Con Edison Con Edison* of New York O&R Increases Increases Increases Increases Increases Increases (Decr eases) (Decreases) (Decreases) (Decreases) (Decreases) (Decreases) (Millions of Dollars) Amount Percent Amount Percent Amount Percent Operating revenues $1,325 15.6% $942 13.0% $92 14.5% Purchased power 725 22.6 502 19.1 31 14.1 Fuel 215 74.4 126 54.3 - - Gas purchased for resale 251 42.1 243 51.5 31 34.8 Operating revenues less purchased power,  fuel and gas purchased for resale (net revenues) 134 3.0 71 1.8 30 9.2 Other operations and maintenance 138 10.2 45 4.0 27 18.9 Impairment charges 159 N/A - - - - Depreciation and amortization 34 6.9 20 4.6 - - Taxes, other than income tax 2 0.2 - - (2) (3.8) Income tax (73) (18.3) 18 5.1 9 36.0 Operating income (126) (11.9) (12) (1.3) (4) (5.6) Other income less deductions and related federal income tax (26) (41.9) (19) (34.5) (3) Large Net interest charges (8) (1.8) (16) (4.1) (7) 25.0 Preferred stock dividend requirements (1) (8.3) (1) (8.3) - - Cumulative effect of changes in accounting principles 25 Large - - - - Net income for common stock $ (118) (18.3)% $ (14) (2.3)% $ - -% * Represents the consolidated financial results of Con Edison and its subsidiaries. A discussion of the results of operations by principal business segment follows. For additional business segment financial infor- mation, see Note O to the financial statements. The results reflect the application of the Companies’ accounting policies and rate plans that cover the rates the Utilities can charge their customers. In general, the Utilities recover on a curre nt basis the fuel and purchased power costs they incur in sup- plying energy to their full-service customers. See “Recoverable Energy Costs” in Note A and “Regulatory Matters” in Note B to the financial statements.  Con Edison Annual Report 2003 37 The Companies’ results of operations (which wer discussed above under “Results of Operations – Summary”) in 2003  compared with 2002 were: Year Ended December 31, 2003 Compared with Year Ended December 31, 2002 Results of Operations