/FIRST AND FINAL ADD -- LATH032 -- Edison International Earnings --
Part II/ Edison International Reports 2003 Financial Results --
Part II EDISON INTERNATIONAL SUMMARY OF CONSOLIDATED EARNINGS
(UNAUDITED) IN MILLIONS, EXCEPT PER-SHARE AMOUNTS QUARTER ENDED
YEAR TO DATE DECEMBER 31, DECEMBER 31,
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2003 2002 2003 2002
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ELECTRIC UTILITY $1,859 $1,951 $8,853 $8,705 NONUTILITY POWER
GENERATION 768 586 3,181 2,750 FINANCIAL SERVICES AND OTHER 28 (69)
101 33
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TOTAL OPERATINGREVENUE 2,655 2,468 12,135 11,488
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FUEL 326 296 1,338 1,186 PURCHASED POWER 599 401 2,786 2,016
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET (4) 450 1,138
1,502 OTHER OPERATION AND MAINTENANCE 938 858 3,389 3,156 ASSET
IMPAIRMENT 53 -- 304 86 DEPRECIATION, DECOMMISSIONING AND
AMORTIZATION 358 270 1,184 1,030 PROPERTY AND OTHER TAXES 54 35 210
145 NET (GAIN)/LOSS ON SALE OF UTILITY PLANT -- 2 (5) (5)
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TOTAL OPERATING EXPENSES 2,324 2,312 10,344 9,116
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OPERATING INCOME 331 156 1,791 2,372 INTEREST AND DIVIDEND INCOME
13 61 127 287 EQUITY IN INCOME FROM PARTNERSHIPS AND UNCONSOLIDATED
SUBSIDIARIES - NET 75 42 353 249 OTHER NONOPERATING INCOME 52 64
124 97 INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED (319) (301)
(1,194) (1,283) OTHER NONOPERATING DEDUCTIONS (44) (28) (116) (81)
DIVIDENDS ON PREFERRED SECURITIES SUBJECT TO MANDATORY REDEMPTION
(3) (28) (87) (109) DIVIDENDS ON UTILITY PREFERRED STOCK NOT
SUBJECT TO MANDATORY REDEMPTION (1) (1) (6) (6)
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INCOME FROM CONTINUING OPERATIONS BEFORE TAX 104 (35) 992 1,526
INCOME TAX (BENEFIT) (90) (91) 213 391
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INCOME FROM CONTINUING OPERATIONS 194 56 779 1,135 INCOME FROM
DISCONTINUED OPERATIONS - NET OF TAX 3 (80) 51 (58)
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INCOME BEFORE ACCOUNTING CHANGE 197 (24) 830 1,077 CUMULATIVE
EFFECT OF ACCOUNTING CHANGE - NET OF TAX -- -- (9) --
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NET INCOME $197 $(24) $821 $1,077
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WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING 326 326 326 326
BASIC EARNINGS (LOSS) PER SHARE: CONTINUING OPERATIONS $0.59 $0.18
$2.39 $3.49 DISCONTINUED OPERATIONS 0.01 (0.25) 0.16 (0.18)
CUMULATIVE EFFECT OF ACCOUNTING CHANGE -- -- (0.03) -- ----- -----
----- ----- TOTAL $0.60 $(0.07) $2.52 $3.31 ===== ===== ===== =====
WEIGHTED-AVERAGE SHARES, INCLUDING EFFECT OF DILUTIVE SECURITIES
329 328 329 328 DILUTED EARNINGS (LOSS) PER SHARE: CONTINUING
OPERATIONS $0.59 $0.17 $2.37 $3.46 DISCONTINUED OPERATIONS 0.01
(0.24) 0.16 (0.18) CUMULATIVE EFFECT OF ACCOUNTING CHANGE -- --
(0.03) -- ----- ----- ----- ----- TOTAL $0.60 $(0.07) $2.50 $3.28
===== ===== ===== ===== DIVIDENDS DECLARED PER COMMON SHARE $0.20
$-- $0.20 $-- EDISON INTERNATIONAL Financial Overview December 31,
2003 UNAUDITED --------- Dollars in Millions, Except Per-Share
Amounts EDISON INTERNATIONAL (Consolidated Totals)
----------------------------------------- Fourth Quarter Year Ended
-------------- ---------- 2003 2002 2003 2002 ---- ---- ---- ----
Assets $34,615 $32,936 $34,615 $32,936 Common Equity $5,383 $4,437
$5,383 $4,437 Revenue $2,655 $2,468 $12,135 $11,488 Earnings
(Loss)* $197 $(24) $821 $1,077 Earnings (Loss) Per Share* $0.60
$(0.07) $2.52 $3.31 Book Value Per Share $16.52 $13.62 $16.52
$13.62 *includes parent company and discontinued operations
SOUTHERN CALIFORNIA EDISON (Electric Utility)
-------------------------------------------- Fourth Quarter Year
Ended -------------- ---------- 2003 2002 2003 2002 ---- ---- ----
---- Assets $18,119 $17,966 $18,119 $17,966 Common Equity $4,355
$4,384 $4,355 $4,384 Revenue $1,859 $1,951 $8,853 $8,705 Earnings
$222 $153 $922 $1,228 Earnings Per Share $0.68 $0.47 $2.83 $3.77
EDISON MISSION ENERGY (Nonutility Power Generation)
-------------------------------------------------- Fourth Quarter
Year Ended -------------- ---------- 2003 2002 2003 2002 ---- ----
---- ---- Assets $12,078 $11,092 $12,078 $11,092 Common Equity*
$1,903 $1,693 $1,903 $1,693 Revenue $769 $586 $3,181 $2,750
Earnings (Loss) $3 $(91) $20 $25 Earnings (Loss) Per Share $0.01
$(0.28) $0.06 $0.08 *includes discontinued operations in 2002 only
EDISON CAPITAL (Capital and Financial Services Provider)
------------------------------------------------------- Fourth
Quarter Year Ended -------------- ---------- 2003 2002 2003 2002
---- ---- ---- ---- Assets $3,418$3,479 $3,418 $3,479 Common Equity
$615 $781 $615 $781 Revenue $23 $(74) $88 $7 Earnings (Loss) $16
$(25) $57 $33 Earnings (Loss) Per Share $0.05 $(0.08) $0.17 $0.10
SOUTHERN CALIFORNIA EDISON kWh Sales (In thousands) December 31,
2003 QUARTER ENDED DECEMBER 31, 2003
------------------------------- INCREASE/(DECREASE) FROM KwH LAST
YEAR % ---------------------------------- RESIDENTIAL 6,708,243
647,822 10.69 AGRICULTURAL 257,372 26,989 11.71 COMMERCIAL
9,305,441 380,250 4.26 INDUSTRIAL 2,691,907 (165,717) (5.80) PUBLIC
AUTHORITIES 1,554,770 21,693 1.41 RAILROADS & RAILWAYS 11,821
(3,872) (24.67) INTERDEPARTMENTAL 132 58 78.38
------------------------ SALES TO ULTIMATE CONSUMERS 20,529,686
907,223 4.62 RESALE SALES 3,811,714 3,807,324 *
------------------------ TOTAL KWH SALES 24,341,400 4,714,547 24.02
======================== *over 200% YEAR ENDED DECEMBER 31, 2003
---------------------------- INCREASE/(DECREASE) FROM KwH LAST YEAR
% --------------------------------- RESIDENTIAL 27,194,330
2,110,761 8.41 AGRICULTURAL 1,102,662 (85,482) (7.19) COMMERCIAL
36,978,411 1,379,111 3.87 INDUSTRIAL 10,770,036 (820,107) (7.08)
PUBLIC AUTHORITIES 6,083,677 (54,683) (0.89) RAILROADS &
RAILWAYS 57,949 (3,509) (5.71) INTERDEPARTMENTAL 436 131 42.95
------------------------ SALES TO ULTIMATE CONSUMERS 82,187,501
2,526,222 3.17 RESALE SALES 11,638,409 11,606,935 *
------------------------ TOTAL KWH SALES 93,825,910 14,133,157
17.73 ======================== *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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