reduced Common Shares 0.07
2Q 2007 Results vs. 2Q 2006
Other 0.01
2Q 2007 Normalized Earnings – Non-GAAP Basis* $1.13
Electric distribution deliveries increased 4%,
Special Items - 2007 (0.02)
primarily due to higher weather-related usage. 2Q 2007 Basic EPS – GAAP Basis $1.11
Residential and commercial deliveries increased
9% and 5%, respectively, while industrial
deliveries were flat. Higher distribution deliveries increased earnings by $0.04 per share,
excluding the impact of a $0.05 per share earnings reduction resulting from the distribution rate
decrease at Metropolitan Edison Company (Met-Ed) and Pennsylvania Electric Company
(Penelec), effective January 11, 2007.
Total electric generation sales increased 3%, as an increase of 1.1 million MWh or 5% in retail
generation sales was partially offset by a 0.2 million MWh or 3% reduction in wholesale sales.
Generation revenues, excluding power sourced from third-party auction suppliers for our Jersey
Central Power & Light Company (JCP&L) and Pennsylvania Power Company (Penn Power)
customers, increased earnings by $0.25 per share. This increase was attributable to higher
generation sales as well as higher retail and wholesale prices.
Higher purchased power expense, excluding JCP&L and Penn Power purchases from third-party
auction suppliers, reduced earnings by $0.09 per share primarily due to higher market prices
compared to the same period last year.
The deferral of incremental first quarter 2006 Met-Ed and Penelec transmission charges in the
second quarter of 2006 caused a comparative reduction in second quarter 2007 earnings by
$0.05 per share. The companies were authorized by the Pennsylvania Public Utility
Commission in May 2006 to defer these charges, retroactive to the beginning of the year. Thus,
results for the second quarter of 2006 included the deferrals that were applicable to the first
quarter of 2006.
2. Reduced pension and other post-retirement benefit costs increased earnings by $0.06 per share
mainly due to retiree health care design changes and the impact of the $300 million voluntary
contribution to the pension plan made in January 2007.
Incremental property additions increased depreciation by $0.03 per share.
Higher general taxes reduced earnings by $0.03 per share primarily due to increased property
tax payments, Pennsylvania gross receipts taxes, and Ohio kilowatt-hour taxes.
Investment income related to nuclear decommissioning trusts and corporate-owned life
insurance increased earnings by $0.05 per share.
Increased financing costs lowered earnings by $0.05 per share, primarily attributable to short-
term borrowing levels related largely to the temporary funding of the accelerated share
repurchase programs and the recent pension plan contribution.
The reduction in shares outstanding due to the accelerated repurchases of 10.6 million and
14.4 million common shares in August 2006 and March 2007, respectively, enhanced earnings
by $0.07 per share.
During the quarter, a $0.02 per share reduction in earnings was recognized from impairment of
securities held in trust for future nuclear decommissioning activities.
2007 Earnings Guidance
Normalized non-GAAP earnings guidance for 2007, excluding special items, remains at $4.05
to $4.25 per share. Year-to-date normalized non-GAAP earnings now stand at $2.01 per share.
Earnings for the remainder of the year, exclusive of any special items, are expected to be
allocated approximately 56% to the third quarter and 44% to the fourth quarter.
* The 2007 GAAP to non-GAAP reconciliation statements can be found on page 10 of this report and all GAAP to non-GAAP
reconciliation statements are available on the Investor Information section of FirstEnergy Corp.'s Web site at
www.firstenergycorp.com/ir.
For additional information, please contact:
Ronald E. Seeholzer Kurt E. Turosky Rey Y. Jimenez
Vice President, Investor Relations Director, Investor Relations Principal, Investor Relations
(330) 384-5783 (330) 384-5500 (330) 761-4239
Consolidated Report to the Financial Community –2nd Quarter 2007 2
3. FirstEnergy Corp.
Consolidated Statements of Income
(Unaudited)
(In millions, except for per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
2007 2006 Change 2007 2006 Change
Revenues
(1) Electric sales $ 2,904 $ 2,553 $ 351 $ 5,669 $ 5,064 $ 605
- -
(2) FE Facilities 23 (23) 38 (38)
(3) Other 205 175 30 413 354 59
(4) Total Revenues 3,109 2,751 358 6,082 5,456 626
Expenses
(5) Fuel 299 303 (4) 560 585 (25)
(6) Purchased power 886 688 198 1,746 1,404 342
(7) Other operating expenses 750 702 48 1,499 1,440 59
- -
(8) FE Facilities 16 (16) 31 (31)
(9) Provision for depreciation 159 144 15 315 292 23
(10) Amortization of regulatory assets 246 201 45 497 422 75
(11) Deferral of new regulatory assets (148) (146) (2) (292) (226) (66)
(12) General taxes 189 173 16 392 366 26
(13) Total Expenses 2,381 2,081 300 4,717 4,314 403
(14) Operating Income 728 670 58 1,365 1,142 223
Other Income (Expense)
(15) Investment income 30 31 (1) 63 74 (11)
(16) Interest expense (205) (178) (27) (390) (343) (47)
(17) Capitalized interest 7 7 - 12 14 (2)
(18) Subsidiaries' preferred stock dividends - (2) 2 - (4) 4
(19) (168) (142) (26) (315) (259) (56)
Total Other Income (Expense)
(20) Income From Continuing Operations
560 528 32 1,050 883 167
Before Income Taxes
(21) Income taxes 222 216 6 422 352 70
(22) Income From Continuing Operations 338 312 26 628 531 97
(23) Discontinued operations - (8) 8 - (6) 6
(24) Net Income $ 338 $ 304 $ 34 $ 628 $ 525 $ 103
Basic Earnings Per Common Share:
(25) Income from continuing operations $ 1.11 $ 0.94 $ 0.17 $ 2.03 $ 1.61 $ 0.42
(26) Discontinued operations - (0.02) 0.02 - (0.02) 0.02
(27) Basic Earnings Per Common Share $ 1.11 $ 0.92 $ 0.19 $ 2.03 $ 1.59 $ 0.44
(28) Weighted Average Number of
304 328 (24) 309 328 (19)
Basic Shares Outstanding
Diluted Earnings Per Common Share:
(29) Income from continuing operations $ 1.10 $ 0.93 $ 0.17 $ 2.01 $ 1.60 $ 0.41
(30) Discontinued operations - (0.02) 0.02 - (0.02) 0.02
(31) Diluted Earnings Per Common Share $ 1.10 $ 0.91 $ 0.19 $ 2.01 $ 1.58 $ 0.43
(32) Weighted Average Number of
308 330 (22) 313 330 (17)
Diluted Shares Outstanding
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2007 3
4. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended June 30, 2007
Ohio
Energy Competitive Transitional
Energy Reconciling
Delivery Generation
Services (b) Adjustments
Services (a) Services (c) Other (d) Consolidated
Revenues
(1) Electric sales $ 1,933 $ 359 $ 612 $ - $ - $ 2,904
(2) FE Facilities - - - - -
-
(3) Other 162 45 13 9 (24) 205
(4) Internal revenues - 691 - - (691) -
(5) Total Revenues 2,095 1,095 625 9 (715) 3,109
Expenses
(6) Fuel 2 297 - - - 299
(7) Purchased power 877 163 537 - (691) 886
(8) Other operating expenses 410 283 87 4 (34) 750
(9) FE Facilities - - - - - -
(10) Provision for depreciation 100 51 - 1 7 159
(11) Amortization of regulatory assets 242 - 6 - (2) 246
(12) Deferral of new regulatory assets (93) - (55) - - (148)
(13) General taxes 155 26 1 - 7 189
(14) 1,693 820 576 5 (713) 2,381
Total Expenses
(15) 402 275 49 4 (2) 728
Operating Income
Other Income (Expense)
(16) Investment income 62 5 - - (37) 30
(17) Interest expense (118) (47) - (1) (39) (205)
(18) Capitalized interest 2 5 - - - 7
(19) Subsidiaries' preferred stock dividends - - - - - -
(20) (54) (37) - (1) (76) (168)
Total Other Income (Expense)
(21) Income From Continuing Operations
348 238 49 3 (78) 560
Before Income Taxes
(22) Income taxes 141 96 19 (3) (31) 222
(23) 207 142 30 6 (47) 338
Income From Continuing Operations
(24) Discontinued operations - - - - - -
(25) Net Income $ 207 $ 142 $ 30 $ 6 $ (47) $ 338
(a) Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort generation service for
FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b) Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to affiliated electric utilities.
(c) Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries.
(d) Primarily consists of telecommunications services.
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2007 4
5. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended June 30, 2006
Ohio
Energy Competitive Transitional
Energy Reconciling
Delivery Generation
Services (b) Adjustments
Services (a) Services (c) Other (d) Consolidated
Revenues
(1) Electric sales $ 1,646 $ 338 $ 569 $ - $ - $ 2,553
(2) FE Facilities - - - 23 - 23
(3) Other 127 46 6 16 (20) 175
(4) Internal revenues 6 623 - - (629) -
(5) 1,779 1,007 575 39 (649) 2,751
Total Revenues
Expenses
(6) Fuel - 303 - - - 303
(7) Purchased power 690 131 496 - (629) 688
(8) Other operating expenses 363 289 53 25 (28) 702
(9) FE Facilities - - - 16 - 16
(10) Provision for depreciation 89 48 - 1 6 144
(11) Amortization of regulatory assets 197 - 4 - - 201
(12) Deferral of new regulatory assets (113) - (33) - - (146)
(13) General taxes 144 23 2 - 4 173
(14) Total Expenses 1,370 794 522 42 (647) 2,081
(15) Operating Income 409 213 53 (3) (2) 670
Other Income (Expense)
(16) Investment income 81 2 - - (52) 31
(17) Interest expense (101) (50) - (2) (25) (178)
(18) Capitalized interest 4 3 - - - 7
(19) Subsidiaries' preferred stock dividends (5) - - - 3 (2)
(20) (21) (45) - (2) (74) (142)
Total Other Income (Expense)
(21) Income From Continuing Operations
388 168 53 (5) (76) 528
Before Income Taxes
(22) Income taxes 155 67 22 2 (30) 216
(23) Income From Continuing Operations 233 101 31 (7) (46) 312
(24) Discontinued operations - - - (8) - (8)
(25) Net Income $ 233 $ 101 $ 31 $ (15) $ (46) $ 304
(a) Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort generation service for
FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b) Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to affiliated electric utilities.
(c) Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries.
(d) Consists of telecommunications services and non-core businesses divested in 2006 (Facilities Services Group and MYR).
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2007 5
6. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended June 30, 2007 vs. Three Months Ended June 30, 2006
Ohio
Energy Competitive Transitional
Energy Reconciling
Delivery Generation
Services (b) Adjustments
Services (a) Services (c) Other (d) Consolidated
Revenues
(1) Electric sales $ 287 $ 21 $ 43 $ - $ - $ 351
(2) FE Facilities - - - (23) - (23)
(3) Other 35 (1) 7 (7) (4) 30
(4) Internal revenues (6) 68 - - (62) -
(5) Total Revenues 316 88 50 (30) (66) 358
Expenses
(6) Fuel 2 (6) - - - (4)
(7) Purchased power 187 32 41 - (62) 198
(8) Other operating expenses 47 (6) 34 (21) (6) 48
(9) FE Facilities - - - (16) - (16)
(10) Provision for depreciation 11 3 - - 1 15
(11) Amortization of regulatory assets 45 - 2 - (2) 45
(12) Deferral of new regulatory assets 20 - (22) - - (2)
(13) General taxes 11 3 (1) - 3 16
(14) Total Expenses 323 26 54 (37) (66) 300
(15) Operating Income (7) 62 (4) 7 - 58
Other Income (Expense)
(16) Investment income (19) 3 - - 15 (1)
(17) Interest expense (17) 3 - 1 (14) (27)
(18) Capitalized interest (2) 2 - - - -
(19) Subsidiaries' preferred stock dividends 5 - - - (3) 2
(20) (33) 8 - 1 (2) (26)
Total Other Income (Expense)
(21) Income From Continuing Operations
(40) 70 (4) 8 (2) 32
Before Income Taxes
(22) Income taxes (14) 29 (3) (5) (1) 6
(23) Income From Continuing Operations (26) 41 (1) 13 (1) 26
(24) Discontinued operations - - - 8 - 8
(25) Net Income $ (26) $ 41 $ (1) $ 21 $ (1) $ 34
(a) Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort generation service for
FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b) Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to affiliated electric utilities.
(c) Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries.
(d) Consists of telecommunications services and non-core businesses divested in 2006 (Facilities Services Group and MYR).
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2007 6
7. FirstEnergy Corp.
Financial Statements
(Unaudited)
(In millions)
Condensed Consolidated Balance Sheets
As of June As of Dec
30, 2007 31, 2006
Assets
Current Assets:
Cash and cash equivalents $ 37 $ 90
Receivables 1,594 1,267
Other 905 726
Total Current Assets 2,536 2,083
Property, Plant and Equipment 15,010 14,667
Investments 3,564 3,534
Deferred Charges and Other Assets 10,923 10,912
Total Assets $ 32,033 $ 31,196
Liabilities and Capitalization
Current Liabilities:
Currently payable long-term debt $ 2,000 $ 1,867
Short-term borrowings (a) 2,416 1,108
Accounts payable 801 726
Other 1,065 1,554
Total Current Liabilities 6,282 5,255
Capitalization:
Common stockholders' equity (b) 8,640 9,035
Long-term debt and other long-term obligations 8,742 8,535
Total Capitalization 17,382 17,570
Noncurrent Liabilities 8,369 8,371
Total Liabilities and Capitalization $ 32,033 $ 31,196
(a) Increase reflects interim financing of $300 million voluntary pension contribution and
$900 million accelerated common share repurchase program in 2007.
(b) Reduction reflects $900 million common share repurchase in 2007.
General Information Three Months Ended June 30, Six Months Ended June 30,
2007 2006 2007 2006
Debt and equity securities redemptions $ (485) $ (421) $ (1,389) $ (515)
New long-term debt issues $ 550 $ 1,053 $ 800 $ 1,053
Short-term debt increase $ 169 $ 171 $ 1,308 $ 371
Capital expenditures $ 401 $ 292 $ 697 $ 739
Adjusted Capitalization (Including Off-Balance Sheet Items) - Rating Agency View
As of June 30,
2007 % Total 2006 % Total
Total common equity $ 8,640 38% $ 9,488 43%
Preferred stock - - 154 1%
Long-term debt (a) 10,331 46% 10,477 48%
Short-term debt 2,416 11% 557 3%
Off-balance sheet debt equivalents:
Sale-leaseback net debt equivalents (b) 1,143 5% 1,236 5%
Total $ 22,530 100% $ 21,912 100%
(a) Includes amount due to be paid within one year and excludes JCP&L securitization debt of $411 million and $256 million in
2007 and 2006, respectively.
(b) Associated with 1987 sale and leaseback transactions.
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2007 7
8. FirstEnergy Corp.
Financial Statements
(Unaudited)
(In millions)
Condensed Consolidated Statements of Cash Flows
Three Months Ended June 30, Six Months Ended June 30,
2007 2006 2007 2006
Cash flows from operating activities:
Net income $ 338 $ 304 $ 628 $ 525
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, amortization, and deferral
of regulatory assets 257 197 520 487
Deferred purchased power and other costs (69) (135) (185) (239)
Deferred income taxes and investment tax credits 32 26 85 32
Deferred rents and lease market valuation liability (67) (67) (92) (105)
Electric service prepayment programs (19) (15) (36) (29)
Cash collateral, net (25) 51 (19) (55)
Pension trust contribution - - (300) -
Change in working capital and other (241) (200) (470) (131)
Cash flows provided from operating activities 206 161 131 485
Cash flows provided from financing activities 108 668 454 618
Cash flows used for investing activities (366) (274) (638) (584)
Net increase (decrease) in cash and cash equivalents $ (52) $ 555 $ (53) $ 519
Deferrals and Amortizations
Three Months Ended June 30, Six Months Ended June 30,
2007 2006 Change 2007 2006 Change
Ohio Regulatory Assets
$ 1,820 $ 1,891 $ 1,844 $ 1,924
Deferred Balance - Beginning
- -
Deferral of shopping incentives $ - - 3 $ (3)
Interest on shopping incentives 9 11 (2) 19 21 (2)
Deferral of MISO costs and interest 30 4 26 38 7 31
Deferral of RCP distribution reliability costs 44 41 3 91 81 10
Deferral of RCP fuel costs 27 30 (3) 41 51 (10)
Deferral of other regulatory assets 5 2 3 11 5 6
$ 115 $ 88 $ 27 $ 200 $ 168 $ 32
Current period deferrals
Amortization
Ohio transition costs amortization $ (72) $ (62) $ (10) $ (140) $ (134) $ (6)
-
Shopping incentives amortization (29) (29) - (59) (59)
MISO costs amortization (6) (5) (1) (11) (9) (2)
-
Other (2) (1) (1) (8) (8)
$ (109) $ (97) $ (12) $ (218) $ (210) $ (8)
Current period amortization
$ 1,826 $ 1,882 $ 1,826 $ 1,882
Deferred Balance - Ending
Pennsylvania Deferred PJM Costs
$ 186 $ - $ 186 $ 157 $ - $ 157
Beginning Balance
Deferrals 30 57 (27) 63 57 6
- -
Interest 2 2 3 3
- -
Amortizations (2) (2) (7) (7)
$ 216 $ 57 $ 159 $ 216 $ 57 $ 159
Ending Balance
New Jersey Deferred Energy Costs
$ 357 $ 558 $ 369 $ 541
Beginning Balance
Deferral of energy costs 35 80 $ (45) 23 97 $ (74)
$ 392 $ 638 $ 392 $ 638
Ending Balance
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2007 8
9. FirstEnergy Corp.
Statistical Summary
(Unaudited)
Electric Sales Statistics
Three Months Ended June 30, Six Months Ended June 30,
(in millions of kWhs) 2007 2006 Change 2007 2006 Change
Electric Generation Sales
Retail - Regulated 23,186 22,591 2.6% 47,994 46,597 3.0%
Retail - Competitive 3,285 2,740 19.9% 6,491 5,459 18.9%
Total Retail 26,471 25,331 4.5% 54,485 52,056 4.7%
Wholesale 6,360 6,561 -3.1% 11,423 11,983 -4.7%
Total Electric Generation Sales 32,831 31,892 2.9% 65,908 64,039 2.9%
Electric Distribution Deliveries
Ohio - Residential 3,835 3,583 7.0% 8,666 8,026 8.0%
- Commercial 3,674 3,516 4.5% 7,469 7,160 4.3%
- Industrial 5,908 5,902 0.1% 11,587 11,561 0.2%
- Other 93 95 -2.1% 186 186 0.0%
Total Ohio 13,510 13,096 3.2% 27,908 26,933 3.6%
Pennsylvania - Residential 2,564 2,365 8.4% 5,868 5,457 7.5%
- Commercial 2,730 2,602 4.9% 5,501 5,252 4.7%
- Industrial 2,567 2,611 -1.7% 5,109 5,175 -1.3%
- Other 21 21 - 40 41 -2.4%
Total Pennsylvania 7,882 7,599 3.7% 16,518 15,925 3.7%
New Jersey - Residential 2,387 2,100 13.7% 4,740 4,354 8.9%
- Commercial 2,416 2,292 5.4% 4,713 4,496 4.8%
- Industrial 724 703 3.0% 1,426 1,393 2.4%
- Other 21 21 - 43 43 0.0%
Total New Jersey 5,548 5,116 8.4% 10,922 10,286 6.2%
Total Residential 8,786 8,048 9.2% 19,274 17,837 8.1%
Total Commercial 8,820 8,410 4.9% 17,683 16,908 4.6%
Total Industrial 9,199 9,216 -0.2% 18,122 18,129 0.0%
Total Other 135 137 -1.5% 269 270 -0.4%
Total Distribution Deliveries 26,940 25,811 4.4% 55,348 53,144 4.1%
Electric Sales Shopped
Ohio - Residential 489 497 -1.6% 1,050 1,093 -3.9%
- Commercial 872 910 -4.2% 1,752 1,866 -6.1%
- Industrial 692 709 -2.4% 1,333 1,444 -7.7%
Total Ohio 2,053 2,116 -3.0% 4,135 4,403 -6.1%
Pennsylvania - Residential 11 - - 11 1 -
- Commercial 156 - - 264 1 -
- Industrial 460 94 389.4% 876 225 289.3%
Total Pennsylvania 627 94 567.0% 1,151 227 407.0%
New Jersey - Residential - - - - - -
- Commercial 519 491 5.7% 994 894 11.2%
- Industrial 555 519 6.9% 1,074 1,023 5.0%
Total New Jersey 1,074 1,010 6.3% 2,068 1,917 7.9%
Total Electric Sales Shopped 3,754 3,220 16.6% 7,354 6,547 12.3%
Operating Statistics
Three Months Ended June 30, Six Months Ended June 30,
2007 2006 2007 2006
Capacity Factors:
Fossil - Baseload 90.3% 92.2% 77.5% 92.6%
Fossil - Load Following 71.8% 67.7% 72.9% 67.9%
Peaking 2.2% 0.3% 1.2% 0.2%
Nuclear 79.7% 84.0% 89.3% 83.0%
Generation Output:
Fossil - Baseload 43.2% 43.7% 37.8% 44.0%
Fossil - Load Following 22.8% 21.7% 23.7% 21.8%
Peaking 0.4% 0.1% 0.2% 0.0%
Nuclear 33.5% 34.5% 38.3% 34.2%
Three Months Ended June 30, Six Months Ended June 30,
Weather 2007 2006 Normal 2007 2006 Normal
Composite Heating-Degree-Days 659 569 653 3,567 3,092 3,457
Composite Cooling-Degree-Days 287 206 251 288 206 259
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2007 9
10. FirstEnergy Corp.
2007 EPS Reconciliations
(Unaudited)
Special Items
Three Months Ended June 30, Six Months Ended June 30,
2007 2006 2007 2006
Pre-tax Items - Income Increase (Decrease)
Gain (Loss) on Non-Core Asset Sales of:
Loss on sale on MYR 60% interest (a) $ - $ - $ - $ (5)
All other (a)(f) - 6 - 6
Total Gain on Non-Core Asset Sales - 6 - 1
Saxton decommissioning costs regulatory assets (b) - - 27 -
Trust securities impairment (c) (8) - (12) -
FE Facilities sales/impairment (d)(e)(g) - (12) - (12)
Total-Pretax Items $ (8) $ (6) $ 15 $ (11)
EPS Effect $ (0.02) $ (0.03) $ 0.02 $ (0.03)
(a) Included in quot;Other operating expensesquot; (e) Included in quot;Discontinued Operationsquot;
(b) Included in quot;Deferral of new regulatory assetsquot; (f) Before first quarter 2006 tax benefit of $2.5 million
(c) Included in quot;Investment incomequot; (g) Non-tax deductible
(d) Included in quot;FE Facilities expensesquot;
2007 Earnings Per Share (EPS)
(Reconciliation of GAAP to Non-GAAP)
ACTUAL ACTUAL Non-GAAP
Three Months Six Months Guidance For
Ended June 30 Ended June 30 Year 2007
Basic EPS (GAAP basis) $ 1.11 $ 2.03 $4.11 - $4.31
Excluding Special Items:
New regulatory asset authorized by PPUC - (0.05) (0.05)
Gain on sale of non-core assets - - (0.04)
Trust securities impairment 0.02 0.03 0.03
Basic EPS (Non-GAAP basis) $ 1.13 $ 2.01 $4.05 - $4.25
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2007 10
11. RECENT DEVELOPMENTS
Record Generation Output
FirstEnergy set a new second quarter generation output record of 20.4 million megawatt-hours, which represented a
0.4% increase over the prior record established in the second quarter of 2006. The generation record was primarily
attributable to performance of the fossil generation fleet, which established its best quarterly output ever.
Sale and Leaseback of Bruce Mansfield Unit 1
On July 13, 2007, FirstEnergy Generation Corp. (Genco) completed a $1.3 billion sale and leaseback transaction for its
779 MW portion of Unit 1 of the Bruce Mansfield Plant. The applicable lease agreements provide for an approximate
33-year lease of the unit. FirstEnergy used the net after-tax proceeds of approximately $1.2 billion, to repay short-term
debt that was used to fund the March 2007 $900 million accelerated share repurchase program and the January 2007
$300 million pension contribution. Genco continues to operate the plant and is entitled to its full output.
Ohio Distribution Rate Case Filing
On June 7, 2007, FirstEnergy subsidiaries Ohio Edison (OE), The Cleveland Electric Illuminating Company (CEI), and
Toledo Edison (TE) (collectively Ohio Companies), filed their base distribution rate increase request and supporting
testimony with the Public Utilities Commission of Ohio (PUCO). On August 6, the Ohio Companies provided an
Update Filing with three months of actual results (March through May 2007) for the test year and actual asset and
liability balances as of May 31, 2007. The requested increase in annualized distribution revenues totals $332 million to
recover expenses related to distribution operations and the costs deferred under previously approved rate plans. The
new rates would be effective January 1, 2009, for OE and TE customers, and are expected to be effective in May 2009
for CEI customers. Concurrent with the effective dates, the Ohio Companies will reduce or eliminate their Regulatory
Transition Charges (RTC), resulting in an aggregate net reduction of $262 million on the regulated portion of
customers’ bills. It is estimated the PUCO Staff will issue its report in the case in the fourth quarter of 2007 with
evidentiary hearings to follow in late 2007. The PUCO Order is expected in March 2008.
Ohio Competitive Generation Supply Plan Filing
On July 10, 2007, the Ohio Companies filed an application with the PUCO requesting approval of a comprehensive
supply plan for providing generation service, beginning January 1, 2009, to customers who choose not to purchase
electricity from an alternative supplier. The proposed competitive bidding process would average the results of
multiple bidding sessions conducted at different times during the year beginning in 2008. The Ohio Companies offered
two alternatives for structuring the bids, either by customer class or a “slice-of-system” approach that combines all
customer classes into tranches that represent a portion of the total customer load. The proposal provides the PUCO
with an option to phase in generation price increases for residential tariff groups that would experience a change in the
average total price of 15 percent or more. The Ohio Companies requested that the PUCO issue an order by November
1, 2007, to provide sufficient time to conduct the bidding process. The PUCO has scheduled a technical conference to
be held on August 16, 2007 to allow interested parties an opportunity to better understand the filing.
Ohio Companies’ Green Option for Customers
On May 29, 2007, OE, CEI and TE filed a proposed program with the PUCO that would provide customers with the
opportunity to purchase Renewable Energy Certificates (RECs) to support alternative energy. The program was
designed in collaboration with the PUCO Staff and the Office of the Ohio Consumers’ Counsel. The proposal is
currently pending before the PUCO.
Pennsylvania Power Company Default Service Plan Update
On May 2, 2007, Pennsylvania Power Company made a filing with the Pennsylvania Public Utility Commission
(PPUC) proposing a process to procure the power supply needed for default service customers during the period of
June 1, 2008 through May 31, 2011. The hearings are scheduled for September 10-11, 2007, with an Administrative
Law Judge (ALJ) recommended decision expected by October 25, 2007. A PPUC Order is expected on or about
November 29, 2007.
Consolidated Report to the Financial Community – 2nd Quarter 2007 11
12. Met-Ed and Penelec Commonwealth Court Appeals
On June 19, 2007, initial briefs were filed by all parties in the appeal of the PPUC’s January 2007 transition rate plan
order to the Pennsylvania Commonwealth Court. Responsive briefs are due August 20, 2007, with reply briefs due
September 4, 2007. Metropolitan Edison Company (Met-Ed) and Pennsylvania Electric Company (Penelec) appealed
the PPUC’s decision on the denial of generation rate relief and on a consolidated income tax adjustment related to cost
of capital, while other parties appealed the PPUC’s decision on transmission rate relief. Oral arguments are expected to
take place in late 2007 or early 2008.
Met-Ed and Penelec NUG Accounting Case Update
On May 3, 2007, the ALJ issued a recommended decision denying Met-Ed’s and Penelec’s request to modify their
Non-Utility Generation (NUG) stranded cost accounting methodology. The companies filed exceptions to the initial
decision on May 23, 2007. It is not known when the PPUC may issue a final decision in this matter.
Nuclear Update
On May 14, 2007, the Nuclear Regulatory Commission (NRC) issued a Demand for Information related to recent
reports prepared at the request of FirstEnergy Nuclear Operating Company (FENOC) by expert witnesses for
arbitration of an insurance claim for replacing the damaged reactor head at the Davis-Besse Plant in 2002. FENOC
filed a response with the NRC on June 13, and supplemented that response on July 16, 2007, after participating in an
NRC public meeting June 27, 2007, to discuss the company's initial response.
FirstEnergy’s Perry Plant completed its regularly scheduled refueling outage on May 13, 2007. Major work activities
performed on the 1,258 megawatt (MW) facility included replacing approximately one-third of the fuel assemblies in
the reactor and two of the three low-pressure turbine rotors in the main generator. On June 29, 2007, the Perry Plant
began an outage to replace a 30-ton motor in the reactor recirculation system. In addition to motor replacement, routine
and preventive maintenance and several system inspections were performed to assure continued safe and reliable
operation of the plant. On July 24, the Perry Plant exited its outage and returned to service.
Environmental Update
On May 30, 2007, FirstEnergy announced that Genco plans to install an Electro-Catalytic Oxidation (ECO) system on
units 4 and 5 of the R. E. Burger Plant. The two units produce 312 MW combined. The original plans called for
installation of an ECO system on Unit 4 of the Bay Shore Plant (215 MW). The decision to install ECO at the Burger
Plant will result in additional scrubbed megawatts and better fits the coal-purchasing strategy for both plants. Design
engineering for the new Burger Plant ECO system will begin later this year with an anticipated start-up during the first
quarter of 2011.
Jersey Central Power & Light Debt Offering
On May 21, 2007, Jersey Central Power & Light (JCP&L) issued $550 million of senior unsecured notes. The offering
was in two tranches, consisting of $250 million of 5.65% senior notes due 2017, and $300 million of 6.15% senior
notes due 2037. Proceeds from the transaction were used to redeem all outstanding JCP&L first mortgage bonds, repay
short-term debt and repurchase common stock from FirstEnergy Corp.
Forward-Looking Statements: This Consolidated Report to the Financial Community includes forward-looking statements based on information currently available
to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms “anticipate,”
“potential,” “expect,” “believe,” “estimate” and similar words. Actual results may differ materially due to the speed and nature of increased competition and
deregulation in the electric utility industry, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy
and commodity market prices, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of FirstEnergy’s regulated utilities
to collect transition and other charges or to recover increased transmission costs, maintenance costs being higher than anticipated, legislative and regulatory changes
(including revised environmental requirements), and the legal and regulatory changes resulting from the implementation of the Energy Policy Act of 2005 (including,
but not limited to, the repeal of the Public Utility Holding Company Act of 1935), the uncertainty of the timing and amounts of the capital expenditures needed to,
among other things, implement the Air Quality Compliance Plan (including that such amounts could be higher than anticipated) or levels of emission reductions related
to the Consent Decree resolving the New Source Review litigation, adverse regulatory or legal decisions and outcomes (including, but not limited to, the revocation of
necessary licenses or operating permits and oversight) by the NRC (including, but not limited to, the Demand For Information issued to FENOC on May 14, 2007) and
the various state public utility commissions as disclosed in our SEC filings, the timing and outcome of various proceedings before the PUCO (including, but not limited
to, the Distribution Rate Cases and the generation supply plan filing for the Ohio Companies and the successful resolution of the issues remanded to the PUCO by the
Ohio Supreme Court regarding the Rate Stabilization Plan) and the PPUC (including the Pennsylvania Power Company Default Service Plan filing), the resolution of
the Petitions for Review filed with the Commonwealth Court of Pennsylvania with respect to the transition rate plan for Met-Ed and Penelec, the continuing
availability and operation of generating units, the ability of generating units to continue to operate at, or near full capacity, the inability to accomplish or realize
anticipated benefits from strategic goals (including employee workforce initiatives), the anticipated benefits from voluntary pension plan contributions, the ability to
improve electric commodity margins and to experience growth in the distribution business, the ability to access the public securities and other capital markets and the
cost of such capital, the outcome, cost and other effects of present and potential legal and administrative proceedings and claims related to the August 14, 2003 regional
power outage, any final adjustment in the purchase price per share under the accelerated share repurchase program announced March 2, 2007, the risks and other
factors discussed from time to time in our SEC filings, and other similar factors. We expressly disclaim any current intention to update any forward-looking statements
contained herein as a result of new information, future events, or otherwise.
Consolidated Report to the Financial Community – 2nd Quarter 2007 12