Pepco Declares Dividend and Reports First Quarter Earnings Dividends
Wednesday, April 28, 1999
For Immediate Release
Following the Annual Meeting of shareholders of Potomac Electric Power Company, the Board of Directors today declared a quarterly dividend on common stock of 41- ½ cents per share payable
June 30, 1999, to shareholders of record on June 10, 1999. Dividends on preferred stock were declared payable June 1, 1999, to shareholders of record on May 10, 1999.
Earnings
At the Company’s Annual Meeting earlier in the day, President and Chief Executive Officer John M. Derrick, Jr. announced consolidated earnings per share of 20 cents for the first quarter of 1999, compared with earnings of 3 cents per share in the first quarter of the previous year. For the 12 months ended March 31, 1999, consolidated earnings per share were $1.93 compared with earnings of $1.26 in the same period of the previous year.
Results from operations were:
| Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||
| 1999 | 1998 | 1999 | 1998 | ||||
| Basic Earnings (Loss) Per Share: | |||||||
| Utility Operations | $0.04 | ($0.02) | $1.80 | $1.46 | |||
| Contract Termination Fee | 0.12 | - | 0.12 | - | |||
| Preferred Stock Redemption | |||||||
| Premium | - | - | (0.06) | - | |||
| Severance Costs | - | - | (0.04) | - | |||
| Write-off of Merger Costs | - | - | - | (0.28) | |||
| ____ | ____ | _____ | ____ | ||||
| Net Utility Operations | 0.16 | (0.02) | 1.82 | 1.18 | |||
| Nonutility Subsidiary | 0.04 | 0.05 | 0.11 | 0.08 | |||
| Consolidated | $0.20 | $0.03 | $1.93 | $1.26 | |||
| Diluted Earnings Per Share: | |||||||
| Consolidated | $0.20 | $0.03 | $1.89 | $1.26 | |||
| Average Common Shares Outstanding: | |||||||
| Basic | 118,527,000 | 118,511,000 | 118,527,000 | 118,503,000 | |||
| Diluted | 118,527,000 | 118,511,000 | 124,243,000 | 124,280,000 | |||
| Operating Revenue | $394,596,000 | $369,843,000 | $1,910,833,000 | $1,806,186,000 | |||
| Total Revenue | $428,989,000 | $380,389,000 | $2,112,527,000 | $1,854,839,000 | |||
| Operating Income | $44,287,000 | $35,871,000 | $362,698,000 | $319,032,000 | |||
| Net Earnings from | |||||||
| Nonutility Subsidiary | $4,483,000 | $6,318,000 | $13,295,000 | $9,949,000 | |||
| Net Income | $25,994,000 | $7,532,000 | $244,809,000 | $166,380,000 | |||
| Earnings for Common Stock | $24,006,000 | $3,392,000 | $228,880,000 | $149,807,000 | |||
Point of Contact:
Makini Street
