GAAP Results Will Show One-Time, Non-Cash Items, As Expected
(San Francisco) – PG&E Corporation (NYSE:
PCG) will report fourth quarter and full-year 2004
financial results on Friday, February 18, 2005. As
announced last month, the Corporation will host an
investor conference for members of the financial community
the following week on February 25, 2005, in New York
City, at which members of senior management will provide
an overview of the business and discuss the Corporation’s
strategic focus, capital spending needs, and multi-year
financial outlook. The meeting will be available to
the public via live webcast. As a result, the Corporation
does not plan to hold a conference call in conjunction
with the earnings release on February 18.
In accordance with generally accepted accounting principles
(GAAP), PG&E Corporation’s total consolidated
net income for the fourth quarter will include a positive
one-time, non-cash entry of approximately $685 million
necessary to reflect elimination of the Corporation’s
equity interest in its former subsidiary, National
Energy & Gas Transmission, Inc. (NEGT). As previously
reported, this entry will reverse the reported value
of the Corporation’s investment in NEGT from
a negative number to zero on the balance sheet.
PG&E Corporation’s total consolidated net
income for the year will also reflect the accounting
impacts of regulatory assets authorized by regulators
last year. As reported in first quarter 2004 results,
the regulatory assets add approximately $2.95 billion
to the Corporation’s consolidated income statement,
even though the amounts do not reflect actual cash
received.