EX-99.1 2 dex991.htm EDISON INTERNATIONAL PRESS RELEASE Edison International Press Release

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Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE    Media relations contact:
   Charles Coleman, (626) 302-7982
   Investor relations contact:
   Scott Cunningham, (626) 302-2540

Edison International Reports Second Quarter 2009 Results

ROSEMEAD, Calif., August 7, 2009 – Edison International (NYSE: EIX) today reported a second quarter 2009 GAAP loss of $0.05 per share. The loss includes a $0.81 per share charge from finalizing a global settlement with the Internal Revenue Service in May 2009 and the related termination of cross-border, leveraged leases (the “overall tax settlement”). The overall tax settlement resolves numerous federal income tax issues dating back to 1986.

Excluding the overall tax settlement charge and other non-core items, second quarter 2009 core earnings were $0.78 per share, or $0.01 per share less than the second quarter 2008. The core earnings decline is attributable to lower results at Edison Mission Group (EMG) offset largely by higher results at Southern California Edison (SCE).

“Although not reflected in our reported earnings, our second quarter core earnings are on track with our expectations for the quarter,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International. “We established several key milestones to accomplish this year and are pleased with the progress to date such as the completion of the global tax settlement with the IRS which removes a major uncertainty for investors.”

Second Quarter Earnings Detail

SCE’s second quarter 2009 GAAP earnings from continuing operations were $1.53 per share and core earnings were $0.61 per share compared to $0.48 per share GAAP earnings from continuing operations and core earnings in the same quarter last year. The increase in core earnings was primarily due to higher operating income associated with the 2009 General Rate Case (GRC) and lower operating expenses due mainly to timing differences. SCE second quarter 2009 core earnings exclude the impact of the overall tax settlement.

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Note: GAAP earnings and losses refer to net income or losses attributable to Edison International and GAAP earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance.

Edison International Reports Second Quarter 2009 Financial Results

Page 2 of 13

 

EMG reported a GAAP loss from continuing operations of $1.69 per share in the second quarter of 2009 and core earnings of $0.19 per share compared to GAAP earnings from continuing operations and core earnings of $0.34 per share in the second quarter of 2008. Core earnings declined primarily from lower income at Midwest Generation and gas-fired projects driven by lower energy and natural gas prices, lower trading income and lower earnings at Edison Capital, partially offset by improved earnings at the Homer City plant. Second quarter 2009 results also include a $0.06 per share gain on the sale of Edison Capital’s Midland Cogeneration Ventures lease; a $0.07 per share gain on sale of Edison Capital’s Beaver Valley lease is included in the second quarter 2008 results. Second quarter 2009 EMG core earnings exclude the impact of the overall tax settlement and discontinued operations.

Edison International parent company and other second quarter 2009 GAAP earnings from continuing operations were $0.13 per share and core losses were $0.02 per share compared to a $0.03 per share GAAP loss from continuing operations and core loss in the second quarter of 2008. Second quarter 2009 Edison International parent company and other core results exclude the impact of the overall tax settlement.

Year-to-Date Earnings Summary

Edison International reported GAAP earnings of $0.72 per share for the six-month period ending June 30, 2009, compared to $1.70 per share for the same period last year. Excluding the impact of the overall tax settlement and discontinued operations, core earnings for the first six months of 2009 were $1.58 per share, compared to $1.72 per share in the same period in 2008.

Year-to-Date Earnings Detail

SCE’s GAAP earnings from continuing operations in the first half of 2009 were $2.17 per share and core earnings were $1.25 per share compared to $0.94 per share GAAP earnings from continuing operations and core earnings in the same period last year. This increase reflects higher operating income related to the GRC decision and lower operating expenses due mainly to timing differences. SCE’s first half 2009 core earnings exclude the impact of the overall tax settlement.

EMG’s GAAP loss from continuing operations through June 30, 2009 was $1.55 per share compared to GAAP earnings from continuing operations of $0.84 per share in the same period last year. Year-to-date core earnings were $0.37 per share compared to $0.84 per share in the same period last year. This decrease reflects lower income at Midwest Generation and gas-fired projects driven by lower energy and natural gas prices, lower trading income, lower earnings at Edison Capital and a favorable buy-out of a coal contract at Midwest Generation in 2008. Partially off-setting these decreases were improved earnings at the Homer City plant. EMG’s core earnings in the first half of 2009 exclude the impacts of the overall tax settlement together with discontinued operations.

Edison International parent company and other GAAP earnings from continuing operations in the first half of 2009 were $0.11 per share and core losses were $0.04 per share compared to a $0.06 per share GAAP loss from continuing operations and core loss in the same period last year. The core loss in the first half of 2009 excludes the impact of the overall tax settlement.

 

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Edison International Reports Second Quarter 2009 Financial Results

Page 3 of 13

 

2009 Earnings Guidance

Previously announced core earnings guidance of $2.90—$3.20 per share is reaffirmed. The company has updated its prior GAAP earnings guidance to a range of $2.18 to $2.48 per share to reflect the actual charge of $0.85 per share associated with the overall tax settlement and other expected non-core items. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.

Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance1

 

Core Earnings Per Share1

   

2009 Earnings Guidance

as of May 8, 2009

   

2009 Earnings Guidance

Updated August 7, 2009

EIX core earnings

    $ 2.90 - $ 3.20    $ 2.90 - $ 3.20

Non-core items

    (0.92) - (0.69)    (0.72)
         

EIX GAAP earnings

    $ 1.98 - $ 2.51    $ 2.18 - $ 2.48
         

 

1

See Use of Non-GAAP Financial Measures on page 4. GAAP earnings refer to basic earnings per common share attributable to Edison International common shareholders. The expected impact of participating securities is $(0.02) per share and is included in EIX parent company and other.

About Edison International

Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

 

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Edison International Reports Second Quarter 2009 Financial Results

Page 4 of 13

 

Appendix

Use of Non-GAAP Financial Measures, Conference Call Information,

Risk Disclosure Statement and Financial Schedules

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and EPS by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and EPS by principal operating subsidiary as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as it allows us to more accurately compare the company’s ongoing performance across periods. Core earnings exclude discontinued operations and other non-core items and are reconciled to GAAP earnings.

Earnings per share (EPS) by principal operating subsidiary is based on the principal operating subsidiary net income attributable to the common shareholders of each operating subsidiary, respectively, and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company and other. EPS and core EPS by principal operating subsidiary are reconciled to GAAP EPS.

Reminder: Edison International Will Hold a Conference Call Today

Today, Edison International will hold a conference call to discuss its second quarter 2009 financial results at 8 a.m. (Pacific Time). Two-way participation in the telephone call is limited to financial analysts and investors, while all other interested parties are invited to participate in a simultaneous webcast at www.edisoninvestor.com. A presentation accompanying management’s comments on the conference call will be available on the web site as well at www.edisoninvestor.com. The domestic call-in number is (888) 889-2168 and the number for international callers is (773) 681-5951. The ID is “Edison”. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through August 14, 2009 at the following numbers: (866) 373-9229 for callers in the United States and (203) 369-0281 for international callers. Replay passcode is 80709.

Risk Disclosure Statement

Statements contained in this news release about future performance, including, without limitation, earnings, asset and rate base growth, load growth, capital investments and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s 2008 Form 10-K and other reports filed with the Securities and Exchange Commission and are available on our Web site at www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.

Edison International Reports Second Quarter 2009 Financial Results

Page 5 of 13

 

Summary Financial Schedules

Second Quarter GAAP Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Quarter Ended
June 30,		     Change  
   2009     2008    

SCE

    $ 1.53      $ 0.48      $ 1.05   

EMG

      (1.69 )      0.34        (2.03 ) 

EIX parent company and other

      0.13        (0.03 )      0.16   
                        

EIX GAAP earnings (loss) from continuing operations

      (0.03 )      0.79        (0.82 ) 
                        

EIX GAAP loss from discontinued operations

      (0.02 )      —          (0.02 ) 
                        

EIX GAAP earnings (loss)1

    $ (0.05 )    $ 0.79      $ (0.84 ) 
                        

EIX diluted earnings (loss)

    $ (0.05 )    $ 0.79      $ (0.84 ) 
                        

 

1 The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for the quarter ended June 30, 2009 and $(0.01) per share for the quarter ended June 30, 2008.

Second Quarter Reconciliation of Core Earnings Per Share to GAAP Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Quarter Ended
June 30,		     Change  
   2009     2008    

Core Earnings1

       

SCE

    $ 0.61      $ 0.48      $ 0.13   

EMG

      0.19        0.34        (0.15 ) 

EIX parent company and other

      (0.02 )      (0.03 )      0.01   
                        

EIX core earnings

      0.78        0.79        (0.01 ) 
                        

Non-core items

       

Overall tax settlement

      (0.81 )      —          (0.81 ) 

SCE

    $  0.92       

EMG

       (1.88)       

EIX parent company and other

        0.15       

EMG – discontinued operations

      (0.02 )      —          (0.02 ) 
                           

Total non-core items

      (0.83 )      —          (0.83 ) 
                           

EIX GAAP earnings (loss)1

    $ (0.05 )    $ 0.79      $ (0.84 ) 
                           

 

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for the quarter ended June 30, 2009 and $(0.01) per share for the quarter ended June 30, 2008.

Edison International Reports Second Quarter 2009 Financial Results

Page 6 of 13

 

Second Quarter GAAP Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Quarter Ended
June 30,		     Change  
   2009     2008    

SCE

    $ 499      $ 157      $ 342   

EMG

      (551 )      112        (663 ) 

EIX parent company and other

      43        (7 )      50   
                        

EIX GAAP earnings (loss) from continuing operations

      (9 )      262        (271 ) 

EIX GAAP loss from discontinued operations

      (7 )      (1 )      (6 ) 
                        

EIX GAAP earnings (loss)

    $ (16 )    $ 261      $ (277 ) 
                        

Second Quarter Reconciliation of Core Earnings to GAAP Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Quarter Ended
June 30,		     Change  
   2009     2008    

Core Earnings1

       

SCE

    $ 199      $ 157      $ 42   

EMG

      61        112        (51 ) 

EIX parent company and other

      (7 )      (7 )      —     
                           

EIX core earnings

      253        262        (9 ) 
                           

Non-core items

       

Overall tax settlement

      (262 )      —          (262 ) 

SCE

    $  300       

EMG

       (612)       

EIX parent company and other

          50       

EMG – discontinued operations

      (7 )      (1 )      (6 ) 
                           

Total non-core items

      (269 )      (1 )      (268 ) 
                           

EIX GAAP earnings (loss)

    $ (16 )    $ 261      $ (277 ) 
                           
1 See Use of Non-GAAP Financial Measures on page 4.

Edison International Reports Second Quarter 2009 Financial Results

Page 7 of 13

 

Year-to-Date GAAP Earnings Per Share

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Year-to-Date
June 30,		     Change  
   2009     2008    

SCE

    $ 2.17      $ 0.94      $ 1.23   

EMG

      (1.55 )      0.84        (2.39 ) 

EIX parent company and other

      0.11        (0.06 )      0.17   
                        

EIX GAAP earnings from continuing operations

      0.73        1.72        (0.99 ) 
                        

EIX GAAP loss from discontinued operations

      (0.01 )      (0.02 )      0.01   
                        

EIX GAAP earnings1

   $ 0.72      $ 1.70      $ (0.98 ) 
                        

EIX diluted earnings

    $ 0.72      $ 1.69      $ (0.97 ) 
                        

 

1 The impact of participating securities is included in EIX parent company and other and was zero per share for the year-to-date ended June 30, 2009 and $(0.02) per share for the year-to-date ended June 30, 2008.

Year-to-Date Reconciliation of Core Earnings Per Share to GAAP Earnings

 

Earnings (Loss) Per Common Share

Attributable to Edison International (Unaudited)

    Year-to-date
June 30,		     Change  
   2009     2008    

Core Earnings1

          

SCE

    $ 1.25      $ 0.94      $ 0.31   

EMG

      0.37        0.84        (0.47 ) 

EIX parent company and other

      (0.04 )      (0.06 )      0.02   
                           

EIX core earnings

      1.58        1.72        (0.14 ) 
                           

Non-core items

          

Overall tax settlement

      (0.85 )      —          (0.85 ) 

SCE

    $  0.92       

EMG

       (1.92)       

EIX parent company and other

        0.15       

EMG – discontinued operations

      (0.01 )      (0.02 )      0.01   
                           

Total non-core items

      (0.86 )      (0.02 )      (0.84 ) 
                           

EIX GAAP earnings1

    $ 0.72      $ 1.70      $ (0.98 ) 
                           

 

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was zero per share for the year-to-date ended June 30, 2009 and $(0.02) per share for the year-to-date ended June 30, 2008.

Edison International Reports Second Quarter 2009 Financial Results

Page 8 of 13

 

Year-to-Date GAAP Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Year-to-Date
June 30,		     Change  
   2009     2008    

SCE

    $ 707      $ 307      $ 400   

EMG

      (506 )      271        (777 ) 

EIX parent company and other

      37        (13 )      50   
                        

EIX GAAP earnings from continuing operations

      238        565        (327 ) 

EIX GAAP loss from discontinued operations

      (4 )      (6 )      2   
                        

EIX GAAP earnings

    $ 234      $ 559      $ (325 ) 
                        

Year-to-Date Reconciliation of Core Earnings to GAAP Earnings

 

Earnings (Loss) (in millions)

Attributable to Edison International (Unaudited)

    Year-to-Date
June 30,		     Change  
   2009     2008    

Core Earnings1

          

SCE

    $ 407      $ 307      $ 100   

EMG

      118        271        (153 ) 

EIX parent company and other

      (13 )      (13 )      —     
                           

EIX core earnings

      512        565        (53 ) 
                           

Non-core items

          

Overall tax settlement

      (274 )      —          (274 ) 

SCE

    $  300       

EMG

       (624)       

EIX parent company and other

          50       

EMG – discontinued operations

      (4 )      (6 )      2   
                           

Total non-core items

      (278 )      (6 )      (272 ) 
                           

EIX GAAP earnings

    $ 234      $ 559      $ (325 ) 
                           
1 See Use of Non-GAAP Financial Measures on page 4.

 

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Edison International Reports Second Quarter 2009 Financial Results

Page 9 of 13

 

Edison International

Consolidated Statements of Income (Loss)

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  

In millions, except per-share amounts

    2009     2008     2009     2008  
     (Unaudited)  

Electric utility

    $ 2,272      $ 2,849      $ 4,460      $ 5,230   

Competitive power generation

      557        612        1,168        1,330   

Financial services and other

      5        16        18        31   
                                

Total operating revenue

      2,834        3,477        5,646        6,591   
                                

Fuel

      328        554        715        1,090   

Purchased power

      583        1,026        1,124        1,721   

Other operation and maintenance

      1,074        1,113        2,043        2,076   

Depreciation, decommissioning and amortization

      347        334        688        645   

Lease terminations and other

      866        (56 )      888        (73 ) 
                                

Total operating expenses

      3,198        2,971        5,458        5,459   
                                

Operating income (loss)

      (364 )      506        188        1,132   

Interest and dividend income

      17        22        27        36   

Equity in income (loss) from partnerships and unconsolidated subsidiaries – net

      6        9        (2 )      9   

Other nonoperating income

      30        23        58        49   

Interest expense – net of amounts capitalized

      (182 )      (165 )      (369 )      (336 ) 

Other nonoperating deductions

      (17 )      (14 )      (25 )      (26 ) 
                                

Income (loss) from continuing operations before income taxes

      (510 )      381        (123 )      864   

Income tax expense (benefit)

      (524 )      83        (402 )      244   
                                

Income from continuing operations

      14        298        279        620   

Loss from discontinued operations – net of tax

      (7 )      (1 )      (4 )      (6 ) 
                                

Net income

      7        297        275        614   

Less: Net income attributable to noncontrolling interests

      23        36        41        55   
                                

Net income (loss) attributable to Edison International

    $ (16 )    $ 261      $ 234      $ 559   
                                

Amounts attributable to Edison International common shareholders:

         

Income (loss) from continuing operations, net of tax

    $ (9 )    $ 262      $ 238      $ 565   

Loss from discontinued operations, net of tax

      (7 )      (1 )      (4 )      (6 ) 
                                

Net income (loss) attributable to Edison International common shareholders

    $ (16 )    $ 261      $ 234      $ 559   
                                

Weighted-average shares of common stock outstanding

      326        326        326        326   

Basic earnings (loss) per common share attributable to Edison International common shareholders:

         

Continuing operations

    $ (0.03 )    $ 0.79      $ 0.73      $ 1.72   

Discontinued operations

      (0.02 )      —          (0.01 )      (0.02 ) 
                                

Total

    $ (0.05 )    $ 0.79      $ 0.72      $ 1.70   
                                

Weighted-average shares, including effect of dilutive securities

      327        329        327        330   

Diluted earnings (loss) per common share attributable to Edison International common shareholders:

         

Continuing operations

    $ (0.03 )    $ 0.79      $ 0.73      $ 1.71   

Discontinued operations

      (0.02 )      —          (0.01 )      (0.02 ) 
                                

Total

    $ (0.05 )    $ 0.79      $ 0.72      $ 1.69   
                                

Dividends declared per common share

    $ 0.31      $ 0.305      $ 0.62      $ 0.61   

Edison International Reports Second Quarter 2009 Financial Results

Page 10 of 13

 

Edison International

Consolidated Balance Sheets

 

In millions

    June 30,
2009		     December 31,
2008		  
     (Unaudited)  

ASSETS

     

Cash and equivalents

    $ 2,701      $ 3,916   

Short-term investments

      5        7   

Receivables, less allowances of $41 and $39 for uncollectible accounts at respective dates

      946        1,006   

Accrued unbilled revenue

      505        328   

Inventory

      545        553   

Derivative assets

      377        327   

Restricted cash

      188        3   

Margin and collateral deposits

      133        105   

Regulatory assets

      334        605   

Deferred income taxes – net

      —          104   

Other current assets

      189        399   
                

Total current assets

      5,923        7,353   
                

Nonutility property – less accumulated depreciation of $2,161 and $2,019 at respective dates

      5,352        5,374   

Nuclear decommissioning trusts

      2,673        2,524   

Investments in partnerships and unconsolidated subsidiaries

      207        229   

Investments in leveraged leases

      166        2,467   

Other investments

      99        89   
                

Total investments and other assets

      8,497        10,683   
                

Utility plant, at original cost:

     

Transmission and distribution

      20,863        20,006   

Generation

      1,900        1,819   

Accumulated depreciation

      (5,573 )      (5,570 ) 

Construction work in progress

      2,308        2,454   

Nuclear fuel, at amortized cost

      273        260   
                

Total utility plant

      19,771        18,969   
                

Derivative assets

      632        244   

Restricted cash

      48        43   

Rent payments in excess of levelized rent expense under plant operating leases

      990        878   

Regulatory assets

      4,852        5,414   

Other long-term assets

      1,168        1,031   
                

Total long-term assets

      7,690        7,610   
                

Total assets

    $ 41,881      $ 44,615   
                

Edison International Reports Second Quarter 2009 Financial Results

Page 11 of 13

 

Edison International

Consolidated Balance Sheets

 

In millions, except share amounts

    June 30,
2009		    December 31,
2008
     (Unaudited)

LIABILITIES AND EQUITY

      

Short-term debt

    $ 77    $ 2,143

Long-term debt due within one year

      382      174

Accounts payable

      833      1,031

Accrued taxes

      212      590

Accrued interest

      219      187

Customer deposits

      239      228

Book overdrafts

      177      224

Derivative liabilities

      140      178

Regulatory liabilities

      948      1,111

Deferred income taxes – net

      132      —  

Other current liabilities

      721      831
             

Total current liabilities

      4,080      6,697
             

Long-term debt

      11,276      10,950
             

Deferred income taxes – net

      4,269      5,717

Deferred investment tax credits

      198      109

Customer advances

      126      137

Derivative liabilities

      556      776

Pensions and benefits

      2,952      2,860

Asset retirement obligations

      3,131      3,042

Regulatory liabilities

      2,635      2,481

Other deferred credits and other long-term liabilities

      1,886      1,137
             

Total deferred credits and other liabilities

      15,753      16,259
             

Total liabilities

      31,109      33,906
             

Commitments and contingencies

      

Common stock, no par value (325,811,206 shares outstanding at each date)

      2,285      2,272

Accumulated other comprehensive income

      204      167

Retained earnings

      7,101      7,078
             

Total Edison International’s common shareholders’ equity

      9,590      9,517

Noncontrolling interests – other

      275      285

Preferred and preference stock of utility not subject to mandatory redemption

      907      907
             

Total equity

      10,772      10,709
             

Total liabilities and equity

    $ 41,881    $ 44,615
             

Edison International Reports Second Quarter 2009 Financial Results

Page 12 of 13

 

Edison International

Consolidated Statements of Cash Flows

 

     Six Months Ended
June 30,		  

In millions

    2009     2008  
     (Unaudited)  

Cash flows from operating activities:

     

Net income

    $ 275      $ 614   

Loss from discontinued operations

      4        6   
                

Income from continuing operations

      279        620   

Adjustments to reconcile to net cash provided by operating activities:

     

Depreciation, decommissioning and amortization

      688        645   

Regulatory impacts of net nuclear decommissioning trust earnings

(reflected in accumulated depreciation)

      86        57   

Other amortization

      58        51   

Lease terminations and other

      888        (73 ) 

Stock-based compensation

      11        16   

Equity in (income) loss from partnerships and unconsolidated subsidiaries – net

      2        (9 ) 

Distributions and dividends from unconsolidated entities

      5        8   

Deferred income taxes and investment tax credits

      (1,315 )      26   

Levelized rent expense

      (113 )      (113 ) 

Income from leveraged leases

      (12 )      (27 ) 

Long-term regulatory assets and liabilities – net

      654        184   

Long-term derivative assets and liabilities – net

      (673 )      (174 ) 

Other assets

      (106 )      (52 ) 

Other liabilities

      804        51   

Changes in working capital:

     

Margin and collateral deposits – net of collateral received

      (29 )      (83 ) 

Receivables and accrued unbilled revenue

      (112 )      (237 ) 

Inventory

      9        (49 ) 

Restricted cash

      (188 )      —     

Other current assets

      212        12   

Book overdrafts

      (42 )      112   

Accrued taxes

      (377 )      68   

Current regulatory assets and liabilities – net

      107        197   

Current derivative assets and liabilities – net

      45        (521 ) 

Accounts payable and other current liabilities

      6        30   

Operating cash flows from discontinued operations

      (4 )      (6 ) 
                

Net cash provided by operating activities

      883        733   
                

Cash flows from financing activities:

     

Long-term debt issued

      939        784   

Long-term debt issuance costs

      (24 )      (10 ) 

Long-term debt repaid

      (194 )      (134 ) 

Bonds repurchased

      (219 )      (212 ) 

Preferred stock redeemed

      —          (7 ) 

Short-term debt financing – net

      (2,066 )      300   

Cash contributions from noncontrolling interests

      1        —     

Stock-based compensation – net

      —          (20 ) 

Dividends and distributions to noncontrolling interests

      (55 )      (58 ) 

Dividends paid

      (202 )      (199 ) 
                

Net cash provided (used) by financing activities

    $ (1,820 )    $ 444   
                

Edison International Reports Second Quarter 2009 Financial Results

Page 13 of 13

 

Edison International

Consolidated Statements of Cash Flows

 

     Six Months Ended
June 30,		  

In millions

    2009     2008  
     (Unaudited)  

Cash flows from investing activities:

     

Capital expenditures

    $ (1,540 )    $ (1,460 ) 

Purchase of interest in acquired companies

      (7 )      (7 ) 

Proceeds from termination of leases

      1,420        —     

Proceeds from sale of property and interests in projects

      —          112   

Proceeds from nuclear decommissioning trust sales

      1,310        1,501   

Purchases of nuclear decommissioning trust investments and other

      (1,415 )      (1,560 ) 

Proceeds from partnerships and unconsolidated subsidiaries, net of investment

      12        30   

Maturities and sales of short-term investments

      3        70   

Purchase of short-term investments

      (1 )      (2 ) 

Customer advances for construction and other investments

      (60 )      (232 ) 
                

Net cash used by investing activities

      (278 )      (1,548 ) 
                

Net decrease in cash and equivalents

      (1,215 )      (371 ) 

Cash and equivalents, beginning of period

      3,916        1,441   
                

Cash and equivalents, end of period

    $ 2,701      $ 1,070