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Edison International Reports Third Quarter 2012 Results

  Edison International Reports Third Quarter 2012 Results

Business Wire

ROSEMEAD, Calif. -- November 01, 2012

Edison International (NYSE: EIX) today reported third quarter 2012 basic
earnings of $0.58 per share, compared to basic earnings of $1.31 per share in
the same quarter last year. Third quarter 2012 core earnings were $0.72 per
share, compared to core earnings of $1.26 per share in the third quarter of
2011.

The decrease in earnings was primarily related to losses at Edison Mission
Group (EMG) and to a delay in the California Public Utilities Commission
(CPUC) final decision on Southern California Edison’s (SCE) 2012 General Rate
Case. SCE incurred higher costs in the quarter to support its ongoing
infrastructure investment programs, while the increased revenues to support
these investment programs are pending the rate case decision from California
regulators.

“SCE’s third quarter results reflect the delay in receiving a final rate case
decision from California regulators, as well as severance and continued
inspection and repair costs related to the San Onofre Nuclear Generating
Station,” said Ted Craver, chairman and chief executive officer of Edison
International. “A final rate case decision is an important part of moving
forward with SCE’s capital program to invest in California’s electric
infrastructure and provide safe, reliable, and affordable power.”

Third Quarter Earnings Detail

SCE’s third quarter 2012 basic and core earnings were $1.11 per share compared
to $1.25 per share in the third quarter of 2011. The core earnings decrease
was primarily due to a delay in the 2012 General Rate Case decision as higher
depreciation and interest expenses are not being recovered in currently
authorized revenue, and to higher costs at San Onofre Nuclear Generating
Station. These include $(0.09) per share of incremental steam generator
inspection and repair costs and $(0.06) per share in severance costs, which
are both included in core earnings. These costs were partially offset by other
operating and maintenance cost reductions. The General Rate Case revenue
requirement ultimately adopted by the CPUC will be retroactive to January 1,
2012.

EMG’s third quarter 2012 basic losses were $(0.42) per share compared to
earnings of $0.10 per share in the third quarter of 2011. Core losses were
$(0.28) per share compared to earnings of $0.05 per share in the same quarter
last year. Third quarter losses increased primarily due to lower average
realized energy and capacity prices, reduced generation, and higher fuel
prices partially offset by lower planned maintenance costs and depreciation at
Midwest Generation, decreased earnings from natural gas-fired projects, and
lower income tax benefits. Non-core items for both quarters included the
results for Homer City, which were classified as discontinued operations
beginning in the third quarter of 2012. Homer City losses from discontinued
operations during the third quarter of 2012 were $(0.24) per share, including
an impairment charge of $(0.21) per share, compared to earnings of $0.05 per
share in the prior-year period. Non-core items also included a gain of $0.09
per share on the sale of an Edison Capital lease interest in a power plant.

Edison International parent company and other reported a third quarter 2012
basic and core losses of $(0.11) per share compared to $(0.04) per share in
the same period last year. Losses increased primarily due to higher
consolidated state income taxes of $(0.09) per share.

Year-to-Date Earnings Summary

Edison International reported basic earnings of $1.09 per share for the
nine-month period ending September 30, 2012, compared to $2.46 per share for
the same period last year. Core earnings for the first nine months of 2012
were $1.40 per share compared to $2.47 per share in the same period last year.

Year-to-Date Earnings Detail

SCE’s year-to-date 2012 basic and core earnings were $2.26 per share compared
to $2.57 per share for the same period last year. The core earnings decrease
was primarily due to the delay in the 2012 General Rate Case decision and the
higher costs at the San Onofre Nuclear Generating Station. The higher costs
include $(0.17) per share of incremental steam generator inspection and repair
costs and the $(0.06) per share in severance costs. These costs were partially
offset by other operation and maintenance cost reductions. The General Rate
Case revenue requirement ultimately adopted by the CPUC will be retroactive to
January 1, 2012.

EMG’s year-to-date 2012 basic losses were $(1.02) per share compared to basic
losses of $(0.05) per share in the prior-year period. Core losses were $(0.71)
per share compared to core losses of $(0.04) per share in the same period last
year. Year-to-date core losses increased primarily due to lower average
realized energy and capacity prices, reduced generation, and higher fuel
prices partially offset by lower planned maintenance costs and depreciation at
Midwest Generation, decreased earnings from natural gas-fired projects, and
higher income taxes. Non-core items for both periods included the results for
Homer City, which were classified as discontinued operations beginning in the
third quarter of 2012. Year-to-date losses from discontinued operations were
$(0.40) per share, including the third quarter impairment charge of $(0.21)
per share. Non-core items for this period also included the $0.09 per share
gain on the sale of an Edison Capital lease interest in a power plant.

Edison International parent company and other basic and core losses in the
first nine months of 2012 were $(0.15) per share compared to basic and core
losses of $(0.06) per share in the first nine months of 2011. Losses increased
primarily due higher consolidated state income taxes of $(0.09) per share.

About Edison International

Edison International, through its subsidiaries, is a generator and distributor
of electric power and an investor in infrastructure and energy assets,
including renewable energy. Headquartered in Rosemead, Calif., Edison
International is the parent company of Southern California Edison, one of the
nation’s largest electric utilities, and Edison Mission Group, a competitive
power generation business.

                                   Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally
accepted accounting principles used in the United States and represent the
company’s earnings as reported to the Securities and Exchange Commission. Our
management uses core earnings and core earnings per share (EPS) by principal
operating subsidiary internally for financial planning and for analysis of
performance. We also use core earnings and core EPS by principal operating
subsidiary when communicating with analysts and investors regarding our
earnings results and outlook to facilitate comparisons of the Company’s
performance from period to period. Financial measures referred to net income,
basic EPS, core earnings, or core EPS also applies to the description of
earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be
comparable to those of other companies. Core earnings and core EPS are defined
as GAAP earnings and basic EPS excluding income or loss from discontinued
operations and income or loss from significant discrete items that management
does not consider representative of ongoing earnings. GAAP earnings refer to
net income attributable to Edison International common shareholders or
attributable to the common shareholders of each subsidiary. Core earnings are
reconciled to GAAP earnings in the attached tables. EPS by principal operating
subsidiary is based on the principal operating subsidiaries’ net income
attributable to the common shareholders of each operating subsidiary,
respectively, and Edison International’s weighted average outstanding common
shares. The impact of participating securities (vested stock options that earn
dividend equivalents that may participate in undistributed earnings with
common stock) for each principal operating subsidiary is not material to each
principal operating subsidiary’s EPS and is therefore reflected in the results
of the Edison International holding company, which we refer to as EIX parent
company and other. EIX core EPS and core EPS by principal operating subsidiary
are reconciled to basic EPS.

Risk Disclosure Statement

Forward-looking statements about the financial outlook for Edison
International and its subsidiaries are included in this news release. These
forward-looking statements reflect our current expectations; however, such
statements involve risks and uncertainties. Actual results could differ
materially from current expectations. Important factors that could cause
different results are discussed under the headings “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in Edison International’s 2011 Form 10-K, and most recent Form
10-Q and other reports filed with the Securities and Exchange Commission which
are available at: www.edisoninvestor.com. These forward-looking statements
represent our expectations only as of the date of this news release, and
Edison International assumes no duty to update them to reflect new
information, events or circumstances.

Reminder: Edison International Will Hold a Conference Call Today
                     
When:                    Thursday, November 1, 2012, 2:00 p.m. (Pacific
                         Daylight Time)
Telephone Numbers:       1-800-369-2198 (US) and 1-773-756-4618 (Int'l) -
                         Passcode: Edison
Telephone Replay:        1-800-294-5087 (US) and 1-402-220-9780 (Int’l) -
                         Passcode: 468529
                         Telephone replay available through November 9, 2012
Webcast:                 www.edisoninvestor.com
                         

Summary Financial Schedules

   Third Quarter Basic Earnings (Loss) Per Share
                                                             
                                Quarter Ended September 30,
    Earnings (Loss)
    Per Common
    Share
    Attributable to
    Edison                  2012             2011        Change
    International
    (Unaudited)
    SCE                         $  1.11           $  1.25         $ (0.14 )
    EMG                         (0.19    )           0.05            (0.24   )
    EIX parent
    company and             (0.11    )        (0.04   )    (0.07   )
    other
    EIX earnings
    (loss) from             0.81             1.26        (0.45   )
    continuing
    operations
    EIX
    earnings(loss)
    from                    (0.23    )        0.05        (0.28   )
    discontinued
    operations
    EIX basic
    earnings                $  0.58          $  1.31     $ (0.73 )
    (loss)^1
    EIX diluted             $  0.58          $  1.30     $ (0.72 )
    earnings (loss)
                                                                             
    The impact of participating securities on the per share amounts is
1   included in EIX parent company and other and was zero per share for both
    quarters.
    
    

    Third Quarter Reconciliation of Core Earnings (Loss) Per Share
  
    to Basic Earnings (Loss) Per Share
                                                             
                               Quarter Ended September 30,
    Earnings
    (Loss) Per
    Common Share
    Attributable
    to Edison              2012             2011         Change
    International
    (Unaudited)
    Core Earnings                              
    (Loss)^1
    SCE                        $  1.11              $  1.25          $ (0.14 )
    EMG                        (0.28    )           0.05             (0.33   )
    EIX parent
    company and            (0.11    )        (0.04    )    (0.07   )
    other
    EIX core
    earnings               0.72             1.26         (0.54   )
    (loss)
    Non-core items
    EMG – Sale of
    Beaver Valley              0.09                 --               0.09
    lease interest
    Earnings
    (loss) from
    discontinued
    operations
    EMG – Homer                (0.24    )           0.05             (0.29   )
    City^2
    EMG – Other            0.01             --           0.01    
    Total non-core         (0.14    )        0.05         (0.19   )
    items
    EIX basic
    earnings               $  0.58          $  1.31      $ (0.73 )
    (loss)
                                                                             
    See Use of Non-GAAP Financial Measures in Appendix. The impact of
1   participating securities on the per share amounts is included in EIX
    parent company and other and was zero per share for both quarters.
    Beginning in the third quarter of 2012, Homer City met the definition of a
2   discontinued operation and was classified separately in EME's consolidated
    statement of operations. Results included an impairment charge of $(0.21)
    per share.
    
    

Third Quarter Basic Earnings (Loss)
                                                              
                                    Quarter Ended September 30,
Earnings (Loss) (in
millions)
Attributable to Edison          2012            2011      Change
International (Unaudited)
SCE                                 $  363           $ 406         $ (43  )
EMG                                 (61     )           18            (79    )
EIX parent company and          (36     )        (13   )    (23    )
other
EIX earnings (loss) from        266             411       (145   )
continuing operations
EIX earnings(loss) from         (76     )        15        (91    )
discontinued operations
EIX basic earnings (loss)       $  190          $ 426     $ (236 )
                                                                             
                                                                             

   Third Quarter Reconciliation of Core Earnings (Loss) to Basic Earnings
    (Loss)
                                                              
                               Quarter Ended September 30,
    Earnings
    (Loss) (in
    millions)
    Attributable
    to Edison              2012            2011           Change
    International
    (Unaudited)
    Core Earnings                             
    (Loss)^1
    SCE                        $  363              $  406             $ (43  )
    EMG                        (92     )           18                 (110   )
    EIX parent
    company and            (36     )        (13     )       (23    )
    other
    EIX core
    earnings               235             411            (176   )
    (loss)
    Non-core items
    EMG – Sale of
    Beaver Valley              31                  --                 31
    lease interest
    Earnings
    (loss) from
    discontinued
    operations
    EMG – Homer                (79     )           15                 (94    )
    City^2
    EMG – Other            3               --             3      
    Total non-core         (45     )        15             (60    )
    items
    EIX basic
    earnings               $  190          $  426         $ (236 )
    (loss)
                                                                             
1   See Use of Non-GAAP Financial Measures in Appendix.
    Beginning in the third quarter of 2012, Homer City met the definition of a
2   discontinued operation and was classified separately in EME's consolidated
    statement of operations. Results included an after tax impairment charge
    of $68 million.
                                                                             
                                                                             

Year-to-Date Basic Earnings (Loss) Per Share
                                                             
                             Year-to-Date September 30,
Earnings (Loss)
Per Common Share
Attributable to
Edison                   2012             2011           Change
International
(Unaudited)
SCE                          $  2.26           $  2.57            $ (0.31 )
EMG                          (0.62    )           (0.04    )         (0.58   )
EIX parent
company and              (0.15    )        (0.06    )      (0.09   )
other
EIX earnings
(loss) from              1.49             2.47           (0.98   )
continuing
operations
EIX
earnings(loss)
from                     (0.40    )        (0.01    )      (0.39   )
discontinued
operations
EIX basic
earnings                 $  1.09          $  2.46        $ (1.37 )
(loss)^1
EIX diluted              $  1.09          $  2.45        $ (1.36 )
earnings (loss)
                                                                             
The impact of participating securities on the per share amounts is included in
EIX parent company and other and was zero per share for both periods.



    Year-to-Date Reconciliation of Core Earnings (Loss) Per Share
  
    to Basic Earnings (Loss) Per Share
                                                             
                               Year-to-Date September 30,
    Earnings
    (Loss) Per
    Common Share
    Attributable
    to Edison              2012             2011         Change
    International
    (Unaudited)
    Core Earnings                              
    (Loss)^1
    SCE                        $  2.26              $  2.57          $ (0.31 )
    EMG                        (0.71    )           (0.04    )       (0.67   )
    EIX parent
    company and            (0.15    )        (0.06    )    (0.09   )
    other
    EIX core
    earnings               1.40             2.47         (1.07   )
    (loss)
    Non-core items
    EMG – Sale of
    Beaver Valley              0.09                 --               0.09
    interest
    Earnings
    (loss) from
    discontinued
    operations
    EMG – Homer                (0.40    )           --               (0.40   )
    City^2
    EMG – Other            --               (0.01    )    0.01    
    Total non-core         (0.31    )        (0.01    )    (0.3    )
    items
    EIX basic
    earnings               $  1.09          $  2.46      $ (1.37 )
    (loss)
                                                                             
1   See Use of Non-GAAP Financial Measures in Appendix.
    Beginning in the third quarter of 2012, Homer City met the definition of a
2   discontinued operation and was classified separately in EME's consolidated
    statement of operations. Results included an impairment charge of $(0.21)
    per share from quarter ended September 30, 2012.
                                                                             

Year-to-Date Basic Earnings (Loss)
                                                              
                                     Year-to-Date September 30,
Earnings (Loss) (in
millions)
Attributable to Edison           2012           2011      Change
International (Unaudited)
SCE                                  $  736          $ 838         $ (102 )
EMG                                  (202    )          (14   )       (188   )
EIX parent company and other     (48     )       (19   )    (29    )
EIX earnings (loss) from         486            805       (319   )
continuing operations
EIX earnings(loss) from          (129    )       (3    )    (126   )
discontinued operations
EIX basic earnings (loss)^1      $  357         $ 802     $ (445 )
                                                                             
                                                                             

   Year-to-Date Reconciliation of Core Earnings (Loss) to Basic Earnings
    (Loss)
                                                              
                               Year-to-Date September 30,
    Earnings
    (Loss) (in
    millions)
    Attributable
    to Edison              2012            2011           Change
    International
    (Unaudited)
    Core Earnings                             
    (Loss)^1
    SCE                        $  736              $  838             $ (102 )
    EMG                        (233    )           (14     )          (219   )
    EIX parent
    company and            (48     )        (19     )       (29    )
    other
    EIX core
    earnings               455             805            (350   )
    (loss)
    Non-core items
    EMG – Sale of
    Beaver Valley              31                  --                 31
    interest
    Earnings
    (loss) from
    discontinued
    operations
    EMG – Homer                (131    )           --                 (131   )
    City^2
    EMG – Other            2               (3      )       5      
    Total non-core         (98     )        (3      )       (95    )
    items
    EIX basic
    earnings               $  357          $  802         $ (445 )
    (loss)
                                                                             
1   See Use of Non-GAAP Financial Measures in Appendix.
    Beginning in the third quarter of 2012, Homer City met the definition of a
2   discontinued operation and was classified separately in EME's consolidated
    statement of operations. Results included an after tax impairment charge
    of $68 million from quarter ended September 30, 2012.
                                                                             
                                                                             

Consolidated
Statements of                                         Edison International
Income
                                                               
                          Three months ended                 Nine months ended
                           September 30,                       September 30,
(in millions,
except per-share      2012          2011          2012          2011
amounts,
unaudited)
Electric utility           $ 3,730       $ 3,385           $ 8,791       $ 8,060
Competitive               340          437          1,009        1,277   
power generation
Total operating           4,070        3,822        9,800        9,337   
revenue
Fuel                       270               272               678               671
Purchased power            1,612             1,264             3,049             2,422
Operation and              1,152             1,071             3,450             3,325
maintenance
Depreciation,
decommissioning            465               430               1,389             1,272
and amortization
(Gain) loss on
sale of assets            (65     )     —            (60     )     8       
and other
Total operating           3,434        3,037        8,506        7,698   
expenses
Operating income           636               785               1,294             1,639
Interest and               3                 4                 19                38
dividend income
Equity in income
from                       25                56                42                68
unconsolidated
affiliates, net
Other income               37                27                105               110
Interest expense           (214    )         (203    )         (643    )         (600    )
Other expenses            (10     )     (11     )     (36     )     (37     )
Income from
continuing
operations                 477               658               781               1,218
before income
taxes
Income tax                181          232          217          370     
expense
Income from
continuing                 296               426               564               848
operations
Income (loss)
from
discontinued              (76     )     15           (129    )     (3      )
operations, net
of tax
Net income                 220               441               435               845
Dividends on
preferred and              25                15                66                44
preference stock
of utility
Other
noncontrolling            5            —            12           (1      )
interests
Net income
attributable to
Edison                    $ 190        $ 426        $ 357        $ 802   
International
common
shareholders
Amounts
attributable to
Edison
International
common
shareholders:
Income from
continuing                 $ 266             $ 411             $ 486             $ 805
operations, net
of tax
Income (loss)
from
discontinued              (76     )     15           (129    )     (3      )
operations, net
of tax
Net income
attributable to
Edison                    $ 190        $ 426        $ 357        $ 802   
International
common
shareholders
Basic earnings
(loss) per
common share
attributable to
Edison
International
common
shareholders:
Weighted-average
shares of common           326               326               326               326
stock
outstanding
Continuing                 $ 0.81            $ 1.26            $ 1.49            $ 2.47
operations
Discontinued              (0.23   )     0.05         (0.40   )     (0.01   )
operations
Total                     $ 0.58       $ 1.31       $ 1.09       $ 2.46  
Diluted earnings
(loss) per
common share
attributable to
Edison
International
common
shareholders:
Weighted-average
shares of common
stock
outstanding,               329               329               328               329
including effect
of dilutive
securities
Continuing                 $ 0.81            $ 1.25            $ 1.48            $ 2.46
operations
Discontinued              (0.23   )     0.05         (0.39   )     (0.01   )
operations
Total                     $ 0.58       $ 1.30       $ 1.09       $ 2.45  
Dividends
declared per          $ 0.325      $ 0.320      $ 0.975      $ 0.960 
common share
                                                                                         
                                                                                         

Consolidated Balance Sheets            Edison International
                                                             
(in millions, unaudited)               September 30,     December 31,
                                            2012                  2011
ASSETS
Cash and cash equivalents                   $  1,080              $   1,390
Receivables, less allowances of
$75 for uncollectible accounts at           1,167                 908
both dates
Accrued unbilled revenue                    787                   519
Inventory                                   508                   519
Prepaid taxes                               36                    88
Derivative assets                           76                    106
Restricted cash and cash                    116                   103
equivalents
Margin and collateral deposits              88                    58
Regulatory assets                           250                   494
Deferred income taxes                       231                   —
Other current assets                        94                    92
Assets of discontinued operations           61               207
Total current assets                        4,494            4,484
Nuclear decommissioning trusts              3,997                 3,592
Investments in unconsolidated               544                   525
affiliates
Other investments                           189              211
Total investments                           4,730            4,328
Utility property, plant and
equipment, less accumulated                 29,314                27,569
depreciation of $7,378 and $6,894
at respective dates
Competitive power generation and
other property, plant and
equipment, less accumulated                 4,544            4,547
depreciation of $1,616 and $1,408
at respective dates
Total property, plant and                   33,858           32,116
equipment
Derivative assets                           117                   131
Restricted deposits                         89                    25
Rent payments in excess of
levelized rent expense under                855                   760
plant operating leases
Regulatory assets                           5,677                 5,466
Other long-term assets                      725              684
Total long-term assets                      7,463            7,066
Assets of discontinued operations           —                45
                                                                  
                                                                  
                                                                  
                                                                  
Total assets                           $  50,545        $   48,039
                                                                      
                                                                      

Consolidated Balance Sheets            Edison International
                                                             
(in millions, except share             September 30,     December 31,
amounts, unaudited)                         2012                  2011
LIABILITIES AND EQUITY
Short-term debt                             $  429                $  429
Current portion of long-term debt           565                   57
Accounts payable                            1,257                 1,397
Accrued taxes                               105                   52
Accrued interest                            207                   205
Customer deposits                           193                   199
Derivative liabilities                      109                   268
Regulatory liabilities                      493                   670
Deferred income taxes                       —                     91
Other current liabilities                   855                   953
Liabilities of discontinued                 61               27         
operations
Total current liabilities                   4,274            4,348      
Long-term debt                              13,708           13,689     
Deferred income taxes                       5,745                 5,396
Deferred investment tax credits             108                   89
Customer advances                           149                   138
Derivative liabilities                      717                   547
Pensions and benefits                       2,884                 2,912
Asset retirement obligations                2,804                 2,680
Regulatory liabilities                      5,249                 4,670
Other deferred credits and other            2,887            2,475      
long-term liabilities
Total deferred credits and other            20,543           18,907     
liabilities
Liabilities of discontinued                 —                9          
operations
Total liabilities                           38,525           36,953     
Commitments and contingencies
Common stock, no par value
(800,000,000 shares authorized;             2,385                 2,360
325,811,206 shares issued and
outstanding at each date)
Accumulated other comprehensive             (168       )          (139       )
loss
Retained earnings                           7,806            7,834      
Total Edison International's                10,023           10,055     
common shareholders' equity
Preferred and preference stock of           1,759                 1,029
utility
Other noncontrolling interests              238              2          
Total noncontrolling interests              1,997            1,031      
Total equity                                12,020           11,086     
Total liabilities and equity           $  50,545        $  48,039  
                                                                             
                                                                             

Consolidated Statements of Cash Flows           Edison International
                                                     Nine months ended
                                                     September 30,
(in millions, unaudited)                        2012          2011
Cash flows from operating activities:                             
Net income                                           $ 435             $ 845
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation, decommissioning and                    1,389             1,272
amortization
Regulatory impacts of net nuclear                    147               131
decommissioning trust earnings
Other amortization                                   73                112
Gain on sale of assets and other                     (60     )         6
Stock-based compensation                             28                22
Equity in income from unconsolidated                 (42     )         (68   )
affiliates
Distributions from unconsolidated                    15                52
affiliates
Deferred income taxes and investment tax             (20     )         373
credits
Income from leveraged leases                         (4      )         (4    )
Proceeds from U.S. treasury grants                   73                310
Changes in operating assets and
liabilities:
Receivables                                          (293    )         (205  )
Inventory                                            11                (25   )
Margin and collateral deposits, net of               (31     )         6
collateral received
Prepaid taxes                                        52                318
Other current assets                                 (264    )         (321  )
Rent payments in excess of levelized rent            (95     )         (96   )
expense
Accounts payable                                     347               178
Accrued taxes                                        61                76
Other current liabilities                            (87     )         (189  )
Derivative assets and liabilities, net               (8      )         137
Regulatory assets and liabilities, net               210               (73   )
Other assets                                         (30     )         (20   )
Other liabilities                                    256          1     
Operating cash flows from continuing                 2,163             2,838
operations
Operating cash flows from discontinued               (5      )     (14   )
operations, net
Net cash provided by operating activities            2,158        2,824 
Cash flows from financing activities:
Long-term debt issued                                549               686
Long-term debt issuance costs                        (12     )         (24   )
Long-term debt repaid                                (36     )         (97   )
Bonds purchased                                      —                 (86   )
Preference stock issued, net                         804               123
Preference stock redeemed                            (75     )         —
Short-term debt financing, net                       (10     )         573
Settlements of stock-based compensation,             (45     )         (14   )
net
Cash contributions from noncontrolling               238               —
interests
Dividends and distributions to                       (75     )         (43   )
noncontrolling interests
Dividends paid                                       (318    )     (313  )
Net cash provided by financing activities       $ 1,020      $ 805 
from continuing operations
                                                                             
                                                                             

Consolidated Statements of Cash Flows       Edison International
                                                 Nine months ended
                                                 September 30,
(in millions, unaudited)                    2012           2011
Cash flows from investing activities:                          
Capital expenditures                             $ (3,371 )         $ (3,481 )
Purchase of interest in acquired                 —                  (3       )
companies
Proceeds from sale of nuclear                    1,525              2,108
decommissioning trust investments
Purchases of nuclear decommissioning             (1,689   )         (2,254   )
trust investments and other
Proceeds from sale of interest in                107                —
project, net
Proceeds from partnerships and
unconsolidated subsidiaries, net of              7                  6
investment
Restricted deposits and restricted               (75      )         4
cash and cash equivalents
Customer advances for construction and           3             (4       )
other investments
Investing cash flows from continuing             (3,493   )         (3,624   )
operations
Investing cash flows from discontinued           (19      )     (10      )
operations, net
Net cash used by investing activities            (3,512   )     (3,634   )
Net (decrease) increase in cash and
cash equivalents from continuing                 (310     )         19
operations
Cash and cash equivalents at beginning           1,390         1,261    
of period from continuing operations
Cash and cash equivalents at end of              $ 1,080       $ 1,280  
period from continuing operations
                                                                    
Net decrease in cash and cash
equivalents from discontinued                    $ (24    )         $ (24    )
operations
Cash and cash equivalents at beginning           79            128      
of period from discontinued operations
Cash and cash equivalents at end of         $ 55          $ 104    
period from discontinued operations

Contact:

Edison International
Media relations contact:
Charles Coleman, 626-302-7982
or
Investor relations contact:
Scott Cunningham, 626-302-2540