Consolidated Statements of Operations - 2003 Annual Report - Duke Energy
Duke Energy

Consolidated Statements of Operations

  Years Ended December 31,
2003   2002   2001
(In millions,
except per-share amounts)
Operating Revenues                
Non-regulated electric, natural gas, natural gas liquids,
   and other		 $

14,561

   $

9,109

   $

12,405
Regulated electric  

5,026

    

4,880

    

5,088
Regulated natural gas  

2,942

    

2,200

    

922
Total operating revenues  

22,529

    

16,189

    

18,415
Operating Expenses  

 

    

 

    

 
Natural gas and petroleum products purchased  

11,568

    

5,436

    

6,986
Fuel used in electric generation and purchased power  

2,087

    

2,191

    

2,022
Operation and maintenance  

3,959

    

3,441

    

3,991
Depreciation and amortization  

1,803

    

1,515

    

1,262
Property and other taxes  

527

    

535

    

431
Impairment and other related charges  

2,956

    

364

    

—
Impairment of goodwill  

254

    

—

    

36
Total operating expenses  

23,154

    

13,482

    

14,728
(Losses) Gains on Sales of Other Assets, net  

(199)

    

32

    

238
Operating (Loss) Income  

(824)

    

2,739

    

3,925
Other Income and Expenses  

 

    

 

    

 
Equity in earnings of unconsolidated affiliates  

123

    

218

    

164
Gains on sales of equity investments  

279

    

32

    

—
Other income and expenses, net  

154

    

129

    

147
Total other income and expenses  

556

    

379

    

311
Interest Expense  

1,380

    

1,097

    

760
Minority Interest Expense  

64

    

115

    

327
(Loss) Earnings From Continuing Operations Before
   Income Taxes		  

(1,712)

    

1,906

    

3,149
Income Tax (Benefit) Expense From Continuing Operations  

(707)

    

611

    

1,150
(Loss) Income From Continuing Operations  

(1,005)

    

1,295

    

1,999
Discontinued Operations  

 

    

 

    

 
Net operating loss, net of tax  

(27)

    

(261)

    

(5)
Net loss on dispositions, net of tax  

(129)

    

—

    

—
Loss From Discontinued Operations  

(156)

    

(261)

    

(5)
(Loss) Income Before Cumulative Effect of Change in
   Accounting Principle		  

(1,161)

    

1,034

    

1,994
Cumulative Effect of Change in Accounting Principle,
   net of tax and minority interest		  

(162)

    

—

    

(96)
Net (Loss) Income  

(1,323)

    

1,034

    

1,898
Dividends and Premiums on Redemption of Preferred
   and Preference Stock		  

15

    

13

    

14
(Loss) Earnings Available For Common Stockholders $

(1,338)

   $

1,021

   $

1,884
Common Stock Data  

 

    

 

    

 
Weighted-average shares outstanding  

903

    

836

    

767
(Loss) Earnings per share (from continuing operations)  

 

    

 

    

 
Basic $

(1.13)

   $

1.53

   $

2.59
Diluted $

(1.13)

   $

1.53

   $

2.57
Loss per share (from discontinued operations)  

 

    

 

    

 
Basic $

(0.17)

   $

(0.31)

   $

(0.01)
Diluted $

(0.17)

   $

(0.31)

   $

(0.01)
(Loss) Earnings per share (before cumulative effect of
   change in accounting principle)		  

 

    

 

    

 
Basic $

(1.30)

   $

1.22

   $

2.58
Diluted $

(1.30)

   $

1.22

   $

2.56
(Loss) Earnings per share  

 

    

 

    

 
Basic $

(1.48)

   $

1.22

   $

2.45
Diluted $

(1.48)

   $

1.22

   $

2.44
Dividends per share $

1.10

   $

1.10

   $

1.10

See Notes to Consolidated Financial Statements.