Consolidated Statements of Operations - 2004 Annual Report - Duke Energy
Duke Energy

Consolidated Statements of Operations

  Years Ended December 31
(In millions, except per-share amounts)

2004

  

2003

  

2002
Operating Revenues                
Non-regulated electric, natural gas, natural gas liquids
   and other 		$

14,275

  $

14,178

  $

8,780

Regulated electric  

5,111

   

4,960

   

4,880

Regulated natural gas  

3,117

   

2,942

   

2,200

Total operating revenues  

22,503

   

22,080

   

15,860

Operating Expenses  

 

    

 

    

 
Natural gas and petroleum products purchased  

11,335

   

11,419

   

5,360

Operation, maintenance and other  

3,568

   

3,796

   

3,304

Fuel used in electric generation and purchased power  

2,098

   

2,075

   

2,191

Depreciation and amortization  

1,851

   

1,792

   

1,506

Property and other taxes  

539

   

526

   

533

Impairments and other related charges  

65

   

2,956

   

364

Impairment of goodwill  

—

   

254

   

—

Total operating expenses  

19,456

   

22,818

   

13,258

Gains on Sales of Investments in Commercial and
   Multi-Family Real Estate 		 

192

   

84

   

106

(Losses) Gains on Sales of Other Assets, net  

(225)

   

(199)

   

32

Operating Income (Loss)  

3,014

   

(853)

   

2,740

Other Income and Expenses  

 

    

 

    

 
Equity in earnings of unconsolidated affiliates  

161

   

123

   

218

(Losses) Gains on sales and impairments of equity investments  

(4)

   

279

   

32

Other income and expenses, net  

145

   

182

   

129

Total other income and expenses  

302

   

584

   

379

Interest Expense  

1,349

   

1,380

   

1,097

Minority Interest Expense  

195

   

61

   

116

Earnings (Loss) From Continuing Operations Before
   Income Taxes 		 

1,772

   

(1,710)

   

1,906

Income Tax Expense (Benefit) from Continuing Operations  

540

   

(707)

   

611

Income (Loss) From Continuing Operations  

1,232

   

(1,003)

   

1,295

Discontinued Operations  

 

    

 

    

 
Net operating loss, net of tax  

(10)

   

(27)

   

(261)

Net gain (loss) on dispositions, net of tax  

268

   

(131)

   

—

Income (Loss) From Discontinued Operations  

258

   

(158)

   

(261)

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

1,490

   

(1,161)

   

1,034

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

—

   

(162)

   

—

Net Income (Loss)  

1,490

   

(1,323)

   

1,034

Dividends and Premiums on Redemption of Preferred and
   Preference Stock 		 

9

   

15

   

13

Earnings (Loss) Available For Common Stockholders $

1,481

  $

(1,338)

  $

1,021

 
Common Stock Data 		 

 

    

 

    

 
Weighted-average shares outstanding  

931

   

903

   

836

Earnings (Loss) per share (from continuing operations)  

 

    

 

    

 
Basic $

1.31

  $

(1.13)

  $

1.53

Diluted $

1.27

  $

(1.13)

  $

1.53

Earnings (Loss) per share (from discontinued operations)  

 

    

 

    

 
Basic $

0.28

  $

(0.17)

  $

(0.31)

Diluted $

0.27

  $

(0.17)

  $

(0.31)

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

 

    

 

    

 
Basic $

1.59

  $

(1.30)

  $

1.22

Diluted $

1.54

  $

(1.30)

  $

1.22

Earnings (Loss) per share  

 

    

 

    

 
Basic $

1.59

  $

(1.48)

  $

1.22

Diluted $

1.54

  $

(1.48)

  $

1.22

Dividends per share $

1.10

  $

1.10

  $

1.10