On today’s call, we will be referring to slides which are available on the Investor Relations section of our website.
Before Joe begins, let me remind you that some of the comments made during today’s conference call may be considered forward-looking statements. As such, they should be taken in the context of the risks and uncertainties discussed in our Safe Harbor disclosures contained in our Securities and Exchange Commission filings and found on Slide 2 of our presentation.
Also, please note that today’s call will include a discussion of our results excluding certain items that we feel are not representative of the company’s ongoing business operations. These items and the associated financial impact are described in our earnings release dated today. The earnings release can be found on our website at www.pepcoholdings.com/investors. Joe?
Joe RigbyThanks, Donna, and good morning, ladies and gentlemen, and thanks for joining us today.As seen on Slide 3, earnings from continuing operations for the second quarter of 2012 were $62 million compared to $95 million for the second quarter of 2011. The 2012 and 2011 earnings include the effects of mark-to-market activity and the 2012 earnings also include an asset impairment charge at Pepco Energy Services.We view these items as not representative of our ongoing business operations. Excluding these items, earnings for the second quarter of 2012 would have been $57 million compared to $97 million for the second quarter of 2011. The decrease in adjusted earnings quarter over quarter was primarily due to favorable income tax adjustments in the 2011 quarter for prior tax years, higher power delivery operation and maintenance expense and lower Pepco Energy Services earnings.Later in the call, Fred will address the financial results in our operating segment performance in more detail. But first, I’ll address some important matters starting with the recent distribution rate case orders in Maryland.
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