For Immediate Release
Contact
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
Basic Earnings (Loss) Per Share:
Utility Operations
$0.04
($0.02)
$1.80
$1.46
Contract Termination Fee
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:
$1.89
Average Common Shares Outstanding:
Basic
118,527,000
118,511,000
118,503,000
Diluted
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
$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
