These excerpts taken from the PCG 8-K filed May 4, 2005.
1 See Table 1 for a reconciliation of earnings per share, or EPS, from operations to EPS on a GAAP basis.
2 The CPUC issued a final decision in May 2004 that was retroactive to 2003. As a result, first quarter earnings in 2004 did not include 2003 GRC and 2004 attrition revenues.
3 The Utility's equity ratio reached its authorized level of 52% in January 2005, compared to approximately 48% during the first quarter 2004.
4 The Utility earned a return on the settlement regulatory asset only through February 10, 2005 (when the energy recovery bonds were issued to refinance the settlement regulatory asset) as compared to a full quarter in 2004.