ML19338C235
| ML19338C235 | |
| Person / Time | |
|---|---|
| Site: | Dresden  |
| Issue date: | 12/31/1958 |
| From: | COMMONWEALTH EDISON CO. |
| To: | |
| References | |
| NUDOCS 8008080700 | |
| Download: ML19338C235 (18) | |
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Commonwealth Edison Company 19 5 8 AN N UAL REPORT
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Commonwealth Edison Company Joseph L. Block, Chairman, Inland Steel Company Walter J. Cummings, Chairman of the Executite Committee, Conti-nental Illinois National Bank and Trust Company of Chicago Albert B. Dick III, President and Treasurer, A. B. Dick Company John W. Evers, President Stanley Field, President, Chicago Natural History Museum Willis Gale, Chairman Lawrence A. Kimpton, Chancellor, The University of Chicago H. P. Sedwick, former President, Public Service Company Division Solomon A. Smith, Chairman, The Northern Trust Company o
Leroy S. Stephens, President, Stephens-Adamson Mfg. Co.
J. Harris Ward, Executile Vice-President Willis Gale, Chairman Nicholas Galitzine,.1ssistant to the Chairman John W. Evers, President J. Harris Ward, Executim Vice-President Audley E. Patton, Vice-President Morgan F. Murphy, Vice-President Gordon R. Corey, Vice-President Fred N. Baxter, Secreta.y D. Robert Bower, Treasurer Grant H. Wier, Comptroller Paul W. Boyer, hianager of Accounting Murray Joslin, Vice-President Titus G. LeClair, Manager of Research and Detelopment Ralph Raymond, Manager of Construction Vern L. Stone, Manager of Production Earle Wild, Manager of Engineering Thomas G. Ayerr, Vice-President Ernest R. Itendrickson, Operating Manager Myron E. Lukey, Commercial Manager Carl E. Parker, Manager of Industrial Relations Dit:ision Vice-Presidents:
Lawrence B. Cappa, Illinois Northern, Dixon Gilbert K. Hardacre, Southern, Joliet Eugene R. Iawis, Chicago-South Harold W. Otto, Northern, Northbrook Ralph S. Peterson, Chicago-Cc2 tral Lawrence E. Pierron, Western, Maywood Guy E. Trulock, Chicago-North D
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OfBee of the Company,72 West Adams Street, Chicago 90, Illinois The Hanover Bank,70 Broadway, New York 15, New York Old Colony Trust Company,45 Milk Street, Boston 6, Massachusetts 1
REGISTRARS:
Continental Illinois National Bank and 'Ihat Company of Chicago l
231 South I Aalle Street, Chicago 90, Illinois Guaranty Trust Company of New York 140 Broadway, New York 15, New York (Common stock only)
Fird National City Trust Company 22 William Street, New York 15, New York (Preferred stock only)
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Second Bank-State Street Trust Company -
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Your Board of Directors submits this annual report for the fiscalyear ended December 31,1958. As an economy measure, it is being mailed without an enwlope.
s If you hate any questions or wish anyfurther information about the Company, please do not hesitate to write at any time to our Secretary, Fred N. Baxter.
To the Stockholders of Commonwealth Ecison Company Earnings Rise Our 1958 net income on common stock was $60,?33,712, up $9,119,642 from 1957.
Earnmgs per common share were $3.28 compared with $2.85 a year earlier.
Common shares outstanding at December 31 were 18,412,661, an increase of 415,243 during the year, resulting chiefly from the payment of a 2% stock dividend.
Our greater earnmgs, despite the continuing high costs of doing business, i
were attributable mainly to an increase in rates, effective June 19. Improved operating efficiency and close control of expenses also contributed to our better showing.
Although benefited by the higher electric rates since June 19, our 1958 return on invested capital was below that of comparable electric utilities.
However, in 1959, with a full year's help from our rate increase, we hope to achieve further improvement in this respect even though costs are continuing at a high level.
Earnings Summary 1957 Operating revenues.
$380,090,910 Operating expenses and taxes..
311,732,519 Net operating income.
$ 68,358,391 Other income.
935,789 Gross income.
$ 69,294,180 Interest charges and other deduc.
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15,951,732 Net income.
$ 53,342,448 Provision for dividends on preferred stock..
2,128,378 Net income on common stock.
$ 51,214,070 Cc= mon shares at end of year.
17,997,418 Earnings per share.
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Stock Dividend Paid In addition to the regular quarterly cash dividends of 504 a share paid on the common stock during 1958, a supplementary stock dividend of 27c was distributed in November. Under our new dividend policy, we issue stock in the latter part of each year for approximately the full amount of earnings on the common stock in excess of the year's cash dividends. This new policy is, of course, subject to modification or discontinuance.
Cash dividends have been paid quarterly on our common stock since 1890.
Quarterly cash dividends of $1.16 a share and $1.31M a share were paid on the 4.647c cumulative preferred stock and the 5.257c cumulative preferred stock, respectively.
Revenues Rise Operating revenues crossed the 400 million dollar mark for the first time, totaling $405,116,303, compared with $380,090,910 in 1957, A rise of 6.670 About half of the increase was due to our higher rates and half to increased kilowatthour sales to residential and commercial customers.
These two classes of service continued to show steady sales increases, about 57c in each case. The gains in kilowatthour sales to residential and commercial customers more than offset a 4.97c decline in industrial sales.
The industrial sales decline, which began during 1957, had been arrested by November,1958, and the last two months of the year showed increases over the like 1957 months.
As a result, our total kilowatthour sales of 19,338,356,092 in 1958 repre-sented an 0.87c increase over 1957.
Comparisons of revenues and sales by classes of service are as follows:
1957 Increase Class of serme Operating Residential.
$133,527,075 8.27c comercial.
112,a s,839 7.87c Revenues Industrial.
103,726,456 2.07c Public authorities.
13,982,971 13.0 Tc Electric railroads.
6,460,201 5.77c' Other electric utilities.
6,250,861 28.17e Other revenues.
3,499,507 2.4 7e*
Total.
S380.090,910 6.67e Ckss of serme l
Kilowatthours of Residential.
4,532,224,830 5.47c
- '*Y' Electricit} Sold Industnal 8,068,382,986 4.97c' Public authorities.
982,273,128 6.17c Electric railroads.
443,798,444 7.87c' Other electric utilities.
663,909,295 9.37c Total.
19.183,617,918 0.87c
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Expenses Reduced Continued careful attention to economy and efficiency resulted in a reduc-tion of $801,407 in other operation and maintenance expenses, despite a general wage increase effective April 1.
Principally because of increased efficiency resulting from installation of new generating units,1958 fuel costs decreased by $2,808,074 to $66,783,265.
Price of fuel consumed increased from 2.823d per therm in 1957 to 2.867d per therm in 1958.
Taxes and Depreciation Rise Our tax provisions exceeded $100,000,000 for the first time, taking approx-imately 25p out of each revenue dollar from our customers. They are sum-marized below:
1957 State, local and rmscellaneous federal taxes.
$46,396,593 Federal income taxes.
39,321,000 Deferred federalincome taxes.
6,0S0,000
$91,797.593 Provision for depreciation increased from $41,072,049 in 1957 to $44,728,571 in 1958 because of additions to utility plant.
New Construction Drops Our construction expenditures in 1958 were $158,488,388, down $49,264,438 from the record $207,752,826 of 1957. Property retirements were $28,96U29, leaving net additions of $129,525,759. Our gross utility plant at December 31 was $1,873,111,090.
We have extended our estimates for new construction through 1962 and made revisions for the intervening years. Our estimates are now: $110,000,000 for 1959; $130,000,000 for 1930; $145,000,000 for 1961; and, $175,000,000 for 1962-a four-year total of $560,000,000.
1958 Financing Heavy We realized $102,332,425 from the sale of additional securities during 1958.
In January, we sold $50,000,000 of 3%7c 50-year sinking fund debentures which were publicly offered on a 3.837c basis. In April, we sold $50,000,000 of 3M7c 30-year first mortgage bonds which were publicly offered on a 3.707c basis. Both issues were sold through competitive bidding 12 underwriting groups headed by The First Boston Corporation. During 1958, employes 6
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bought 54,738 shares of common stock under tur Employe Stock Purchase Plan. Proceeds were $2,438,877.
Acquisitions of debentures for sinking fund purposes during the year were
$9,689,000.
Our capitalization at December 31 was comprised of 39.070 mortgage bonds,14.57c debentures,4.57c preferred Stock and 42.07o common equity.
The funds received and used during 1958 are summarized as follows:
Funds provided from:
Net income of $63,502,223 less casb dividends of
$ 24,103,403
$39,398,820......
Depreciation accruals 44,728,571 Deferred federal income taxes..
9,014,000 Total funds internal]y generated..........
$ 77,845,974 Sales of securities-Mortgage bonds..
49,929,322 Debentures.
49,964,226 Common stock.
2,438,877 3,926,357 Other sources...
Total funds provided.....
$184,104,756 Funds applied to:
Construction expenditures.
$158,488,388 Sinkmg funds-at cost.
8,629,132 16,987,236 Addition to working capital.,
Total funds applied....
$184,104,756 It should be noted that our internal cash generation in 1956 was nearly
$78,000,000.
Less Financing Ahead Of the $560,000,000 expected to be required for our 1959-1962 construction program, it is now estimated that $400,000,000 will be provided from cash on hand at the end of 1958, internal cash generation during the period and other sources.
This leaves $160,000,000 to be raised from the sale of additional securities over the four-year period, $20,000,000 of which already has been provided through the sale in January,1959 of 4%7o 50-year sinking fund debentures.
This issue, publicly offered on a 4.557o basis, was sold through competitive bidding to an underwriting group headed by The First Boston Corporation.
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No further 1959 financing is now anticipated unless undertaken late in the year to provide for 1960 requirements.
The estimated $160,000,000 of new financing for the years 1959 through 1962 (including the $20,000,000 in January,1959) is considerably smaller than has been necessary in recent years. For example, as shown above, the procaeds of new securities issued in 1958 alone were $102,332,425. One reason is that internally generated cash is providing an increasing share of our capital needs.
Another is that our construction program is somewhat smaller than it has been This latter situation, of course, could change markedly.
Power Supply Up During.1958, we increased our net generating capability by 304,000 kilowatts. Two new units were added: 215,000 kilowatts at Crawford Station and 315,000 kilowatts at Waukegan Station. The net capability of our newest unit at Will County Station was re-rated upward by 5,000 kilowatts.
A tobl of 231,000 kilowatts of older generating equipment was removed from service.
At December 31, our net generating capability was 4,396,000 kilowatts.
Our system peak load of 4,100,000 kilowatts occurred on December 15. This was 196,000 kilowatts over last summer's peak and 326,000 kilowatts above the highest load of the previous winter.
A new 305,000 kilowatt unit at Fisk Station will be placed in service soon, raising our net capability to 4,701,000 kilowatts.
Three new units are now under construction: 305,000 kilowatts at Joliet Station for service in 1959; the 180,000 kilowatt nuclear unit at Dresden for service in 1960; and, 305,000 kilowatts at Crawford Station in 1961. We expect to retire 153,000 kilowatts of older generating equipment.
On February 16, 1959, the Board of Directors authorized an additional 305,000 kilowatt unit to be installed in our Waukegan Station for service in 1962. Thus, our system net generating capability is scheduled to be 5,643,000 kilowatts by the end of 1962.
As a further reinforcement of our system during 1958, the 345,000 volt interconnection with American Electric Power Company was placed in service on May 19. Its initial capacity of 300,000 kilowatts ultimately may be more than doubled.
DreSden Progress Steady Work on our Dresden Nuclear Power Station is well ahead of the original schedule with regular operation now expected in July,1960. Most major components are at the site. The turbine-generator and the reactor vessel are en route. Fuel is scheduled to be put in the reactor late in 1959, leaving the first half of 1960 for preliminary tests.
We and our associates in the project are confident that Dresden will make an important contribution toward the ultimate achievement of competitive nuclear power. Our associates are American Electric Power Service Cor.
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poration, Bechtel Corporation, Central Illinois Light Company, Illinois Power Company, Kansas City Power & Light Company, Pacific Gas and Electric Company and Union Electric Company.
Electric Heat Promoted Late in July, we put into effect a new rate for residential customers who install exclusively electric space heating facilities. The charge is IMe a kilo-watthour for use in excess of 500 kilowatthours a month. This is 307c below the present minimum average residential rate of 2Md. Like all of our rates, it is subject to fuel adjustment.
Already well established in milder climates, elac+ric heating is now finding widening application in our service area. At the +, ginning of 1958, there were 138 installations in our territory. Our new lov -ate, coupled with an active promotion campaign, increased the number ofist dlations to 839 at the year end. As of December 31, an additional 561 insta aions were in process. We expect the number of heating installations to rise cteadily in the years ahead.
Safety Record Improved We continue to place great emphasis on accident prevention. Alllevels of management and all employes are constantly reminded that every job can and must be done safely.
For the fourth consecutive year, the number of disabling injuries was reduced in 1958. The number of disabling injuries per million man-hours worked is now only 407c of what it was in 1954.
During the year, the Company received two injury frequency reduction awards for its 1957 record-one from the Greater Chicago Safety Council, and one from the Edison Electric Institute.
Wage Rates, Annuity Costs Up Our collective bargaining agreemen.;s with the International Brotherhood of Electrical Workers (AFL-CIO) and the United Mine Workers of America, District 50, were renegotiated effective April 1. The settlement resulted in wage increases ranging from 10d to 14d per hour, averaging about 57c and approximating $3,300,000 on an annual basis. Thir was in line with agree-ments negotiated in 1958 by other major utilities throughout the country.
Our agreements are to be renegotiated as of March 31,1959.
Contributions to our service annuity funds during 1958 totaled S7,762,900.
Annuities paid to retired employes amounted to $3,697,633 compred with
$3,429,194 in the previous year. On December 31, assets of the funds, at cost, aggregated $117,805,000, and 2,491 annuitants were on the pension rolls.
At the year end, we had 14,614 employos, of whom approximately 4,900, or 337c, were participating in our Employe Stock Purchase Plan.
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Stockholder Rise Continues At the end of 1958, there were 145,772 holders of our 18,412,661 common shares,1,587 holders of our 400,000 4.64 7o cumulative preferred shares and 1,382 holders of our 250,000 5.2570 cumulative preferred shares. The number of non-duplicated holders was 147,780, an increase of 400 for the year. All three issues are listed on the New York, Midwest and Pacific Coast stock exchanges.
The directors acknowledge with sincere thanks the contributions made by all officers and employes toward the Company's successful operations in 1958.
By order of the Board Chairman Chicago, February 16,1959 The annual meeting of stockholders will br held on May 19,1959. Stockholders of record at 2 P.M. Chicago Time en April 9 will be entitled to vote at the meeting.
Formal no, '
,,rory statervent and form of proxy will be mailed abw April 16. Following the meeting, a booklet avaring the proceedings will be sent to all stockholders.
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Commonwealth Edison Company Statements of Consolidated Income 1958 1957 OPERATING REVENUES.
$405,116,303
$380,090,910 i
OPERATING EXPENSES AND TAXE":
Production fuel.
$ 66,783,265
$ 69,591,339 Other operation.
86,440,522 86,809,323 i
Maintenance.
22,029,609 22,462,215 Provision for depreciation.
44,728,571 41,072,049 Provisions for taxes-State, local and miscellaneous federal.
50,098,316 46,396,593 J
Federal income.
45,941,000 39,321,000
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Deferred federalincome.
9,014,000 6,080,000 l
$325,035,283
$311,732,519 NET OPERATING INCOME.
$ 80,081,020
$ 68,358,391 l
OTHER INCOME (net).
582,425 935,789 gross INGME.
$ 80,063,445
$ 69,294,180 DEDUCTIONS:
Interest on long-term debt.
$ 24,051,024
$ 20,706,730 Amortization of net premium on debt.
1,133,682 62S,170 Other deductions.
321,480 212,822
$ 23,238,822
$ 20,291,382 Less-Interest charged to construction.
6,077,600 4,339,650 Net deductions.
$ 17,161,222
$ 15,951,732
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NET INCOME.
$ 63,502,223
$ 53,342,448 PROVISION roR D!v!DENDS ON PREFERRED SMCE.
3,168,511 2,128,378 NET INCOME ON COMMON SMCE.
$ 60.333,712
$ 51,214,070 COMMON SHARES AT END or YEAR.
18,412,661 17,997,418 EARNINGS PER SHARE.
$3.28
$2.85 13 b
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Consolidated Balance Sheets 4
Assets December 31 December 31 1958 1957 Urn.rry Pt.orr:
$1,873,111,090
$1,743,585,331 At original cost or less........
Less-Provision for accrued depreciation..
409,101,272 389,837,724
$1,464,009,818
$1,353,747,607 1,467,143 1,589,443 Acquisition adjustments...
$1,465,476,961
$1,355,337,050 INVESTMENTS-at cost or less:
Subsidiary companies not consolidated-Chicago & Ilhnois Afidland Railway Company 6,758,500 7,958,500 Heating subsidiaries........
2,150,000 2,150,000 Notes receivable for property sold.
89,300 2,460,000 Non-operating real estate...
129,401 634,694 9,127,201
$ 13,203,194 CURRENT Assrrs:
Cash....
15,894,770 14,673,989 U.S. Govermnent obligations, at cost........
10,660,343 5,901,766 Deposit for bond interest.
1,599,130 650,000 Receivables.....
37,763,911 30,084,492 Iess-Provisicn for uncollectible accounta.
1,700,000 1,360,837 Aiaterials and supplies, at average cost-Production fuel.
22,426,752 24,349,529 Other....
Prepaid insurance, taxes and other items..
11,844,822 13,931,935 1,315,475 1,827,857
$ 99,805,203
$ 90,038,731 DEFERRED CHARCEs.......
6,052,379 1,523,388
$1,580,461,744
$1,460,102,363 Rental Obligations-at December 31,1958 rentals under 91 leases extending beyond 1959 approximated $464,000 annually.
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Commonwealth Edison Cornpany Liabilities December 31 December 31 1958 1957 CAPTrAL STOCK:
rahare-author-Common stock-$25 par value[01 shares reserved ized 30,000,000 shares (280, for Employe Stock Purchase Plan at Decem-ber 31,1958)
Outstanding-18,412.661 shares at the end of 1958....
$ 460,316,525
- 17,997,418 shares at the end of 1957.
$ 449,935,450 Preferred stock, cumulative--$100 par value per share--authorized 2,500,000 shares-4.64 Tcwries-outstanding 400,000 shares 40,000,000 40,000,000 5.25Tcseries--outstanding 250,000 shares 25,000,000 25,000,000 PREMIUM ON COMMON STOCK-less expenses of
$554,711.
44,666,695 34,053,701 PREFERRED STocs EXPENSE.
1,449,015 1,449,015 RETAINED EARNINGS.
100,511,982 93,618,805
$ 669,046,187
$ 641,158,941 LONG-TERM DENT:
First mortgage bonds,37c, due 1977 to 1985.
380,000,000 380,000,000 First mortgage bonds,314 Tc, due 1982.
40,000,000 40,000,000 First mortgage bonds,3H9c, due 1986.
40,000,000 40,000,(,00 First mortgage bonds,4 ?4 Tr, due 1987.
50,000.000 50,000,(00 First mortgage bonds,3 847c, due 1988..
50,000,000 Sinking fund debentures,3Tc, due 1999...
38,531,000 40,182,000 Sinking fund debentures,2N 7c, due 1999.
37,417,000 39,828,000 Sinking fund debentures,2 %Tc, due 2001.
40,382,000 41,985,000 Sinking fund debentures,3 H7c, due 2004.
44,421,000 45,820,000 Sinking fund debentures,3%7c, due 2008.
47,375,000 S 768,126,000
$ 677,815,000 Accounts payable...........
19,664,768 33,570,018 7,720,498 6,217,932 Accrued and matured interest...
67,883,157 62,460409 Accrued taxes (subject to final determmation).
9,998,458 9,7J..,837 Dividends.........,
Sundry current liabilities.
4,845,786 5,292,235
$ 110,112,667
$ 117,333,431 DErERRED LIABILITIES:
Reserve for deferred federalincome taxes.
22,470,000 13,456,000 Other.
9,473,037 8,924,871
$ 31,943,037
$ 22,380,871 UNAMORTIZED NET PREMIUM ON DEET.
1,233,853 1,414,120
$1.580,461,744
$1,460,102,363 Continge.t Liabilities-at December 31,1958, principally construction commitments approximated $67,000,000.
15 I
l 3tateriient of Consolidated Retained Earnings
(
FOR THE YEAR 1958 l
BALANCE DEcEMusa 31,1957.
$ 93,618,805 l
Ann:
Net income on common stock.
60,333,712 Over accruals of federal income tax for 1953 and prior years.
1,344,966
$155,297,483 DEDUCr:
~
Dividends on common stock-Cash.
$ 36,230,309 Common stock-2%.
18,555,192
$ 54,785,501 1
l BALANCE DECEMBER 31,1958,
$100.511,982 l
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To the Stockholders of Commonwealth Edison Company:
We have examined the consolidated balance sheet of COMMONWEALTH EmsoN COMPANY (an Illinois corporation) and subsidiary companies as of December 31,1958, and the related statements ofincome and retained earnings for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the ci cumstances. We had made a similar exammation for the preceding year.
In our opinion, the accompanying balance sheets and related s+atements ofincome and retained eamings present fairly the financial position of Commonwealth Edison Company and subsidiary companies as of December 31,1958 and 1957, and the results of their opera-tions for the years ended those dates, and were prepared in conformity with generally ac-cepted secounting principles applied on a basis consistent with that of the preceding year.
February 16,1959 (Signed) ARTHUR ANDERSEN & CO.
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