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FOR IMMEDIATE RELEASE
Allegheny Energy Reports Strong Financial Results for Year 2010
GREENSBURG, Pa., February 23, 2011 Allegheny Energy, Inc. (NYSE: AYE) today reported financial results for the fourth quarter and full year 2010.
Consolidated Net Income Attributable to Allegheny Energy, Inc.
|$ millions||Per share|
Three Months Ended December 31
Twelve Months Ended December 31
Adjusted net income for the fourth quarter of 2010 excludes $3.2 million of pre-tax expense related to the proposed merger with FirstEnergy Corp. and unrealized pre-tax losses of $25.4 million from economic hedges that do not qualify for hedge accounting. Adjusted net income for the fourth quarter of 2009 excludes $13.4 million of pre-tax interest expense related to a debt tender offer and unrealized pre-tax gains of $7.9 million from economic hedges.
Adjusted net income is a non-GAAP financial measure. For information on the calculation of adjusted net income for all periods, see the attached reconciliations of non-GAAP financial measures.
2010 marks our seventh consecutive year of earnings growth, said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. During the year, we again held O&M costs flat, substantially completed our TrAIL transmission line in record time, and charted a new future for Allegheny with our pending merger with FirstEnergy. We look forward to the opportunities created by joining a larger and more diversified energy company.
The following information was filed by Allegheny Energy, Inc (AYE) on Wednesday, February 23, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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