Extract
Allegheny Energy Reports Second Quarter 2005 Results.
GREENSBURG, Pa. -- Allegheny Energy, Inc. (NYSE:AYE) today announced a consolidated net loss of $18.4 million, or $0.12 per diluted share, for the second quarter of 2005, compared with a net loss of $39.5 million, or $0.31 per diluted share, for the same period in 2004.
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 $12.7 million, or $0.08 per diluted share, for the second quarter of 2005. The adjusted 2005 results exclude costs of $47.2 million (pre-tax) related to an April 2005 tender offer for the company's 11 7/8% convertible trust preferred securities, $11.2 million (pre-tax) received from a former trading executive's forfeited assets and insurance proceeds of $6.7 million (pre-tax) related to the 2004 extended outage at the Hatfield's Ferry power station. Also excluded is a $12.3 million after-tax loss from discontinued operations. For the second quarter of 2004, the adjusted net loss from continuing operations was $26.2 million, or $0.21 per diluted share. The 2004 adjusted results exclude a loss of $11.7 million (pre-tax) on the release of gas pipeline capacity and a $6.6 million after-tax loss from discontinued operations. A reconciliation of these non-GAAP financial measures to results reported in accordance with GAAP is attached to this release. "Our core operations delivered solid results for the second quarter," said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. "We also made progress in ref...See the full content of this document
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