|
PP&L RESOURCES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
|
Consolidated Balance Sheet
(Millions of Dollars)
|
|
Dec. 31, 1998
|
Dec. 31, 1997(a)
|
|
Assets
|
|
|
|
Property, plant and equipment
|
|
|
|
Transmission and distribution - net
|
$2,179
|
$2,160
|
|
Generation - net
|
1,601
|
4,022
|
|
General and intangible - net
|
223
|
232
|
|
Construction work in progress
|
117
|
185
|
|
Nuclear fuel and other leased property
|
162
|
167
|
|
Electric utility plant - net
|
4,282
|
6,766
|
|
Gas utility plant - net
|
175
|
30
|
|
Other property - net
|
23
|
24
|
|
|
4,480
|
6,820
|
|
Investments and current assets
|
1,854
|
1,300
|
|
Recoverable transition costs
|
2,819
|
|
|
Regulatory and other assets
|
454
|
1,365
|
|
Total assets
|
$9,607
|
$9,485
|
|
|
|
|
|
Capitalization and liabilities
|
|
|
|
Earnings reinvested
|
$372
|
$1,164
|
|
Treasury
|
(419)
|
|
|
Other common equity
|
1,837
|
1,645
|
|
Preferred stock
|
97
|
97
|
|
Company-obligated mandatorily redeemable securities
|
250
|
250
|
|
Long-term debt (less current portion)
|
2,983
|
2,585
|
|
Total capitalization
|
5,120
|
5,741
|
|
Current liabilities
|
1,267
|
769
|
|
Deferred income taxes and ITC
|
1,574
|
2,221
|
|
Liability for above market NUG purchases
|
775
|
|
|
Other deferred credits
|
871
|
754
|
|
Total capitalization and liabilities
|
$9,607
|
$9,485
|
|
(a) Certain amounts from 1997 have been reclassified to conform to the current year presentation.
|
Consolidated Income Statement
(Millions of Dollars)
|
|
3 Mos. Ended Dec. 31
|
12 Mos. Ended Dec. 31
|
|
|
1998
|
1997(b)
|
1998
|
1997(b)
|
|
Operating Revenues
|
|
|
|
|
|
Electric operations
|
$588
|
$607
|
$2,410
|
$2,397
|
|
Gas operations
|
29
|
0
|
35
|
0
|
|
Wholesale energy and trading activities
|
236
|
191
|
1,223
|
650
|
|
Energy-related businesses
|
49
|
(1)
|
118
|
30
|
|
|
902
|
797
|
3,786
|
3,077
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
Fuel and purchased power
|
327
|
263
|
1,553
|
970
|
|
Other operation and maintenance
|
232
|
213
|
787
|
697
|
|
Depreciation and amortization
|
72
|
97
|
338
|
385
|
|
Other
|
91
|
55
|
281
|
225
|
|
|
722
|
628
|
2,959
|
2,277
|
|
Operating income
|
180
|
169
|
827
|
800
|
|
Other income and (deductions)
|
40
|
3
|
66
|
(28)
|
|
Income before interest and income taxes
|
220
|
172
|
893
|
772
|
|
Interest expense
|
66
|
52
|
230
|
215
|
|
Income taxes
|
59
|
40
|
259
|
237
|
|
Income before extraordinary items
|
95
|
80
|
404
|
320
|
|
Extraordinary items (net of taxes)
|
0
|
0
|
(948)
|
0
|
|
Income before dividends on preferred stock
|
95
|
80
|
(544)
|
320
|
|
Preferred stock dividend requirements
|
6
|
7
|
25
|
24
|
|
Net income (loss)
|
$89
|
$73
|
($569)
|
$296
|
|
|
|
|
|
|
|
Earnings per share of common stock - basic and diluted (a)
|
|
|
|
|
|
Adjusted normalized earnings
|
$0.47
|
$0.40
|
$2.07
|
$2.03
|
|
Weather impact
|
(0.07)
|
0.03
|
(0.20)
|
(0.03)
|
|
One-time adjustments
|
0.11
|
0.01
|
(5.55)
|
(0.20)
|
|
Other restructuring impacts
|
0.05
|
|
0.22
|
|
|
As reported
|
$0.56
|
$0.44
|
($3.46)
|
$1.80
|
|
|
|
|
|
|
|
Average number of shares outstanding (thousands)
|
157,152
|
165,813
|
164,651
|
164,550
|
|
(a) Based on average number of shares outstanding.
(b) Certain amounts from 1997 have been reclassified to conform to the current year presentation.
|
Key Indicators
Financial
|
|
12 Months Ended
Dec. 31, 1998
|
12 Months Ended
Dec. 31, 1997
|
|
Dividends declared per share
|
$1.335
|
$1.67
|
|
Book value per share (a)
|
$11.4
|
$16.9
|
|
Market price per share (a)
|
$27.875
|
$23.9375
|
|
Dividend yield
|
4.8%
|
7.0%
|
|
Dividend payout ratio (b)
|
64%
|
82%
|
|
Price/earnings ratio (b)
|
13.5
|
11.8
|
|
Return on average common equity (b)
|
12.23%
|
11.82%
|
|
(a) End of period
(b) Excluding extraordinary items
|
Key Indicators
Operating
|
|
3 Mos. Ended Dec. 31, 1998
|
12 Mos. Ended Dec. 31, 1998
|
|
|
1998
|
1997
|
Percent Change
|
1998
|
1997
|
Percent Change
|
|
(millions of kwh)
|
|
|
|
|
|
|
|
Electricity delivered to retail customers (a)
|
7,933
|
7,851
|
1.0
|
32,137
|
32,964
|
0.5
|
|
Electricity supplied to retail customers (a)
|
7,794
|
7,786
|
0.1
|
31,645
|
31,899
|
-0.8
|
|
Wholesale energy sales
|
7,404
|
6,702
|
10.5
|
36,706
|
21,454
|
71.1
|
|
(a) Electricity delivered to retail customers represents the kwh delivered to customers within PP&L, Inc.'s service territory. Electricity supplied represents the kwh supplied to customers within and outside PP&L, Inc.'s service territory (including sales by PP&L, Inc.'s retail marketing function). A customer within PP&L, Inc.'s service territory participating in the pilot program had its energy delivered by PP&L, Inc., however they had a choice as to their electricity supplier.
|
|