(Dollars in Millions Except Per Share Data)

1999

 

1998

Percent 
Increase 
(Decrease)

Total Operating Revenues

$

2,808.4 

$

2,576.4 

9.0 

Total Operating Expenses

$

2,333.8 

$

2,136.9 

9.2 

Operating Income

$

474.6 

$

439.5 

8.0 

Consolidated Income Before
  Extraordinary and Other Charges

$

307.2 

$

286.7 

7.2 

Extraordinary Charges, Net*

$

(27.0)

$

(275.4)

 

Other Charges**

$

(21.8)

$

(23.7)

 

Consolidated Net Income (Loss)

$

258.4 

$

(12.4)

 

Average Number of
  Common Shares Outstanding

 116,237,443 

 122,436,317 

 (5.1)

Basic and Diluted Earnings
  Per Average Share Before Extraordinary and Other Charges

$

2.64 

$

2.34 

 12.8 

Extraordinary Charges, Net*

$

(.23)

$

(2.25)

 

Other Charges**

$

(.19)

$

(.19)

 

Consolidated Net Income (Loss)

$

2.22 

$

(.10)

 

Dividends Paid Per Share

$

1.72 

$

1.72 

 

    

* 

Extraordinary charges, net of taxes, in connection with deregulation proceedings in Maryland and Pennsylvania and costs associated with the reacquisition of first mortgage bonds related to securitization of Pennsylvania stranded costs.
 

** 

1999 write-off of merger-related costs, net of taxes, of $11.8 million and a long dormant pumped-storage generation project, net of taxes, of $10.0 million. 1998 charge for the Pennsylvania restructuring settlement, net of taxes, of $23.7 million.

 

       
   
 

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