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21. Quarterly Financial Data (Unaudited)
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 Print |
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(in millions, except per share data) |
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2002 |
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Operating revenues |
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$ |
3,227 |
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$ |
3,698 |
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$ |
3,982 |
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$ |
4,756 |
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$ |
15,663 |
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Operating income |
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682 |
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889 |
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|
536 |
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393 |
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2,500 |
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EBIT |
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761 |
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1,047 |
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|
668 |
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393 |
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2,869 |
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Net income (loss) |
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382 |
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474 |
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230 |
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(52 |
) |
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1,034 |
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Earnings (loss) per share |
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Basic |
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$ |
0.48 |
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$ |
0.57 |
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$ |
0.27 |
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$ |
(0.06 |
) |
$ |
1.22 |
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Diluted |
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$ |
0.48 |
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$ |
0.56 |
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$ |
0.27 |
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$ |
(0.06 |
) |
$ |
1.22 |
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2001 |
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Operating revenues |
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$ |
5,553 |
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$ |
4,127 |
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$ |
4,552 |
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$ |
3,965 |
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$ |
18,197 |
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Operating income |
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1,177 |
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|
823 |
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1,414 |
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|
527 |
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3,941 |
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EBIT |
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1,254 |
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|
902 |
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1,529 |
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571 |
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4,256 |
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Income before cumulative effect
of change in accounting principle |
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554 |
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419 |
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796 |
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225 |
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1,994 |
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Net income |
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458 |
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419 |
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796 |
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225 |
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1,898 |
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Earnings per share (before
cumulative effect of change
in accounting principle) |
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Basic |
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$ |
0.74 |
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$ |
0.54 |
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$ |
1.02 |
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$ |
0.29 |
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$ |
2.58 |
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Diluted |
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$ |
0.73 |
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$ |
0.53 |
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$ |
1.01 |
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$ |
0.28 |
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$ |
2.56 |
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Earnings per share |
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Basic |
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$ |
0.61 |
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$ |
0.54 |
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$ |
1.02 |
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$ |
0.29 |
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$ |
2.45 |
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Diluted |
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$ |
0.60 |
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$ |
0.53 |
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$ |
1.01 |
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$ |
0.28 |
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$ |
2.44 |
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During the third quarter of 2002, Duke Energy recorded the following: charges at DENA for the termination of certain turbines on order and the write-down of other uninstalled turbines of $121 million (see Note 9), the partial write-off of site development costs (primarily in California) of $31 million (see Note 9), partial impairment of a merchant plant of $31 million (see Note 9), and demobilization costs related to the deferral of DENA merchant power projects of $12 million; charges of $91 million at International Energy for the write-off of site-development costs and the write-down of uninstalled turbines, primarily related to planned energy plants in Brazil (see Note 9); and severance charges of $33 million for work force reductions.
During the fourth quarter of 2002, Duke Energy recorded the following: expenses at Franchised Electric associated with a December 2002 ice storm of $89 million, and a charge of $19 million for settlements with the NCUC and PSCSC (see Note 4); charges at DENA for information technology systems write-offs of $24 million (see Note 9), and demobilization costs related to the deferral of DENA merchant power projects of $10 million; impairment of goodwill at International Energy’s European trading and marketing business of $194 million (see Note 9); asset impairments at Field Services of $40 million ($28 million at Duke Energy’s 70% share) (see Note 9); and severance charges of $70 million for work force reductions.
During the fourth quarter of 2001, Duke Energy recorded a $43 million provision for non-collateralized accounting exposure to Enron, as well as a $36 million reduction in unbilled revenue receivables resulting from a refinement in the estimates used to calculate unbilled kilowatt-hour sales.
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