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 2005 Results

 

GREENSBURG, Pa., February 9, 2006

-- Allegheny Energy, Inc. (NYSE: AYE) today announced consolidated net income of $3.1 million, or $0.02 per diluted share, for the fourth quarter of 2005, compared with net income of $72.4 million, or $0.48 per share, for the same period in 2004.

 

Net income from continuing operations was $3.4 million, or $0.02 per share, for the fourth quarter of 2005, excluding income from discontinued operations of $5.7 million (after-tax) and a charge of $5.9 million (after-tax) due to changes in accounting in accordance with FASB Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations.

 

To provide a better understanding of core results and trends, Allegheny Energy also reports adjusted financial results, which are non-GAAP financial measures. There were no adjustments for the fourth quarter of 2005. For the fourth quarter of 2004, adjusted net income from continuing operations was $30.0 million, or $0.22 per share. The 2004 adjusted results exclude a $94.8 million (pre-tax) gain on the sale of Allegheny’s interest in the Ohio Valley Electric Corporation (OVEC), a $9.2 million (pre-tax) charge for the write-off of deferred financing costs and a $3.9 million (pre-tax) charge for employee severance costs.

 

For the twelve months ended December 31, 2005, consolidated net income was $0.40 per diluted share, compared to a net loss of $1.83 per share for 2004. Adjusted net income from continuing operations for 2005 was $0.94 per diluted share, compared to $0.47 per share for 2004, excluding items described in the attached reconciliation. A reconciliation of non-GAAP financial measures to results reported in accordance with GAAP is attached to this release.

 

“Unplanned power plant outages during a period of heavy customer demand and exceptionally high power prices in early December hurt fourth quarter results,” said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. “While the fourth quarter was disappointing, results for the full year demonstrated solid progress. Our earnings growth outlook remains intact. The transition to market-based rates, together with lower interest expense, continued cost reduction and better plant performance, should enable us to deliver superior growth in 2006 and beyond.”

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The following information was filed by Allegheny Energy, Inc (AYE) on Friday, February 10, 2006 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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