Allegheny Energy Reports Fourth-Quarter and Full-Year 2004 Results.
Business Wire › February 17, 2005
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Allegheny Energy Reports Fourth-Quarter and Full-Year 2004 Results.
GREENSBURG, Pa. -- Allegheny Energy, Inc. (NYSE:AYE) today announced consolidated net income of $72.4 million, or $0.48 per diluted share, for the fourth quarter of 2004, compared with a net loss of $13.7 million, or $0.11 per share, for the same period in 2003.
Results for the fourth quarter of 2004 include a one-time gain of $59.4 million (after-tax) for the sale of an equity interest and power rights in the Ohio Valley Electric Corporation (OVEC). To provide a better understanding of core results and trends, Allegheny Energy also reported adjusted financial results, which are non-GAAP financial measures. Adjusted net income from continuing operations was $30.0 million, or $0.22 per share, for the fourth quarter of 2004. These adjusted results exclude the OVEC gain ($94.8 million, pre-tax), a $9.2 million (pre-tax) charge for accelerated amortization of deferred financing costs and a $3.9 million (pre-tax) charge for employee severance costs. For the fourth quarter of 2003, the adjusted net loss from continuing operations was $17.7 million, or a loss of $0.14 per diluted share. The 2003 adjusted results exclude income of $19.9 million (pre-tax) resulting from a payment to Allegheny in connection with a hydro generation facility. A reconciliation of these non-GAAP financial measures to results reported in accordance with GAAP is attached to this release. "We ended 2004 with a solid fourth quarter," said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. "We earned a profit on core operations, completed the sale of two non-strategic asset...See the full content of this document
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