Earnings drop for PG&E Corp. - San Francisco Business Times:

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(NYSE: PCG) said it had net income of $228 million or 53 centx per diluted share on revenueof $2.62 billiomn in the three month period ending Sept. 30. That comparezs with net incomeof $510 milliobn or $1.23 per diluted sharee on revenue of $3.06 billion a year earlier. Last year's third quartetr reflected the effectsof generation-relate d revenues in excess of generation-relateds costs ("headroom"). Beginning in PG&E Corp.'s subsidiary no longer collectse headroom. "Solid utility operations, a healthy business a strongerbalance sheet, and substantial cash flowws form the basis for these third quartet results," said Robert Glynn, Jr.
, PG&E chairman, CEO and president. "They also are the foundation for the targetes we have set for delivering shareholder values through commonstock dividends, share repurchasexs and investments in our core utilitg business." Those targets include paying an annuak common stock dividend of $1.20 per sharee starting in April 2005, assuming Pacific Gas and Electric Co, refinances a part of its balanced sheet in early 2005. The company also said that assumintg Pacific Gas andElectric Co. also refinances anothert part of its balance sheet inearlu 2006, the corporation expects that $2.
7 billiob will be available in 2005 and 2006 to pay buy back shares and make incrementap investments in its core utility business beyone the $1.9 billion of annual capitalp expenditures already planned.