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For Immediate Release

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Pepco Declares Dividend and Reports First Quarter Earnings Dividends

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

© Potomac Electric Power Company, 2019. All Rights Reserved.