10-Q/APeriod: Q3 FY2002

EXELON CORP Quarterly Report (Amendment) for Q3 Ended Sep 30, 2002

Filed November 1, 2002For Securities:EXC

Summary

This filing is an amendment to Exelon Corporation's (EXC) Quarterly Report on Form 10-Q for the quarter ended September 30, 2002. The amendment corrects two minor typographical errors in the Consolidated Statements of Cash Flows related to 'Cash and Cash Equivalents at Beginning of Period' and 'End of Period.' These corrected amounts were already disclosed in Exelon's earnings press release. The core financial performance remains consistent with the original filing. For the nine months ended September 30, 2002, Exelon reported net income of $1,043 million, a decrease from $1,090 million in the prior year. This decline was influenced by factors such as a cumulative effect of accounting changes and changes in operating revenues and expenses. Despite the slight decrease in net income, the company's operational and investing activities generated significant cash flows, although investing activities used more cash primarily due to capital expenditures and acquisitions.

Key Highlights

  • 1The filing primarily serves to correct minor typographical errors in the previously filed 10-Q, specifically regarding cash and cash equivalents balances.
  • 2For the nine months ended September 30, 2002, Net Income was $1,043 million, down from $1,090 million in the same period of 2001.
  • 3Operating Revenues for the nine months ended September 30, 2002, were $11,245 million, a decrease from $11,625 million in the prior year.
  • 4Total Operating Expenses decreased to $8,828 million for the nine months ended September 30, 2002, from $9,032 million in the prior year.
  • 5Net cash provided by operating activities was $2,601 million for the nine months ended September 30, 2002, down from $2,957 million in the prior year.
  • 6Capital expenditures totaled $1,534 million for the nine months ended September 30, 2002, an increase from $1,352 million in the prior year, reflecting ongoing investment in property, plant, and equipment.
  • 7The company adopted new accounting standards SFAS 141, 142, and 144, which impacted goodwill and other intangible assets, resulting in a goodwill impairment loss of $357 million recognized in the first quarter of 2002.

Frequently Asked Questions

The primary purpose of this amended filing (10-Q/A) is to correct two typographical errors in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2002, specifically regarding the 'Cash and Cash Equivalents at Beginning of Period' and 'End of Period' amounts. These corrections were already communicated in the company's earnings press release.

For the nine months ended September 30, 2002, Exelon reported net income of $1,043 million, a decrease from $1,090 million for the nine months ended September 30, 2001. This decrease is partly attributed to a cumulative effect of changes in accounting principles.

Exelon adopted SFAS No. 141 ('Business Combinations') and SFAS No. 142 ('Goodwill and Other Intangible Assets') effective January 1, 2002. The adoption of SFAS No. 142 resulted in no longer amortizing goodwill but instead performing impairment tests. This led to a goodwill impairment loss of $357 million recognized in the first quarter of 2002.

Net cash provided by operating activities decreased to $2,601 million for the nine months ended September 30, 2002, from $2,957 million in the prior year. Net cash used in investing activities increased to $1,797 million from $1,585 million, driven by higher capital expenditures and the acquisition of generating plants.