/FIRST AND FINAL ADD -- LAW061 -- Edison International Earnings --
Part II/ Edison International Reports Financial Results for the
Third Quarter of 2003 ? Part II EDISON INTERNATIONAL SUMMARY OF
CONSOLIDATED EARNINGS (UNAUDITED) IN MILLIONS, EXCEPT PER-SHARE
AMOUNTS QUARTER ENDED SEPT. 30, YEAR TO DATE SEPT. 30,
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2003 2002 2003 2002
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ELECTRIC UTILITY $2,794 $2,713 $6,994 $6,754 NONUTILITY POWER
GENERATION 1,014 954 2,412 2,164 FINANCIAL SERVICES AND OTHER 25 39
73 102
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TOTAL OPERATING REVENUE 3,833 3,706 9,479 9,020
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FUEL 386 354 1,013 890 PURCHASED POWER 1,013 780 2,187 1,615
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES ? NET 332 738 1,141
1,052 OTHER OPERATION AND MAINTENANCE 842 759 2,450 2,298 ASSET
IMPAIRMENT ? 86 251 86 DEPRECIATION, DECOMMISSIONING AND
AMORTIZATION 286 256 826 759 PROPERTY AND OTHER TAXES 54 35 156 110
NET GAIN ON SALE OF UTILITY PLANT (5) (6) (5) (6)
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TOTAL OPERATING EXPENSES 2,908 3,002 8,019 6,804
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OPERATING INCOME 925 704 1,460 2,216 INTEREST AND DIVIDEND INCOME
21 48 114 226 EQUITY IN INCOME FROM PARTNERSHIPS AND UNCONSOLIDATED
SUBSIDIARIES ? NET 158 113 278 207 OTHER NONOPERATING INCOME 19 8
73 32 INTEREST EXPENSE ? NET OF AMOUNTS CAPITALIZED (315) (306)
(904) (981) OTHER NONOPERATING DEDUCTIONS (20) (19) (72) (52)
DIVIDENDS ON PREFERRED SECURITIES SUBJECT TO MANDATORY REDEMPTION ?
(27) (56) (83) DIVIDENDS ON UTILITY PREFERRED STOCK NOT SUBJECT TO
MANDATORY REDEMPTION (1) (1) (4) (4)
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INCOME FROM CONTINUING OPERATIONS BEFORE TAX 787 520 889 1,561
INCOME TAX 287 175 304 482
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INCOME FROM CONTINUING OPERATIONS 500 345 585 1,079 INCOME FROM
DISCONTINUED OPERATIONS ? NET OF TAX 44 7 48 22
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INCOME BEFORE ACCOUNTING CHANGE 544 352 633 1,101 CUMULATIVE EFFECT
OF ACCOUNTING CHANGE ? NET OF TAX ? ? (9) ?
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NET INCOME $544 $352 $624 $1,101 WEIGHTED-AVERAGE SHARES OF COMMON
STOCK OUTSTANDING 326 326 326 326 BASIC EARNINGS PER SHARE:
CONTINUING OPERATIONS $1.53 $1.06 $1.80 $3.31 DISCONTINUED
OPERATIONS 0.14 0.02 0.15 0.07 CUMULATIVE EFFECT OF ACCOUNTING
CHANGE ? ? (0.03) ? ----- ----- ----- ----- TOTAL $1.67 $1.08 $1.92
$3.38 ===== ===== ===== ===== WEIGHTED-AVERAGE SHARES, INCLUDING
EFFECT OF DILUTIVE SECURITIES 330 329 330 329 DILUTED EARNINGS PER
SHARE: CONTINUING OPERATIONS $1.52 $1.05 $1.77 $3.28 DISCONTINUED
OPERATIONS 0.13 0.02 0.15 0.07 CUMULATIVE EFFECT OF ACCOUNTING
CHANGE ? ? (0.03) ? ----- ----- ----- ----- TOTAL $1.65 $1.07 $1.89
$3.35 ===== ===== ===== ===== DIVIDENDS DECLARED PER COMMON SHARE
$- $- $- $- EDISON INTERNATIONAL Financial Overview September 30,
2003 UNAUDITED --------- Dollars in Millions, Except Per-Share
Amounts EDISON INTERNATIONAL (Consolidated Totals)
----------------------------------------- Third Quarter
Year-to-Date ------------- ------------ 2003 2002 2003 2002 ----
---- ---- ---- Assets $35,622 $33,873 $35,622 $33,873 Common Equity
$5,213 $4,417 $5,213 $4,417 Revenue* $3,833 $3,706 $9,479 $9,020
Earnings** $544 $352 $624 $1,101 Earnings Per Share** $1.67 $1.08
$1.92 $3.38 Book Value Per Share $16.00 $13.56 $16.00 $13.56
*excludes discontinued operations **includes parent company and
discontinued operations SOUTHERN CALIFORNIA EDISON (Electric
Utility) -------------------------------------------- Third Quarter
Year-to-Date ------------- ------------ 2003 2002 2003 2002 ----
---- ---- ---- Assets $20,322 $19,356 $20,322 $19,356 Common Equity
$5,092 $4,238 $5,092 $4,238 Revenue $2,794 $2,713 $6,994 $6,754
Earnings $374 $234 $700 $1,075 Earnings Per Share $1.15 $0.72 $2.15
$3.30 EDISON MISSION ENERGY (Nonutility Power Generation)
-------------------------------------------------- Third Quarter
Year-to-Date ------------- ------------ 2003 2002 2003 2002 ----
---- ---- ---- Assets $11,878 $11,092 $11,878 $11,092 Common
Equity* $1,849 $1,693 $1,849 $1,693 Revenue** $1,014 $954 $2,412
$2,164 Earnings (Loss) $200 $149 $17 $116 Earnings (Loss) Per Share
$0.61 $0.46 $0.05 $0.36 *includes discontinued operations in 2002
only **excludes discontinued operations EDISON CAPITAL (Capital and
Financial Services Provider)
------------------------------------------------------- Third
Quarter Year-to-Date ------------- ------------ 2003 2002 2003 2002
---- ---- ---- ---- Assets $3,543 $3,694 $3,543 $3,694 Common
Equity $824 $807 $824 $807 Revenue $22 $35 $65 $81 Earnings $14 $27
$41 $58 Earnings Per Share $0.04 $0.08 $0.13 $0.18 SOUTHERN
CALIFORNIA EDISON kWh Sales (In thousands) September 30, 2003
QUARTER ENDED SEPTEMBER 30, 2003 --------------------------------
INCREASE/(DECREASE) FROM KwH LAST YEAR %
---------------------------------------- RESIDENTIAL 8,653,763
1,161,606 15.50 AGRICULTURAL 408,013 (29,107) (6.66) COMMERCIAL
10,504,257 580,870 5.85 INDUSTRIAL 2,778,945 (172,165) (5.83)
PUBLIC AUTHORITIES 1,698,502 (664) (0.04) RAILROADS & RAILWAYS
15,653 (247) (1.55) INTERDEPARTMENTAL 142 52 57.78 SALES TO
ULTIMATE CONSUMERS 24,059,275 1,540,345 6.84
------------------------- RESALE SALES 3,193,176 3,167,068 *
------------------------- TOTAL KWH SALES 27,252,451 4,707,413
20.88 ========================= *over 200% NINE MONTHS ENDED
SEPTEMBER 30, 2003 INCREASE/(DECREASE) FROM KwH LAST YEAR %
---------------------------------------- RESIDENTIAL 26,546,508
1,495,398 5.97 AGRICULTURAL 1,075,673 (110,473) (9.31) COMMERCIAL
36,598,161 1,383,599 3.93 INDUSTRIAL 10,935,753 (750,956) (6.43)
PUBLIC AUTHORITIES 6,061,984 (49,954) (0.82) RAILROADS &
RAILWAYS 61,821 820 1.34 INTERDEPARTMENTAL 378 78 26.00 SALES TO
ULTIMATE CONSUMERS 81,280,278 1,968,512 2.48
------------------------- RESALE SALES 7,831,085 7,804,001 * TOTAL
KWH SALES 89,111,363 9,772,513 12.32 =========================
*over 200% END FIRST AND FINAL ADD DATASOURCE: Edison International
CONTACT: Edison International, +1-626-302-1033 Web site:
http://www.edison.com/
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