Exhibit 99.1

 

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NEWS RELEASE

 

800 Cabin Hill Drive, Greensburg, PA 15601-1689        
Media contact:       Investor contact:
Fred Solomon       Max Kuniansky
Manager, Corporate Communications       Executive Director, Investor Relations
Phone: (724) 838-6650           and Corporate Communications
Media Hotline: 1-888-233-3583       Phone: (724) 838-6895
E-Mail: fsolomo@alleghenyenergy.com       E-Mail: mkunian@alleghenyenergy.com

 

Allegheny Energy Reports Fourth-Quarter and Full-Year 2004 Results

 

GREENSBURG, Pa., February 17, 2005

Allegheny Energy, Inc. (NYSE: AYE) today announced consolidated net income of $72.4 million, or $0.48 per diluted share, for the fourth quarter of 2004, compared with a net loss of $13.7 million, or $0.11 per share, for the same period in 2003.

 

Results for the fourth quarter of 2004 include a one-time gain of $59.4 million (after-tax) for the sale of an equity interest and power rights in the Ohio Valley Electric Corporation (OVEC). To provide a better understanding of core results and trends, Allegheny Energy also reported adjusted financial results, which are non-GAAP financial measures. Adjusted net income from continuing operations was $30.0 million, or $0.22 per share, for the fourth quarter of 2004. These adjusted results exclude the OVEC gain ($94.8 million, pre-tax), a $9.2 million (pre-tax) charge for accelerated amortization of deferred financing costs and a $3.9 million (pre-tax) charge for employee severance costs.

 

For the fourth quarter of 2003, the adjusted net loss from continuing operations was $17.7 million, or a loss of $0.14 per diluted share. The 2003 adjusted results exclude income of $19.9 million (pre-tax) resulting from a payment to Allegheny in connection with a hydro generation facility.

 

A reconciliation of these non-GAAP financial measures to results reported in accordance with GAAP is attached to this release.

 

“We ended 2004 with a solid fourth quarter,” said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. “We earned a profit on core operations, completed the sale of two non-strategic assets, and made further progress towards our debt reduction goal. The high performance initiatives that we launched last year should drive improved profitability in 2005 and beyond.”

 

Allegheny Energy’s goals include reducing debt by $1.5 billion by year-end 2005. The company achieved $1.2 billion of the $1.5 billion target over the period December 1, 2003 through January 31, 2005.

 

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The following information was filed by Allegheny Energy, Inc (AYE) on Friday, February 18, 2005 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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